It’s official. Breaking news via Breitbart:
The California Public Employees’ Retirement System named Yu Ben Meng, a former portfolio manager with the largest U.S. pension, as its next chief investment officer Monday.
Calpers is the largest public pension fund in the United States, managing about $360 billion. It has been described as one of the most influential pension fund investors in the U.S.
Here’s a typical example of Calpers flexing its muscle:
Due to a ruling from CalPERS, the city of Atherton has been forced to announce that Interim City Manager John Danielson must resign from his position. The pension fund denied the city’s request –filed back in December—to extend his contract so that it could have more time to find a replacement. CalPERS denied the request because Danielson is collecting pension payments. The Daily News notes that “State law prohibits someone receiving a CalPERS pension from working more than 960 hours in a fiscal year or more than 12 straight months. Danielson was hired in December 2010 and received $15,000 a month for filling in as city manager, while collecting $9,772.72 a month in retirement pay.”
While I’m not crying over Danielson (the City of Atherton couldn’t find somebody to be city manager for $180k/year? I smell corruption), Calpers is able to dictate the behavior of pension-drawers in spheres of influence it was never (originally) intended to reach.
You can research the “Calpers effect” for more examples.
Meng has spent the last three years as the deputy chief investment officer at China’s State Administration of Foreign Exchange, which is both its foreign exchange regulator as well as a massive sovereign wealth fund. SAFE operates under a veil of secrecy but is charged with carrying out the Chinese state’s economic strategy.
Between his position, his citizenship and the timing, it’s like he was being groomed for this position.
Here is how the Mercator Institute for China Studies, a leading German think tank, described China’s investment strategy:
China pursues an outbound industrial policy with government capital and highly opaque investor networks to facilitate high-tech acquisitions abroad. This undermines the principles of fair competition: China’s state-led economic system is exploiting the openness of market economies in Europe and the United States. Chinese high-tech investments need to be interpreted as building blocks of an overarching political programme. It aims to systematically acquire cutting-edge technology and generate large-scale technology transfer.
Between massive funding of Silicon Valley, control of public pensions, Chinese/Google collaboration and other “investments”, the PRC doesn’t even need its navy to conquer us.
Meng was born in China but is a U.S. citizen, according to a statement by Calpers announcing his hire. Calpers did not respond to inquiries by Breitbart News about how the pension fund had become comfortable handing over such an important role to a current Chinese government official amid escalating trade tensions between the two countries.
He’s a Chinese man in highly trusted, top-tier standing with the Chinese Communist Party. The letterhead on his birth certificate means less than nothing about his loyalties. It means Meng is a traitor to the USA. There is no way, none, that Meng will prove to be an apolitical civil servant of the American people.
To give some perspective on how control of Calpers will become a financial threatpoint to control California’s local governments, here’s an article from the Sacramento Bee on the measures that were being considered before our Elites decided to let China handle the problem:
Cost-of-living adjustments for California state worker pensions are safe, for now
By Adam Ashton, 24 April 2018
Future state workers, your pension cost-of-living adjustments are safe, and you won’t get to choose between a CalPERS pension and a 401(k) plan anytime soon.
Both proposals were shot down on Monday by a Senate committee that rejected a pack of bills aimed at reducing the risk taxpayers face if an economic crisis cripples the state’s public pension funds.
Most of the bills came from Republican Sen. John Moorlach of Costa Mesa and Democratic Sen. Steve Glazer of Orinda, who argue that the rising cost of public pensions could drive local governments into bankruptcy when the next recession hits.
John Moorlach. A face so interesting and detailed, I’m going to study it before an analysis.
“We need to right-size the system. We need to restore public trust, because we’re going off a fiscal cliff,” said Glazer, the former Orinda mayor who sponsored the bill that would have allowed state workers to choose to participate in defined contribution 401(k) plan instead of the defined benefit plan offered by the California Public Employees’ Retirement System.
California’s two largest public pension funds, CalPERS and the California State Teachers’ Retirement System, each have about 71 percent of the assets they’d need to pay all of the benefits they owe to public workers and retirees.
Baby Boomers are maintaining their deathgrips on all the entitlements they voted themselves at their childrens’ expense. Perhaps they are desperate to keep their bloated pensions because the alternative is becoming dependent upon those children.
…But Glazer and Moorlach could not convince the Senate Public Employee and Retirement Committee that the looming crisis they see is dangerous enough to tinker with pension commitments made by the state and local agencies to millions of people.
This is taxation without representation. It is criminal, the very crime that led to this country’s founding. The people required to fund those pensions weren’t old enough to vote against its imposition.
This is also the face of the Deep State. Not so much a cabal of child-raping sadists as a legion of no-talent career bureaucrats who reject the God of Truth in favor of the Nanny-Goddess of painless success. While I’m not happy that Father God makes a point of inflicting suffering upon the innocent, I can appreciate that our willingness to endure it gives us a maturity and strength that the parasite class will never enjoy. They worship whoever signs their paycheck; we worship the Truth without compromise.
The pension overhaul bills the committee rejected were:
▪ Moorlach’s Senate Bill 1032, which would make it easier for local governments to separate from CalPERS without paying the hefty termination fees that CalPERS charges to fund pension obligations for defunct agencies. If an agency quits CalPERS without paying the fees, CalPERS slashes the pensions it provides to the agency’s former workers.
▪ Moorlach’s SB 1031, which would prohibit pension funds from providing cost-of-living adjustments to retirees if the pension fund has less than 80 percent of the assets it would need to pay the benefits it owes. Most retired public employees can receive cost-of-living adjustments of 2 percent each year, but some contracts allow up to 5 percent. Moorlach’s proposal would have applied only to state workers hired after Jan. 1, 2019.
▪ Glazer’s SB 1149, which would have allowed new state workers to opt for a 401(k) plan instead of a pension. The concept is attractive to younger workers who do not intend to be career civil servants. The University of California is offering a similar plan, and 37 percent of new workers are choosing 401(k) plans instead of pensions.
The bills are essentially dead for this legislative session, although they could be revived if enough lawmakers want to bring them back from reconsideration.
Nope. What a surprise.
A long line of union representatives spoke against each bill. Terry Brennand, a lobbyist for SEIU California, called the Glazer bill a “disaster waiting to happen.”
Ted Toppin, a lobbyist for state scientists and engineers, called the bill to waive CalPERS’ termination fees an opportunity for employers to “stiff” their workers in retirement.
Your union benefits aren’t going to spend in Hell, thug-boys. Give them up before God damns you for inciting fiscal Armageddon.
So, a hard recession (such as the 2010 housing bubble) is likely to cause the pension funding issue to consume so much of the revenue of California’s city, county and state governments that they’ll collapse into bankruptcy. Is there an organization with hundreds of billions of American dollars that it doesn’t need? China, of course, thanks to massive trade imbalances.
Year 2018 was when the Baby Boomers completed their betrayal of California. They looked at the desperate, needed measures of Moorlach & Glazer and rejected them in favor of a Faustian bargain with the yellow devil.
I don’t have the details. I don’t need them. Yu Ben Meng, China’s deputy director of “foreign investment”, now controls Calpers… and by extension, the labor unions & parasites, and by extension of them, the voting public of California.