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Treasury Confirms Debt Ceiling To Be Breached Today; Will Tap Pension Funds

Tyler Durden's picture




 

It's official: the US credit card has officially been maxed out, just as we predicted on Wednesday, and througout Q1 and Q2. The United States is expected to reach the legal limit on its debt later on Monday and will start dipping into federal retirement funds to give the country more room to borrow, a Treasury official said. As Reuters reports further, The U.S. Treasury will settle $72 billion in maturing bonds on Monday, which will push the country right up against its $14.294 trillion borrowing cap, the official said. To all those who thought only the insolvent government of Ireland will plunder pension funds, our condolences.

Full release (no pun intended):

As US Reaches Debt Limit, Geithner Implements Additional Extraordinary Measures to Allow Continued Funding of Government Obligations

Today, the United States has reached the statutory debt limit. Secretary Geithner sent the following letter
to Congress this morning alerting them to actions that have be taken to
create additional headroom under the debt limit so that Treasury can
continue funding obligations made by Congresses past and present. The
Secretary declared a "debt issuance suspension period" for the Civil
Service Retirement and Disability Fund, permitting Treasury to redeem a
portion of existing Treasury securities held by that fund as investments
and suspend issuance of new Treasury securities to that fund as
investments. He also suspended the daily reinvestment of Treasury
securities held as investments by the Government Securities Investment
Fund of the Federal Employees’ Retirement System Thrift Savings Plan.
For more information on these measures, please read this FAQ.

Last Friday, Secretary Geithner also responded to an inquiry from
Senator Bennet regarding the fiscal and economic consequences of failing
to increase the debt limit. That letter can be found here.

Secretary Geithner continues to urge Congress to raise the debt limit
in a timely manner in order to uphold the full faith and credit of the
United States.

 

The Honorable Harry Reid

Democratic Leader

United States Senate

Washington, DC 20510

Dear Mr. Leader:

I am writing to notify you, as required under 5 U.S.C. § 8348(l)(2),
of my determination that, by reason of the statutory debt limit, I will
be unable to invest fully the portion of the Civil Service Retirement
and Disability Fund (“CSRDF”) not immediately required to pay
beneficiaries. For purposes of this statute, I have determined that a
“debt issuance suspension period” will begin today, May 16, 2011, and
last until August 2, 2011, when the Department of the Treasury projects
that the borrowing authority of the United States will be exhausted.
During this “debt issuance suspension period,” the Treasury Department
will suspend additional investments of amounts credited to, and redeem a
portion of the investments held by, the CSRDF, as authorized by law.

In addition, I am notifying you, as required under 5 U.S.C. §
8438(h)(2), of my determination that, by reason of the statutory debt
limit, I will be unable to invest fully the Government Securities
Investment Fund (“G Fund”) of the Federal Employees’ Retirement System
in interest-bearing securities of the United States, beginning today,
May 16, 2011. The statute governing G Fund investments expressly
authorizes the Secretary of the Treasury to suspend investment of the G
Fund to avoid breaching the statutory debt limit.

Each of these actions has been taken in the past by my predecessors
during previous debt limit impasses. By law, the CSRDF and G Funds will
be made whole once the debt limit is increased. Federal retirees and
employees will be unaffected by these actions.

I have written to Congress on previous occasions regarding the
importance of timely action to increase the debt limit in order to
protect the full faith and credit of the United States and avoid
catastrophic economic consequences for citizens. I again urge Congress
to act to increase the statutory debt limit as soon as possible.

Sincerely,

 

Timothy F. Geithner

Identical letter sent to:

The Honorable John A. Boehner, Speaker of the House

The Honorable Nancy Pelosi, House Democratic Leader

The Honorable Mitch McConnell, Senate Republican Leader

cc:       The Honorable Dave Camp, Chairman, House Committee on Ways and Means

The Honorable Sander M. Levin, Ranking Member, House Committee on Ways and Means

The Honorable Max Baucus, Chairman, Senate Committee on Finance

The Honorable Orrin Hatch, Ranking Member, Senate Committee on Finance

All other Members of the 112th Congress

Colleen Murray is Spokesperson for Domestic Finance.

Posted in:
 Debt Limit
 

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Mon, 05/16/2011 - 09:44 | 1278865 SheepDog-One
SheepDog-One's picture

Ohhhh sorry pensioners. We know you were hoping for a retirement without relying on cat food, but see the Bernank needs that money now to keep stocks levitated. Oh well, you can always move in with the kids it wont be all that bad, hell they live 15 to a room in China. Buck up, little retirees!

Mon, 05/16/2011 - 09:50 | 1278885 rocker
rocker's picture

Here in is possibly the long waited Black Swan.  First we will touch your S.S., then we will go for your 401K or IRA.

This alone should change market sentiment.

Mon, 05/16/2011 - 09:53 | 1278903 SheepDog-One
SheepDog-One's picture

Its well known, to some, as Ben Bernank already put forth the plans in a letter to take control 'plunder' 401K's and pensions...I think it ran on Zerohedge back then.

Mon, 05/16/2011 - 10:08 | 1278986 Ahmeexnal
Ahmeexnal's picture

"Change you can believe in"

Mon, 05/16/2011 - 10:28 | 1279073 TheTmfreak
TheTmfreak's picture

I generally can't believe it, but they sure as hell can. Of course i'm speaking of the morality of their actions.

Mon, 05/16/2011 - 10:28 | 1279085 Quixotic_Not
Quixotic_Not's picture

Change you can bleet in...

Mon, 05/16/2011 - 10:43 | 1279133 MarketTruth
MarketTruth's picture

Chains you can bereave in.

Mon, 05/16/2011 - 12:15 | 1279492 VyseLegendaire
VyseLegendaire's picture

Lmao this is great, and far truer!

Mon, 05/16/2011 - 13:03 | 1279712 camaro68ss
camaro68ss's picture

Next will be 401k BITCHEZ!

Mon, 05/16/2011 - 13:34 | 1279831 Thomas
Thomas's picture

Does this mean they will be selling treasuries to make budget? Is that not a tacit monetary tightening? Are they not a complete bunch of assholes? (I only know the answer positively to one of the three.)

