Pensions should be community management of community funds, with a shared risk and a shared purpose of wealth preservation above all else.

The finance industry thinks pensions should provide the privatization of gain with the socialization of risk. A massive pension fund last year put a large percentage of workers’ wealth in FTX. Workers are the ones who lost, and the likely had never heard of FTX. That negligence is characteristic of financialisation of systems designed for the public good.