The USA Oligarchy-Austerity-Schadenfreude Thread

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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby vanlose kid » Tue Jun 07, 2011 6:34 am

Quantifying The Treasury's Plunder Of Retirement Accounts: $80 Billion Between The G- And CSRD Funds Since Debt Ceiling Breach
Submitted by Tyler Durden on 06/06/2011 17:48 -0400

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.

Image

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.

Image

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...

http://www.zerohedge.com/article/quanti ... nds-debt-c


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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby Bruce Dazzling » Fri Jun 10, 2011 2:36 pm

China ratings house says US defaulting: report
AFP - 12hours ago

A Chinese ratings house has accused the United States of defaulting on its massive debt, state media said Friday, a day after Beijing urged Washington to put its fiscal house in order.

"In our opinion, the United States has already been defaulting," Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., the only Chinese agency that gives sovereign ratings, was quoted by the Global Times saying.

Washington had already defaulted on its loans by allowing the dollar to weaken against other currencies -- eroding the wealth of creditors including China, Guan said.

Guan did not immediately respond to AFP requests for comment.

The US government will run out of room to spend more on August 2 unless Congress bumps up the borrowing limit beyond $14.29 trillion -- but Republicans are refusing to support such a move until a deficit cutting deal is reached.

Ratings agency Fitch on Wednesday joined Moody's and Standard & Poor's to warn the United States could lose its first-class credit rating if it fails to raise its debt ceiling to avoid defaulting on loans.

A downgrade could sharply raise US borrowing costs, worsening the country's already dire fiscal position, and send shock waves through the financial world, which has long considered US debt a benchmark among safe-haven investments.

China is by far the top holder of US debt and has in the past raised worries that the massive US stimulus effort launched to revive the economy would lead to mushrooming debt that erodes the value of the dollar and its Treasury holdings.

Beijing cut its holdings of US Treasury securities for the fifth month in a row to $1.145 trillion in March, down $9.2 billion from February and 2.6 percent less than October's peak of $1.175 trillion, US data showed last month.

Foreign ministry spokesman Hong Lei on Thursday urged the United States to adopt "effective measures to improve its fiscal situation".

Dagong has made a name for itself by hitting out at its three Western rivals, saying they caused the financial crisis by failing to properly disclose risk.

The Chinese agency, which is trying to build an international profile, has given the United States and several other nations lower marks than they received from the the big three.



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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby Allegro » Sat Jun 11, 2011 12:28 pm

.
I'm not affiliated with The Anderson Valley Health Center or its Board, and I'm not in any way affiliated with Swans, either. But I am almost as wildly fanatic about Swans dot com as I certainly am with RI. I've highlighted some points of interest wrt to this thread, which are the reasons I've posted the following in its entirety, an action clearly frowned upon by Gilles d'Aymery, Swans' editor. As he would say, "C'est la vie..."

Important Message From
The Anderson Valley Health Center | Swans dot com | June 6, 2011

    HOW WOULD YOUR LIFE BE AFFECTED IF THERE WERE NO ANDERSON VALLEY HEALTH CENTER??

    Our Health Center is in fiscal trouble right now. There are several reasons for this situation, which some have labeled DIRE.

    We all know that the economy has been in trouble for several years. In spite of this, our community has supported the Health Center to a degree that is astonishing -- especially compared to other like entities nearby. For that, the Board of Directors and the staff of the Health Center are forever grateful. The generosity shown by the results of the capital campaign and from our recent fund raising pleas are truly amazing...

    BUT we are still in trouble.

    Many in the community are aware that the state has completely withdrawn funding for health care. The Health Center has lost more than 1/3 of its revenue. What would your personal finances look like if you lost 33% of your income and were still required to spend the same amount to survive? We are mandated to serve everyone who walks through the doors of the Health Center.

    SO WHAT HAVE WE DONE TO ADDRESS THE PROBLEM?