Mon, 05/16/2011 - 13:49 | 1279890 TruthInSunshine
TruthInSunshine's picture
George Carlin – The American Dream

“But there’s a reason. There’s a reason. There’s a reason for this, there’s a reason education SUCKS, and it’s the same reason it will never … ever … EVER be fixed. It’s never going to get any better, don’t look for it, be happy with what you’ve got. … … … BECAUSE … THE OWNERS, OF THIS COUNTRY, DON’T WANT THAT! … … I’m talking about the real owners now … … … … … the BIG owners! … … … The Wealthy … … … … … the REAL owners! … The big wealthy business interests that control things … and make all the important decisions. … … … … Forget the politicians. They are irelevant. … … The politicians are put there to give you the idea that you have freedom of choice . . . … you dont. You have no choice! You have OWNERS! They OWN YOU. They own everything. They own all the important land. … They own and control the corporations. They’ve long since bought, and paid for the Senate, the Congress, the state houses, the city halls, they got the judges in their back pockets and they own all the big media companies, so they control just about all of the news and information you get to hear. … They got you by the balls. … … They spend billions of dollars every year lobbying … . . . lobbying, … to get what they want . . . … Well, we know what they want. They want more for themselves and less for everybody else, but Ill tell you what they don’t want . . . they don’t want a population of citizens capable of critical thinking. … … They don’t want well informed, well educated people capable of critical thinking. They’re not interested in that . . . that doesn’t help them. Thats against their interests. Thats right. … … They don’t want people who are smart enough to sit around a kitchen table and think about how badly they’re getting FUCKED by a system that threw them overboard 30 FUCKING years ago. … … They don’t want that! You know what they want? They want obedient workers . . . Obedient workers, people who are just smart enough to run the machines and do the paperwork. … And just dumb enough to passively accept all these increasingly shitty jobs with the lower pay, the longer hours, the reduced benefits, the end of overtime and vanishing pension that disappears the minute you go to collect it, and now they’re coming for your … Social Security money. … … … They want your retirement money. They want it back so they can give it to their criminal friends on Wall Street, and you know something? … … … They’ll get it . . . they’ll get it all from you sooner or later cause they own this FUCKING place! Its a big club, and you ain’t in it! … … … … You, and I, are not in The big club. By the way, its the same big club they use to beat you over the head with all day long when they tell you what to believe. All day long beating you over the head with their media telling you what to believe, what to think and what to buy. The table has tilted folks. The game is rigged and nobody seems to notice. Nobody seems to care! Good honest hard-working people . . . white collar, blue collar it doesn’t matter what color shirt you have on. Good honest hard-working people continue, these are people of modest means . . . continue to elect these rich COOK SUCKERS who don’t give a FUCK about you. They don’t give a FUCK about you . . . … they don’t give a FUCK about you. …. …. They don’t care about you at all . . . at all . . . at all, and nobody seems to notice. Nobody seems to care. Thats what the owners count on. The fact that Americans will probably remain willfully ignorant of the big red, white and blue dick thats being jammed up their assholes everyday, because the owners of this country know the truth. Its called the American Dream, … cause you have to be asleep to believe it . . .”

 

 

Mon, 05/16/2011 - 13:55 | 1279916 66Sexy
66Sexy's picture

+ the national debt

Fucking spot on, bro...

I agree with Mr Carlin's views on religion as well.

Mon, 05/16/2011 - 14:37 | 1280068 lynnybee
lynnybee's picture

dear TRUTHinSUNSHINE :   Thank you for posting the GEORGE CARLIN/AMERICAN DREAM .   thank you.    am printing it off & posting it on my refrig door with a magnet, never to take it down.    ....... i knew of George Carlin, but, i did not know he was so profound....more education for me !

Mon, 05/16/2011 - 14:44 | 1280081 Ben Dover
Ben Dover's picture

spend part of an evening on YouTube checking out Mr. C's body of work. It will be an evening frittered away and well spent at the same time.

Mon, 05/16/2011 - 15:03 | 1280165 Solemn Simulacrum
Solemn Simulacrum's picture

Yep, we definitely ain't in the club.  Can't even see over the fence.

Mon, 05/16/2011 - 15:02 | 1280162 RockyRacoon
RockyRacoon's picture

Oooh, I love multiple choice questions.   I say "D", all the above.

Mon, 05/16/2011 - 10:50 | 1279134 66Sexy
66Sexy's picture

Im surprised the DOW's not up 200 on the news.

Pensions to be depleted to drop bombs on brown people with oil. Pensions siphoned to suppress precious metals prices so the dollar looks good and keep the pretending going till 2012.

'Home of the brave' my ass....

'Home of the Slaves of the Corporate Dictatorship' more like it.

We Americans are good at one thing... encumbering the future to be rock stars and movie stars today...

I think we've all been conditioned to live like a botched suicide.

 

Mon, 05/16/2011 - 11:17 | 1279260 TheTmfreak
TheTmfreak's picture

It is moving up... the day isn't over.

However I think you should have said "I'm surprised the DOW isn't up just because its... well another day with money firehosed into it"

Mon, 05/16/2011 - 12:57 | 1279699 TruthInSunshine
TruthInSunshine's picture

Timmmmay!!!!!!!!!!!!

Break It Again, Timmmmay!!!!

Mon, 05/16/2011 - 16:31 | 1280520 T1000
T1000's picture

Aaaaaaaaaand it's gone.

http://youtu.be/RAKsMnAM8vk

Mon, 05/16/2011 - 14:42 | 1280086 Ben Dover
Ben Dover's picture

would it really have been and better/different if the other guy had won?

Mon, 05/16/2011 - 17:55 | 1280833 Votewithabullet
Votewithabullet's picture

The bernank was appointed by W after all. How do you claim to be so different and you keep his Fed chair, defense (snicker) secretary, FBI chief. Same as it ever was. HT talking heads. Yeah i know it was post talking heads fuk you.

Mon, 05/16/2011 - 10:14 | 1279007 Smiddywesson
Smiddywesson's picture

The FERS system is the only 401K system that I know of that your employer holds onto the money and can dip into it any time they want. 

I noticed Timmy said his predecessors had done the same during previous budget battles, so nothing to see here, move along.

Sure Timmy, but the government wasn't bankrupt on those previous occasions.  When you son needs money to go to college is a very different situation then lending him money after he becomes a junkie.

Mon, 05/16/2011 - 10:29 | 1279077 TheTmfreak
TheTmfreak's picture

But we NEED it......

 

Or so they say.

Mon, 05/16/2011 - 11:00 | 1279199 redpill
redpill's picture

Just ridiculous political theater at this point. These assholes have planned to plunder retirement accounts all along, so that they are doing it now and not later makes little difference to them.

The heat just got turned up one more notch on the boiling frog that is the US populace.

Mon, 05/16/2011 - 11:13 | 1279229 TheTmfreak
TheTmfreak's picture

I dunno, I don't believe in the grand conspiracy. I'd say rather they don't give a fuck, don't plan, and blunder around aimlessly trying to patch things up regardless of whether it is moral or even legal (they'll turn it legal).

