$21 trillion lost: Largest theft in history buried under guise of US national security

RT–Comedian Lee Camp on his show Redacted Tonight recalls the first-ever audit of the Pentagon, which is taking 2,400 auditors to do the job, trying to understand where $21 trillion in unsupported adjustments went.

In his show, Camp recalled that a couple of years ago professor Mark Skidmore of Michigan State University heard Catherine Austin Fitts, former Assistant Secretary in the Department of Housing and Urban Development, say that the Department of Defense Inspector General had found $6.5 trillion worth of unaccounted for spending by the Army in 2015.

Skidmore, being an economics professor, thought “she meant $6.5 billion and not $6.5 trillion”, because “trillion would mean the Pentagon misplaced more money than the Gross Domestic Product of the whole of the United Kingdom” (UK’s GDP $2.62 trillion), Camp said. “So he looked into the Inspector General’s report and he found something interesting: it was 6.5 trillion dollars!”

Skidmore and Catherine Austin Fitts did more digging and conducted a search of government websites. They found similar reports dating back to 1998. These documents indicate $21 trillion in unsupported adjustments that had been reported for the DoD and Housing and Urban Development for the years 1998 -2015.

“If you make 40,000 USD a year, how long would it take you to make one trillion dollars? It would take you 25 million years, which sounds like a long time, but once you get past the ten million mark, it really flies by,” Camp noted.

As Forbes magazine pointed out, after Mark Skidmore began inquiring about the report, the Office of the Inspector General’s webpage was mysteriously taken down.

Given that the entire army budget in fiscal year 2015 was $122 billion, unsupported adjustments were 54 times the level of spending authorized by Congress, the magazine said. The Inspector General report indicated that unsupported adjustments were the result of the Defense Department’s “failure to correct system deficiencies”.

Lee Camp noted that mainstream media didn’t pay due attention to the story which he describes as “the largest theft in history covered up under the guise of national security.”

Source Article from http://govtslaves.info/2018/05/21-trillion-lost-largest-theft-in-history-buried-under-guise-of-us-national-security/

Jeff Bezos Dreams of a World with a Trillion People Living in Space

Jeff Bezos Dreams of a World with a Trillion People Living in Space

May 2nd, 2018

My guess is that he plans to ride out TEOTWAWKI in a personal submarine.

Via: CNBC:

Dreaming big isn’t something Jeff Bezos has a problem with.

And true to form, the multi-billionaire’s vision for the world that his great-grandchildren’s great-grandchildren will live in is pretty wild to imagine.

The Amazon and Blue Origin boss says a trillion people will live in space, there will be “a thousand Einsteins and a thousand Mozarts” and we’ll develop other planets, leaving Earth a beautiful place to be.

Bezos painted this future vision in an interview with Axel Springer CEO Mathias Döpfner, published by Business Insider on Saturday.




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Global Debt Is Now An Insane $164 Trillion, But Who Exactly Do We Owe?

By Isaac Davis, Waking Times

If you’ve ever wondered why the world seems hopelessly fraught with endless conflict, ruled corrupt states, and bent on developing a never-ending supply of advanced weaponry, you’d need to understand the nature of our debt based economy.

The IMF has just reported that total global debt is now at a staggering $164 trillion, which amounts to 225% of total global GDP. Every person on this planet could turn over everything they produce for the next two plus years and we’d still be in debt.

The number is now so astronomically high that its impossible to pay off, and so there really is no point to even trying. In fact, government’s are not at all concerned with paying off the debt because they know the number has lost it’s meaning in the face of such cartoonish proportions.

Even Alan Greenspan, former chairman of the Federal Reserve knows this, essentially admitting that the economy is structured in such a way that the only way to survive is to keep adding debt.

“The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.” ~Alan Greenspan

But who do we owe, and who’s doing all the borrowing?

In an article on this by Bloomberg, Andrew Mayeda lays the blame for such high numbers on an increase in private sector debt along with the fallout of the economic crisis of 2008.