    • The entire staff, from the Medical Director to the cleaning team, has experienced a 10% pay decrease, which has been in effect for over 1½ years and will continue for the foreseeable future.

    • Twice recently we personally asked some past donors for contributions to help fund our mortgage so we could be certain of remaining a viable entity in our community. We set aside these funds in a special account, but we have only a few more months of certain payments.

    The USDA, which owns our mortgage, has arranged a "workout agreement" for us, so we are paying interest only for now. But this is only until October, after which time we must renegotiate.

    BUT even if our mortgage were to be eliminated, the Health Center runs at a $15,000 deficit every month. Besides receiving NO funds from the State of California, we receive NO federal funds either.
    Most of the rural health clinics in our region do receive funds from the federal government.

    We have applied to the government to achieve the status required to make us eligible to receive these funds. To that end, our Executive Director, Judith Dolan, wrote and submitted a 185-page grant proposal. Shortly after submission of this proposal, the government withdrew the plan to award these funds -- remember when the government was to close down a few weeks ago? The program for which we might have been eligible was part of the COMPROMISE and greatly reduced.

    So what do we do? Our mortgage holder, the USDA, will not adjust the terms of the loan in any way except to extend the time frame. The AVHC Board of Directors must consider all options as we try to continue to offer local medical and dental care to our community. We will speak to some of these options in our next article, but you should know that this might mean the Health Center losing its current independent status.

Gilles d’Aymery, Swans publisher and co-editor wrote:I've written about the dire situation faced by the AVHC in my Blips #89 (September 7, 2009) and, more generally, in my Blips #91 (October 5, 2009). Furthermore, Jan Baughman illustrated the condition of health care in her cartoon entitled (R)evolutionary Health Care Reform (September 21, 2009).
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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby beeline » Mon Jun 13, 2011 3:55 pm

http://www.nytimes.com/2011/06/08/opinion/08friedman.html?_r=4

Op-Ed Columnist
The Earth Is Full
By THOMAS L. FRIEDMAN
Published: June 7, 2011


You really do have to wonder whether a few years from now we’ll look back at the first decade of the 21st century — when food prices spiked, energy prices soared, world population surged, tornados plowed through cities, floods and droughts set records, populations were displaced and governments were threatened by the confluence of it all — and ask ourselves: What were we thinking? How did we not panic when the evidence was so obvious that we’d crossed some growth/climate/natural resource/population redlines all at once?

“The only answer can be denial,” argues Paul Gilding, the veteran Australian environmentalist-entrepreneur, who described this moment in a new book called “The Great Disruption: Why the Climate Crisis Will Bring On the End of Shopping and the Birth of a New World.” “When you are surrounded by something so big that requires you to change everything about the way you think and see the world, then denial is the natural response. But the longer we wait, the bigger the response required.”

Gilding cites the work of the Global Footprint Network, an alliance of scientists, which calculates how many “planet Earths” we need to sustain our current growth rates. G.F.N. measures how much land and water area we need to produce the resources we consume and absorb our waste, using prevailing technology. On the whole, says G.F.N., we are currently growing at a rate that is using up the Earth’s resources far faster than they can be sustainably replenished, so we are eating into the future. Right now, global growth is using about 1.5 Earths. “Having only one planet makes this a rather significant problem,” says Gilding.

This is not science fiction. This is what happens when our system of growth and the system of nature hit the wall at once. While in Yemen last year, I saw a tanker truck delivering water in the capital, Sana. Why? Because Sana could be the first big city in the world to run out of water, within a decade. That is what happens when one generation in one country lives at 150 percent of sustainable capacity.

“If you cut down more trees than you grow, you run out of trees,” writes Gilding. “If you put additional nitrogen into a water system, you change the type and quantity of life that water can support. If you thicken the Earth’s CO2 blanket, the Earth gets warmer. If you do all these and many more things at once, you change the way the whole system of planet Earth behaves, with social, economic, and life support impacts. This is not speculation; this is high school science.”