I think you give them way too much credit. Are some planning? Yeah sure why not. Most? No. Further with you giving them too much credit that "if they had only done things for the good, their central planning would have worked" seemingly is what you've trapped yourself into believing.

I prefer the idea, they're a bunch of thuggish moronic buffoons, who think centrally planning works (Because they sure as hell know how to fix things as long as you command the populace). They are constantly shown that more planning does not give better results, so they cover it up. Then they have to cover up the cover up.

Edit: Now if you're saying "planning it all along" as in, since this whole debt ceiling thing has been an issue, then yeah perhaps. (Taking it as a quick fix, rather than some sort of overarching evil conspiracy).

Mon, 05/16/2011 - 11:23 | 1279280 Rynak
Rynak's picture

Neither. The problem lies in the word "they". People imagine "them" as one entity that plans all kinds of stuff.... usually one perfect plan, never a plan B (because they're so perfect).

I think it's much more simple and "normal": A bunch of groups and organizations, with LOTS of power, with each of them having "vague" longterm goals, and making midterm stuff up as they go. Then, add coordination between those groups (them regularily talking with each other), and you get an *emergent* "they" that seems to be super clever, when actually the individual parties just have lots of power, and do ad-hoc coordination.

Mon, 05/16/2011 - 12:08 | 1279456 Dingleberry Jones
Dingleberry Jones's picture

Agreed with the symbiosis of both of your guys' posts.

 

 

Mon, 05/16/2011 - 13:15 | 1279756 TheTmfreak
TheTmfreak's picture

This is what I was leaning towards.

I REALLY hate grouping things together and talking about them, especially if we are talking about specific things. We do it with nearly every single thing we ever talk about. (I am guilty of it clearly). "I hate what congress is doing!!!" So that means I hate Ron/Rand Paul?

I think exactly what you're saying is the case. I think mafia is always the best way to describe it. I have yet to find one analogy that doesn't fit the mafia description, other than the fact that the mafia doesn't have "legitamate ownership of force." (that way say the gov does).

However, there are different families with different and similar interests all fighting for power. They cut deals with each other and often disguise it as something else... yada yada yada.

I watched God Father 3 last night with my girlfriend, and yes it just fits all too well.

 

Mon, 05/16/2011 - 11:45 | 1279351 redpill
redpill's picture

I don't think it's necessarily a conspiracy, there's just the tendency of the political class to always keep an eye on what they are going to get their hands on next.  Retirement accounts are a juicy source of potential tax revenue that they always have had their eye on.

 

Mon, 05/16/2011 - 12:24 | 1279522 KickIce
KickIce's picture

There's no Plan B because they are so far in the hole that any austerity will wreck the economy.  In other words, the government is the economy.  Our Congress have little power left as they have give it all to the CBs, Corporations and unions.  We have been sold down the river.

Mon, 05/16/2011 - 18:44 | 1280941 XPolemic
XPolemic's picture

I don't think it's necessarily a conspiracy, there's just the tendency of the political class to always keep an eye on what they are going to get their hands on next. 

Exactly! Or as Mr Burns once said "I'm a very rich man, but I would give it all away, for just a little more."

It's not really a plan, just an overiding sociopathy to always want more (And Alexanda wept, for there were no more worlds to conquer). When you spend a lifetime plundering and thieving, that's all you know how to do. Not so much a plan, as a process.


Mon, 05/16/2011 - 12:42 | 1279618 LaLiLuLeLo
LaLiLuLeLo's picture

The sole purpose of the US government now is to prop up the illusion of control. Once the American people realize this, we'll finally have our long overdue revolution.

Mon, 05/16/2011 - 13:23 | 1279772 TheTmfreak
TheTmfreak's picture

No kidding. I try to tell people about this all the time, not to mention de-brainwash myself. The illusion of control and power. It is everywhere around you. Irrational beliefs about the way things "are." "Crimes are punished" and "if you do something bad you'll be caught by the law" are two that I talk about the most I think. We just have an entire system based on this, so therefore people are ok with remaining blissfully ignorant. All you have to do is insert every single regulation as an example and it is the same thing. Oh FDA is there to make sure when you consume food it is good for you. YUT OHHH.

Your username doesn't happen to be taken from Japanese does it?

Mon, 05/16/2011 - 14:36 | 1280061 fuu
fuu's picture

We live in a Panopticon.

 

http://en.wikipedia.org/wiki/Panopticon

Mon, 05/16/2011 - 18:10 | 1280875 Votewithabullet
Votewithabullet's picture

Thats not Japanese, Its Romulan for "put it in my ass DSK".

Mon, 05/16/2011 - 13:15 | 1279765 ibjamming
ibjamming's picture

These is no PLANNING beyond soaking the taxpayer to make some big bucks.

Mon, 05/16/2011 - 13:22 | 1279775 TheTmfreak
TheTmfreak's picture

I think there is planning but it never goes beyond "I'm planning to fix these problems by bringing in this law...." Then the next fart in the wind comes to distract them to the next discussion.

What happened to all of the ban every gun and "High Capacity Feeding Devices" after the Arizona Tuscon "Tragedy"? (All this attention over ONE fucking girl getting shot (nobody cares about the others). What about all the other people who are shot every day, AND DIE?) Oh right, earthquakes, budget, debt ceiling, OBL, IMF perv.....

Mon, 05/16/2011 - 10:42 | 1279127 monoloco
monoloco's picture

It might get somebody's attention if they start plundering the congressional retirement system.

Mon, 05/16/2011 - 14:49 | 1280115 Ben Dover
Ben Dover's picture

+1 - the plan needs to be fleshed out, but I like where your head is at.

Mon, 05/16/2011 - 11:05 | 1279216 I did it by Occident
I did it by Occident's picture

wonder how long it will take before they start to dip into or writing IOUs against the other FERS pots (C, F, S, I)?  I don't think it will take too long.  Of course writing IOUs against investments that are in the stock market can't be good for keeping the levitation machine going. 

Mon, 05/16/2011 - 11:41 | 1279337 nmewn
nmewn's picture
;-) "Although the BlackRock funds operate in a manner similar to mutual funds, they are not, in fact, mutual funds and are not open to individual investors. Furthermore, they are trust funds that are regulated by the Comptroller of the Currency, not by the Securities and Exchange Commission, and therefore do not have ticker symbols." https://www.tsp.gov/investmentfunds/fundsoverview/fundManagement.shtml Ta daaa!
Mon, 05/16/2011 - 10:32 | 1279089 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Actually, Jesse over at Cafe Americain thinks even that would give us about a year.

