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Guest Post: US Government Seizes Pension Funds, Invades Pakistan

Tyler Durden's picture


Submitted by Simon Black of Sovereign Man

US Government Seizes Pension Funds, Invades Pakistan

There are certain times in life when a man is faced with overwhelming
adversity… times when he has no reason to adhere to society’s norms
anymore.  It is in these instances that the true quality of his
character comes shining through.

One of these situations is when he’s broke. Dead, flat broke. Some
people, even when staring deep into their own financial abyss, still
hold to their moral principles, honor their obligations, and keep their

For others, the boundaries of morality are quickly blurred into
shades of gray, and things like fraud, thievery, and deception become
perfectly legitimate tactics in their minds.

Speaking of broke, faced with what is tantamount to the official
insolvency of the United States of America, policymakers have opted to
seize funds from the retirement accounts of public sector workers in
order to keep the government running.

Wow. America’s leaders are willing to engage in cannibalistic
thievery in order to continue funding government operations. I wonder
what sorts of operations are so important that they are willing to steal
from their own people in order to finance? Any ideas?

Apparently, starting a shooting war in Pakistan was at the top of their list.

In the most insulting, disingenuous display of insensitivity and lack
of regard following such a momentous financial decision, the US Defense
Department decided to send helicopters into western Pakistan in a
search for more ghosts. Pakistani military fired on the choppers, and
the choppers fired back.

Seems like a good use of confiscated funds, no?

Never fear, though, the cracker jack squad of politicians in the
112th Congress is clearly hard at work, spending all of their time and
attention at resolving the debt crisis and budget troubles.

Rep. Sheila Jackson-Lee of Texas, for example, proved to America that
she’s focused like a laser beam when she introduced bill HJ Res. 64 on
Friday afternoon. What exactly is HJ Res 64? It’s a resolution to express support for designating September 2011 as Gospel Music Heritage Month.

The similarities to Nero playing his fiddle are all too obvious.

Adding injury to insult as it were, Ms. Jackson-Lee followed up HJ Res 64 with the introduction of HR 1900,
yet another bill to give TSA sweeping powers over “surface
transportation” such as train stations and bus terminals. Now you can be
molested in planes, trains, and automobiles. Coming soon: shopping

Not to be outdone by Ms. Jackson-Lee, Senator Barbara Boxer just introduced Senate res 177
to designate May 15th through May 21st 2011 as “National Public Works
Week.” Wait a sec… that’s this week! Well what are we waiting for,
comrades!?! Grab a shovel, there’s dams to build!

2011 national public works week itenerary 300x98 US government seizes pension funds, invades Pakistan
To cap things off, President Obama is getting ready for his highly
publicized trip to Ireland next week where he will visit the ancestral
home of his great great great grandfather, a small town called

About 298 people live in Moneygall. The town has swelled for the last
two months as US Secret Service agents and the President’s
administrative entourage have descended upon the town to prepare for his
visit. Important issues must be tended to… such as, “what kind of beer
will the President drink?”

12122 xlarge 300x169 US government seizes pension funds, invades Pakistan

I couldn’t even begin to estimate what the cost of this trip will be
to US taxpayers… but somehow I doubt it’s worth a single penny of seized

Like I said, there are certain times in life where a person’s true
nature comes shining through. The government is telling us here that,
even when faced with insolvency, it will happily confiscate any source
of capital it can, and then continue squandering it all on useless

It really leaves me wondering when people are going to wake up and say to themselves, “Enough is enough!”


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Tue, 05/17/2011 - 13:02 | 1283499 smlbizman
smlbizman's picture

power without competence

Tue, 05/17/2011 - 13:19 | 1283562 Fiat2Zero
Fiat2Zero's picture

+1. And look at the blond haired adoring dweeb behind him.

Tue, 05/17/2011 - 13:41 | 1283663 francis_sawyer
francis_sawyer's picture

Is Obama holding up a urine sample there?

See??? Look!!! This PROVES I was born in Hawaii!

Tue, 05/17/2011 - 13:42 | 1283666 I Told YOU So
I Told YOU So's picture

I think he has his hands in his pants...

Tue, 05/17/2011 - 14:59 | 1284108 TIMMAYYY
TIMMAYYY's picture

it more looks like the priest of da vinci code....I told you obama was in the big cult. which i assume will just be a group of dudes sitting around....dreaming of the architect whilst wanking over a biscuit someone will be eating in end...


the queen is visiting the land of ireland now...i guess the elite are carving up the place after ravaging it like a group of...twats...

Tue, 05/17/2011 - 13:19 | 1283571 smlbizman
smlbizman's picture

as my internet {comcast} is quite frustrating today.... i am sure when the time comes the internet will be taken from us  and repalced with certain "approved" content

Tue, 05/17/2011 - 14:37 | 1283959 theprofromdover
theprofromdover's picture

Who do you think encouraged Microsoft to buy Skype (at any price)?

Tue, 05/17/2011 - 14:48 | 1284046 SilverDOG
SilverDOG's picture

All is currently filtered anyway.

Only UK and China filter the internet content more than the USA. 

Have no fear, USA will reach #1 shortly.

Tue, 05/17/2011 - 14:58 | 1284084 FreeNewEnergy
FreeNewEnergy's picture

I wish people would stop all the nonsense over the internet kill mechanism and think it through. The internet is a major source of revenue, not only for major corporations, but millions of small businesses, banks, and the government itself.

The government can't shut down the internet, though they are dying to tax the living shit out of it.

Currently, there are fortunes being made on the internet and the .gov haven't yet figured out how to capture all that cash, but they are working on it. It was created by government, and there's no turning back from it now, no matter how unruly it becomes.

