Whether the long-term deficit is closed ultimately by raising taxes or cutting benefits, that will mean the effective rate of return from the program will be lower, ultimately falling into the negative range for everyone.
And the markets need to recognize that long-term creative arbitrage projects involving open or closed communities, tackling large economic challenges across the globe, are one of the few ways the surplus capital problem can be solved.
After the markets closed Monday, Fitch Ratings downgraded AIG's long-term and short-term issuer default rating, as well as its senior unsecured debt and commercial paper program ratings.
The session closed with unanimous agreement that support for education must be long-term sustainable and predictable and must be mobilised both from a wide range of national and international sources.