“Surging private-sector debt, particularly in China, is driving the build-up. China has accounted for almost three-quarters of the increase in private debt since the global financial crisis, according to the fund.

The IMF figures lay bare the scale of the debt hangover from which the world is still recovering a decade after the financial crisis pushed the global banking system to the brink and tipped the world economy into recession. Governments increased spending to boost growth, while central banks resorted to unconventional methods to ease financing conditions, such as buying bonds.” [Source]

What is not said here is the how the debt bubble actually works.

Currency today is created by private institutions who create as much money as banks and governments desire. This money is created out of thin air, literally by punching a few keys on a computer and sending tiny currents of electricity to a screen which displays whatever number the private corporation wants. It is not backed by anything of value, yet these private institutions charge interest to governments and private sector borrowers.

For every dollar created and loaned, the magical money-lender demands that dollar back plus interest. Since the lender is demanding more than was created, it is mathematically impossible to ever pay off debt, because the interest simply just doesn’t exist.

This system ensures that the human race will always be in debt, and this system is the new slavery, meaning that when we owe money in this fashion we are not free to use the full power of our labor and resources to improve our communities and infrastructure. Instead, lending moves in the direction of the development of instability and weapons of war. Any time the lender wishes to flex its muscle it can create instant economic hardships by calling in this and making it more difficult to borrow money to service the debt.

The modern-day debt system maintains a tragic dramatic tension in the world, and on a planet with such abundant resources, you have to wonder with a global debt number so high, do the people of the planet owe each other, or are we really in debt to some type of off-planet entity?

This is a legitimate question, asked by researcher Catherine Austin Fitts, who wonders that with such astronomical numbers, it is possible that planet earth engaged in some type of trade with extra-terrestrials.

After years of investigative research into the trillions of dollars missing from the U.S. government, former Wall Street banker and former Assistant Secretary of Housing and Federal Housing Commissioner at the United States Department of Housing and Urban Development in the first Bush Administration, Catherine Austin Fitts has come to the conclusion that global debt may very well be owned by off-planet entities who operate planet earth as a real estate investment.

“Is earth an open or closed economy? I went to business school, I worked on Wall Street for eleven years, you know I’ve been involved in the economy my whole life and the whole time I was invited to assume that earth was a closed economy. So, if we issued debt, then other humans owned that debt. If we issued stock, other humans owned that stock. But if you look at all the economic experiences I’ve had over my whole life, in government, businesses, everything else, what I will tell you is, you know, if you ask me to describe the economic model on planet earth, I would say, ‘well planet earth is a real estate investment trust because we’re paying a dividend some place every year, and I don’t know where it’s going. It’s going into that question mark, on the planetary balance sheet.” [Source]

Looking at global debt as a transaction between the planet and some other ET force makes a good bit of sense, as it definitely does not make sense for the human race to enslave itself to itself with such an insane system.

Read more articles from Isaac Davis.

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Source Article from https://truththeory.com/2018/04/23/global-debt-is-now-an-insane-164-trillion-but-who-exactly-do-we-owe/

Higher Life Expectancy Threatens $400 Trillion Retirement Fund Crisis

Kristian Rouz — In its recent report, the World Economic Forum (WEF) found that pension fund liabilities could increase to as much as $400 trln by 2050, threatening to capsize the entire global economy in the event of a recession or an investment meltdown, which would be structurally similar to the Great Recession.

This comes as the world’s wealthiest are ramping up investment in healthier lifestyles, and hope to achieve an average life expectancy of 100 years.

READ MORE: Media Regulation Methods Amid Fake News Onslaught Discussed at WEF — Analysts

The Geneva-based institution found that ageing populations in the advanced economies, coupled with the reluctance of national governments to raise the retirement age, could result in a massive burden of liabilities for the world’s largest pension funds.

Most retirement funds operate as regular investment funds, raising capital from the pension contributions of the working population, and allocating this money into development projects, financial market operations, and other for-profit activities.

