Instead of Funding Retirement Accounts As Mandatory, Treasury Proceeds To Plunder The Most Since Debt Ceiling Breach

Tyler Durden's picture

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Cognitive Dissonance's picture

Timmy caught practicing in the men's room: "Pay no attention to the man behind the curtain. I am the Great and Powerful OZ."

RichardENixon's picture

The difference between reality and the movie is that in the movie, Dorothy and co. paid attention.

carbonmutant's picture

 Timmay's angling toward the door 'cause nobody on his team has a solution to what happens next.

 

Careless Whisper's picture

The whole thing is stupid. The Federal Reserve Bank can simply forgive some of the US Bonds it owns. Debt cieling no longer a problem. New problem - exposing the Federal Reserve Central Bank for the scam that it is -- and yes the politicians are in on it too.

Gene Parmesan's picture

How do the rating agencies view a central bank forgiving debt owed to itself?

EscapeKey's picture

Just slip them a bit of cash, and it's an AAA rating.

disabledvet's picture

i don't think it's THAT simple although it sure appeared that way back in 2008!  "That age is done."  Leave it at that.  Ignore everything but what you perceive to be our "new age."  It's coming one way or another--indeed it is upon us.  I don't know if it's so bad as to say "whatever you do don't look back"--it is starting out quite violently however and with the de regueur "paens to open-ness and rule of law."

MsCreant's picture

"Just print them a bit of cash, and it's an AAA rating."

More to your point.

max2205's picture

Buy the dip on that chart.....looks better than NFLX, but ponzis always do

Surfs don't even complain when their money is used to fund 6 wars and mortgage forgiveness for 3 months... Amazing

Caviar Emptor's picture

We need it to fund more tax cuts

Ray1968's picture

*sigh*

For the 1,000,000,000,000 time, we don't have a revenue problem, we have a spending problem.

Ace Ventura's picture

I feel your pain Ray. I'm continually amazed by the legions of otherwise smart and aware folks who insist that tax-cuts are somehow the equivalent of an expense. By that logic, if I only steal $25 from your wallet instead of the normal $30, I just incurred a $5 'expense', which must be 'funded' by other means.

It really hurts my brain cell that so many people honestly don't get this simple concept.

Repeat after me, kids:

A TAX BREAK IS NOT A GIFT OF FREE MONEY, IT IS A REDUCTION IN THEFT.

Please, for the sake of sanity, repeat until it becomes clear.

 

P.S. oh those infernal captcha questions....for some reason it won't accept negative answers or any answer requiring more than two key strokes.

 

OS2010's picture

Shouldn't it be considered a "deferred" theft?  After all, the "money" will be  spent, in any case, so it's a "theft at a later time!"

nmewn's picture

"We need it to fund more tax cuts"

You just gave me a headache.

EscapeKey's picture

They have no intention of ever repaying those funds - they are well aware the shit will hit the fan before that becomes a requirement anyway.

Geithner and his cronies are stealing absolutely anything and everything worth a dime in the final minutes before the explosion, eventually running their little legs off on their way to their private escape chutes.

And now the rumours suggest Jamie Dimon will be the next treasury secretary. How much more obvious can it get? Get ready for some large scale asset stripping.

Dr. Richard Head's picture

Like Forbes in Greece getting the entire county's assets for pennies on the dollar.  Life is good for the wicked.

cougar_w's picture

Life is good for the wicked, is it ...

I am reminded that there are worse things in life than poverty and prison. Heck there are worse things in life than death:

http://madscienceunlimited.com/fiction/aTearForTheSinner.html

Where the destroyer answers the question: What's for dinner, honey?

cahadjis's picture

You see, that's part of the problem. All you believers thinking that these people will be punished by some god. They won't. I want them punished now here on earth. Not by some imaginary friend!

oogs66's picture

they will repay it...congress somehow actually wrote into the document the ability to not issue iou's if it were to breach the debt ceiling, then to write the iou's once its raised..

bizarre, but that is our government at work, and it doesn't count towards the debt ceiling...insane

hedgeless_horseman's picture

...government retirees are increasingly becoming the impaired class in what may be shaping up to be the world's biggest bankruptcy filing in history

G-Men are used to haircuts...high and tight.

Josh Randall's picture

Roger that - haircuts for the citizens, lets all play dress-up like we're all at war! Isn't this fun playing dress up like the Marines in Libya, Government pensioner ?

In related news the Teachers Union want "some of what they're having"...and have backed Soetero for a 2nd Term

ForWhomTheTollBuilds's picture

And not a peep out of public sector union leaders.

DoChenRollingBearing's picture

Yes, eerie indeed.

But, if the private sector employees are losing their pensions, then the .gov employees should feel the same pain.

