Another HUGE story that goes large unnoticed.
(Reuters)
— The Treasury on Tuesday started dipping into federal pension funds in
order to give the Obama administration more credit to pay government
bills.
“I will be unable to invest fully” the federal employees retirement
system fund beginning Tuesday, Treasury Secretary Timothy Geithner said
in a letter to Democratic and Republican leaders in Congress.
The House of Representatives is expected to vote on Wednesday on the
Obama administration’s request to raise the country’s legal debt limit
to $16.394 trillion.
However, unless the lower chamber and the Senate are able to shore up
enough votes to block the White House request, the debt limit will be
increased by $1.2 trillion next Friday and a repeat of last year’s debt
ceiling debacle will be averted.
People. Think MF Global and the 500,000 accounts that were filched. ANYthing can happen with pyschopaths desperate to keep the fiat ponzi going. You think your 401k is always going to be there? Think again.
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