TFR: If you switch you are lost


Investing your end-of-work-lump-sum in shares and bonds has not been a good idea. Luckily 60% of the workers in the private sector have not listened to the Sirens of the private insurance sector and they have done well.
Beppe Scienza explains why.

Dear Beppe,
It’s good to know that I have given good advice. Above all, that way they can’t accuse you of just denouncing things without ever making concrete proposals. The recent falls in shares and bonds show how appropriate it was to keep your TFR.
Basically the “referendum” to get rid of the TFR did not get through: more than 60% of the private sector workers chose not to do without it. Newspapers and TV invited them to listen to the politicians and the economists who were friends of the private insurance sector. Instead, the Italians, (rascals that they are!) to a large extent disobeyed Cesare Damiano, the Minister of Labour and the former director of the pension fund, they disobeyed the Bocconi professor Tito Boeri, Giuliano Cazzola and Marcello Messori, who moved from Fondazione Di Vittorio to Assogestioni, the association for managed savings (certain intellectuals are really champions of transformation).
They preferred to listen to Beppe Grillo and a few others who advised them to keep the TFR, as I did in the book: “La pensione tradita” {the pension betrayed} ( or Giuseppe Altamore in “Famiglia Cristiana” ( Or more simply, they have listened to common sense. Thus now they can lounge about, watching the turbulence in the financial markets with detachment.
The Italian workers who have gone over to the pension funds are right to be worried. Since June, the American Stock Exchange has gone down by 2%, the European ones by 3.5% and the Italian one by a massive 6%. The crisis in America of the mortgages called sub-prime has set off a series of collapses that are causing many of those trapped in the private social insurance systems to lose money.
But the worst thing is the lack of transparency. In the Italian pension funds are there bonds connected with the sub-prime mortgages that have gone belly-up? In their portfolios are there other unexploded mines? Probably. But it’s not possible to find out because the complete list of shares that they hold is kept a close secret.” Beppe Scienza

PS. I have cancelled the two shows at Trento and Novara. I’ve done too much shouting and I’ve lost my voice. Don’t worry: The strawberries are ripe. I repeat: the strawberries are ripe.

Posted by Beppe Grillo at 08:46 PM in | Comments (11)
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"temp jobs are falling off faster than expected."

- Here:
"The Economic Boffo Comic"
By: Richard Daughty, The Mogambo Guru - The Daily Reckoning, 25 September 2007

Posted by: Marco Saba | September 25, 2007 09:33 PM

Cosa cosa??? Tra le sacrosante, inevitabili e inattaccabili spese della Camera ci sono anche i corsi per sommelier dei deputati?!? Ma VAFFANCULOOOOOOO!!!

Posted by: Harri Klein | September 25, 2007 06:45 PM

Cari tutti,
Il mio nome è Marco e vi scrivo e osservo con ammirazione e speranza dall'Inghilterra dove vivo da 4 anni.

L'Italia e messa proprio male. E' da due giorni che spero che al telegiornale si parli in prima linea dei due magistrati di Catanzaro ostruiti nel fare le loro inchieste, ma niente, si parla di ben altro e non ci viene, ne chiaramente ne limpidamente, spiegato cosa accade o il perché accade che la società civile protesta contro una decisione del governo.

Questo è un segnale chiaro che non sono in grado, ne vogliono parlare della radice dura dei fatti.

Per esperienza dura ho imparato che il maggiore ostacolo nel risolvere i problemi sta nel non riconoscerene o ammetterne l'esistenza.
E ogni volta che vedo/sento i politici ed i media che parlano di altri cavezzoli senza riconoscere che il nostro paese è agli sgoccioli e senza seriamente dimostrare che sono interessati nella verità di cui parla padre Benjamin nella lettera a Beppe, sono sempre più sicuro che l'Italia è destinata ad un futuro fatto di incertezza e ineguaglianza.

Posted by: Marco Altea | September 25, 2007 06:33 PM

I guess i have to post this, it's the popularity (frequency) of the Beppe Grillo" searches on Google (from "Google trends")

It appears that most of them come from northern Italy

Posted by: Bruno Cip | September 25, 2007 05:46 PM

Dear Beppe,
I am an old italian migrant worker from Bedford
(England) and I am writing also on behalf of many compatriots of mine who are very disappointed about the lack of action of our italian politicians in respect of our many prblems.
I hope You will,eventually,intervene in the public arena as soon as Your voice improves.
Regards and my best wishes for a quick recovery. Mario

Posted by: mariocapobianco | September 25, 2007 05:07 PM

Grillo roasts ivory tower politicians
The New Zealand Herald - Sep 18 2007

Posted by: Marco Saba | September 25, 2007 03:19 PM


Posted by: | September 25, 2007 01:33 PM


Posted by: | September 25, 2007 01:31 PM

Posted By: Striderus
Date: Sunday, 23 September 2007, 11:24 p.m.

Grillo roasts ivory tower politicians
Wednesday September 19, 2007
By Peter Popham, New Zeland Herald

Posted by: Marco Saba | September 25, 2007 12:31 AM

Bisognava (retro)tradurre "The strawberries are now on sale".

Posted by: emanuele russo | September 24, 2007 11:15 PM

Oh my God! What does it mean not investing in the "private sector?" If you are risk adverse BUY CD! Don't blame the stock market!

The Mibtel has returned 45% since 2004 ~8%/yr. The Dow has done better.
A decline of the stock market in the SHORT TERM does not mean anything. There is no question that high return implies high risk (no free lunch except for those who don't work and steal their paycheck).
The recipe is DIVERSIFICATION and TIME HORIZON. The closer you get to the retirement age, the more conservative you want to be. Ergo move gradually from stock market to bond and then to money market.

Posted by: Giovanni | September 24, 2007 09:12 PM

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