Mr. Crane is well ahead of all reformers in understanding and explaining the depth of the pension tsunami. His analysis goes beyond pointing out various symptoms of the disease and proves that once a material deficit exists, talk of meeting investment rates misdirects attention from the basic flaw, namely that governments cannot opperate on a system that defies it control of pension expense because of its tie to a fluctuating stock market. Unfortunately, he is in a political bind(the unions) when it comes to designing an effective pension reform plan.