Mon, 05/16/2011 - 11:47 | 1279375 Birddog
Birddog's picture

I have my silver coins in a roth.  I'm thinking about cashing out, pay the penalty and take possession...anyone's thoughts...???

Mon, 05/16/2011 - 11:56 | 1279402 UGrev
UGrev's picture

You have to think about that? 

-disclaimer.. do whatever it is you want to do. my post is not advice and if you act upon it, it's your own choice. 

Mon, 05/16/2011 - 14:41 | 1279653 Shell Game
Shell Game's picture

Agree, I cannot give advice either.  I will share, however, that over a year ago I liquidated 50% of my IRAs, paid 10% penalty and used the cash to buy physical gold (edit: in my possession).

Mon, 05/16/2011 - 13:02 | 1279721 c-rev with a twist
c-rev with a twist's picture

I actually think that's the best possible place for them as your gains are tax free.  I don't think the IRS is going anywhere, and them audits will be mighty painful for those who exchange their PMs for fiat.  If you're like many here and think that the currency is going away permanently, then getting them out of any IRA would be the way to go.  I feel this is all cyclical, but even if it isn't, will take a very long time to reach a point where the dollar is done.

Mon, 05/16/2011 - 13:54 | 1279893 Xanadu_doo
Xanadu_doo's picture

Like many others below, that's just what I did, but make your own decision. For me, I see the dollar as losing value until reaching 0.00. This may takes years or it may take days. I for one sleep better with silver coins under my pillow.

Mon, 05/16/2011 - 11:49 | 1279382 Birddog
Birddog's picture

I have my silver coins in a roth.  I'm thinking about cashing out, pay the penalty and take possession...anyone's thoughts...???

Mon, 05/16/2011 - 18:59 | 1280973 CPL
CPL's picture

Why would you put a PM under a paper vehicle like a ROTH?    Good lord.  There isn't any tax appreciated on owning the physical PM itself, just in the sale of it.  You unfortunately got suckered into holding worthless paper.

 

You might try to ask for delivery though, doubt it will happen with the Silver shortage going on.

Mon, 05/16/2011 - 10:00 | 1278938 MonkeySmoke
MonkeySmoke's picture

Bob Chapman just published his bi-weekly article about seizure or confiscation of 401k and/or IRA.

http://www.theinternationalforecaster.com/International_Forecaster_Weekly/The_Financial_Powers_That_Be_Are_In_A_Trap_of_Their_Own_Making

Mon, 05/16/2011 - 10:22 | 1279044 Quixotic_Not
Quixotic_Not's picture

Bob, as always, is WAY ahead of the curve...

Mon, 05/16/2011 - 11:21 | 1279265 kinetik
kinetik's picture

Yeah... Chapman's really been ahead of the curve when he discusses his "ideas" in the context of a global Illuminati and the Rothschild's. Come on, he's ridiculous and you know it.

Mon, 05/16/2011 - 11:31 | 1279301 Quixotic_Not
Quixotic_Not's picture

Come on, he's ridiculous and you know it.

As crazy as he may seem to progressive thinkers like yourself, his economic predictions have been spot-on!

Because of him I sold my house at the top in Sept. 05, and bought Ag in 2002-03 with ALL my liquid capital.

I admit, over the last couple of years he's gotten a lil' foggy upstairs, but 10 years ago he was a voice in the wilderness...

Mon, 05/16/2011 - 11:33 | 1279326 Josh Randall
Josh Randall's picture

Chapman is "the MAN" - the game is rigged and he tells you whom is rigging it; how does that make him foggy in the head ?  He and Max Keiser are the best former financial insiders that aren't afraid to name names and show you how the sausage is made. KA Fitts is another one as well -- Viva la RESISTENACE!

Mon, 05/16/2011 - 12:10 | 1279482 oddjob
Mon, 05/16/2011 - 16:59 | 1280640 Silvarouvres
Silvarouvres's picture

Thanks for the link

Mon, 05/16/2011 - 12:19 | 1279507 Keri at Bankste...
Keri at Bankster Report's picture

Katherine Austin Fitts is awesome.

Mon, 05/16/2011 - 13:59 | 1279934 DaveyJones
DaveyJones's picture

second that. Fitts literally put her life on the line for the truth.

Mon, 05/16/2011 - 19:12 | 1281011 uranian
uranian's picture

g edward griffin deserves mention here.

Mon, 05/16/2011 - 12:44 | 1279625 benb
benb's picture

Chapman has been on target on the basic assessment for a long time. (Nobody bats 1000) He has stated along with others that the Globalist plan has been to impoverish the middle class by stripping out the pension funds along with high inflation.

He has advocated physical gold and silver as the only real way to preserve what you’ve got.

You can belittle discussion of the “global Illuminati and the Rothschild's” all you want but that is who is running the puppet U.S. government and financial system.

The Round Table Groups (Bilderbergers, Trilateral Commision, Committee of 300) pull the strings on the military, the media, and the government. They fund and support the Council on Foreign Relations, The Ford Foundation, etc who constitute the Shadow Government.

The subversive and treasonous Tim Geithner is part of a multigenerational administrative class in the service the Rothschilds, Rockefellers, the British and Dutch Royals, and so on. Geithner’s father ran the subversive Ford Foundation. Obama’s mama  worked for Geithner’s old man at the Ford Foundation… and it’s all a joke to them how dumb the American people are. Neo feudalism is one objective.

Read Carrol Quigley’s Tragedy and Hope. It will wipe the smirk off your face.

Mon, 05/16/2011 - 13:35 | 1279841 KinorSensase
KinorSensase's picture

sandiego.indymedia.org/media/2006/10/119975.pdf

Mon, 05/16/2011 - 14:50 | 1280104 crazyjsmith
crazyjsmith's picture

Right on, thanks for the link.  Think I will check this one out. 

Mon, 05/16/2011 - 14:22 | 1280003 DosZap
DosZap's picture

Read Carrol Quigley’s Tragedy and Hope. It will wipe the smirk off your face.

 

Bill Clintons favorite book.........tell ya anything?.

Also, he considered him as a mentor.

Rhodes Scholars?, Cecil Rhodes was a diehard Commie...........

How do people get the scholarships?.And WHY?.

