Treasury Resumes Pillaging Retirement Accounts To Fund Deficit Spending Until Debt Ceiling Raised

Tyler Durden's picture




 

Back on January 5, when we first broke the news that the US debt ceiling has been reached, and breached, yet again, we said "And now the Social Security Fund pillaging begins anew until Congress signs off on the latest interim debt ceiling increase." Sure enough, operation rape and pillage is a go.

  • U.S. SUSPENDS PAYMENTS TO PENSION FUND TO AVOID DEBT CAP BREACH
  • GEITHNER INFORMS CONGRESS ON SUSPENSION OF PAYMENTS TO FUND
  • GEITHNER SAYS `G' FUND PARTICIPANTS `UNAFFECTED' BY SUSPENSION
  • GEITHNER SAYS `G' FUND TO BE MADE WHOLE AFTER DEBT LIMIT RAISED
  • GEITHNER: DEBT LIMIT WILL BE INCREASED JAN. 27 UNLESS BLOCKED

In other words: Congress better pass the debt ceiling prontt, or else it will have to explain to government retirees the tens of billions in deficit funds, i.e., marketable debt, already issued will permanently offset the level in G-fund holdings.

Lastly, any comparison to similar acts of commingling performed by other insolvent entities in recent months is purely coincidental and no Obama handlers were thrown in jail as a result of this post.

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Tue, 01/17/2012 - 16:27 | 2072096 Mongo
Mongo's picture

Financial rape & pillage

Tue, 01/17/2012 - 16:35 | 2072119 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"Operation Rape and Pillage is a go!"  Yelled Bernanke from his newly refurbished Treehouse.

"Timmah!"  Yelled little Timmah Geithner as he ran at a dummy they had put on a tricycle at the base of the tree.  The dummy had "Stupid 'Mercan" written on its chest in black sharpie.

Timmah was wearing a plastic knights helmet, a cape, and held both a plastic sword and shield.  He battered the dummy until it fell off of the tricycle.

"Keep your shield up Timmah!  Shield up!"  Bernanke said as he held his Malibu and Rum close to his chin.

"Timmah."  Said Timmah as he imitated Ben.

"I have to ready the press for QE...whatever we are calling the next one.  You stay out here and practice your technique."

"Timmah."  Said Timmah obiebiantly, as he took a deep breath and lifted the dummy back on the tricycle.  He circled the tricycle with eyes wide, before charging at it with his sword raised.

"Timmah!"

Tue, 01/17/2012 - 16:37 | 2072128 Pladizow
Pladizow's picture

I think Washington and Wall St. have an ongoing bet/challange as to who can most brutally ASS RAPE the US taxpayer!

Perhaps an 8mm snuff film will be released shortly!

Tue, 01/17/2012 - 16:41 | 2072145 Obummer
Obummer's picture

Ladies and gentlemen, fellow Americans, good citizens of the world. Today I find that once again I must talk to you about our Federal debt ceiling.  We have an opportunity here, at this moment that is so critical for the future our great country.  For in front of us we have the opportunity to set a new course for America, one that will take us to places un-dreamed of just ten years ago.

I've said it before, and I'll say it again; the key to our prosperity is to win the future.  Well, my office has delivered a proposal to Congress that will allow us to do exactly that.  But our plan will not just win the future in the future.  We will win the future TODAY.  Not tomorrow, not next week, not next year, not in 2025.  Today.  That's right folks, our proposal will win the future in the present.  We have proposed debt ceiling target enhancements that can pull our success out of the future and into today, and we will win the future today.  Let me say that again, I know it sounds incredible, but we CAN win the future today.  All we have to do is adopt these enhancements to the debt ceiling target.

You may hear some elements of society say that debt is damaging the economy, that the debt ceiling should not be targeted for additional enhancements.  It seems to us that these may be extremists who do not want what is best for America.  Well, we are watching the situation closely.  And to these extremists let me be clear; the debt ceiling target will be met, and it will be exceeded.  We do this for the greater good of Americans of all walks of life.

