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MONEY LAUNDERING
The Clinton Legacy
By: Ed Henry
(Source: U.S. Treasury Bureau of Public Debt)
Notice the red section. This represents your extra Social Security, Medicare, gas tax payments and a host of other entitlement and user taxes that you pay yearly. The Beltway Bandits steal this money and spend it wherever they want, telling you that they are just “borrowing” it. They then place promissory notes in trust funds adding to the national debt. They call these special obligation “nonmarketable” bonds. Markers that you and your children will someday pay a second time. You give them money. They give you debt.
The green section is money owed to investors. People who legitimately and consciously loaned the government money in return for annual interest and a profit. Considered the “safest investment in the world” for one reason only. Sold by the Treasury, these bonds, bills, notes and savings bonds are backed by every man, woman and child in the country. Anyone who will ever pay taxes.
Payoff all comes out of the Treasury’s General Fund of annual income taxes paid by American workers and corporate taxes where cost is built into every product and service you buy. You pay, no matter how you look at it. You pay off the green section. And you will pay off the red section the same way. The fact that the pirates call the green section “Public Debt” and the red section “Federal Debt” doesn’t change things one iota. Cover words. If you call a skunk "rosebud" maybe people will tolerate him.
You’ve all heard lies about how the national debt is going down, being paid off by the Clinton/Gore administration. Well, as you can see, it went up in the year 2000.
What is going down is the green section. This is the government’s money laundering operation. A system of moving debt from one credit card to another. Just as you might use your Visa card to pay off your American Express card or take out a second mortgage on the house to clear up a bunch of bills. In ten years or so, the green section will be gone entirely.
Annual interest on the national debt was nearly $1 billion a day last year. A total of $361,997,734,302.36 ($362 billion) according to the Bureau of Public Debt.
Here’s the hooker. Only about 60 percent of this interest was paid in real money. The rest was funny money added to the red section of the chart above. $223.2 billion was paid investors with real money from the Treasury’s General Fund or, put another way, from the year 2000 budget. $138.8 was paid the red section by simply handing trust funds more bogus bonds. No cash involved.
In 1997, the government paid $254 billion in interest to investors. Since then, and because they have applied more than $300 billion in entitlement money to paying down the investor (green) side of the debt, the government has reduced this annual interest to $232 billion, a whopping savings of $31 billion for them. What a deal.
In other words, if you give the federal government another $100 billion in extra FICA taxes, they’ll take that money and pay off investors from the blue section. This will save the pirates about six or seven billion in interest payments they would otherwise have to pay investors next year. Isn’t that wonderful?
In appreciation, the Beltway Bandits might even give you back three or four billion. Change $100 billion into $4 billion. Sounds like a good deal to me. Has anybody got a bridge for sale? Or didn't you just buy on of Clinton's bridges to the future.
How long are you going to put up with this crap?
From the horse’s mouth
In the 2001 budget report, the Beltway Bandits laid this out in their usual verbiage. In the section titled “A Balanced and Fiscally Responsible Budget,” here’s the way they said it:
“The debt would be paid off by 2013. President Clinton has proposed to use the entire Social Security surplus, $2.2 trillion over 10 years, for debt reduction. In addition, over the next 10 years he would dedicate $350 billion of the $746 billion non-Social Security surplus to debt reduction, with the vast majority of it being used to extend Medicare solvency. That is nearly half of the non-Social Security surplus for debt reduction. The President’s budget is projected to pay off the debt held by the public by 2013, the first time America will have been debt free since 1835.”
What about the debt held by the government? The “Federal Debt” or red section? Who’s going to pay that off?
Here’s what Bill Clinton himself has to say about that. The following quote comes from the Analytical Perspectives section of the Fiscal 2000 Budget:
“Trust fund bonds are not real economic assets that can be drawn down in the future to fund benefits. Instead, they are claims on the Treasury that, when redeemed, will have to be financed by raising taxes, borrowing from the public, or reducing benefits or other expenditures.”
The last three things are all the same. It comes from your tax money. And isn’t it nice that the Beltway Bandits give us all these worthless bonds in exchange for the entitlement money they steal? With annual interest added on top, no less.
How much more do you need to hear??? This is not a proposal. It’s already happening.
Is anybody out there?
Where is the investigative watchdog media? Where is the Wall Street Journal or the New York Times? Hell, where are Jay Leno and David Letterman? Where’s the outrage?
The only plan that makes any sense is that once the investor side of the national debt is paid off (green section) and the national debt is all in trust funds (red section) - then the Beltway Bandits will bankrupt nonmarketable bonds. Then they’ll admit these were always worthless, a trick played on you by previous politicians. Not the fault of the government of 1913. Apologize for the dirty tricks of Clinton, Bush, et al, and take the action that could have always been taken. Eliminate these bogus bonds. Wipe them from the books, just like they could have done in 1998 or 1983 when Alan Greenspan, Bob Dole and Daniel Patrick Moynihan (the key players in the Greenspan Commission) gave the government a way to rob Social Security and other entitlements.
How else are we going to be “debt free” by 2013? And why should we expect the pirates to give up their pork-barrel spending, payback to corporations and contributors, world banking and world order plans? Why should they be frugal when they can rob our retirement and health care contributions?
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