South African billionaire Johan Rupert considers the possible fallout of the financial crisis at an annual meeting for analysts following the company he controls.
According to Rupert, governments are "going to have to find capital in the markets, which will crowd out the private sector, or they're going to have to tax the hell out of living consumers, or inflate their liabilities into oblivion. There are not too many other options."
Rupert considers inflation and broad social unrest as possible outcomes as people approaching retirement find that they have inadequate savings and are too poor to retire. According to the 58 year old Rupert, "if this thing (the financial crisis) carries on, my generation will have to work until they are 75."
Rupert also believes that pension fund managers should be "put in jail" for mismanagement of pension and retirement funds.
Source: Bloomberg
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