Tue, 05/17/2011 - 15:21 | 1284203 Long-John-Silver
Long-John-Silver's picture

You are not looking at the big picture. They need to save the Post Office where they can monitor all communications. This is too difficult to do on the Internet.

Tue, 05/17/2011 - 15:55 | 1284381 fuu
fuu's picture

Umm. Not to burst your bubble or anything but it is easier today to monitor everything than it was back in the days of snail mail, copper wire, and tape drives. Everything is recorded and stored. Disk space is cheap. Server space is cheap. CPU cycles are cheap.


Here is just one example:

Tue, 05/17/2011 - 15:31 | 1284250 NotApplicable
NotApplicable's picture

Why does fedgov need revenue, when they can just steal from other places until congress cries "Uncle!", and raises the debt ceiling?

As for the rest of entities you note, their failure is a political mandate to "Save Them!"

When choosing between power and revenue, power will win every time, as winning power increases opportunities to extract further revenue from whatever other sources are left, until they too are bankrupt.

Basically, government is a downward spiral of destructionism created to ensure a need for more government. To believe that anyone within it cares about others' revenue streams (sans the crony "capitalists" who are already part of the governing system) is a laughable concept.

While the net is very decentralized, and impossible to control, it relies upon very centralized core routers already under government control. While individuals could work around this by making a shared mesh network of all of our wifi routers (avoiding public networks completely), I'm sure this will be deemed terrorist activity.

Wed, 05/18/2011 - 03:13 | 1286270 ManOfBliss
ManOfBliss's picture

It would very VERY easy to shut down the internet.

They strong-arm the primary service providers. That's all there is to it. 99% of mainstream internet activity would go dead.

Wed, 05/18/2011 - 12:56 | 1287699 WeekendAtBernankes
WeekendAtBernankes's picture

Your last paragraph is so true.  It's left me with a rather deep, uncomfortable, and disconcerting feeling.

Wed, 05/18/2011 - 03:11 | 1286267 ManOfBliss
ManOfBliss's picture

That's EXACTLY why they WANT to have "kill-power" over the internet.

It's the newest and only bastion of something resembling freedom.

They'll both have power to kill it, and tax it. By getting control over it, and deciding whether it lives or dies, the power to tax it comes easier than ever.


Tue, 05/17/2011 - 13:20 | 1283575 oddjob
oddjob's picture

tin pot

Tue, 05/17/2011 - 13:51 | 1283673 Manthong
Manthong's picture

If stupidity was gravity, what would Sheila Jackson-Lee be?

Tue, 05/17/2011 - 13:55 | 1283707 Rodent Freikorps
Rodent Freikorps's picture

A very dense, racist idiot?

I'm not going for the set-up.

Tue, 05/17/2011 - 14:13 | 1283827 flacorps
flacorps's picture

A singularity. See, you can finesse the setup.

Tue, 05/17/2011 - 14:45 | 1284022 Rodent Freikorps
Rodent Freikorps's picture

I thought about going with quantum singularity, but I thought it might sound to Trek-ish.

Tue, 05/17/2011 - 14:44 | 1284014 Manthong
Manthong's picture

It's a thought experiment.. not my fault that infinitely dense objects are devoid of light.

Tue, 05/17/2011 - 13:55 | 1283721 BigJim
BigJim's picture

Sheila Jackson-Levity?

Tue, 05/17/2011 - 14:02 | 1283743 fiftybagger
fiftybagger's picture

A quasar?

Tue, 05/17/2011 - 14:10 | 1283806 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

Paging Dr. Reinhardt..  Paging Dr. Hans Reinhardt..

Tue, 05/17/2011 - 14:12 | 1283817 A Nanny Moose
A Nanny Moose's picture


Tue, 05/17/2011 - 15:01 | 1284109 YHC-FTSE
YHC-FTSE's picture

A short indian from Hollywood.

(Red Dwarf Star)

Tue, 05/17/2011 - 13:03 | 1283502 gbresnahan
gbresnahan's picture

They stole our money to hand over to failed companies like AIG, Citibank, and GM.. Why are we surprised when they steal our money again?


Personally I fear for our retirement accounts.  There's like what over $10 trillion in there?

Tue, 05/17/2011 - 13:20 | 1283567 trav7777
trav7777's picture

yeah but they can't exactly liquidate those accounts, now can they?

Borrow against them and hand them over to bankers, probably

Tue, 05/17/2011 - 13:37 | 1283640 ColonelCooper
ColonelCooper's picture

I guess the ChairSatan could buy them for freshly inked bills.

Tue, 05/17/2011 - 14:09 | 1283785 cossack55
cossack55's picture

And the difference is.........?

Tue, 05/17/2011 - 15:35 | 1284284 dussasr
dussasr's picture

The gubmint could nationalize the pension funds and use the money to prop up Social Security which is basically what Argentina did a few years back.

Tue, 05/17/2011 - 14:25 | 1283891 Smiddywesson
Smiddywesson's picture

You are darn right to be fearful of losing your retirement account.  Average Americans have no jobs, income or savings.  The USG can't get the money through the tax system.  The only unprotected pool of money is retirement accounts.  Say goodbye to the Roth and IRA.  They could just pass a law removing tax protection for any IRA unless it is in treasuries.  Simple as that. 

Everytime this happens, the first thing a bankrupt country does is attack pensions and retirement savings (Argentia).

Tue, 05/17/2011 - 15:13 | 1284181 NIRee
NIRee's picture

Same happened in Sweden aswell.

Tue, 05/17/2011 - 15:34 | 1284272 NotApplicable
NotApplicable's picture

Don't cry for me, Argentina...

Tue, 05/17/2011 - 13:06 | 1283503 Missiondweller
Missiondweller's picture

Our leaders have no shame. No shame at all.

