Armour from the Battle of Wisby 1361. Vol. I by Bengt Thordeman

By Bengt Thordeman

The conflict of Wisby, at which 1800 rapidly assembled peasants accumulated in useless to safeguard their urban from the onslaught of Waldemar of Denmark, could be the main celebrated medieval conflict in Scandinavia and but, have been it no longer for the mass graves of the defenders, it might be all yet unknown to Western scholars of medieval background. The peat lavatory during which the our bodies have been hurriedly buried after days within the scorching sunlight preserved not just bones but additionally harnesses and accoutrements, leaving crucial archaeological checklist for the interval. released initially in 1939, Bengt Thordemans paintings at the conflict, constructed from the hundreds of thousands of artefacts chanced on within the mass burial, has been pointed out in nearly each bibliography at the topics of fingers and armour and used as a key resource for the relationship of medieval cash.

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Why, then, create an add-on plan of individual accounts? Because we found that countries that had adopted individual account plans had achieved a considerable measure of success with these plans. Individual accounts work. 24 The four main flaws of the 2005 Bush Social Security plan were: (1) It was not expected to remain solvent, (2) it did not result in additional saving and may even reduce national saving, (3) it did not provide very generous retirement benefits to most recipients, and (4) it left too many recipients, notably elderly widows, in poverty.

LESSONS FROM THE WORLD 15 compensation rather than as taxes. When deciding whether or not to retire, workers will trade off the value of a longer retirement against the benefit of accumulating a larger pool of retirement funds to consume once they retire. For policymakers concerned about the impact of taxes in reducing labor supply, this is an advantage. Increasing the rate of national saving is an objective for many policymakers, and compulsory funded individual accounts can be expected to increase private saving.

16 US PENSION REFORM Unfunded plans, proposed as an alternative to the fiscal challenge of replacing a PAYGO pension program with an individual account plan, do not increase saving. Nearly all contributory public pension plans in the OECD have relied on the PAYGO structure. Shifting to individual accounts creates a huge budget challenge because of the obligations to existing retirees and workers who have made contributions. A few countries, such as Australia, have met this challenge by using general tax revenues to pay past obligations and funneling new contributions to individual accounts invested in private stocks and bonds.

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