To Loot by Borrowing
Feb 22, 2010
The government needs lots of money. Where do they get it? Since other countries have virtually stopped buying up our Treasury Bonds, the government is turning to Pension funds.
PALM CITY, Fla., Feb. 16 /PRNewswire-USNewswire/ -- As of January 1, 2010, the amount of money owed to federal civilian and military pension trust funds passed the $1 trillion mark as Congress continues to loot all of the federal government's trust funds to pay for deficit spending.
More money is now owed by the federal government to these two funds than what is owed to China.
There are a lot of funds out there that seem to have lots of money, but in fact they have nothing except an IOU from the government.
Corporations have been doing this for a long time. They borrow from pension and retirement funds, and then declare bankruptcy, leaving those funds with nothing.
No fund is off limits, it seems, and as long as there are funds to loot, they will be looted, and when there are no more funds to loot, then there will be a default.