It is also current affairs. “In China’s thousands of years of civilization, the conflict between humankind and nature has never been as serious as it is today,” China’s environment minister, Zhou Shengxian, said recently. “The depletion, deterioration and exhaustion of resources and the worsening ecological environment have become bottlenecks and grave impediments to the nation’s economic and social development.” What China’s minister is telling us, says Gilding, is that “the Earth is full. We are now using so many resources and putting out so much waste into the Earth that we have reached some kind of limit, given current technologies. The economy is going to have to get smaller in terms of physical impact.”

We will not change systems, though, without a crisis. But don’t worry, we’re getting there.

We’re currently caught in two loops: One is that more population growth and more global warming together are pushing up food prices; rising food prices cause political instability in the Middle East, which leads to higher oil prices, which leads to higher food prices, which leads to more instability. At the same time, improved productivity means fewer people are needed in every factory to produce more stuff. So if we want to have more jobs, we need more factories. More factories making more stuff make more global warming, and that is where the two loops meet.

But Gilding is actually an eco-optimist. As the impact of the imminent Great Disruption hits us, he says, “our response will be proportionally dramatic, mobilizing as we do in war. We will change at a scale and speed we can barely imagine today, completely transforming our economy, including our energy and transport industries, in just a few short decades.”

We will realize, he predicts, that the consumer-driven growth model is broken and we have to move to a more happiness-driven growth model, based on people working less and owning less. “How many people,” Gilding asks, “lie on their death bed and say, ‘I wish I had worked harder or built more shareholder value,’ and how many say, ‘I wish I had gone to more ballgames, read more books to my kids, taken more walks?’ To do that, you need a growth model based on giving people more time to enjoy life, but with less stuff.”

Sounds utopian? Gilding insists he is a realist.

“We are heading for a crisis-driven choice,” he says. “We either allow collapse to overtake us or develop a new sustainable economic model. We will choose the latter. We may be slow, but we’re not stupid.”
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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby JackRiddler » Mon Jun 13, 2011 5:01 pm

beeline wrote:But Gilding is actually an eco-optimist. As the impact of the imminent Great Disruption hits us, he says, “our response will be proportionally dramatic, mobilizing as we do in war. We will change at a scale and speed we can barely imagine today, completely transforming our economy, including our energy and transport industries, in just a few short decades.”


As I wrote elsewhere here: Pearl Harbor happened TWICE in less than a year, and it hasn't produced the commensurate reaction. BP and Fukushima were more than dramatic and didactic enough. Didactic, in that they were readily observable uncontestable large-scale disasters, entirely man-made, monocausal and inarguable as to what the consequences should be: an immediate crash program on the scale of a full war mobilization to completely replace hydrocarbon and nuclear energy within the next few decades, beginning today. And yet they've been argued and have ended up having minimal effects, because the rational reaction to either event entails deposing the present ruling classes and ending present institutions. The true absolute sovereign of the world is denial.

I think the discovery of the Pacific Garbage Patch should have also qualified as a Pearl Harbor; that wasn't even a burp, however, too remote for a species and nations that lack for collective imagination. The Pakistani floods should have also produced an immediate effect, but can't be as clearly and monocausally attributed, and happened in a poor country. Katrina should have been a Pearl Harbor with regard to renewing all public infrastructure. Nope, just another opportunity for disaster capitalism.

We will realize, he predicts, that the consumer-driven growth model is broken and we have to move to a more happiness-driven growth model, based on people working less and owning less. “How many people,” Gilding asks, “lie on their death bed and say, ‘I wish I had worked harder or built more shareholder value,’ and how many say, ‘I wish I had gone to more ballgames, read more books to my kids, taken more walks?’ To do that, you need a growth model based on giving people more time to enjoy life, but with less stuff.”


We may do that. Unfortunately, we will have to overthrow the existing systems, and those of "us" who rule are continuing a hundred-year global war (since 1914 at least) to keep these in place.

