Education in the United States and elsewhere has been designed by academics with no real practical work experience. I was in Australia, and Macquarie Bank had funded an education program at Macquarie University. I was given a tour since they were so proud. They took over a hotel and set up rooms to be dealing desks with academics making up news and sending it out on screens. The problem was if the students did not respond as the professor assumed the markets should, then they failed. This was completely without practical merit.
In the USA 60% of college graduates cannot find a full-time job in their chosen profession as reported by Forbes. With unemployment over 50% among the youth in Europe, the failure of formal education to train people for the future is at a monumental catastrophic crisis. The economic future looks really bleak. This is how the pension funds are failing because there are not enough working youth to keep the Ponzi scheme going.