Tue, 05/17/2011 - 14:31 | 1283901 disabledvet
disabledvet's picture

God save us if they do.  It's the only thing holding the country together right now.

Tue, 05/17/2011 - 15:39 | 1284289 NotApplicable
NotApplicable's picture

You mean YOUR leaders.

Shameless? Well, that's what you get when you try to choose mine.

Tue, 05/17/2011 - 13:03 | 1283507 DoChenRollingBearing
DoChenRollingBearing's picture

.gov strikes again!

Can I just go back to sleep, and one of you just wake me up when our national nightmare is over?  Appreciate it, thanks.

Tue, 05/17/2011 - 13:15 | 1283546 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I am having a glass of red with my breakfast.  This may become the norm for awhile.

Tue, 05/17/2011 - 13:23 | 1283588 SecondComing
SecondComing's picture

Blood: It's not just for breakfast anymore.

Tue, 05/17/2011 - 13:37 | 1283648 ColonelCooper
ColonelCooper's picture

First thing this morning, I finished off the drink that was half gone when I passed out last night.  It seemed like a waste to not keep right on going from there.

Tue, 05/17/2011 - 13:43 | 1283674 RichardENixon
RichardENixon's picture

I'm a light drinker. As soon as it gets light I start drinking.

Tue, 05/17/2011 - 14:03 | 1283752 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Ahh, the spirit of fello ZHers. God (or whatever deity or non-deity) bless alcohol.


Group hug.

Tue, 05/17/2011 - 14:06 | 1283773 1100-TACTICAL-12
1100-TACTICAL-12's picture

I've been tryin to lay off the jug & stick to beer, I find it damn near impossible. All the shenanigan's will drive a man to drink..

Tue, 05/17/2011 - 14:20 | 1283851 ColonelCooper
ColonelCooper's picture

I only drink beer when I have to drive.  Or am driving.  Or out of bourbon.  Or fishing.  Or it's hot out.

Tue, 05/17/2011 - 14:19 | 1283824 A Nanny Moose
A Nanny Moose's picture

I use to have a rule to never drink till the sun went down. Someone much wiser than myself once pointed out that the sun is always down somewhere.

AA is for quitters.

Tue, 05/17/2011 - 14:14 | 1283825 A Nanny Moose
A Nanny Moose's picture


Tue, 05/17/2011 - 14:57 | 1284094 Larry Darrell
Larry Darrell's picture

And why wouldn't you?  After all...


You can't drink all day if you don't start in the morning.



Tue, 05/17/2011 - 13:08 | 1283510 Ham Wallet
Ham Wallet's picture

the US Defense Department decided to send helicopters into western Pakistan in a search for more ghosts. Pakistani military fired on the choppers, and the choppers fired back.


Anybody got a link to this story?  I haven't heard of this til now.

Tue, 05/17/2011 - 13:09 | 1283515 LFMayor
LFMayor's picture

there's a link on drudge Ham.

Tue, 05/17/2011 - 13:26 | 1283592 bugs_
bugs_'s picture

Thats Pakistan for you.  Fire on some of our helicopters while at the same time returning the wreckage of the sekret helicopter.  I've seen people with dual nature problems but it is amazing to see it in a nation state.

Tue, 05/17/2011 - 13:34 | 1283623 DosZap
DosZap's picture

You must remember the billions in FRN's they get from us.........

When money(worthless fiat) is concerned, hell being at war and co-operating w/ each other just sounds like the norm.

BTW, what EXACTLY is the norm anymore?

Tue, 05/17/2011 - 15:07 | 1284150 espirit
espirit's picture

The Paki's knew the helicopters weren't filled with BennieBux because the U.S. has been stiffing them for a while.

That's why they started shooting.

Tue, 05/17/2011 - 13:34 | 1283638's picture

I've seen people with dual nature problems but it is amazing to see it in a nation state.


Some nations bomb civilian populations in other countries to help make them "free."

Tue, 05/17/2011 - 13:40 | 1283662 Rodent Freikorps
Rodent Freikorps's picture

Fills you with all kinds of confidence, huh?

by Sami Zubeiri Sami Zubeiri– Thu May 12, 6:55 am ET

ISLAMABAD (AFP) – Pakistan on Thursday opened a 330-megawatt nuclear power plant built with China, saying Beijing had been contracted to construct two more reactors in a bid to ease a crippling energy shortage.

The plant is at Chashma in central Punjab province, where a Chinese-aided power plant of similar capacity is already operational.


Tue, 05/17/2011 - 14:16 | 1283841 nothing can go wrogn
nothing can go wrogn's picture

A Chinese made nuclear power plant placed in Pakistan.

That is proof god has a sense of humor.


Tue, 05/17/2011 - 14:39 | 1283997 sethstorm
sethstorm's picture

The time would be ripe for a US-derived "accident" to halt that Chinese reactor.

Nothing too huge, just enough to cause a meltdown.

Tue, 05/17/2011 - 14:52 | 1284063 sun tzu
sun tzu's picture

Just blow it up and blame Al Qaeda. The lame stream media and sheeple will believe it without question. They ate up the Osama raid swill without any questions.

Tue, 05/17/2011 - 15:45 | 1284334 NotApplicable
NotApplicable's picture

Maybe if you weren't attributing human emotions to an abstract collective known as a political body, it wouldn't seem so amazing.

There is more than a single person exerting power and influence in Pakistan right now. Each one of them operating in their own self interest, which is primarily to retain and extend their power. To believe that everyone is on the same page is to misunderstand why they seek power.

Oh, and your "dual nature problems" also provides rationale for even further invasions as it paints the place as unstable. Which is exactly what the elite want, for this is why wars are deemed "necessary." Meanwhile, the instability is orchestrated from both sides.