We have no choice but to succeed in this. 

As long as I am President I will make sure that we succeed in this.

Thank you, good night, and God bless America.

Tue, 01/17/2012 - 16:44 | 2072170 SilverIsKing
SilverIsKing's picture

Standing ovation!!!!  Bravo!!!!

What a great American that Obummer is.  We are so lucky to have a man like him at the helm of the greatest nation on earth, or what was once the greatest nation on earth.  I just can't remember.

Tue, 01/17/2012 - 16:56 | 2072227 redpill
redpill's picture

So much negativity in this thread.  Sounds like they just did some routine rehypothecation.  What could go wrong?

 

/MF

Tue, 01/17/2012 - 17:03 | 2072255 Bay of Pigs
Bay of Pigs's picture

No doubt. Fire up the band!

Hail to the Chief.

 

Tue, 01/17/2012 - 17:17 | 2072296 TheSilverJournal
TheSilverJournal's picture

So many are dependent on continued government spending which makes it very difficult to cut including :

  • government retirees
  • government workers
  • entitlement recipients
  • improved property owners
  • bank despositors

TheSilverJournal.com

Tue, 01/17/2012 - 17:38 | 2072367 oddjob
oddjob's picture

Promises to retirees and government bond buyers from bankrupt governments are likely to be repaid with inflation.

Tue, 01/17/2012 - 18:27 | 2072522 Captain Kink
Captain Kink's picture

No mention of "tax payer" or "working stiff" on your list. Bummer.  I can't even comment seriously on this.  Tell me you forgot the /sarc.

 

govt retirees:  ask any airline pensioner from the 70s or 80s whether they should be treated differently

govt workers:  ask european (esp greek) govt workers about this

entitlement recips:  can't afford it, got to change it, at least for future recips

etc...etc...

Tue, 01/17/2012 - 19:32 | 2072706 Henry Hub
Henry Hub's picture

Continued:

  1. Wall Street Banksters
  2. Military Industrial Complex
  3. CIA & Homeland Security
  4. Israel
Tue, 01/17/2012 - 18:02 | 2072444 Grinder74
Grinder74's picture

No doubt. Fire up the band!

Hail to the [T]hief.

 

FIFY

Tue, 01/17/2012 - 18:02 | 2072448 General Decline
General Decline's picture

You know, I really don't like where that deck chair is right now. I think it would look better over there. Nope, a little to the left....a little more.... Perfect! Right there.
What? What do you mean the bilge pumps can't keep up anymore? Who cares! That deck chair looks marvelous over there!

Tue, 01/17/2012 - 17:04 | 2072260 VanillAnalyst
VanillAnalyst's picture

this is such bullshit.... goddam pyramid scheme government

Tue, 01/17/2012 - 18:51 | 2072598 Chupacabra-322
Chupacabra-322's picture

The Bail Outs List Obtained by Bloomberg News FOIA request and Lawsuit

Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)

FYI: The total amount of money given to various named and unnamed entities since 2008 is now 29 Trillion Dollars or 1/2 of ALL the money printed by the Federal Reserve since 2008….and people wonder why the economy is not growing?

Mitt Romney Top campaign contributors for 2012 3rd quarter


*Goldman Sachs …………………$354,700
*Credit Suisse Group ……………$195,250
*Morgan Stanley ………………….$185,800
HIG Capital ……………………….$176,500
*Barclays ………………………….$155,250
Kirkland & Ellis…………………..$129,100
*Bank of America …………………$121,500
PricewaterhouseCoopers ……..$118,250
EMC Corp …………………………$117,300
*JPMorgan Chase & Co ………..$109,750
The Villages ……………………….$92,500
Vivint Inc ……………………………$88,250
Sullivan & Cromwell ……………..$78,750
Marriott International …………….$75,837
Bain Capital ……………………….$69,500


*UBS AG …………………………….$64,250
Wells Fargo ………………………..$63,000
Blackstone Group ………………..$57,300
*Citigroup Inc ……………………….$56,550
KKR & Co ………………………….$53,900

Does America Really want Mitt “Obama” Romney? I see a conflict of interest here in these lists. I see bigger bailouts and more debt on America. Romney IS bought and paid for by the bankers. The media is pro Romney because it does not want to lose its investments!