ForWhomTheTollBuilds's picture

As much as I hate unearned benefits, I am less inclined to fight to see middle class types lose their benefits when I know the looting class will only consume that as well.  

 

I only brought it up because the public sector union leaders are perceived as being totally intransigent when it comes to anything that compromises even a penny of the benefits enjoyed by their membership.  So why don't they care about this?  

 

BTW, Is this scheme a form of embezzlement or something else?  I know the definitions change daily, but I'd like to get some idea of what the rules were as they change

spiral galaxy's picture

Media is also peep challenged.  I guess they're plum peeped out after 24/7 Casey Anthony.

azusgm's picture

One of the posters on the Market Ticker Forum posted this information about the Social Security fund and Karl Denninger (thankfully) picked it up and moved it to the front page on Market-Ticker.org.

The .gov employees aren't the only ones having payments held back from their pension funds.

http://www.market-ticker.org/akcs-www?post=189249

Tyler Durden's picture

Those numbers pertain to the G Fund and CSDRF. Read more here.

azusgm's picture

Thanks, Tyler.

BTW, your chart looks a lot like atrial fibrillation which is not always a sign of perfect health either.

Internet Tough Guy's picture

O noez, it's July. QE2 ended and the world didn't. Tyler, you got some 'splainin to do.

Brian's picture

No auctions have been held yet, since QE2 ended.  Just wait until mid-July...

Traianus Augustus's picture

Just because QE2 ended, doesn't mean QE/money printing did.  I am pretty sure in order for it to actually stop, the print button will need to be pryed from those CB's cold dead hands.

Dr. Richard Head's picture

Actually the CBs find the utility of precious metals - they can hold down the print button without anyone tending to the machine.  WEEEEEEE!!!!!!

hambone's picture

Let's see - Retirement acct's being raided, PM's and oil skyrocketing, market volume non-existent, T market (as noted above) waiting for the Fed-less on-set of post debt ceiling binge to show it true colors.

Yep, nothing to see here and July is looking good...cause God knows these are totally sustainable trends.

Orly's picture

If the government unions really understand that they're being gypped, the revolution is on.

hedgeless_horseman's picture

I disagree.  The .gov hacks have no choice but to take it in the ass.  It is not like they can go out and get a private sector job. 

...the average federal worker earns $101,628 in total compensation -- including wages and benefits-- compared with $60,000 for the average private employee.

http://finance.yahoo.com/news/FACT-CHECK-Are-federal-apf-3113687231.html?x=0

hedgeless_horseman's picture

flag as junk (1)

LOL!  Some .gov drone junks me as if I am the one stealing their pension. 

EscapeKey's picture

You're the one pointing out the problem. That's MUCH worse! You actively force people to pull their heads out of their arses and turn off their TVs!

Uncle Remus's picture

force people to pull their heads out of their arses

That explains the popping sound I hear on occasion...

Miss Expectations's picture

Here, take a peek at some of the Long Island Public Employee Pensions.  Shocking.

http://longisland.newsday.com/templates/simpleDB/?pid=163

equity_momo's picture

Ex-fucking-actly.

The Union Leaders will remain quiet too whilst they reap the ill-gotten gains before the system implodes. Theyre not stupid. Just greedy - like all good Champagne Socialists.

Hypocrits to the very last one.

DonnieD's picture

Those scumbags haven't said one word over this. And how come all union leaders are fat and have a mustache? Is that a dress code thing?

equity_momo's picture

They all secretly aspire to be J.P Morgan.

A Lunatic's picture

$101,628 in compensation which is 100% taxpayer funded nonetheless.

Rhodin's picture

Well that was true when written, due largely to the cost of pensions and benefits.  But, now that they are stealing the pension money, (which is a large part of the total), then not so true anymore.

DosZap's picture

Makes one want to drag out the worlds smallest violin, huh?.

I would like to see the numbers on a % basis of $60k private sectors left, v.s. the added Fed workers added at those rates.

IQ 101's picture

Spot on!

I'm assuming that this is Federal only at this point

but how long until the Debt creeps to a state level,

A law enforcement agency near you, when grandma who works at the DMV discovers

that she is getting hosed too,she is going to have a cow,man.

As for the military, it wont happen, (might wake them up).

Agent P's picture

"I'm assuming that this is Federal only at this point but how long until the Debt creeps to a state level"

Please look up Illinois Teachers Pension Fund and get back to me with your revised assumptions of what's going on at the state level.

 

IQ 101's picture

You Sir/Ms are correct, as i am only an expert in frog gigging,it is my practice to declare my ignorance up front, the question remains for me though, how long until the inevitable impact begins to show?

Unfunded pensions is a very long list, is it not?