However, while most regular investment funds only have interest liabilities, pension funds have an additional expense in the form of monthly payments to their now-retired former contributors. This leaves pension funds exposed to financial sector and broader economic risks, and the rising burden of pension liabilities could make them increasingly vulnerable in the face of future economic crises.

READ MORE: Rallies Against Trump’s Arrival at WEF Held in Switzerland (PHOTO, VIDEO)

WEF researchers found the nations with the largest pension funds — such as the US, Canada, the Netherlands, Japan, the UK, and Australia, as well and India and China — could see their overall pension liabilities rise from $70 trln in 2015 to $400 trln in just three-and-a-half-decades.

“The anticipated increase in longevity and resulting ageing populations is the financial equivalent of climate change,” the WEF’s Michael Drexler wrote.

This comes as the average life expectancy in the US, Eastern Europe, and China has increased to the late 70s, according to a separate report from the Organization for Economic Cooperation and Development (OECD). Meanwhile, the average life expectancy in Western Europe and Japan has reached the early 80s — while the retirement age is still at its 1960s level of about 60-65.

Germany, Turkey

Yet another report, from Swiss investment bank UBS, found that some 53 percent of successful investors say they expect to live to be 100. This significantly raises the outlook on the overall upper-class life expectancy, and suggests the longevity gap between classes could bear more alarming consequences than income inequality.

91 percent of respondents to the UBS survey said they are “making financial changes due to increased life expectancy.” This, given the fact that the upper class is less reliant on pension funds, could also mean that a global financial meltdown could decimate pension payments to today’s working-age middle and lower-class demographic cohorts.

“We must address it now or accept that its adverse consequences will haunt future generations, putting an impossible strain on our children and grandchildren,” WEF’s Drexler said.

The WEF found the pension savings deficit is worsening as more workers are retiring, while less workers are entering the labour market. This is not least due to the low rates of overall labour participation, which remain at their early 1960s levels in the US, at about 64 percent.

In eight of the aforementioned countries, the retirement funds gap is widening by 5 percent every year, making up for some $28 bln of projected pension deficits every day.

While state-administered pension systems have proven their inadequacy in most of today’s inflation-driven economies due to their dismal pension payments, investment-based approaches to pensions are in jeopardy due to the lack of jobs available for the younger generations, and the ‘welfare state’ model is dominant across the majority of the advanced economies.

Church in Sweden

The WEF urged national governments to make adjustments to the national retirement age — meaning that given higher life expectancies, people must also be expected to work longer. Additionally, the institution called for the implementation of technology and automation, as robots could work certain jobs and generate wealth necessary to support ageing elderly humans.

Additionally the WEF urged financial education so that today’s workers could plan their retirement in their own interest, as opposed to the modern day retirement-planning services aimed at boosting the capitalisation of pension funds.

The WEF also called for clearer government communication, and transparency in pension data reporting, so that citizens know what challenges pertaining to retirement they are facing at each point in their career.

Source Article from https://sputniknews.com/business/201804221063798055-higher-life-expectancy/

US Gross National Debt Spikes $1 Trillion in Less Than 6 Months

And these are the good times.

As of the latest reporting by the Treasury Department, the US gross national debt rose by $41.5 billion on Thursday, February 22, to a grand total of $20.8 trillion.

Here’s the thing: On September 7, 2017, five-and-a-half months ago, just before Congress suspended the debt ceiling, the gross national debt stood at $19.8 trillion.

At that time, I was holding my breath waiting for the gross national debt to take a huge leap in a single day – as it always does after the debt ceiling gets lifted or suspended – and jump to the next ignominious level. It sure did the next day, when it jumped $318 billion.

And it continued. Over a period of 8 weeks, the gross national debt jumped by $640 billion. Four weeks after that, it had ballooned by $723 billion, at which point Fed Chair Yellen – whose cheap-money policies had enabled Congress to do this for years – said that she was “very worried about the sustainability of the US debt trajectory.”

Then Congress served up another debt ceiling – a regular charade lawmakers undertake to extort deals from each other, beat the White House into submission, and keep the rest of the world their on their toes. It goes like this: First they pass the spending bills, directing the Administration to spend specific amounts of money on a gazillion specific things spread around specific districts. Then they block the means to pay the credit card bill.

