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> In traditional Chinese society each generation cares for the one before it.

That goes for almost every society! Pensions a typically paid out from the earnings of the current generation to the previous one, it's quite rare to have pension funds hold on to 'your' money long enough that it gets paid back out to you. Instead they pay it out immediately and when it is your turn you get it from someone that earned that money the month before.

If only pension funds would be required to be able to pay out at a minimum what you put in then the world would be in lots better shape.

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