Friedberg states Russian sanctions wiped out $600 billion in retirement fund value held globally.
“And they were all delisted around the world. Over $600,000,000,000 of value was wiped out.”
Friedberg reveals Russian sanctions wiped out $600 billion in pension fund value, not wealthy investors' holdings.
“And so part of our economic sanctioning of removing Russian stocks from European and US listed stock exchanges caused a $600,000,000,000 wipeout in value”
Friedberg explains California court precedent prevents any reduction in promised public employee pension benefits for life.
“And so there's precedent in California state court that you cannot change pension benefits on the date that someone was hired. You can never change their future benefits.”
Friedberg states California faces 250 billion to 1 trillion dollars in unpaid retirement obligations making it functionally bankrupt.
“And I'm talking about somewhere between 250,000,000,000 and $1,000,000,000,000. California is bankrupt. That is a major Right. Fact that is completely ignored by”
Friedberg states California cannot pay retirement obligations of $250 billion to $1 trillion without legal restructuring.
“there's no way that California can make enough revenue to pay the retirement obligations that they've made to existing employees and past employees, and you're not legally allowed to restructure those employment retirement obligations.”
Friedberg states California has 600 billion to one trillion dollar pension shortfall.
“The estimate currently is that there's 600,000,000,000 to a trillion dollars in the whole. Okay?”