That debt ceiling was suspended on February 8, at which point the gross national debt began to surge again, adding $1 trillion ($960.4 billion rounded to the nearest 100 million), a 5% jump in the gross national debt in just 5.5 months:

In the chart, note the somewhat technical jargon (marked in green) of what will happen going forward. The past week saw record issuance of Treasury debt, and that surge of Treasury debt issuance will continue. The Treasury department now expects that the debt will increase by $617 billion by mid-year.

The debt ceiling is like playing toss with a loaded gun: The gun will normally not go off because almost everyone is trying very hard to catch the gun without pulling the trigger. And historically speaking, it hasn’t gone off yet, and everyone hopes that it will never go off. It’s dramatic, and sound bites from those playing toss permeate the media, but what it really does is distract from the consequences of the fiscal policies that these same people are hammering out in Congress. Those consequences are best summed up over time in the gross national debt.

The trillions fly by so fast these days, we can’t even see them anymore. And afterwards we wonder: What was that? Where did it go?

The Treasury Department, in its Financial Report for fiscal 2017, which it just released, and which was silenced to death by the media, shows where that money came from and where it went. Now, just add the tax cuts and the ballooning expenditures. Read…  US Treasury Posts Gigantic $1.16 Trillion Shortfall in Fiscal 2017, Hilariously Points out “Where We Are Headed”

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Source Article from https://wolfstreet.com/2018/02/24/us-gross-national-debt-spikes-1-trillion-in-less-than-6-months/

Trump Vowed Not To Run $400 Billion Deficits. Instead He’ll Run A $1 Trillion One.

WASHINGTON ― Fourteen months before he was elected president, Donald Trump vowed to make sure the country would never again run a $400 billion budget deficit.

“Well, he’s right about that,” laughed Capitol Hill budget veteran Stan Collender on Monday.

Because, as it turns out, Trump kept his promise ― only not in the way his supporters might have hoped.

In the first budget cycle fully under their control, Trump and the Republican-run Congress are likely to run a deficit that will top $1 trillion, some two-and-a-half times as big as the one Trump had complained about at his Sept. 30, 2015, rally in Keene, New Hampshire.

And given how sharply the just-passed tax cuts will reduce revenue in the coming years, those $1 trillion annual deficits could well extend through Trump’s remaining three-to-seven years in office.

“He tried to make it seem that he could cut taxes, raise spending and eliminate deficits all at the same time, to make it seem like he’s a miracle worker,” said Collender, a longtime former congressional budget committee staffer. “It’s impossible. People who believed him really don’t understand how things work.”

Avoiding $400 billion annual deficits was just one of several promises Trump made on the campaign trail regarding federal spending. Trump told conspiracy theorist Alex Jones in December 2015 that if the country didn’t “balance up” its budget soon, “we’re not going to have a nation anymore.”

And in a March 2016 interview with The Washington Post, Trump said he would not only eliminate annual deficits, but actually pay off the entire national debt ― at the time, $20 trillion ― within eight years.

But with a tax-cut plan that the Congressional Budget Office estimated will add $1.5 trillion to the deficit over the next 10 years and a new spending plan that will add another $400 billion or so, Trump is, indeed, adding to the problem, she said.

“They are catapulting us toward trillion dollar deficits,” she said. “The president has no interest in leading on hard choices.”

Trump’s budget director, Mick Mulvaney, said at a White House briefing Monday that the administration’s budget proposal is telling Congress that lawmakers don’t have to spend all the new money called for in the recent two-year government funding agreement that the president signed into law.

“We do not have to have trillion dollar deficits forever,” Mulvaney said.

According to critics, though, that is exactly what Trump and congressional Republicans have guaranteed. Trump’s own budget proposal, even relying on a 3-percent growth rate in the economy that many experts call unrealistic, projects a deficit of $969 billion next year unless Congress cuts programs.

