Tuesday, November 24, 2009

The Pension Fraud and Misappropriated Information

A photo was released by the White House showing the Administration "deliberating on Afghanistan." In that photo, surprisingly, was Peter Orszag. Orszag is Director of the Congressional Budget Office. In his Congressional Budget Office biography, his duties include "supervising the numerous analytical papers and cost estimates that the agency produces and, to present the results, frequently testifying before the Congress. In managing the agency, the Director is responsible for a staff of 235 people and an annual budget of roughly $40 million." The bio goes on, "Since Dr. Orszag began his term as the seventh Director of CBO on January 18, 2007, the agency has significantly expanded its focus on areas such as health care and climate change." In layman's terms, Orszag's tenure will be defined by misdirection, fabrication, and treachery.
Orszag's specialty fields are described as "pensions, Social Security, budget policy and politics, higher education policy, homeland security,macroeconomics, and tax policy." This is better defined as "stealing the money within those funds." What is clear is that the White House is terrified of opening up the books. Any books. They are terrified of the very slogan Obama ran on- TRANSPARENCY.

The press has used the deliberations over Afghanistan as a phony cover for meetings meant to decide how the Administration will deal with the inevitable financial collapse. Does anyone really think the elite need Obama to decide to send more troops? The Council on Foreign Relations, Richard Holbrooke, and Zgbinew Brzezinski run the wild-goose chase in Afghanistan. Obama and his minion czars have their work cut out dealing with the soon-to-be-irate American public. This is why they are opushing so hard for health care. People will be beholden to the government and have to participate in their destructive game.

A few weeks ago, the Philadelphia transit workers struck and demanded an audit of their pension funds. Eventually the strike was ended but the city refused the audit. Click here for an excellent play by play account of the strike. What were they so afraid of? The pensions are there, right?

On a larger scale, the Federal Reserve has played the same game. Even when the Obama Administration promised transparency, the Fed hides behind the cloak of "independence." When the Fed speaks of "independence," they mean secrecy. They are fighting like a bunch of crybabies to not be audited. Why would they object to a look into where all the tax dollars have gone, their agreements with foreign governments, and agreements with foreign central banks?

As the problems worsen, the lies become more visible and the attempts to explain more hapless. When the bailout of AIG occurred in the fall of 2008, the Federal Deposit Insurance Corporation (FDIC) provided the backstop for the peoples' money. The FDIC promised "$250,000 in insurance for interest-bearing accounts, up from $100,000. The FDIC also issued unlimited guarantees on non-interest- bearing accounts and newly issued unsecured bank debt." The FDIC is now broke. They are asking banks who received bailout money to help in future bank closures. The situation is much like water circling the drain.

There are no more second chances. There is no more credit to be had, no more resources to be wasted. The fiat money system will consume itself in a currency crisis marked by bank failures. No amount of book-cooking will be able to inject value into the already-dead dollar system. All Peter and rest can do is lie....and they will. The question is: Will people believe their Keynesian bullshit about the "full faith and credit" of the United States when their fixed incomes don't allow them to eat?

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