Sounds utopian? Gilding insists he is a realist.


Yes, he is absolutely a realist and not a utopian, but he is a realist on a planet ruled by the mad.

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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby justdrew » Tue Jun 14, 2011 1:45 am

June 12, 2011

One of my fifty-five-year-old clients called me into his office (where he and his two buddies were sitting on the desk) and told me that in order to keep working for him, I needed to join the “Pen15” club, by writing “Pen15” on my arm. I declined…and was let go a week later.
Posted at 10:41am
By 1964 there were 1.5 million mobile phone users in the US
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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby Joe Hillshoist » Tue Jun 14, 2011 3:04 am

justdrew wrote:
June 12, 2011

One of my fifty-five-year-old clients called me into his office (where he and his two buddies were sitting on the desk) and told me that in order to keep working for him, I needed to join the “Pen15” club, by writing “Pen15” on my arm. I declined…and was let go a week later.
Posted at 10:41am


Thank you so much.

I've been laughing for hours.
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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby Joe Hillshoist » Tue Jun 14, 2011 3:13 am

Tears of laughter...

May 21, 2011

Me: “Good morning ma’am, I am calling because our records shows a debt on your cellphone line.”

Client: “Oh, yes, sorry. I missed the deadline. Can I pay it with my credit card?”

Me: “Sure, you can do it right know if you wish.”

Client: “Great…Did you get the numbers?”

Me: “Sorry, what?”

Client: “The credit information, I just swiped it.”

Me: “Mmm, no, that’s not the way…”

Client: “hahah, you’re right, I probably have to flip the phone closed to swipe it. Thanks.”

Client hangs up.
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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby gnosticheresy_2 » Tue Jun 14, 2011 5:37 am

Almost too perfect :lol:

I don’t know quite what we’ll be selling yet. Maybe niches. I’ve heard the niche market is doing really well.
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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby Joe Hillshoist » Tue Jun 14, 2011 7:20 am

After looking at the approved city skyline photos for the lead image on the new City Public Service website - one that educates the public on city governmental policies:

Client: “I don’t know, these photos aren’t doing anything for me. Can we look at some photos of chigger bites?”

Me: “Chigger bites?”

Client: “Yeah, you know, chigger mites, the bugs. I like the designs that the scabs make.”


Here's to chiggerbit. :cheers:

I've been reading that site all night.
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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby vanlose kid » Tue Jun 14, 2011 2:18 pm

Was The Iraq War Merely A Smokescreen For "The Largest Theft Of [Taxpayer] Funds In National History"?
Submitted by Tyler Durden on 06/14/2011 10:59 -0400

Back in 2004, following the disastrous Iraq war, started on false Weapons of Mass Destruction pretenses, and which was nothing but a backdoor subsidy to various energy contractors close to the Bush administration, the US government decided to impose a mini Marshall Plan and literally flood the country with billions in crisp $100 bills. The LA Times reports: "Pentagon officials determined that one giant C-130 Hercules cargo plane could carry $2.4 billion in shrink-wrapped bricks of $100 bills. They sent an initial full planeload of cash, followed by 20 other flights to Iraq by May 2004 in a $12-billion haul that U.S. officials believe to be the biggest international cash airlift of all time." And here we are making fun of the Chairsatan and his puny helicopter. Yet where the story gets very disturbing is that it now seems that more than half of this "reconstruction" funding was blatantly stolen! "Despite years of audits and investigations, U.S. Defense officials still cannot say what happened to $6.6 billion in cash — enough to run the Los Angeles Unified School District or the Chicago Public Schools for a year, among many other things. For the first time, federal auditors are suggesting that some or all of the cash may have been stolen, not just mislaid in an accounting error. Stuart Bowen, special inspector general for Iraq reconstruction, an office created by Congress, said the missing $6.6 billion may be "the largest theft of funds in national history."" Is another huge political embarrassment in store for the current US administration (even if on this occasion it can legitimately be blamed on the predecessor?): it appears so: "The mystery is a growing embarrassment to the Pentagon, and an irritant to Washington's relations with Baghdad. Iraqi officials are threatening to go to court to reclaim the money, which came from Iraqi oil sales, seized Iraqi assets and surplus funds from the United Nations' oil-for-food program." Prepare for many more hearings involving Halliburton et al. As for where the money is - why, it has long been spent.