It's nothing but a giant chess-board, and we are nothing but pawns.

Tue, 05/17/2011 - 13:05 | 1283511 LFMayor
LFMayor's picture

Ms. Jackson-Lee.  You know, the nation went to hell as soon as we let those pall mall smoking, birkenstock wearing bra burning let's make a TV channel dedicated to the unending misery of women man hating bitches into the drivers seat.

Hyphenated last names cannot be trusted.  The stink of old world royalty and inflated sense of self.

And while we're at it, don't trust a man with two first names.  Like gingers, they have no soul.

Tue, 05/17/2011 - 13:16 | 1283547 sun tzu
sun tzu's picture

Jackson-Lee was the one who cried racism because NOAA gave all the hurricanes white names. She represents her district very well

Tue, 05/17/2011 - 14:33 | 1283922 Lucky Guesst
Lucky Guesst's picture

Lol, next one is hurricane La-a!

For those scratching their heads it sounds like Lah-dash-ah “cuz the dash don't be silent”! And yes I'm surrious, it was in the news.

Tue, 05/17/2011 - 16:52 | 1284625 ThirdEye
ThirdEye's picture

How about hurricane Shi-thead.

Tue, 05/17/2011 - 13:36 | 1283634 DosZap
DosZap's picture

Jackson Lee is an unadulterated racist idiot.

She only gets re-elected because her district is majority Black.

Tue, 05/17/2011 - 13:45 | 1283680 francis_sawyer
francis_sawyer's picture

Sort of funny/ironic to be labeling a black woman a "racist" that has the name of two CONFEDERATE generals...

Tue, 05/17/2011 - 14:01 | 1283759 InconvenientCou...
InconvenientCounterParty's picture

naaa. it's easy.

Tue, 05/17/2011 - 14:28 | 1283904 Dangertime
Dangertime's picture

Her last name is of two confederate generals.  That there is concrete proof she cannot possibly be racist.


Cannot argue with that logic.

Tue, 05/17/2011 - 14:44 | 1284026 Uncle Remus
Uncle Remus's picture

Jared notes that the US now has fifty million Hispanics, or sixteen percent of the population, expected to rise soon to twice that, as well as thirteen percent of blacks. Now, since I live in Mexico, have a Mexican wife, and speak Spanish at home, it will be difficult to nail me with racial hatred of Hispanics. Nor do I hate blacks. But…is this going to work? Or are we going to end up with three mutually hostile countries in one land? The possibility is real. Several states, including California, have Hispanic majorities, which means that shortly they will have Hispanic governments. If the majority vote as a bloc—bingo.

Tue, 05/17/2011 - 14:59 | 1284090 Ima anal sphincter
Ima anal sphincter's picture

Her district is in Houston and you are correct with your statement. I don't know which word has more power; racist - yes   idiot - yes. Just one more: Traitor - yes

Tue, 05/17/2011 - 15:00 | 1284105 Ima anal sphincter
Ima anal sphincter's picture

DP, sorry.

Tue, 05/17/2011 - 14:04 | 1283756 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

picking on Gingers...thats pretty low.

Tue, 05/17/2011 - 13:07 | 1283516 Vic Vinegar
Vic Vinegar's picture

It really leaves me wondering when people are going to wake up and say to themselves, “Enough is enough!”

Whatever.  There are still a lot of benefits to living in the empire.  It may not all be gravy - in fact a lot of it is shitty - but people aren't about to take to the streets protesting anytime soon.

Tue, 05/17/2011 - 14:23 | 1283886 caconhma
caconhma's picture

babe, you are running on borrowed money and time. They are both about to run out.

Tue, 05/17/2011 - 13:12 | 1283517 ebworthen
ebworthen's picture

Yes, when will enough be enough?

I'm done, had it, through, no allegiance to this ponzi lie of a country.

What a grand lie has been constructed, what a fantastic illusional space of perception, delusion of choice, wrapped in the iron fist of the hegemony of the oligarchy, the barbed wire of the kleptocracy, the padded room of baboons wrapped in linens and technological trinkets of distraction and slavery.

"Would you like fries with that?"

"There's an app for that."

"Can you hear me now?"

"Hold the pickles, hold the lettuce - special orders don't upset us."

"Choose your ad experience."

"I Voted."

"Someone in 2012."

And a very merry unbirthday to all...

Tue, 05/17/2011 - 13:47 | 1283677 Oleander
Oleander's picture

Aww come on - Have a Coke and a smile! Dig for Victory!

                      Careless talk costs Lives!



Tue, 05/17/2011 - 13:53 | 1283697 Abitdodgie
Abitdodgie's picture

Everyone is bitching about what is going on , but how many of you have stopped paying taxes ?

Tue, 05/17/2011 - 14:03 | 1283753 BigJim
BigJim's picture

Listen carefully, and you can hear them all rattling their cage bars in morse.

Tue, 05/17/2011 - 14:07 | 1283774 Dr. Richard Head
Dr. Richard Head's picture

I would answer that question but Damn, I don't know where to start, they're, they're gonna, um, they'll triangulate on this position really soon. - Ænema [uncut version - hq - fullscreen]


Tue, 05/17/2011 - 14:14 | 1283812 Pants McPants
Pants McPants's picture

You first.  Let me know how it works out.

I'll stick to accumulating PMs.

Tue, 05/17/2011 - 14:25 | 1283882 Lucky Guesst
Lucky Guesst's picture

Me!!!!! Though not voluntarily, I'm an unemployed ex self -employed thats too crazy to apply for welfare but not on enough drugs to qualify for disability. Translation, I'm f?€k*d!