Mon, 05/16/2011 - 15:32 | 1280297 benb
benb's picture

“What is taking place in America is not happening by accident. There is an organized intentional effort to destroy the economy of our country. Now how can I make the statement? I read the plan. Where can you get the plan, It’s called the Earth Charter. It was written by Steven Rockefeller who is the nephew of David Rockefeller. And if you honestly believe that Bill Gates and Warren Buffet are the two wealthiest people in the United States why you have been reading Time Magazine too long. The real power belongs to the Rockefeller family they’ve been around for almost a hundred years. And basically the Rockefellers dominate Chase Manhattan Bank. David was the president of Chase Manhattan for many years. Now it’s J.P. Morgan Chase, they control CitiGroup, they control the major pharmaceutical companies, they control Exxon and Chevron. They control our major corporations and of course David Rockefeller’s Tri-Lateral Commission controls our government. How can I make that statement? Well you go back and read Barry Goldwater’s ---- With No Apologies…and on page 280 of that book Barry Goldwater says- You know the Council On Foreign Relations is domestic but the Tri-Lateral Commission is international. Their goal is to take over financial and commercial interests of the world by first seizing control of the government of the United States.(Barry Goldwater 1979)  What have they done since then? Well the North American chapter of the Tri-Lateral Commission which was birthed by the Council on Foreign Relations in 1973. (And the Council on Foreign relations is a front for a secret society created by Cecil Rhodes back in 1891 dedicated to taking overt control of the world.) Cecil Rhodes wanted England to control the world and to bring America along. The plan changed after the First World War where America would take over the world and bring Great Britain along. You can find this documented in a book called Tragedy and Hope: A History of the World In Our Time written by Professor Carol Quigley, a leading historian of the twentieth century. An historian who actually discovered the secret society that controls the world today. How do I know? Because I went back to Georgetown University in 1980, I went through Professor Quigley’s papers before they were censored and I found all of his correspondence with Sir Alfred Zimmern who was a member of this secret society and who told Professor Quigley all about this secret society and who was in it. And then of course in 1921 why, this secret society which had a front group called the ‘Round Table’  created the Council on Foreign Relations which then birthed the Bilderburger Group and then birthed the Tri-Lateral Commission in 1973. Of course at that time the chairman of the Council on Foreign Relations was David Rockefeller. David Rockefeller financed the Tri-lateral Commission and is the honorary chairman of the North American Chapter today. Now between 1977 and 2008 why every president and/or vice-president of the United States came from the membership roles of the Tri-Lateral Commission. Actually, six of the eight presidents of the World Bank; Eight of the ten American representatives to the World Trade Organization; Seven of the Twelve Secretaries of State and nine of the twelve secretaries of Defense all came from the membership roles of this North American Chapter of the Tri-Lateral Commission. And today twelve of these people surround Barrak Obama.

Don’t let them dissuade you. They point to Barack Obama –you know he’s a socialist. He’s a Muslim. He’s a communist. He was born in Kenya, he doesn’t have a right to be president…They are playing games with your mind. The important issue is that Barak Obama does what he is told. He is controlled by the Tri-Lateral commission. In fact General James Jones, a four Star Marine General who heads the National Security Council in a speech in February of this year (2010) at a Munich Security Conference talked about the chain of command in the National security Council   (Now remember the head of the National Security Council, General James Jones meets with Barak Obama every day and tells him what to do.) And General James Jones said we have a chain of command in the National Security Council through Brent Scowcroft and Sandy Berger and we get our orders from Henry Kissinger every daywell people don’t understand we have a one party system with two branches and it’s all political theater.”

~ Partial of  Dr. Stan Montieth interview given on 11/14/10

Mon, 05/16/2011 - 21:20 | 1281379 Ima anal sphincter
Ima anal sphincter's picture

Look at the face.....Absolutely the biggest asshole this planet has ever known. Nixon died when????? Kissinger will die "someday". The sooner - the better.

Mon, 05/16/2011 - 11:24 | 1279276 Imminent Collapse
Imminent Collapse's picture

Great link, MonkeySmoke.  +1

Mon, 05/16/2011 - 11:54 | 1279405 Birddog
Birddog's picture

Thanks for the link

Mon, 05/16/2011 - 11:55 | 1279411 Birddog
Birddog's picture

Thanks for the link

Mon, 05/16/2011 - 20:27 | 1281202 cranky-old-geezer
cranky-old-geezer's picture

... about seizure or confiscation of 401k and/or IRA.

BC has been saying this a long time.  Perhaps Timmah's letter to congress is the "official" begining of it. FERS first, then on to 401Ks and such. It's inevitable.  Who knows, perhaps this whole debt ceiling thing is their public justification for it.   And yes many sheep will go along with it.   Sheep not wanting the debt ceiling raised.  They'll end up sacrificing their 401K in the process.

Something else in that article:

The market has been telling us for two months that we will see a very large QE3. The phasing in, the transition, from QE2 and QE3 will be stealth and hardly noticeable. It will be happening, but it will be well hidden and probably called something else. It will have another face, but it will be the same old game, probably to the tune of $2.3 trillion, which will feed roaring inflation.

I've been saying this.  QE3 will happen, just not called QE3, called something else, done quietly behind the scenes, whatever, poosibly after 401Ks are confiscated and those funds are used up, who knows.

Mon, 05/16/2011 - 10:00 | 1278948 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Market sentiment...how feasible is this plan?  Bruce is saying (above) that SSTF lost a cool billion last year, and as far as market sentiment goes, I would love a detailed explanation from one of the market bulls as how not only the Chinese penny funds are crashing, but the likes of the biggest names (NKE, GOOG, NYX).

Mon, 05/16/2011 - 10:05 | 1278965 3.7.77
3.7.77's picture

Trillion, only another 3 zeros........

Mon, 05/16/2011 - 10:09 | 1278998 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

wow...holy moly...beg my pardon....the SS ran a [bites knuckles] one trillion dollar deficit.

Mon, 05/16/2011 - 10:18 | 1279029 Badabing
Badabing's picture

"I will be unable to invest fully the Government Securities Investment Fund (“G Fund”) of the Federal Employees’ Retirement System in interest-bearing securities of the United States, beginning today, May 16, 2011. G Funds will be made whole once the debt limit is increased."

 


Now doesn’t that make congress shit or get off the pot. Hit them in the pocket, the debt limit will be raised, it’s a no brainer.

Mon, 05/16/2011 - 10:31 | 1279092 Smiley
Smiley's picture

401k's are toast .  If you still have an active 401k at this point you should seriously consider cashing out fees be damned.  I don't see how the government can't go after the 401k's; their gonna help you invest in America!  Won't that make you feel good about yourself?

Mon, 05/16/2011 - 18:21 | 1280896 I only kill chi...
I only kill chickens and wheat's picture

only 20k to go, and the IRA's are gone. Not sure if I remember where, getting a bit foggy these days. ;>

Mon, 05/16/2011 - 11:42 | 1279343 Keri at Bankste...
Keri at Bankster Report's picture

Nothing seems to change market sentiment, unfortunately.  The Fed, the major supporter of market, is leveraged at 50.5 to 1.  Facts don't matter when there are no rules.

http://www.cqcabusinessresearch.com/2011/04/08/the-federal-reserve-is-mo...

