[discount_rates_problem] [site_history] [funding_nightmare]

The overall deficit rose (or rarely fell) by many billions yesterday. While a great headline, it is total poppycock. The huge amounts injected by sponsors (see here) appear to have had zero or worse apparent funding impact. This has been economic illiteracy and capital destruction, with panic spread on a colossal scale. Good schemes have been closed to many members, which is really not just due to people living longer but rather because the assets and liabilities have not been properly compared. Using scalars to represent many future risks, which are not disclosed to stakeholders, is worse than unhelpful.