Tue, 05/17/2011 - 14:29 | 1283914 Dangertime
Dangertime's picture

Perhaps I did, but tmosley gave me hell for it.

Tue, 05/17/2011 - 15:04 | 1284138 FreeNewEnergy
FreeNewEnergy's picture

What's the code for raised hand. *^^* -- (ß∂∂).

Loosely translated, been off income tax since... well, a long time.

Tue, 05/17/2011 - 13:43 | 1283519 TruthInSunshine
TruthInSunshine's picture

Just 2 of the many things that both the left and right column of Sock Puppets proclaimed could/would not happen on the many modalities of mainstream news mimicry passing as genuine journalism (ABC, NBC, CBS, Fox, CNN, MSNBCs, CNBsC) or the more 'serious' (but proxified propagandists, nonetheless) outlets such as NPR, PBS, The New York Times/Lies/Crimes, The Wall Street Journal/Scandal/Blather, etc.

"But,'s not really happening," they will say.

They will say this about pensions/401(k)s. "It's just a temporary stop gag measure."

That's what they'll say. And it may fade from the headlines and pass for a while (or maybe not).

Soon enough, it will be here to stay. Not just these 2 things, but many, many more "unthinkable" things, or so we were told.

If George Carlin had been given the sermon, I would have far more motivated to attend my congregation growing up.

I don't mind the profanity that is mere language he uses to emphasize or accentuate certain points.

It's far more profane to tout lies and tow the government's line of bullshit, cloaked under the veil of the alleged sacrosanct and the religious.

Truth needs to be a religion. Then we can all be free.

The American Dream, USA Inc. George Carlin
Tue, 05/17/2011 - 15:40 | 1284315 blunderdog
blunderdog's picture

Although it's totally absurd for the gummit to be using pension "funds" to pay operating costs, and definitely a "crime" of some sort or another (legal or not), I'm just not mustering up much anger about it.  I consider the fact that I have never been offered any kind of pension options in my various private-sector jobs, and never had the opportunity to experience either the job security or clear delineation of duties so common to public sector positions.

I haven't been paid significantly better than my public sector acquaintences either.

So...yeah, it sucks and it's wrong, but it's really hard to cry for someone else's potential hardship after the two decades I've just lived through.

Tue, 05/17/2011 - 13:08 | 1283523 Gubbmint Cheese
Gubbmint Cheese's picture

Money gaul?


Tue, 05/17/2011 - 14:21 | 1283871's picture

Other people's money and a lot of damned gall.

Tue, 05/17/2011 - 13:08 | 1283524 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Good missive Mr Black.

Tue, 05/17/2011 - 13:16 | 1283529 Miles Kendig
Miles Kendig's picture

Simon Black, good read.  I hate to tell ya, but coming to ZH to enunciate propriety related to public sector employees & retirees is a waste of time.  You would be better received if you suggested public sector pension funds be used for direct rebates to the "private" sector just like in Greece, Ireland & Portugal.  Once more your readers are reminded that you don't write for acceptance, which is why you're read Simon.  At least by me.

Tue, 05/17/2011 - 13:38 | 1283658 Dr. Richard Head
Dr. Richard Head's picture

I do wish more would see that the same banks that have taken trillions in home equity are the same ones going after the pension of public union employees, using congress and oval office as their proxy. 

At the end of the day who are the bondholders the US government is trying to protect in case of default?  At this point I only see the Federal Reserve and Primary Dealers.  Let them experience the default. 

The same fuck nuts that put a gun to the head of congress in 2008 to start the Bailout QE Train are the same fuck nuts putting a gun to the head of pensioners.  Exorbitant pensions or not, this is yet another case of the few being enriched at the expense of the many. 

Divide and conquer is an age-old way of winning indeed.  It's easy to get reds and blues all worked up about part of the budget that is miniscule to the heart of the problem. 

Lew Rockwell said it best (even though he doesn't agree with government pensions) - "Though this is only involving public pensions for the moment, rest assured that this is the first small step in tyranny that will sooner than later be followed by the United States government announcing that it will either start taxing private retirement funds like 401Ks and IRAs or demand that private retirement funds set aside a small portion of their capital to purchase government bonds in order to pay down the federal debt.

The government gave, and the government will taketh away."

Fuck the bondholders. Fuck the primary dealer.  Fuck the red blue dividing line.


Tue, 05/17/2011 - 13:46 | 1283671 Miles Kendig
Miles Kendig's picture

I can hire half of the working class to kill the other half - Jay Gould

Tue, 05/17/2011 - 13:49 | 1283690 Dr. Richard Head
Dr. Richard Head's picture

Judge Napalitano made a great point last night on Freedom Watch and, in fact, I have seen the prosecution of this crime in the private sector in my stomping grounds. 

Owner of the company has employees and a definied pension program, times get tough, and bills need to be paid.  Mr. Owner simply "borrows" from pension funds/401K match, etc. to pay the bills. 

Ass pounding prison time...but then again the government can do it.  THe laws are indeed to protect them from us. 

Horse cunts.  Nothing but a bunch of fucking horse cunts playing most of us like a fucking game.  But no no, Reds will say this is good, while the blues wouldn't dare stand in the way of the bailouts. 

Left right left right.  Jesus fucking Mohammed.  Could I be dropped off here please?  FUCKKKKKKK!!!!!!!!!!!!!!!

Fight amongst yourselves plebes.

Tue, 05/17/2011 - 14:17 | 1283850 Miles Kendig
Miles Kendig's picture

Yes indeed.  The rule of law does not apply to those that apply it in the current context.  No wonder rape, pillage & plunder is the order of the day from those that govern while the governed resort to: Fuck the other guy all ya want, just don't take a slice of my pie.  It's all punk assed flufferism

Tue, 05/17/2011 - 14:54 | 1284000 Miles Kendig
Miles Kendig's picture
Tue, 05/17/2011 - 14:05 | 1283765 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Yep, ahh sweet cannibalism..

