OT: All about a little fraud in the US govt
From: Phil Scott (philscott888_at_sf.sbcglobal.net)
Date: 10/24/04
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Date: Sun, 24 Oct 2004 10:39:55 GMT
.
You will find this piece interesting .. its and interview with
Katherine Austin Fitts. A fairly young black woman, ex US
congressman, and high roller in life and in the Bush I and
Clinton administrations.
She is talking in the article about whats happening
financially in government...and with the outsourcing..actually
planned in 1990-1995 and why.
Here are two excerpts:
"Now, when people say to me "What is $3.3 trillion of
undocumentable adjustments?", let me give you an example. In
fiscal 2000, the Department of Defense had $2.3 trillion in
undocumentable adjustments. OK now, there's no way for us to
know Jim, how much of that translates into cash. 'Cause $2.3
trillion is more than total taxes paid in a year by . say tax
payers in that year would have paid taxes of about $1.6
trillion. So, there's no way to know if $2.3 trillion
translates into how much cash, or how much cash is missing."
Excerpt:
" In the mid-90's Jim, we knew that a huge amount of jobs and
income-generating activities in America were going to get
outsourced to Asia. I mean, those decisions were made in the
early 90's, and we knew that was going to happen. And I was a
leader in Washington promoting a model whereby Americans paid
down their debt, refinanced their communities and themselves
on an equity basis, and redeveloped their skills. I mean, we
knew the workforce was going to have to reengineer itself, and
our pension funds and retirement arrangements were not going
to be financially credible unless the workforce reinvented
itself, and paid down its debt, you know, then. .
So we knew then we had a problem. And what happened is was my
team was kicked out of Washington, and a decision was made
instead of reengineering folks' skills, or migrating them to
equity and starting new businesses, a decision was made to
float the economy of the biggest wave of debt that I can
imagine. And what we've done is we've seen consumer debt
skyrocket.
I have a member of my group, the Solari Action Network, who
reconfigures the BEA's statistics once a quarter, and what his
calculations show is very much what I see on the ground in
communities throughout America Jim, which is the average
American household has income of $32,000 per year, they have
expenses of $37,000 per year, and they finance that $5,000 per
year deficit with liquidating assets, working harder, or
borrowing more. And of course as you know, and it's clear from
your website, that the debt has gone . not just the consumer
debt has gone up-up-up, but the mortgage debt has gone
up-up-up. And now, that load is just increasing every year,
and meantime we are accelerating moving all the jobs and
income abroad.
Now, when you move all your income abroad, and you leave your
growing debt at home, it doesn't take long to understand what'
s going to happen to a Fannie Mae or Freddie Mac or a Ginnie
Mae. At some point the growing debt has got to get serviced,
and the question is how?
You can flood the country with immigrants who can buy up real
estate that you finance at the bottom, but at some point
something's got to give in the middle. I mean, if you shrink
and collapse the middle class, they're going to default on
their mortgages.
JP: You would think Catherine though, given the size of this
Credit bubble that we're creating - not only in mortgages, in
the bond market, the proliferation of hedge funds that
literally move large amounts of money in and out of the
market - people would be paying more attention to debt. But I
hear stories, you get these people on Wall Street that say we
have no inflation, and the other side of that story is as long
as the Fed raises interest rates at a measured pace, the stock
market will continue to go up and consumers will continue to
spend money. None of that makes sense to me.
CA: (Laughter). It makes no sense, unless you, let me give you
an example. Last year we appropriated $87 billion for Iraq,
but the administration has repeatedly says it can't explain
where half of that money is going. It was interesting, one of
the top reporters who followed the $3.3 trillion of missing
money, I asked him the other day, I said, "Where do you think
the $87 billion went to?" And they said, "Well, we think it
went to finance the states' deficits, because they were
screaming about the states' deficits, and then all of a sudden
it stopped."
We've had a complete implosion of internal financial controls
in the governmental apparatus. $3.3 trillion missing from
government is a financial coup-d'etat. You can keep a bubble
going as long as you can finance it. And my guess is, again
very much credited to Bill Murphy, what we're watching is a
securities operation both with the Federal agencies, the
mortgage agencies, and the U.S. Treasury, which are financing
a political economy. The money that comes in from those debt
operations are being used for other than their lawful
purposes."
The rest at the following web site, other authors the ex
director of the CIA Philip Agee, numerous recently departed
IRS executives now blowing the whistle etc..
http://www.conspiracyplanet.com/channel.cfm?channelid=116&contentid=1259&page=2
Phil Scott
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