Mon, 05/16/2011 - 12:41 | 1279626 firefighter302
firefighter302's picture

"Facts don't matter when there are no rules".

Bingo !  We have a winner.

Firefighter302

Mon, 05/16/2011 - 13:29 | 1279811 kito
kito's picture

it will do nothing for market sentiment. nada. zip. zilch. political games. bonds are lower than when we were running a surplus

Mon, 05/16/2011 - 15:50 | 1280373 Silver Shield
Silver Shield's picture

They are going to come for your IRAs and 401ks...

http://dont-tread-on.me/got-a-401k-or-an-ira/

Mon, 05/16/2011 - 15:57 | 1280393 masterinchancery
masterinchancery's picture

A wakeup call for those who thought the US wasn't Argentina.

Mon, 05/16/2011 - 16:00 | 1280395 masterinchancery
masterinchancery's picture

A wakeup call for those who thought the US wasn't Argentina.

Mon, 05/16/2011 - 09:55 | 1278912 Oleander
Oleander's picture

I would like to thank TD and many of you here for predicting this. I was able to get my $$ out months ago.    I am sure you can guess what I used it for. :)  I do not feel one ounce of pity for those who would not listen.

Mon, 05/16/2011 - 10:14 | 1279014 topcallingtroll
topcallingtroll's picture

I feel compassion for people who make bad decisions, but they should not be bailed out.

Mon, 05/16/2011 - 10:16 | 1279033 espirit
espirit's picture

+1,  I also.

Mon, 05/16/2011 - 10:47 | 1279144 serotonindumptruck
serotonindumptruck's picture

Yes, I too. The 40% sucker-punch in taxes and penalties was a bit painful, however that's better than nothing at all.

Mon, 05/16/2011 - 11:09 | 1279230 I did it by Occident
I did it by Occident's picture

"ounce of pity"

I wonder what the gold/pity or silver/pity ratio is trading at these days. 

:)

Mon, 05/16/2011 - 09:53 | 1278919 old naughty
old naughty's picture

Didn't they send Conrad Lord Black to jail for tapping into his employees' pension fund?

SD1, they have 65,000,000 vacant houses (average 2 rooms per) in the middle kingdom, just walk right in, although its bare and filled with reptiles.

Strange gets stranger.

 

Mon, 05/16/2011 - 10:41 | 1279126 RedMeansGo
RedMeansGo's picture

if you give a mouse a cookie...

Mon, 05/16/2011 - 15:21 | 1280249 mt paul
mt paul's picture

mice like brownies better...

Mon, 05/16/2011 - 10:43 | 1279141 jus_lite_reading
jus_lite_reading's picture

Ben needs the money to feed the hungry bankster cats... you know, the fat ones on WHORE STREET.

Mon, 05/16/2011 - 16:02 | 1280400 masterinchancery
masterinchancery's picture

I hear an IMF guy needs bond money.

Mon, 05/16/2011 - 11:27 | 1279305 dizzyfingers
dizzyfingers's picture

There is no solution!

If  100% of property of "the rich" were  confiscated, the mess still wouldn't be solved.

http://www.realclearpolitics.com/video/2011/03/31/bill_whittle_on_eating_the_rich.html

US Taxes  vs  Estimated Funding Gaps in Medicare and Social Security Programs  vs  US job losses 1951-2011 vs Unemployment  
 
 Taxation in the United States 

http://en.wikipedia.org/wiki/United_States_federal_budget
During FY 2010, the federal government collected approximately $2.16 trillion in tax revenue. Primary receipt categories included individual income taxes (42%), Social Security/Social Insurance taxes (40%), and corporate taxes (9%).[8] Other types included excise, estate and gift taxes.

 

Tax revenues have averaged approximately 18.3% of gross domestic product (GDP) over the 1970-2009 period, generally ranging plus or minus 2% from that level. Tax revenues are significantly affected by the economy. Recessions typically reduce government tax collections as economic activity slows. For example, tax revenues declined from $2.5 trillion in 2008 to $2.1 trillion in 2009, and remained at that level in 2010. During 2009, individual income taxes declined 20%, while corporate taxes declined 50%. At 14.9% of GDP, the 2009 and 2010 collections were the lowest level of the past 50 years.[8]

 

Estimated Funding Gaps in Medicare and Social Security Programs

http://en.wikipedia.org/wiki/File:Estimated_Funding_Gaps_in_Medicare_and_Social_Security_Programs.png

 

US JOB LOSSES EXPRESSED IN GRAPH FORM:

http://www.ourfuture.org/files/documents/jobs-lost-decade-mbg.pdf

10-Years Ending in 2010 & 2011: First Job Loss Decade Since 1928-'38

First 11-Years of Private Sector Job Losses Since the 1930s

Worst Ever 10-Year Plunge of Manufacturing Jobs in 2010 & 2011

The Uncounted Jobless in first sustained 3-yr Labor Force decline on record

Even with Labor Force Decline, Unemployment Is Near Record

Soaring Record Numbers of People Still Counted Jobless 27 Weeks or More: The Last Two Year's Long-term Unemployed Are Far Worse Than Any on Records

Even With Unprecedented Dropouts, "Official" Time Jobless is Soaring: Of those still counted, the average time unemployed is near double previous worsts

http://www.ourfuture.org/files/documents/jobs-lost-decade-mbg.pdf

US Department of Labor, BLS and MBG Information Services © C. McMillion/MBG Information Services

Mon, 05/16/2011 - 12:18 | 1279511 instinctiveDrift
instinctiveDrift's picture

http://www.washingtonpost.com/business/economy/treasury-to-tap-pensions-...

What I find interesting in the Post article above is "Geithner, who has already suspended a program that helps state and local government manage their finances, will begin to borrow from retirement funds for federal workers."

How many states and muni's bust by this move?

Mon, 05/16/2011 - 13:24 | 1279791 Catullus
Catullus's picture

Government pensions are expendable. In fact, default on those too. They've already been paid for their employment services (not work, there's no such thing as a government worker). There's no reason to continue paying them beyond their employment period. If they don't like it, they should have realized their real value and gone to the private sector. I see plenty of garbage drifting around Baltimore that has needed picking up for decades.

