Wednesday, August 18, 2010

The Coming Fiscal Bankruptcy of the West

Not idealizing as some of my friends might blame me, but Jose Pinera was one of the best speakers I’ve listened so far. Academic and practitioner (won’t use the word ”Politician)  who has been in the front of Chilean economic reforms in the end of 70th. Simply to put - the architect of the private pension reform, which was based on the personal retirement account.

Mr. Pinera indeed has a lot to say and he does it in a manner that will definitely tie you up during the lecture. I won’t prolong further as his biography says more, just will present the recording of the lecture he has delivered in the Neuwaldegg Institute Summer Seminar 2010 (August 9th - 15th) in Castle Neuwaldegg, Vienna, Austria. Unfortunately, it covers the lecture on European monetary crisis only. Due to some circumstances I was unable to record entire lecture on Chilean Pension Reform itself. But taking into account the fact that European crisis is an ongoing matter, from my standpoint it should be more interesting. 

Especially in the meantime of the crisis of the EU welfare system, which is going to have a serious consequences as Mr. Pinera assumes. Hence, an assessment of the man who has transformed and revolutionized Chilean pension system is undoubtedly interesting to listen. As the existing Bismarkian system is about to collapse in Europe, it is indeed very timely to use an example of already long tested system, which has played a significant role in entire of process of  soaring Chilean economy. Then why don't we consider it as a possible outcome for many European countries. It can be considered by Georgian government as well, as the country hasn’t yet reformed the existing system (if one can call it that way at all). Just to note, Kazakhstan is the first and so far the last post Soviet country which has chosen Chilean way of pension reforms.

I'll stop here and let you enjoy Professor Pinera. For further information about him/his viewpoints you can visit the web page and also feel free to follow him on twitter on English language account

Here is the recording of the lecture and the PPT he used during the lecture. Thanks to Youtube restrictions I had to upload couple of parts of it. But I strongly recommend to everyone to watch/listen them till the end.

Part II, Part III, Part IV, Part V and Part VI.


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