Brian Reynolds, former chief market strategist at Rosenblatt Securities, sits down with Real Vision’s Tyler Neville to discuss how unfunded pension liabilities are the real engine for the US credit boom and how this financial engineering has produced one of the greatest bull markets in history. A legal mandate requires these funds to generate 7.5% returns, and when they fail to do so, taxpayers foot the bill. As a larger percentage of these pensions are moved onto corporate balance sheets in the form of debt, the tightrope these pension funds walk gets more and more precarious. Filmed on March 25, 2019 in Goffstown, New Hampshire.