Mon, 05/16/2011 - 13:42 | 1279856 Weisbrot
Weisbrot's picture

so many disasters man made & others

so much turmoil all over the globe

conspiracy or happenstance it almost doesnt matter

I am convinced that the powers that be, believe something much worse will happen

various theories and reasons abound, based on strings or piles of truth

things will never be what they were

may what ever it is or the series of events that lead to it

be quick, be concise, and have the best possible outcome for the worse of all possible situations

 

until then enjoy all the side shows

and remember that everything is temporary

Mon, 05/16/2011 - 14:29 | 1280044 QuantumCat
QuantumCat's picture

TSP is member contribution only, no matching like a 401(k).  They're using what is not theirs... It would be like your company using your 401(k) to borrow from.  It is BS, theft by another name, with big guns.

Mon, 05/16/2011 - 14:55 | 1280141 66Sexy
66Sexy's picture

why dont they just hit the 'start new game' button.

Mon, 05/16/2011 - 14:59 | 1280160 Hugh G Rection
Hugh G Rection's picture

Just crash the dollar and roll out the gold backed Amero already fuckos! We all know this is the plan, well, not the popculture intoxicated imbeciles, but most informed Americans know.

 

It's been 3 years since the 08 Bilderberg conference, what the fuck is taking so long? 

Mon, 05/16/2011 - 16:44 | 1280576 RockyRacoon
RockyRacoon's picture

The plundering of the middle class is still a game with pay-off.   When the turnip has been squeezed completely a new game will begin.   Rest assured the elite will end this system on top, start the next system on top, and crash that one when profitable, and come out -- on top.

Mon, 05/16/2011 - 16:01 | 1280397 dcb
dcb's picture

this is a political choice to exert  pressure nothing more.to delay payment is not be pressure. More Geithner blackmail and making surebond holders alwaysget overonthe taxpayer. Clearly a sleezy geithner act is behind this.

Mon, 05/16/2011 - 16:02 | 1280398 dcb
dcb's picture

this is a political choice to exert  pressure nothing more.to delay payment is not be pressure. More Geithner blackmail and making surebond holders alwaysget overonthe taxpayer. Clearly a sleezy geithner act is behind this.

Mon, 05/16/2011 - 17:27 | 1280741 Pondmaster
Pondmaster's picture

Little Retirees - Not really funny . I am not a Gov't employee - I am not pro or anti their pension benefits. Just know this as you smirk . Can happen to you too . Whether it is your employers pension for you , or the Tax hedges you may have stashed money in ITA's , Roths , 401K . That is really YOUR MONEY, and the Fed will waste that away too . With a wave of the hand Congress will make you penniless , Hell , whose worried about hyper inflation . The money will ALL BE GONE . So BUCK UP LITTLE AMERICANS . We are about to be screwed royal , and not a man alive will help us, or will be inclined to.  

Mon, 05/16/2011 - 18:51 | 1280952 Monedas
Monedas's picture

Some brands of premium cat food are a considerable step up from cans of "potted meat" and Vienna sausages ! Monedas 2011 Livin' Large on my Social Suck Check !

Mon, 05/16/2011 - 18:58 | 1280970 double 007
double 007's picture

Mon, 05/16/2011 - 09:44 | 1278867 uno
uno's picture

that was an easy fix, lets go back to spending

Mon, 05/16/2011 - 09:57 | 1278922 FEDbuster
FEDbuster's picture

"We are the FEDerales. Debt ceiling?  We ain't got no debt ceiling?  We don't need no debt ceiling!"

http://www.youtube.com/watch?v=VqomZQMZQCQ

 

Mon, 05/16/2011 - 09:44 | 1278868 homecinemax
homecinemax's picture

Weird that the US population is not alarmed by any of this. The US is so addicted to debt, that is crazy

Mon, 05/16/2011 - 09:49 | 1278894 lizzy36
lizzy36's picture

I am fairly certain that thereare more sovereign citizens, (http://www.cbsnews.com/8301-504803_162-20062804-10391709.html) than there are US citizens aware of this issue.

Mon, 05/16/2011 - 10:43 | 1279139 Alex Kintner
Alex Kintner's picture

I  saw that 60 minutes piece on "Sovereign Citizens". Eye opening. Now that I understand the Sovereign's 'Sekret Language', I understand the comments here better.

Best, <FONT color="red">Alex Kintner</FONT>

 

Mon, 05/16/2011 - 10:50 | 1279161 serotonindumptruck
serotonindumptruck's picture

That "Sekret Language" doesn't work very well in a court of law, either civil or criminal. Want to really piss off just about any judge/magistrate in the blink of an eye? Declare yourself a 'Sovereign Citizen' while arguing in court.

Mon, 05/16/2011 - 13:20 | 1279763 LostPosterity
LostPosterity's picture

A Judge actually told my father during a court case that his home was his castle.

I think Soverign might be the wrong term though.  Freemen or Freeholders would be more correct.   Think of it this way.  If you have a King, he has a mint, a treasury, a court, a sheriff, a depository for his records, etc.  I think one of the main idea's with the Constitution was that we would all share these things in common and remain as freeholders of our land or freemen if we didn't have any.  

This guy is really interesting.

http://www.youtube.com/watch?v=Y_CAtNqtbic

 

Mon, 05/16/2011 - 14:27 | 1280033 DosZap
DosZap's picture

Judges (most) do not consider us to be Soverign citizens, we are chattel.

Mon, 05/16/2011 - 13:25 | 1279804 Shell Game
Shell Game's picture

Thanks for the link.  Notice how 'crazy' and 'dangerous' you are if you carry a gun and are anti-government?  Fucking MSM MF'ers..

Mon, 05/16/2011 - 09:52 | 1278898 Cash_is_Trash
Cash_is_Trash's picture

That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.

Let me get to it after Jersey Shore and The Real Housewives of who gives a shit.

Mon, 05/16/2011 - 09:56 | 1278935 Quixotic_Not
Quixotic_Not's picture

The sheeple are used to muddling through, they can't perceive the dark ages from pastures of ignorant bliss...

Mon, 05/16/2011 - 10:21 | 1279050 DeadFred
DeadFred's picture

You kind of have to envy them.  There's grazing time, shearing season, mating time and dancing with the stars time. They just have to hope there's no wolf or butcher time. I read somewhere that on a long enough time line the survival rate for everyone drops to zero. In many ways it really sucks to see the cliff coming and you can't see any way out of the bus.

Mon, 05/16/2011 - 14:36 | 1280056 Mad Cow
Mad Cow's picture

Don't make a fuss, just get on the bus.
http://www.youtube.com/watch?v=jBP3WP8MLaE

Mon, 05/16/2011 - 10:50 | 1279148 Badabing
Mon, 05/16/2011 - 12:41 | 1279624 c-rev with a twist
c-rev with a twist's picture

The article is a year old. 

