77 Story’ for Pensions • Michigan Teacher Pension Fight Pits Portability vs. Risk • Puerto Rico Budget to Protect Pension Payments • Massive PBGC Rate Hikes Force Corpo- rate Debt Binge As Companies Try To Pay Down Pensions • Illinois “Budget Deal” Is Likely The Death Knell For The State’s $130 Billion Under- funded Pensions • 1 Million Ohio Public Employees Face Pension Cuts As Another Ponzi Teeters On The Brink • Messed Over Retirees: Dallas Suspends Withdrawals From “Insolvent Pension System” De-Risk (shift risk) • The Hartford Transfers 29% of Pension Plan Obligations • Jeremy Grantham’s 3rd Quarter Com- mentary – Career Risk and Stalin’s Pension Fund: Investing in a World of Overpriced Assets (With a Single Reasonably-Priced Asset) 2018 Multiple Industry Stakeholders and Taxpayers: • Fitch: Pension Impact Adjusted in U.S. Public Finance Criteria • Factors Aligning to Accelerate Pension Activity • 20% of Illinois Lawmakers to Quit: They Risk Some Pension Benefits if They Get Booted Instead of Retiring • New Jersey Has the Worst Finances in the Nation, Report Says • Military Overhauls Retirement System in Biggest Shift Since World War II Story #10: Dawning Reali- zation: Time to Enforce “The glory of justice and the majesty of law are cre- ated not just by the Constitution – nor by the courts – nor by the officers of the law – nor by the lawyers – but by the men and women who constitute our society – who are the protectors of the law as they are themselves protected by the law.” –ROBERT KENNEDY For many years I have been asked for advice from people looking to move “away.” They want to get away from the environmental pollution, away from financial fraud, away from government enforcement, away from accelerating false flags, away from people who believe fake news and fake science. In 2017, it began to dawn on many of us that there is no “away.” We are facing a lack of integ- rity in global governance and at some point we are going to have to stand up for the rule of law or else there will be no law. Nurturing a culture that promotes lawful behav- ior and supports citizen enforcement of the rule of law will be a major issue in 2018.