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Summer 2010 featured the latest Hollywood remake of the adventures of Robin Hood, who robbed
from the rich and gave to the poor. Not to be outdone, the Federal Reserve Board is engaged in a
massive wealth transfer from savers to the financial sector. Several recent news articles show what the
Fed has engineered.
In “Promises With a Price; Public Sector Retirement Benefits,” the Pew Center reported on the dismal
condition of funding for public sector retirement benefits of the states.
And in “Analysis of California Pensions Finds Half-Trillion-Dollar Gap,” (New York Times, Mary Williams
Walsh, April 6, 2010), it was reported that a valuation of California public pension assets and liabilities
discovered a half-trillion dollar funding shortfall.