This page has been archived and commenting is disabled.
Quantifying The Treasury's Plunder Of Retirement Accounts: $80 Billion Between The G- And CSRD Funds Since Debt Ceiling Breach
Last Thursday we attempted a rough estimation of how much the Treasury has been dipping, or as it is also known "disinvesting", into the G-fund and the Civil Service Retirement and Disability Fund (CSRDF). Courtesy of Stone Mountain, we now have a definitive number. Even we did not realize how bad it is: in a nutshell, since the debt ceiling breach in mid May, Tim Geithner has replaced one IOU (that of the Fed) with another (that of the Treasury) in the G Fund to the tune of $57 billion, and in the CSRDF of about $22 billion. In other words, retirement funds have seen a "disinvestment" of nearly $80 billion in the past 3 weeks just to make space for further funding of bloated government, defense spending, and healthcare benefits. But don't worry: Tim promises it shall all be well.
From Stone McCarthy:
Treasury's release this afternoon of its Monthly Statement of Public Debt provides more insight into how much of those options Treasury has tapped so far. The following chart shows non-marketable securities held by the CSRDF each month since April of last year.
In May, those holdings declined $21.8 billion. Non-marketable holdings by the CSDRF are volatile on a monthly basis, but that decline is larger than average. In reality, there isn't that much mystery about the room created by redeeming securities held by the CSDRF. Treasury Secretary Geithner made it pretty clear when he announced on May 16 that he was declaring a Debt Issuance Suspension Period (DISP) for about 2 1/2 months -- from May 16 to August 2. The amount of room created by redeeming securities held by the CSDRF depends on the length of the DISP. In a nutshell, Treasury can create -- upfront -- about $6 billion per month of the DISP, plus a little bit more related to the suspension of new investments by the CSDRF.The change in the balance of securities held by the Thrift Savings Fund was more telling. This fund is also known as the "G-Fund;" it's one investment fund available to federal employees who participate in the Thrift Savings Plan (TSP), which is a defined contribution retirement plan available to federal employees.
The balance in the G-fund was $73.3 billion as of May 31, down $56.0 billion from the end of April. As our next chart shows, the pattern is for the balance in the G-fund to drift higher. Over the last year, the G-fund balance increased by about $1.1 billion each month. If we assume that would have occurred in absence of debt ceiling actions, then we can assume that Treasury suspended investing about $57.0 billion of G-fund securities in order to create room under the debt limit.
And people were angry when they seized Irish pensions...
»
- 17378 reads
- Printer-friendly version
- Send to friend
- advertisements -
Sorry, you totally lost me. What are you trying to say?
ZH has been hacked?
Damn. Guess I'm going to jail...again.
This has been going since before Operation Sun Devil, at least in the pre-http days- infiltration & access was easier to control. Now it's easier to communicate with a larger community, but by going through the State's internet tubes, it is easier for the State to monitor and infiltrate groups deemed undesirable. The analog-digital migration of Telco switching was a big step forward in the State's ability to intercept and analyze, coupled with the fact a many hackers are young and affluent (e.g. wimps and easy to flip) the State's job is not that difficult.
Isn't it amazing. Proof positive that the Federal Government robs retirement programs.
They've been doing it for years to Social Security.
Used to be that social security benefits were tax free too.
You get screwed every which way with the Federal Government. And they cleverly make you think that you need them.
Fu&k the Federal Government.
The federal government is good for one thing and one thing only. Keeping us safe from Al-Qaeda. Support the standing army. In the Pentagon we trust.
all the more reason to vote against the debt retractable roof......we can finally see the end of big government and getting rid of the entitled takers !......now is not the time , dont give in, make them eat their own
I'll gladly pay you Tuesday for a Hamburger today.
Wimpie
So I guess Financial Repression has already started after all.
This is bullish for bridges!
