He's CEO of Fidelity, one of America's most gargantuan fund managers, and his pensions business depends on calling the future correctly. Here are just a few of the things he currently fears. They are part of a pattern, part of a global retirement crisis engulfing the developed nations. That's a pincer of a demographic threat. Take the Japanese predicament.
Japan faces a particularly vicious era of negative population growth.
Not social security on present funding, or personal savings. The gap is trillion shaped. Nor is Japan much of a special case. Most of the big nations of western Europe are shrinking as fast, already caught in negative growth. America may escape such a fate - but it, too, is in deep trouble as the first baby boomers begin to edge into retirement.