U.S. Treasury Steals Pension Funds to Avoid Debt Limit

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PostThu Jan 19, 2012 10:11 pm » by Will69ease


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U.S. Treasury Secretary Timothy Geithner taps into the federal pension fund to pay U.S. bills.

The Treasury Department is now spending federal pension money in order to keep the bills paid, Reuters reported yesterday.
http://news.yahoo.com/u-treasury-dips-p ... 17768.html

But don’t worry. The administration plans to pay the money back after it can start borrowing money from China and Japan again, after the debt ceiling is increased. Feel better?

The good news, if you can call it that, is that the pension grab is largely self-imposed. With Europe in such trouble, the world still seems willing to lend America money despite its unsustainable spending projections. It is America’s own law that is preventing the government from borrowing more money. Yet, a market-imposed foreign creditor boycott is looming larger with each increase of the debt ceiling.

The federal debt hit $15.2 trillion in December—another new record. More ominously, the nation’s debt is now equal to its entire gross domestic product. History shows that once debt levels reach this level, economic growth slows dramatically and thus the odds of a major economic accident go way up.

One day soon America might be “forced” to confiscate its people’s private pension money because no one else will lend it anything. This is what happened in Argentina in 2008. This is what happened in Ireland in 2009. And what happened to Hungary, Bulgaria, Poland, Portugal and France, last year.
http://www.csmonitor.com/Business/The-A ... e-pensions

Don’t think it couldn’t happen to America.

And don’t think “borrowing” money from pension plans isn’t stealing. If a private corporation “borrowed” money from its employees’ pension plans, someone would be going to jail. :hell:

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PostThu Jan 19, 2012 10:18 pm » by Fatbastard


This is absolutely disgracefull. 'Nuf Said' as one says.
"Senator. I am not now, nor have I ever been, an oil trader, and neither has anyone on my behalf. I have never seen a barrel of oil, owned one, bought one, sold one, and neither has anyone on my behalf."

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PostThu Jan 19, 2012 10:39 pm » by Will69ease


fatbastard wrote:This is absolutely disgracefull. 'Nuf Said' as one says.

Yet nobody seems to care. That's what is disgraceful.

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PostThu Jan 19, 2012 10:52 pm » by Crunchy


its been posted over and over again but once again it perfectly discribes this situation


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PostThu Jan 19, 2012 11:03 pm » by Will69ease


crunchy wrote:its been posted over and over again but once again it perfectly discribes this situation


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That it does. :flop:

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PostThu Jan 19, 2012 11:18 pm » by Truthseekerx


Sounds like what MF Global did...


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