I think (High Plains Drifter) Pretty much sums it up!
rand paul, that paragon of free speech values.......sticks foot in mouth again........on fox......
http://thinkprogress.org/politics/2011/05/31/232182/rand-paul-criminaliz...
the bummers just never end for the tea party, do they?
before it is over, they will be flatlined.......
That's what happens when you back-track from simple racial profiling. "Raise that dress Habib or your done!"
http://www.youtube.com/watch?v=2rgKAOdPx58&NR=1
Penalized for early withdraw ...while still getting screw'd, the IRS employees continued to rape themselves, with Zero Interest for all. http://www.youtube.com/watch?v=10AdjoNLfvQ
Kudlow is throwing some haymakers! Rock on Larry!
Hah, More like Larry on ROCK.
http://exiledonline.com/less-than-kudlow-is-cnbc-host-suffering-cocaine-...
We're talking about government retirement accounts here people. There is zero chance these obligations won't be paid out in full and on time as long as there is a drop of private wealth left in the country. Zero.
This is a stealth tax, an added burden on future taxpayers, period.
Zero chance? That's a rare fucking thing...
There is zero chance you will escape death, taxes and federal pension obligations ultimately backstopped by federal taxpayers.
Notice how well they do real accounting when it comes to not contributing to retirment and disability funds.
why all the turmoil?? it's in the lock box with social security funds ...right?? right??
for those who think hair cuts will not happen to gov workers..well you got pictures of the lock box on your wall right next to the one of all the gold in fort knox..
FBI and DOJ won't be so cocky once they figure out their pensions have been looted right along with the rest of the Amerikan public...
Gay Edgar Hoover will be resurrected and tell em' voters took their pensions.
That's sure to make all them FBI agents dress up in women's underwear and prance around like a bunch of fairies, right?
And start more fiercely their investigations of the gentry et al.
Last night I tried to explain all this to my girlfriend. a very smart and successful woman. After about 2 minutes she said I was depressing her and that didn't want to think about things like the economy and government. I figure we are about 2% of the population that actually see the coming events.
Pretty scarey....
Two years ago my sister (similarly university educated, successful women) watched Bernanke on 60 minutes and said "i trust that man to do the right thing".
It took my two years, and finally after she watched the "Inside Job", she got what i was saying.
She now thinks they should "all go to jail" and owns physical silver and gold" in her kids education funds (they are 3 and 6).
Get her to watch Inside Job. Then keep showing her the light.
Inside job is a good start.
There's also this: http://video.google.com/videoplay?docid=-1656880303867390173#
and this: http://video.google.com/videoplay?docid=-3776750618788792499#
University educated and success notwithstanding, there is so much to see behind the curtain.
Kudos to you with the sister. All the best.
Thanks. Filed those links away for furture reference when attempting to educate friends/family.
, I like You! I gotta eat some
I've just about lost any hope of trying to get the message across to those close to me. One or two people complain about inflation, and see that owning gold and silver might be a judicious idea, but beyond that they are not interested.
Now my main concern is wondering how to lay low and "baa like a sheep" to camouflage my true position once things start to take their inevitable course in the near future.
Just need to remain discreet and be known as a person of worth. Anyone that doesn't know me gets to meet the business end of my shotgun.
Maybe this is a retroactive spending cut in the making?
Maybe the Sea Smerfs real mission has something more to do with culling than we thought?
http://www.commondreams.org/view/2008/10/02
If so, will the Crimson Permanent Assurance hordes save the day?
http://videosift.com/video/Monty-Pythons-Meaning-Of-Life-Crimson-Permane...
One ponders.
How long until they get to your 401k?
the delay in raising the debt limit was done intentionally TO ROB THE PENSION FUND PEOPLE! do you all think crooks would do the right thing? NOT!!!!
Thank you for your time. I'm Wedensday! Power nap.
Day of nuptials?
Y-Q are you against Making a family/ ? I think you are a good person.
Yen
Yenilitos Y Yenilitas then. Carry on.
thought i wus goofing on a typo, if wich i am gilty of meny.