“His budget has nothing to do with reality,” Collender said

“We’re looking at oceans of red ink as far as we can see,” said Jared Bernstein, once the top economic adviser to former Vice President Joe Biden.

Biden and President Barack Obama were hammered, year after year, by Republicans for running annual budget deficits and doubling the national debt ― even though they took office facing a deficit of $1.3 trillion in the depth of the financial crisis. In the coming years, it fell to as little as $438 billion before increasing again to $588 billion by the time Obama and Biden left office.

Trump’s trillion-dollar deficits will come in a strong economy, and could rapidly reach record levels in the event of a recession.

“We’ve seen the deficit hypocrisy ever since Obama left the White House,” Bernstein said. “Republicans love to cut taxes, but their constituents don’t want to lose the government services that they’re using.”

  • This article originally appeared on HuffPost.

Source Article from https://www.yahoo.com/news/trump-vowed-not-run-400-235519016.html

Total U.S. Household Debt Soars to Record Above $13 Trillion

Total U.S. Household Debt Soars to Record Above $13 Trillion

February 13th, 2018

Via: CNBC:

The American consumer is loading up on debt.

Total household debt rose by $193 billion to an all-time high of $13.15 trillion at year-end 2017 from the previous quarter, according to the Federal Reserve Bank of New York’s Center for Microeconomic Data report released Tuesday.




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US wants $1 trillion upgrade of its nuclear arsenal because Russia

russia nuke


Provocatively and recklessly, the American Pentagon has recently accused Russia of threatening European allies with nuclear weapons. On the basis of this deplorable accusation, the US is embarking on a $1 trillion upgrade of its nuclear arsenal.

The American nuclear revamp not only puts it in potential violation of disarmament agreements; the move is also destabilizing nuclear forces and increases the risk of catastrophic global war.

If ever Washington’s reckless power politics were in doubt, this is surely the touchstone issue.

As with so many other allegations leveled by Washington against Russia – from election hacking to Olympic sports doping – the claim that Moscow is engaging in nuclear threats is far from evidenced. Indeed, one could say, it’s in the realm of fantasy.

But the insane claim is then used to justify Washington’s own reprehensible behavior.

In the Pentagon’s Nuclear Posture Review (NPR) published last week, US Defense Secretary James Mattis states in the document’s preface that “Russia’s seizure of Crimea and nuclear threats against our allies, mark Moscow’s decided return to Great Power competition.”

Mattis goes on to make other claims against Russia, including that it is in breach of arms controls treaties to reduce nuclear stockpiles. He also alleges that Moscow is using “non-strategic nuclear systems to provide a coercive advantage in crises and at lower levels of conflict,” and that Moscow is “lowering the threshold for first-use of nuclear weapons.”

At the same time, it was reported this week, even by US media, that Russia has fully complied with meeting its reduction targets for nuclear weapons prescribed by the 2010 New START accord.

In any case, the Pentagon’s anti-Russia accusations continue unabated. In particular, Washington claims that Russia has violated the 1987 Intermediate-range Nuclear Forces (INF) Treaty by developing short-range land-launched cruise missiles. Moscow has denied any violation. Again, Washington does not present evidence to verify its claims.

Presumably, what Washington is referring to is the installation by Russia of Iskander ballistic missiles in its exclave territory of Kaliningrad adjacent to the Baltic states and Poland. This is also what the Pentagon appears to be referring to when it accuses Russia of “threatening our allies”.

Lithuanian President Dalia Grybauskaite – a notorious Russophobe and ardent NATO cheerleader – recently said that the Russian Iskanders in Kaliningrad (range 500km) were threatening “half of Europe”.

But hold on a moment. Kaliningrad is Russian soil. As Kremlin spokesman Dmitry Peskov pointed out, it is Russia’s sovereign right to position any of its forces anywhere on its own territory.

NATO’s warped logic has also been applied in the case of Russian military holding exercises on its Western flank. Last year, when Russia held its Zapad defense drills there were hysterical claims from NATO and the Western media that Moscow was about to invade the Baltic region.