From LA Times:

Theft of such a staggering sum might seem unlikely, but U.S. officials aren't ruling it out. Some U.S. contractors were accused of siphoning off tens of millions in kickbacks and graft during the post-invasion period, especially in its chaotic early days. But Iraqi officials were viewed as prime offenders.

The U.S. cash airlift was a desperation measure, organized when the Bush administration was eager to restore government services and a shattered economy to give Iraqis confidence that the new order would be a drastic improvement on Saddam Hussein's Iraq.

The White House decided to use the money in the so-called Development Fund for Iraq, which was created by the Federal Reserve Bank of New York to hold money amassed during the years when Hussein's regime was under crippling economic and trade sanctions.


Where did the cash come from? Take a wild guess:

The cash was carried by tractor-trailer trucks from the fortress-like Federal Reserve currency repository in East Rutherford, N.J., to Andrews Air Force Base in Maryland, then flown to Baghdad. U.S. officials there stored the hoard in a basement vault at one of Hussein's former palaces, and at U.S. military bases, and eventually distributed the money to Iraqi ministries and contractors.


A truly "Swiss Watch" operation:

House Government Reform Committee investigators charged in 2005 that U.S. officials "used virtually no financial controls to account for these enormous cash withdrawals once they arrived in Iraq, and there is evidence of substantial waste, fraud and abuse in the actual spending and disbursement of the Iraqi funds."

Pentagon officials have contended for the last six years that they could account for the money if given enough time to track down the records. But repeated attempts to find the documentation, or better yet the cash, were fruitless.


Iraq is obviously pissed.

Iraqi officials argue that the U.S. government was supposed to safeguard the stash under a 2004 legal agreement it signed with Iraq. That makes Washington responsible, they say.

Abdul Basit Turki Saeed, Iraq's chief auditor and president of the Iraqi Board of Supreme Audit, has warned U.S. officials that his government will go to court if necessary to recoup the missing money.

"Clearly Iraq has an interest in looking after its assets and protecting them," said Samir Sumaidaie, Iraq's ambassador to the United States.


Iraq also happens to be the marginal producer of crude as was highlighted in yesteryday's JPM report.

Ah, the good old USofA: making international friends with every single ever more unbelievable theft from its own taxpayers.

h/t Manal

http://www.zerohedge.com/article/was-ir ... al-history


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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby Bruce Dazzling » Tue Jun 14, 2011 5:02 pm

Yeah, it was all stolen.

Forgive us again -- we're so darned incompetent!

Sorry!!!
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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby Nordic » Tue Jun 14, 2011 6:18 pm

glad zerohedge is pushing this. i wrote a lot about it years ago. its one of the most outrageous stories to come out of the whole iraq debacle.

i've told a lot of people about this and nobody i've mentioned it to had heard of it.

geithner - head of the ny fed at the time.
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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby gnosticheresy_2 » Tue Jun 14, 2011 6:40 pm

It's another one of those "yes, and?" stories. Yes, this happened. And: it's just too huge to get outraged about. Some people over whom we currently have no power stole a load of our money. Because they're always stealing fucking money, mainly because they're incredibly boring and find it hard to think of success in anything other than quantifiable "power" terms. Dull.
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Re: The USA Oligarchy-Austerity-Schadenfreude Thread

Postby Nordic » Tue Jun 14, 2011 8:35 pm

pallettes of cash, so heavy they had to use forklifts.

it's like something out of the dark knight.

if people actually knew about this, there could be a lot of angry people willing to get some justice.

but most people just don't know.
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