The reason they are dong this is real simple, they know that the govt. pensions will be welched on in the very near future. They won't have any choice and the govt. workers will do anything to keep whats left of there pensions no matter how bad.
for those who think gov pensions are gold..wait for this to hit:
many local gov workers getting pink slipped this July..tune into that and the turmoil the press will create.
MSM will go bonkers to protect those jobs..not like they are avoiding the real UE story of the private sector.
Its all relative, especially when people will be wiping their arses with $100 bills/Bama bucks in 10 years. The Irish are already wiping their arses with Euros in preparation for going back to the punt!
Dont leave out the muni bunds that are tied to the hip with the rest of the caustic drip. The circus has never left town as Merry go round the Bonds. Soon enough wall rape street will own the utilities and when those sewar bonds go default = no flushy the crappy.
These three degenerate ladies beat the Treasury to the punch:
http://philadelphia.cbslocal.com/2011/06/06/3-nj-women-arrested-for-stealing-pawning-brass-makers-from-veterans-graves/
3 NJ Women Arrested For Stealing 380 Grave Markers [bronze], Flower Urns From Local Cemeterywelcome to deflation. the money supply - along with the approximated "value" of financial assets will fall and fall for decades as the money supply shrinks due to a lack of new (voluntary) borrowing and debt repayment and repudiation.
it slowly becomes clear that that money was never really money in the first place - not the kind of money that lasts. it was more like temporary-money-but-only-if-you-trade-or-spend-it-now kind of money. in other words, for traders, it was money. for "long term investors" - it was never really there in the first place.
Bingo. My company decided to move to a 401k plan from a halfway decent Simple IRA (no, really). When asked what qualifications I would have to satisfy to redeem my funds early (I will handle the IRS/Taxes etc). Choke/Gag then fluoride eyed reply telling me about long term investment/money for retirement/employer match.
This plan started at the beginning of the year, the employer contributions, to my knowledge are yet to take place. 2 quarters into it.
These people don't seam to understand whose money it really is. Fuck01k.
So does Timmah plan on the WFC proceeds?
http://www.treasury.gov/press-center/press-releases/Pages/tg1200.aspx
Or continue ESF?
http://www.youtube.com/watch?v=2ssrcD5GdPQ&feature=player_embedded
Shared Sacrifice: Won't be long before the social justice police will tell everyone that their IRAs and 401Ks are also on the table.
The money in those retirement accounts will be converted to annuities or people will be given zero coupon bonds equal to their balance, another promise to repay (sans interest) in the future. There are many ways to disguise default. When you see your cash disappear into another form of "other money" you'll know you're screwed.
It's like the Feds are drinking the morning-after to avoid the inevitable hangover. Just Lehmanize yourself and get it over with.
and the plunder continues.....always wondered what the world looked like in grey.
http://www.bloomberg.com/news/2011-06-02/hungary-pension-funds-say-may-transfer-15-billion-to-government.html
This is one of those nights im in the mood to just admit the US finished, drink a beer, shut off the net permanetely, go take that dishwashing job and keep the guns loaded for whenever the bs comes my way. All this is getting so ridiculous that to me personally it's not even worth trying to figure out anymore. Sad thing is it probably hasn't even got started yet.
I bought remote land in NH 3 years back. I mean way the fuck into the woods. 5 acres. All lots sold now and everyone building an escape cabin. You gots to have a plan to get out of Dodge. My lot cost 8K and now selling like for 25K. People have woken up.
I don't live in a remote area like that, but I do live in the country. People that live in town think it's remote but not like you're talking about. I've had countless offers to go do the hillbilly thing with others........i've been here decades and im making a stand right here. And really.......if it gets that bad I don't think it's gonna matter much. Not trying to be a smartazz but what are you gonna do......run up there and plant a garden and have food to eat 3 days later then go hunting when everyone else is hunting also? There won't be a such thing as a hideout when the millions of city folk decide they need to be out here also and realize such things like "heh, those cows are food".