Mon, 05/16/2011 - 14:36 | 1280066 Badabing
Badabing's picture

Ever see the movie the sting, thats the setup

Mon, 05/16/2011 - 11:32 | 1279312 dizzyfingers
dizzyfingers's picture

Nothing will change until the stupids who vote in the puppets of the banksters and other legalized criminals awaken. But first, the end must come.

Mon, 05/16/2011 - 09:44 | 1278869 celticgold
celticgold's picture

 start dipping into funds , ....is that like  er  start dipping into the maid?

Mon, 05/16/2011 - 09:45 | 1278877 lizzy36
lizzy36's picture

"just the tip"

Mon, 05/16/2011 - 09:50 | 1278900 Careless Whisper
Careless Whisper's picture

phrase of the day: Full release

as in:

Full release (no pun intended):

Mon, 05/16/2011 - 10:01 | 1278947 uhb
uhb's picture

+10.

Mon, 05/16/2011 - 11:34 | 1279320 dizzyfingers
dizzyfingers's picture

Yes, pretty much the same thing only instead of just one "dip" the number of dips is... however many taxpayers there are after the 50% who pay nothing are subtracted.

Mon, 05/16/2011 - 11:33 | 1279325 dizzyfingers
dizzyfingers's picture

Yes, pretty much the same thing only instead of just one "dip" the number of dips is... however many taxpayers there are after the 50% of workers who pay nothing are subtracted.

Mon, 05/16/2011 - 11:34 | 1279328 dizzyfingers
dizzyfingers's picture

Yes, pretty much the same thing only instead of just one "dip" the number of dips is... however many taxpayers there are after the 50% of workers who pay nothing are subtracted.

Mon, 05/16/2011 - 09:46 | 1278871 Cognitive Dissonance
Cognitive Dissonance's picture

I'm feeling patriotic this morning. The US Government can use my ex wife's credit card. I just so happen to have that info handy. I'll give Turbo a call as soon as I charge that DSK workout video on her card and have it sent to her new husband. :>)

<Just joking folks. My ex never remarried.>

Mon, 05/16/2011 - 09:55 | 1278930 old naughty
old naughty's picture

For a tiny moment, you got me all worked up thinking CogDis was...Never mind. You are goodfella.

 

Mon, 05/16/2011 - 10:06 | 1278976 Cognitive Dissonance
Cognitive Dissonance's picture

My sexual perversions have nothing to do with.........well maybe they did, but it's none of your......um.......I've decided to plead the fifth......of black label. :>)

Mon, 05/16/2011 - 11:31 | 1279308 baby_BLYTHE
baby_BLYTHE's picture

Jim Beam Black Label is good sh*t!

Mon, 05/16/2011 - 12:09 | 1279470 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Whiskey is my favorite.  Kentucky Bourbon specifically.  Makers Mark, Johnny Walker, and Wild Turkey (very underated) are tops.  I like it room temp with a drop of water.  Nothing better to sip.

Mon, 05/16/2011 - 14:27 | 1280038 Larry Darrell
Larry Darrell's picture

You should branch out and try the following:

Woodford Reserve, Knob Creek, Eagle Rare, Four Roses, Pappy van Winkle.

As a Kentucky native and huge bourbon fan, I assure you that somwhere in the over 100+ selection there is a bourbon for everyone.

Mon, 05/16/2011 - 14:56 | 1280147 baby_BLYTHE
baby_BLYTHE's picture

I guess the junks are from the light-weights that don't believe it is possible for someone my age to enjoy the fine taste of aged burbon. If it is a legal issue, don't worry I turn 21 in less than 2 months. AS long as the criminals continue to rape & pillage our country I have no problem whatsoever drinking underage or smoking marijuana on a regular basis.

Mon, 05/16/2011 - 17:55 | 1280825 jomama
jomama's picture

uh huh.

Mon, 05/16/2011 - 17:54 | 1280823 jomama
jomama's picture

try blue label.

Mon, 05/16/2011 - 09:48 | 1278873 Athemos
Athemos's picture

Never let a crisis go to waste!  Let's see what they what they use to stick in our anus this week.

Mon, 05/16/2011 - 09:54 | 1278879 hedgeless_horseman
Mon, 05/16/2011 - 09:55 | 1278932 Oh regional Indian
Oh regional Indian's picture

Hah! You might be on to somethign there, just did not know it Hedgeless.

Tola is the old Indian measure for things precious (Gold, Silver etc.).

Check it out.

The tola is an old Indian unit of weight. It was the equivalent of the silver rupee issued by the British East India Company, at 180 grains, which equate to 11.6638038 grams, so:-
1 tola = 180 grains
1 tola = 11.66 grams
1 tola = 0.375 troy ounces
3 tolas = 35.98 grams
3 tolas = 1.125 troy ounces
5 tolas = 1.875 troy ounces
10 tolas = 3.75 troy ounces

 

I'm sure many here would not mind a few Tolas up their derriers? Is that what you were suggesting? ;-)

ORI

http://aadivaahan.wordpress.com/2011/05/15/the-times-they-are-a-changinggggg/

 

Mon, 05/16/2011 - 10:16 | 1278954 hedgeless_horseman
hedgeless_horseman's picture

just did not know it

Click on any of the above three tolas. 

Edges are smooth to facilitate, "cross-border transportation".

Mon, 05/16/2011 - 10:30 | 1279024 Oh regional Indian
Oh regional Indian's picture

Aha! And looks who maketh them. And then, finally taketh them!

Edit: Weird, first photo when I replied had Rothschild Markings.

ORI

Mon, 05/16/2011 - 09:48 | 1278875 Dangertime
Dangertime's picture

How long before they hit the 401k's, Private pensions and IRA's?

Mon, 05/16/2011 - 09:46 | 1278881 Quintus
Quintus's picture

Not long.  Confiscation of private pension funds is a well trodden path for insolvent Governments.

Mon, 05/16/2011 - 09:47 | 1278884 Cleanclog
Cleanclog's picture

That happens after they confiscate your gold (or at least make it illegal for you to have physical posession).

Mon, 05/16/2011 - 09:58 | 1278946 Quixotic_Not
Quixotic_Not's picture

I'm sorry, did you say something witty?

All I saw was meat on a hook...

Mon, 05/16/2011 - 10:20 | 1279046 espirit
espirit's picture

Standard answer - Black market.

There's always a market somewhere.

Mon, 05/16/2011 - 10:53 | 1279164 Calculated_Risk
Calculated_Risk's picture

http://www.blackmarketdata.com

Will be adding pm's as a unit of trade in the re-write.

Mon, 05/16/2011 - 10:02 | 1278958 tmosley
tmosley's picture

Same thing that happened to drugs when they did that.

Do NOT follow this link or you will be banned from the site!