After World War II, there were a lot of pension funds in Europe that were fully funded, but they were pressured to hold a lot of government debt. There was a lot of inflation, and the value of all those assets fell. Those pension funds couldn't honor their promises to the people.

Edward C. Prescott
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After World War II, there were a lot of pension funds in Europe that were fully funded, but they we
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After World War II, there were a lot of pension funds in Europe that were fully funded, but they we
After World War II, there were a lot of pension funds in Europe that were fully funded, but they we
After World War II, there were a lot of pension funds in Europe that were fully funded, but they we
After World War II, there were a lot of pension funds in Europe that were fully funded, but they we
After World War II, there were a lot of pension funds in Europe that were fully funded, but they we
After World War II, there were a lot of pension funds in Europe that were fully funded, but they we
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