> The BOE decided to intervene to get ahead of a potential crisis that could have hit within hours. It was concerned collateral requirements on liability-driven investment strategies, such as those at pension funds, would have turned many into forced sellers of long dated gilts, according to a person familiar with the situation.<p>I often hear people complain about the end of defined benefit pensions, but this is what inevitably always happens. There will be essentially bailouts, printing billions, leading to inflation, weakening the currency. Why? Because someone made an irresponsible promise to someone 30 years ago knowing they won't be around when it hits the fan. And now we all have to rearrange out entire economic system to accommodate them. And these people are all gone by now, no one to hold responsible. What would responsibility even look like? Firing someone?