Tue, 05/17/2011 - 13:13 | 1283532 Jeffrey Lebowski
Jeffrey Lebowski's picture

Im actually quite happy to see this. This is the class of entitlement workers and their unions representing them that blew up this economy and then strangled this country have finally got what is coming to them for their greedy deeds.

I usually dont have hard ons for anyone but corrupt bankers of wall street and their political lackey's, but these fucking city/state/federal park workers that make 180K per yr plus benfits is a sign of the "black swan"


Im as prepared as I'll ever be for whats coming, lets get reeeeeaaaady to RUUUUUUUMBLE!!!

Tue, 05/17/2011 - 13:29 | 1283605 TruthInSunshine
TruthInSunshine's picture

I am not fond of the size, (in)efficiency, bloated-ness, or other very real maladies of the modern government, as it is a drag on truly productive labor/capital/innovation.

However, with respect to pensions/retirement accounts, and the rest...I believe there's a saying:

First they came for (insert whatever asset or category of people), and I did not speak out or act against it...

Tue, 05/17/2011 - 13:36 | 1283635 nmewn
nmewn's picture

It appears their retirement is all in trusts/annuities...says mutual funds, but they are trusts regulated by the Comptroller of Currency instead of the SEC.

Tue, 05/17/2011 - 14:07 | 1283686 Miles Kendig
Miles Kendig's picture

TSP is the 401Kish component to the FERS retirement system.  Bruce Krasting gets his hands on some of the CBO reports concerning the combined FERS CSRS system data.  I bet there are some terrific data sets to be mined here in the quest to better ascertain the real effects of switching large public sector retirement plans from defined benefit to the 401 mix and the real vs projected costing.

Back to the thread, the CSRS component is a classic public defined benefit pension plan (better funded than many states & localities) with actual accounts that can and are being tapped.  The FERS/TSP system didn't come into being until the late 80's and the CSRS employees are still being worked through the system.  If memory serves there is about 70B in the combined CSRS/FERS account to strip to be replaced with a bit of that splendid ZERO coupon treaserve trash.

One of the governments self accessible discount windows at 0%.  No wonder DSK thought the chicks were for free.  French socialism marriage with TBTF capitalism reflected in general OECD operations.

Tue, 05/17/2011 - 14:18 | 1283853 nmewn
nmewn's picture


Maybe I'm over emphasizing the word "replicate" in its structure. I'd love to see Bruce to do an article on this as its going to be a hot topic going forward.

Tue, 05/17/2011 - 14:59 | 1284102 Miles Kendig
Miles Kendig's picture

Indeed, I'd also love to see Bruce work this, and no, you're not overemphasizing, I'm just being me.  If I recall both Bruce & I looked at it, discovered the data sets are hopelessly intermingled at CBO level and the project would need a quality research asst to get the raw then stretch & spindle it properly.  Agreed that this is gonna be hot.  Assessing & dealing with trillions in future flows is worthy of the effort no doubt.

Tue, 05/17/2011 - 17:06 | 1284707 nmewn
nmewn's picture

"Indeed, I'd also love to see Bruce work this, and no, you're not overemphasizing, I'm just being me."

I have the same problem my brutha ;-)

Tue, 05/17/2011 - 19:35 | 1285067 Miles Kendig
Miles Kendig's picture

Ya, I know.  It's one of the reasons we converse, beyond you being such a fabulous junk magnet.  :D  Ahh, I remember the last rash of junk n runners like is was just a couple of months ago.   Like you, when I put the stamp on it, it's obvious who stamped it.  There is a reason it's called Fight Club among the old timers.   

Tue, 05/17/2011 - 20:04 | 1285308 nmewn
nmewn's picture

"It's one of the reasons we converse, beyond you being such a fabulous junk magnet."


You should try it!... I live completely rent free in at least two of their heads right now and the best part for me is, they know it ;-)

"There is a reason it's called Fight Club among the old timers."

Dats a fact my friend, throw down or leave town...LOL.

Wed, 05/18/2011 - 21:52 | 1289747 Miles Kendig
Miles Kendig's picture

Oh, I have and do.  Enjoy the fun and easy coins of monk like free rent as ya can (You've no doubt found that it even comes in all sorts of formats.  Fresh, frozen, smoke-able/ed, power drink, freeze dried, recycled and more)  Fact remains that it is all instigation.   ;-)

Tue, 05/17/2011 - 13:44 | 1283644 Incubus
Incubus's picture

First they came for (insert whatever asset or category of people), and I did not speak out or act against it...

...then they legalized many drugs and prostitution, and we all shut the fuck up as the empire fell to pieces.

I honestly believe there won't be a revolution: there's a formula to be applied.  bread + circus = stability of the masses. 

Take away some of the bread, add a little more circus, and you'll still maintain the docility of the proles.

We'll be seeing a lot more of the circus part of it...


Tue, 05/17/2011 - 13:43 | 1283672 Rodent Freikorps
Rodent Freikorps's picture

I was just hoping not to see it in Congress.

Tue, 05/17/2011 - 14:44 | 1284017 MachoMan
MachoMan's picture

"congress is just like a circus, except with more clowns"

Tue, 05/17/2011 - 13:56 | 1283714 sun tzu
sun tzu's picture

The unions didn't give a damn when TARP was passed. Not a peep from them until some of their benefits were cut then they came out with the knives. When the Tea Party was protesting TARP, it was the union thugs who came out to clash with the Tea Party to support the government goons.

