Guest Post: Treasury Is Re-writing History – Literally

Submitted by Mark McHugh of Across the Street

Treasury is Re-writing History – Literally

Once upon a time in America $100 Billion dollar errors were considered a “big deal.”  Not so much anymore.  So if you are one of those confused souls who has no idea who the fuck is buying US Treasuries, take heart.  You are not alone.  Tim Geithner has catapulted himself to tops on that list by revising a few numbers on the “ Treasury’s Estimated Ownership of U.S. Treasury Securities” report (TABLE OFS-2) .

Well actually it was more than a few:

I present the Q1 version of OFS-2 and the Q2 version.  The changes since 2007 are highlighted (there are more…)  The red boxes show the most dramatic revisions:

Private Pension holdings were revised up $91.4 B.  (429.8 from 338.4)

The mysterious “Other Investors” holdings were revised down $126.2 B.  (874.9 from 1,001.4).

Are you trying to tell me that the US Treasury just figured out what the term “Private Pension” means?  I should also point out that these revisions pertain to Q4 2009, eight and a half months and 1.1 Trillion in debt ago.

It gets worse….

Glancing at back issues of the Treasury Bulletin, I can tell you that these are not the first revisions to OFS-2.  Wierd how the WSJ, FT, NYT, Steve Liesman, Erin and all the other jack-off  professional financial journalists never mentioned this before, huh? 

I used to be sort of embarrassed to admit that I take screen shots of things I don’t think the government wants us to see, just in case they should “disappear.”  For example, I know I’ve seen a video of Bernanke scoffing (literally) at a school kid and saying, “Today’s situation is nothing like the great depression.”  Poof. gone.  I’ve even offered a hundred bucks to anyone who can find it, but I digress.

I’d strongly urge concerned citizens to go download the back issues of the Treasury Bulletin now.  Like it or not, believe it or not. the blogoshere is America’s last line of defense.



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