Obama Campaign Contributors

University of California……….. $1,648,685
Goldman Sachs………………… $1,013,091
Harvard University……………. $878,164
Microsoft Corp………………….. $852,167
Google Inc ………………………. $814,540
JPMorgan Chase & Co………….. $808,799
Citigroup Inc……………………… $736,771
Time Warner……………………… $624,618
Sidley Austin LLP………………… $600,298
Stanford University……………… $595,716
National Amusements Inc……… $563,798
WilmerHale LLP ………………….. $550,668
Columbia University …………….. $547,852
Skadden, Arps et al ……………… $543,539
UBS AG…………………………….. $532,674
IBM Corp…………………………… $532,372
General Electric……………………. $529,855
US Government …………………… $513,308
Morgan Stanley……………………. $512,232
Latham & Watkins…………………. $503,295

 



 

Tue, 01/17/2012 - 20:16 | 2072788 JPM Hater001
JPM Hater001's picture

Excuse me while I pick my jaw up off the ground.

Tue, 01/17/2012 - 21:31 | 2072941 Chupacabra-322
Chupacabra-322's picture

@ JPM Hater001,

I actually had a case of Violent Explosive Diarrhea after posting the figures.

Tue, 01/17/2012 - 16:47 | 2072186 The Swedish Chef
The Swedish Chef's picture

You forgot "Make no mistake...", O Great Telepromteur.

Tue, 01/17/2012 - 16:52 | 2072211 Roy T
Roy T's picture

 

Also forgot "Let me be clear"

Tue, 01/17/2012 - 17:05 | 2072265 redpill
redpill's picture

Also forgot,

"previous administration"

"inherited"

"saved or created"

"there are those who say"

etc

but a solid effort nonetheless

 

Tue, 01/17/2012 - 17:18 | 2072297 knukles
knukles's picture

The closing was transcribed wrongly.
It should have read "Alluah Akbar.  It is God's will.  Jihad shall be done.  Kill the infidels.""

Tue, 01/17/2012 - 18:03 | 2072451 Grinder74
Grinder74's picture

Aargh, why do you have to pick on the peaceful Muslims?  Everyone knows there are just as many Buddhist terrorists that make me nervous when I see them in traditional Buddhist garb.

Tue, 01/17/2012 - 20:41 | 2072842 non_anon
non_anon's picture

don't fuck with the monks

Tue, 01/17/2012 - 20:38 | 2072833 gravedestruction
gravedestruction's picture

Who the heck? Wait a minute - walks like a duck - quacks like a duck - hmmm...

Wed, 01/18/2012 - 01:13 | 2073497 Freddie
Freddie's picture

Hope & Change.

I actually know seniors and baby boomers who voted for the islamic Mugabe.  Boy are their lives f***ed now.  Their lives are essentially over.

(post under review by DHS)

Tue, 01/17/2012 - 18:44 | 2072574 valley chick
valley chick's picture

Once again the "G" fund is the target...screw you assholes in Washington....got out of it in 2011 before the first rape.....BITCHEZ !

Got physical?

Tue, 01/17/2012 - 20:15 | 2072787 UP Forester
UP Forester's picture

They're still searching for the "G" spot.

Tue, 01/17/2012 - 16:37 | 2072131 Caviar Emptor
Caviar Emptor's picture

lol

Tue, 01/17/2012 - 16:57 | 2072230 francis_sawyer
francis_sawyer's picture

As one "pillages"... One is obliged to bellow...

BRING ME ALL THE FINEST MEATS & CHEESES IN THE LAND!

Tue, 01/17/2012 - 17:44 | 2072393 catacl1sm
catacl1sm's picture

you forget "bitchez".