Tue, 05/17/2011 - 14:42 | 1284016 Smiddywesson
Smiddywesson's picture

$180K?  What agency do you work with?  I know several agencies that hire people from the best schools.  While their classmates went on to join Wall Street and screw the public, these employees are still GS-10s and love their work.  They settled for less, both for the quality of the work and the promise of a secure future. 

If you went to work for GM with a high school education, you enjoyed decades of outrageous benefits and the government bailed you out from the excesses of your union decisions.  You will get your pension, but the government workers won't.  Not everybody is a postal worker you know.  Almost everybody has been victimized by this situation.

Tue, 05/17/2011 - 15:01 | 1284099 sun tzu
sun tzu's picture

The number of federal workers earning six-figure salaries has exploded during the recession, according to a USA TODAY analysis of federal salary data.


Federal employees making salaries of $100,000 or more jumped from 14% to 19% of civil servants during the recession's first 18 months — and that's before overtime pay and bonuses are counted.


Federal workers are enjoying an extraordinary boom time — in pay and hiring — during a recession that has cost 7.3 million jobs in the private sector.


The highest-paid federal employees are doing best of all on salary increases. Defense Department civilian employees earning $150,000 or more increased from 1,868 in December 2007 to 10,100 in June 2009, the most recent figure available.

When the recession started, the Transportation Department had only one person earning a salary of $170,000 or more. Eighteen months later, 1,690 employees had salaries above $170,000.


The trend to six-figure salaries is occurring throughout the federal government, in agencies big and small, high-tech and low-tech. The primary cause: substantial pay raises and new salary rules.


"There's no way to justify this to the American people. It's ridiculous," says Rep. Jason Chaffetz, R-Utah, a first-term lawmaker who is on the House's federal workforce subcommittee.


Jessica Klement, government affairs director for the Federal Managers Association, says the federal workforce is highly paid because the government employs skilled people such as scientists, physicians and lawyers. She says federal employees make 26% less than private workers for comparable jobs.


USA TODAY analyzed the Office of Personnel Management's database that tracks salaries of more than 2 million federal workers. Excluded from OPM's data: the White House, Congress, the Postal Service, intelligence agencies and uniformed military personnel.


The growth in six-figure salaries has pushed the average federal worker's pay to $71,206, compared with $40,331 in the private sector.

I've worked with these people before. Trust me, they are certainly not that bright. Why do you think the government needs to hire an army of contractors that get paid $500/hr? The people making $100,000 don't know how to do their jobs and can't be fired.

Tue, 05/17/2011 - 13:12 | 1283533 Rusty Shorts
Rusty Shorts's picture

 ... annnnnd it's gone.

Tue, 05/17/2011 - 14:05 | 1283775 DonutBoy
DonutBoy's picture

Ha!  +1000

Tue, 05/17/2011 - 14:32 | 1283936 Dangertime
Dangertime's picture

This line is for Bank Customers only.

Tue, 05/17/2011 - 13:12 | 1283534 Henry Chinaski
Henry Chinaski's picture

Last year we were shooting into Pakistan, killing Pak citizens, and they were blowing up our fuel convoys.  The war between US and Pak started while ago.  Good point though, at that time we weren't so demonstrably broke.

Tue, 05/17/2011 - 13:22 | 1283583 grunk
grunk's picture

Broke? This party is just starting. Next stop: private pensions. 

Break out the Cristal! Put it on Turbo's tab.

Tue, 05/17/2011 - 16:03 | 1284405 zerozulu
zerozulu's picture

Pakistan is obeying each and every stupid demand America is asking for. On the hope that sooner this Giant will collapse. Even they agreed to be a part of the dead Osama Drama.

Tue, 05/17/2011 - 13:10 | 1283535 zen0
zen0's picture

I have woken up everyday for many decades saying enough is enough.

Hasn't seemed to make any difference

Tue, 05/17/2011 - 13:13 | 1283536 beastie
beastie's picture

dey tuk r money

Tue, 05/17/2011 - 13:11 | 1283538 Quinvarius
Quinvarius's picture

When framed in that manner, the government stealing money almost sounds wrong.  But I know that it is not.  TV has explained this to me.

Tue, 05/17/2011 - 13:16 | 1283561 nah
nah's picture

pretty sure Arnold Swartzhshenaggar's marriage is on the rocks too

Tue, 05/17/2011 - 13:26 | 1283589 sabra1
sabra1's picture

housekeeper and maid were one and the same!

Tue, 05/17/2011 - 13:17 | 1283565 sun tzu
sun tzu's picture

We have to be patriotic and pay our fair share. I'm thinking of stopping my 401K contributions and using the money to buy gold and silver on the dip. Guns, ammo, and dried food doesn't sound bad either.

Tue, 05/17/2011 - 13:37 | 1283651 DosZap
DosZap's picture


IF your just starting, your way behind the crew here.

Tue, 05/17/2011 - 14:00 | 1283735 sun tzu
sun tzu's picture

I've already bought. If I stop my contributions, I can buy more. I have plenty of guns, ammo, and dried food too. I figure we will eventually go through an Argentina style collapse, but it will be worse due to our inner cities. They have been fed and housed by the government for generations. Add in a mix of fatherless families, guns, and drugs and you have a nuclear bomb ready to go off.

Tue, 05/17/2011 - 14:30 | 1283896 LFMayor
LFMayor's picture

Good call, that.
Don't neglect a way to purify water, or have a hand pumped well.  You can't get enough of it, let alone store all you need.

Tue, 05/17/2011 - 15:02 | 1284125 sun tzu
sun tzu's picture

I live near a river. It's easy to filter the water and then boil it. 