Meanwhile, it goes without a hint of irony, that NATO has increasingly built up its forces and military maneuvers along Russia’s Western borders over the past decade and more. Yet, Washington and its allies get away – thanks to Western media servility – with the double-think that such force build-up on Russia’s borders is “defensive”; while any counter-move by Russia from within its territory is distorted as “outrageous” and “offensive”.

Getting back to the issue of nuclear weapons and allegations of Russia’s threat, the stark conclusion from Washington’s warped logic is that Moscow is not allowed to have any nuclear weapons.

Evidently, the US-led NATO military alliance is permitted to station warplanes, warships, troops and tanks on Russia’s borders, including anti-missile systems – all in violation of past agreements. But if Russia positions defensive systems on its own territory then it is behaving provocatively, illicitly, and threateningly. Which then on the basis of this absurd claim allows Washington to expand its nuclear forces against Russia – as the Pentagon is proposing to do in its latest Nuclear Posture Review.

Specifically, Washington is committing to a “more flexible use” of nuclear weapons, and the development of new submarine-launched cruise missiles, as well as so-called “low-yield” ballistic warheads.

Such a move will potentially bring the US into severe breach of non-proliferation and arms control treaties. That is, the very malign behavior that Washington is provocatively accusing Moscow of.

Truly, Washington’s logic is an amalgam of Orwellian and Dr Strangelove.

Furthermore, an extremely sinister change in the American nuclear doctrine is its call for explicitly using “nuclear deterrence” in a scenario of conventional military conflict or, what it dubiously deems to be “new forms of aggression” by adversaries.

This is a highly dangerous move by the Pentagon to lower the trigger for deploying nuclear weapons – and on the basis of its faulty, politicized perception about what constitutes “aggression.”

For example, the US has repeatedly accused Russia of “hybrid warfare” with regard to the conflict in Ukraine. Russia is accused of instigating that conflict, when in reality, it was Washington and Europe’s meddling in the internal affairs of that country, resulting in a neo-Nazi coup in Kiev in February 2014.

The United States has continually accused Russia of engaging in “asymmetric warfare” from “cyberattacks” and “election interference”. Such claims have never been substantiated, let alone verified – yet they have been raised to the alarmist level of allegedly constituting a “national security threat”.

The anti-Russia political climate being whipped up by Washington – from “Russiagate” to cyberattacks, from sports doping to nuclear aggression – has reached the level of hysterical insanity where Russia by merely having a military defense system is now being traduced as somehow behaving criminally and offensively.

However, parlaying this perverse logic, the US is moving to increase its nuclear threats against Russia – in contravention of international agreements and any objective reasoning.

Even US media outlets like the Washington Post and US-based scientists warned this week that the new nuclear posture was a disturbing drift towards catastrophic war.

American history professor Colin Cavell, commenting for this column, said that the hegemonic mentality of the US ruling class is such that no other powers are tolerated to have weapons, even if for self-defense purposes.

Said Cavell: “The US is a capitalist society. It is the preeminent imperialist power in the world today. As such, those who rule the US perceive that maintaining a class-divided society to be of paramount concern. Internationally, this translates into maintaining at least a two-tiered international system where the US is master and the rest of the world are its servants. This will not change until capitalism is overthrown or destroys itself.”

This attitude of US rulers is ultimately tyrannical in their relations to the rest of the world. Ironically, American vice president Mike Pence this week accused North Korea of being “the most tyrannical and oppressive regime on the planet.

With regard to Russia, the logic of the US is this: You are not allowed to have nuclear weapons, nor even a viable conventional defense system. We, on the other hand, are allowed to threaten you with increasing menace of nuclear annihilation until you do as we demand.

In short, supreme arrogance. But an arrogance that will bring its own downfall.

The views and opinions expressed by Finian Cunningham are those of the author and do not necessarily reflect those of Sputnik.

Source Article from https://www.sott.net/article/376742-US-wants-1-trillion-upgrade-of-its-nuclear-arsenal-because-Russia