Something which I think is unaddressed is the high participation of pension funds in what has been a very frothy stock market/PE market. We're already seeing th

Something which I think is unaddressed is the high participation of pension funds in what has been a very frothy stock market/PE market. We're already seeing the main growth stocks take big corrections in the face of central bank rates and the end of mass QE, and this comes at a time when large portions of the workforce approach retirement age. Already, the most exposed start ups (gig economy) are rapidly scaling back operations, and I think there are many more tech sectors that will face the same in the coming 2 years. That will equate to a significant destruction of value right when withdrawals should be ramping up. This shortfall will have to come from public funds and will still lead to a drop in consumption for a significant part of the population.