Tue, 05/17/2011 - 13:20 | 1283566 nmewn
nmewn's picture

So, you say the government modified its fiduciary duties to the shareholders on short notice eh? ;-)

Tue, 05/17/2011 - 13:54 | 1283719 Rodent Freikorps
Rodent Freikorps's picture

It is their own fault.

They trusted a government.

Tue, 05/17/2011 - 13:58 | 1283741 Dr. Richard Head
Dr. Richard Head's picture

It depends on what the definition "fiduciary" is.  - BHO (Slick Willy taught me this trick."

Tue, 05/17/2011 - 13:20 | 1283574 Fiat2Zero
Fiat2Zero's picture

Prez: "Hey this beer looks kinda like piss."
Blond guy behind him: "Yes, drink it bitch, drink it..."

Tue, 05/17/2011 - 13:51 | 1283687 TrueStrengthTur...
TrueStrengthTurnsTheCheek's picture

+1 lol literally exactly what I imagined was happening.

Tue, 05/17/2011 - 13:24 | 1283581 Dr. Impossible
Dr. Impossible's picture

how can it be "stolen"..when each dollar has their names/titles on it? does say "note"...and i have a hard time seeing a clear line of ownership, a side from the names written on these notes.

Tue, 05/17/2011 - 13:22 | 1283587 pepperspray
pepperspray's picture

How's the golf in Ireland this time of year?

Tue, 05/17/2011 - 13:25 | 1283597 sabra1
sabra1's picture

i'd like to join the club, and hit him over the head with it!

Tue, 05/17/2011 - 13:59 | 1283747 Dr. Richard Head
Dr. Richard Head's picture

You are in violation of penal code blah blah blah point blah blah two.  Wishing to hit the president over the head with a club.  Please report to your FEMA cell without delay.

Tue, 05/17/2011 - 13:26 | 1283594 Fiat2Zero
Fiat2Zero's picture

Question for anyone who knows more than the casual details of "why this can't possibly happen:"

Since 401Ks are a huge pot of money which the government has some legal claim to (it's not taxed yet), I'd imagine at some point the pull toward this is going to be irresistable.

Also, I'd imagine that there is a plan for execution sitting in Timmey's locked file drawer, possibly penned by Ben (wasn't there some ZH article about this).

What are the odds this will happen?  When might it happen?  What would the mechanism be?

Really curious about this...


Tue, 05/17/2011 - 13:39 | 1283659 DosZap
DosZap's picture

This type of news is going to start bank runs, and even more 401k pullouts.

If they are not careful, the Sheeple may even wake up.

Tue, 05/17/2011 - 13:52 | 1283709 I Told YOU So
I Told YOU So's picture

again look at it backwards, the pullers will be encoraged to take money from IRA's and invest it in........the stock market, just b/4 the crash to 400 starts, after all this top has to be distributed to somebody.

Tue, 05/17/2011 - 14:04 | 1283758 sun tzu
sun tzu's picture

The money in retirement funds are already invested in stocks and bonds. It'll just be a big circle jerk except the government will tax you at 30% before you can reinvest it. The smart ones will use it to buy precious metals and essentials.

Tue, 05/17/2011 - 15:17 | 1284195 Larry Darrell
Larry Darrell's picture

Maybe I'm just a paranoid tin foiler, but I have noticed that every single bank I pass on my daily commute has had construction going on for the past 5 weeks.

I paid it no mind for the 2 branches closest to my house for the first couple of weeks.  But the work crews have been there for far longer than a simple decorative facelift would take--this I know because I'm in commercial construction.  I've noticed it more and more lately.

Perhaps they do intend to crash it, and know that bank runs will be forthcoming.  Maybe the construction maintanence and improvements to the buildings are more than just cosmetic.

Tue, 05/17/2011 - 17:16 | 1284756 blunderdog
blunderdog's picture

Awesome.  A trapdoor at each teller-booth that opens to an alligator pit.

"I'm sorry, sir, but you can't withdraw more than $40 in cash today."

"What the hell?  That's MY MONEY!  Let me talk to the manager!"

"The manager is busy, sir." <bzzt>


Tue, 05/17/2011 - 13:52 | 1283703 RichardENixon
RichardENixon's picture

Good question Fiat. I think you will see an attempt to tax assets by adding a form to the 1040 where you list them, and pay a tax based on the assets you list. The balances in 401ks and IRAs will be easy for the IRS to verify.

Tue, 05/17/2011 - 14:03 | 1283771 sun tzu
sun tzu's picture

True, but that would be the demise of retirement accounts, which means the demise of Wall Street. People will "spend" all of their money on precious metals and other tangigle assets that the government cannot so easily verify except with a shovel

Tue, 05/17/2011 - 16:02 | 1284412 Fiat2Zero
Fiat2Zero's picture

Well it's a one-time, non-renewable resource. If you're about to default, you're going to do extreme things.

Is it really the demise of Wall Street? I don't know. Sheeple might just accept it and say "well what can we do?" The key is to turn up the flame on the pot slowly to boil the frog.

I think that is basically the game. The Govt. tries to get away with a little more, without causing a stir, but eventually they may miscalculate, or people say "enough".

It's a game, and it's not clear who the winner will be, or how it plays out.

Tue, 05/17/2011 - 14:25 | 1283884 LawsofPhysics
LawsofPhysics's picture

Precisely why you keep as many assets "off the radar" as possible.

Tue, 05/17/2011 - 13:25 | 1283603 rufusbird
rufusbird's picture

Gee, I wonder which snooping equipment manufacturer hired a lobyiest to encourage Ms. Jackson-Lee to support hj Res 64? I am sure it was not the citizens who actually use those facilities...

Tue, 05/17/2011 - 13:34 | 1283624 zeroman
zeroman's picture



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