As far as my retirement goes, I cashed out my 401k when I got laid off 2 years ago, my wife recently cashed hers out, my 20 years of pension credit sends a letter all the time "critical status". Yep. Fucked. I can easily make money on the side here and there, eventually ill be too old to do that stuff. Then it's time to just kill yourself. Let's not even talk about social security.
Same pants, different IOU.
i hope no one is surprised that the lying sack of shit punk is plundering retirement accounts to fund his gambling spree and shovel more money into the bankster's coffers....
obushma could pull out of libya and iraq to repay the retirees but he is going to do what paulson did - threaten and bully congress into raising the debt ceiling...is there no end to imperial war mongering??
Nobody can stop the joos. They take everything!
That's right. Lefkowitz', lefkovsky, whatever's GROPE-ON is a Wall St. machination aimed at liquidating local small business. Satan rules.
Really, only criminals can get rich quick.
The rest of us have to save at 0.5% interest.
Funny, if they would run the printer at double speed, it would be so much cash, that it would be enough for every USA citizen paying his living costs and then some. Not implying that this would be a good permanent solution, but it illustrates just how broken the US economy and finances are: When you print 50% of low-wage income of every citizen, yet STILL the market tanks, things are fucked beyond repair.... you don't need patches... you don't need reforms.... you need to start all over.
Retirement is for lazy people who feel entitled...keep working...through work we shall reach salvation. Besides most americans would do little more than order Dominos and watch TV in their 'golden' years...
Speaking of retirement. Goolsbee resigning. Looks like another Obama economic advisor is jumping ship.
My heart goes out to the Aussies re: psychopathic reserve bank
Monedas is planning his soup line ! There's a shop off the beach about a mile where the Mexican's de-bone imported American chicken for the Chinese and Japanese restaurants that abound here ! For $20 pesos you get to fill your five gallon bucket with the fresh bones that still have quite a bit of meat on them ! I used to throw some on the neighbor's roof for the local cats - but the Seaguls ate it all and my dogs ate the cats ? I'll buy the rotting vegetables off my vegetable mans pick-up ! Cheap or free with my weekly purchase ! ! I'll season the soup with a little sea water ! I'll cook the soup in a cut off steel drum set up on three rocks and heat with burning old tires ! An old broomstick will work fine to stir the pot ! I'll sell the soup for 5 aluminum beer cans for a laddle ! You bring your own tin can and spoon ! Sorry, no napkins ! Federal retirees welcome ! I am one resourceful Yankee trader ! I'll keep the pot on my property so I don't have to get a permit ! Mother Monedas 2011 I'm working towards my Nobel Peace Prize ! http://trololololololololololo.com/
OK Monedas, I'll bite. What in God's name is that horrifying video with the dude who looks like Data from Star Trek?
And while the sheeple pays attention to a congressman's weiner twit, they are getting the Hangover 2 "Thai experience" on their SS...
This is BS. A large portion of these funds are not taxpayer dollars, but voluntary contributions deducted from employee paychecks. How can the treasury choose not to fund these.
A couple has foreclosed on Bank of America in FL , I love this!!!!
http://news.yahoo.com/s/time/20110606/us_time/httpmoneylandtimecom201106...
Foreclose on it, tear it down, the sell the building off as is.
Not even a full month past May 16th and Timmy is already $115 Billion over the debt ceiling. One month. $2 trillion debt ceiling increase will be gone by Christmas.....time for some Treason charges!!!!!!!!!!!! Wesley Snipes got put in jail for not paying his taxes, and Turbo Timmy becomes the Treasury Secretary for not paying his. WOW!!!!
Americans need to wake up and bring this corrupt system down...take control back of our country.
"And people were angry when they seized Irish pensions..."
But no one seems to care. Seriously, why is this? Why are government employees - seeing their pension fund being raided - not marching in the streets? Are they that taken in by the Hope and Change hokum?
And what gets raided next? Our 401Ks? Will anyone march then?