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<p>Hi David <br>
</p>
<p>I heard that some pension funds are in jeopardy because they have
been loaded with fracking stock that is now worthless. <br>
</p>
<p>Art<br>
</p>
<div class="moz-cite-prefix">On 5/10/20 5:39 p.m., David Walsh
wrote:<br>
</div>
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<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Century
Schoolbook",serif">CRAIC friends – I came across this
article by Peter Drucker in my files yesterday, and thought
it would be of interest.
<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Century
Schoolbook",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Century
Schoolbook",serif">Peter Drucker was a leading
management thinker and consultant. He wrote 39 Books<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Century
Schoolbook",serif">The predictions he made 44 years ago
should give us pause about how and where change will come
from. See attachment for further details.<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Century
Schoolbook",serif">This book is still selling for $95
on Amazon. Below are some quotes.<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Century
Schoolbook",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><b>How Pension Fund Socialism Came to
America -- The Unseen Revolution - - The Revolution No One
Noticed</b> –
<b>1976 </b><o:p></o:p></p>
<p class="MsoNormal"><a
href="https://www.amazon.ca/Unseen-Revolution-Pension-Socialism-America/dp/1483207625"
moz-do-not-send="true">https://www.amazon.ca/Unseen-Revolution-Pension-Socialism-America/dp/1483207625</a><o:p></o:p></p>
<p class="MsoNormal"><b><o:p> </o:p></b></p>
<p class="MsoNormal"><b>Page 1 to 3<o:p></o:p></b></p>
<p class="MsoNormal" style="line-height:115%"><span
style="font-family:"Georgia",serif;color:#333333;mso-fareast-language:EN-CA">If
‘socialism’ is defined as ownership of the means of
production by the workers, then the United States is the
first truly ‘Socialist’ country. Through their pension funds
the workers of America own more than one-third of the equity
capital of American business. Within another ten years they
will increase their holdings to own at least 50% if not 60%
of the equity capital plus a major portion – perhaps 40% of
the debt capital (bonds, debentures, and notes) of the
American economy. Inflation can only speed up this process.<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:115%"><span
style="font-family:"Georgia",serif;color:#333333;mso-fareast-language:EN-CA"><br>
Even more important, the largest employee pension funds,
those of the 1,000-1,300 biggest companies plus the 35
industry-wide funds (those of the college teachers and the
teamsters for instance) already own control of practically
every single on of the 1,000 largest industrial corporations
in America.<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:115%"><span
style="font-family:"Georgia",serif;color:#333333;mso-fareast-language:EN-CA"><br>
Only in the United Sates do the employees both own and get
the profits, in the form of pension, as part of wage income.
Only in the Untied States are the employees through their
pension funds also becoming the legal owners the suppliers
of capital, and the controlling force of the capital market.
In other words, without consciously trying, the Untied
States has ‘socialized’ the economy but not ‘nationalized’
it. America still sees herself and is seen elsewhere, as
‘capitalist’, but if terms like ‘socialism’ or ‘capitalism’
have any meaning at all, then the American system has
actually become the ‘decentralized market socialism’ which
all the Marxist church fathers, saints and apostles before
Lenin had been preaching and promising. The problem is that
this will lead to low-wage earners and people on social
security becoming conscious of a gross inequality of income
distribution in old age in America. This is one problem the
so-called negative income tax could assuage at a manageable
cost.<o:p></o:p></span></p>
<p style="line-height:115%;background:#FCFCFC"><span
style="font-size:11.0pt;line-height:115%;font-family:"Georgia",serif;color:#333333">In
2000 Drucker wrote: “<strong><span
style="font-family:"Georgia",serif;font-weight:normal">Top
management is powerful but failing” - </span></strong></span><span
style="font-family:"Georgia",serif;color:#333333">As
the corporation moves towards a confederation or a
syndicate, it will increasingly need a top management that
is separate, powerful and accountable.
</span><span
style="font-size:11.0pt;line-height:115%;font-family:"Georgia",serif;color:#333333">Corporations
will have to pay attention,” Drucker argued, “to both to
their short-term business results and to their long-term
performance…”<o:p></o:p></span></p>
<p style="line-height:115%;background:#FCFCFC"><span
style="font-size:11.0pt;line-height:115%;font-family:"Georgia",serif;color:#333333">A
reviewer of his books wrote: “Drucker’s hope was that the
pension funds and mutual funds would lead the way. “By 2000,
pension funds and mutual funds had come to own the majority
of the share capital of America's large companies. This has
given shareholders the power to demand short-term rewards.
But the need for a secure retirement income will
increasingly focus people's minds on the future value of the
investment.”<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Century
Schoolbook",serif">David<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Century
Schoolbook",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span
style="font-size:12.0pt;font-family:"Times New
Roman",serif;mso-fareast-language:EN-CA">David Walsh
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Times New
Roman",serif;mso-fareast-language:EN-CA">Cell -
416-361-1341</span><span
style="font-size:12.0pt;font-family:"Times New
Roman",serif;mso-fareast-language:EN-CA"><br>
<a href="mailto:david@dwalsh.ca" moz-do-not-send="true">david@dwalsh.ca</a>
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="mso-fareast-language:EN-CA"><o:p> </o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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