Tue, 01/17/2012 - 17:43 | 2072388 JohnG
JohnG's picture

Been a while.  Please do more of these. :)

Tue, 01/17/2012 - 19:25 | 2072688 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Please send all requests to my muse.

PO Box:

On my Shoulder

Tue, 01/17/2012 - 16:57 | 2072232 navy62802
navy62802's picture

Financial terrorism.

Tue, 01/17/2012 - 17:02 | 2072251 falak pema
falak pema's picture

As Alan Greenspan was known to say, with Paulson, Rubin and Summers saying "Hear Hear!" 

"Financial rape, irrational exuberant impulse, is impossible!  Sub Prime investor with skirts up runs faster than Squid/PD with pants down!

Tue, 01/17/2012 - 20:29 | 2072812 Endurus
Endurus's picture

My only question is how long before the government rapes and pillages (restructures) the private sectors 401k's and IRA's.

Tue, 01/17/2012 - 22:42 | 2073144 Buck Johnson
Buck Johnson's picture

They are just setting precedent when they decided to go after teh 401k's of everybody.

Tue, 01/17/2012 - 16:26 | 2072097 Dr. Richard Head
Dr. Richard Head's picture

The Federal Reserve - pilfering the nation's money and coffers since 1913.

Tue, 01/17/2012 - 16:28 | 2072102 HamyWanger
HamyWanger's picture

If you think that ensuring vital stability in the banking system is "pillaging" then yeah, right... 

Before the Federal Reserve, there was a banking panic and a depression every fifteen years. 

Tue, 01/17/2012 - 16:30 | 2072112 tekhneek
tekhneek's picture

You have a whorish mouth.

Tue, 01/17/2012 - 16:32 | 2072116 HamyWanger
HamyWanger's picture

And I haven't even mentioned the continuous monetary deflation which was slowly killing every vital force in our economy. 

America has never witnessed more prosperity and technological innovation than since the day the FED was created. Nerdy libertarians and redneck confederates MUST FACE IT. 

Tue, 01/17/2012 - 16:37 | 2072124 dumpster
dumpster's picture

hammy only one/ half thing to say to your doppy views in your diaper clad penis

use other parts of body beside the dick to view the world

Tue, 01/17/2012 - 16:57 | 2072233 falak pema
falak pema's picture

he can't he breathes thru the pin head. No other pores, he is in cabin 223 on the Costa Concorde. Just an analogy, but that boat is as good as the Poseidon adventure for real! 

Tue, 01/17/2012 - 16:35 | 2072126 EscapeKey
EscapeKey's picture

That's right, that's why the US economy was in continuous decline throughout the 19th century.

Tue, 01/17/2012 - 16:38 | 2072137 HamyWanger
HamyWanger's picture

What??? What are you talking about, moron???

U.S. GDP was up every single year since 1913, with a few exceptions. You should go back to junior high. 

Tue, 01/17/2012 - 16:39 | 2072140 EscapeKey
EscapeKey's picture

There's something rather ironic about you calling me a moron, yet failing to realize 19th century = 1801..1900.

Tue, 01/17/2012 - 16:42 | 2072156 LawsofPhysics
LawsofPhysics's picture

Don't feed the trolls.  Pretty clear who the moron is.

Tue, 01/17/2012 - 16:43 | 2072165 Vergeltung
Vergeltung's picture

cystal.

 

Tue, 01/17/2012 - 21:10 | 2072901 gravedestruction
gravedestruction's picture

This certainly will come to a fowl end...

Tue, 01/17/2012 - 16:44 | 2072168 HamyWanger
HamyWanger's picture

OK, I admit I read too quickly. But that doesn't change my point.

The American economy was indeed in harsh and continuous decline throughout the 19th century (1801-1900). 

Poverty and misery were WIDESPREAD, notably among rural populations and African-Americans. Half of the US population was living under the poverty line. Do some research

Tue, 01/17/2012 - 16:51 | 2072206 SilverIsKing
SilverIsKing's picture

Because there was no central bank?

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