MEGA-LOOTING IN WASHINGTON: BILLIONS MISSING

Bushonomics vs. The People

Published on May 18, 2004 By Jihad Fighter In Politics

This article, circulated in the FEASTA discussion list, is about probably the biggest level of theft in world history - by the group around George Bush. Among interesting information is amounts and assets reported missing by the US General Accounting Office (GAO), also about how increasing parts of the US budget are becoming classified and an anecdote which shows how the media in the US turn out if they think the Democrats are going to be implicated in financial crime but stay away from reporting any implication that Republican- linked corporations might be. it also makes links with the Parmalat scandal.

www.feasta.org

The Power of Truth Behind the Scenes in the Beltway

(Jan. 5) This is the latest Bushonomics scoreboard, and the situation looks dire indeed. The total national debt of the United States on a fully realized basis, inclusive of federal, state, county and local debt stood at a record $20.613 trillion (83.73% of said debt having been created from 1981-92 and from 2001 to present.) The total public and private indebtedness of the United States ended the year 2003 at $39.384 trillion. The total public and private assets of the United States ended the year 2003 at $26.134 trillion.

Thus, the United States by the end of 2003 has a negative net worth of approximately $13 trillion. The total debt service of the United
States ended the year 2003 at 309.4% of GDP (Gross Domestic Product).These are numbers never before seen. This is a higher debt to gross domestic product ratio than any other country on earth, which still services its debt.

For instance this is a higher fraction of debt service to GDP than the government of Nigeria. The United States federal government,
as of the end of 2003, was servicing 41.3% of total debt--the only first world nation on the planet that services less than 100% of
its debt.

At the end of 2003, the total deficit of the United States general and disability social security trust fund otherwise (known as Trust
Fund A and

was $5.63 trillion, mindful of the fact, of course, that there is no cash. In other words, the total assets of the US Social Security General and Disability Fund are comprised of worthless restricted United States Treasury Bonds constituting $5.63 trillion of indebtedness, including compounded interst in arrears.

It should be remembered that this deficit was created from 1984 to 1992 when the Regan-Bush Regime denuded this trust fund of its
entire cash assets of $3.8 billion and replaced the assets with a special series of non marketable, restricted 30-year US Treasury bonds at a 3.5% fixed coupon. The reason for the increase in the indebtedness is that the interest in said bonds has never been paid except for a period of time from 1996-2000. The remainder of said interest due continues to compound in arrears.

Also the respected Pew Research Institute, assuming that the Bush-Cheney Regime is re-elected in 2004, puts the United States Economic Collapse Clock forward to July 7, 2016.

THE GAO GENERAL AUDIT (DECEMBER 18) NOTED SOME THINGS WE'VE POINTED OUT IN THE PAST. NOT ONLY CAN THE GAO NOT BALANCE ANY OF THE FEDERAL AGENCIES' BOOKS (INCLUDING THE $1.6 BILLION OF 'MISSING' MILITARY MONEY), BUT THE GAO REPORT POINTED OUT THAT THE $2 BILLION IN US CURRENCY SEIZED ON MAY 13 OF 2003 BY US ARMY FORCES IN IRAQ IS STILL UNACCOUNTED FOR. ALSO AN UNSPECIFIED QUANTITY OF GOLD BULLION SEIZED FROM THE IRAQI GOVERNMENT IN MAY IS UNACCOUNTED FOR. UNSPECIFIED QUANTITIES OF PRECIOUS GEMSTONES SEIZED AND UNSPECIFIED QUANTITIES OF IRAQI RARE ANTIQUITIES SEIZED ARE UNACCOUNTED FOR. THIS IS FROM THE GAO'S CONSOLIDATED PRELIMINARY BUDGETARY REVIEW FOR YEAR 2003.

IN THE TREASURY DEPARTMENT AUDIT, THEY MADE A SPECIAL NOTE, SAYING THAT THE TREASURY DEPARTMENT HAS INFORMED THE GENERAL ACCOUNTING OFFICE THAT IT WILL NO LONGER CERTIFY THE TOTAL GOLD BULLION HOLDINGS OF THE TREASURY, CONSTITUTING THE NATIONAL RESERVE. THE GAO SAID THAT THE DEPLETION THAT HAS OCCURRED SINCE SEPTEMBER 2001 OF 2,854 METRIC TONS OF GOLD BULLION FROM US INVENTORIES IS UNACCOUNTED FOR AND UNEXPLAINED.

Furthermore the Treasury Department itself has not provided the GAO with any explanation as to the depletion of gold bullion. (See
Whistleblower Gazette) In 2003, the total corporate credit-rating downgrades of major US corporations by S&P, Moody's, Fitches Investor Services was 319, including 83 downgrades of companies listed on the S&P 500 Index--a record number of corporate credit-rating downgrades in any year since 1932.

Of the 50 states in the United States, there are now 37 states which are carrying credit ratings for their bond issuances below investment grade. Nineteen (19) of those states are now on either the S&P, Moody's or Fitches Investor Services for the 90-day downgrade review. Moody's, in its annual statement, pointed out also that there are now 93 major metropolitan districts in the United States which are close to bankruptcy.

In an interesting year-end note, Moody's also mentioned that since the ensconcement of the Bush-Cheney Regime until now, there has never occurred in the history of the republic such destruction in the public finances of the nation.

Renowned self-made billionaire-traders Warren Buffett, George Soros, James Rogers, and Hugh Grantham have now all issued urgent sell recommendations across the board on US equities, debt instruments and the US dollar and have issued urgent buy recommendations on gold.

There was an interview with Jimmy Rogers, who was a respected analyst for CNBC. Rogers said that if the Bush-Cheney Regime is re-elected, the economy of the United States WILL collapse -- following a hyper-inflationary scenario, which will then be quickly followed by a global collapse. This echoes the long-term economic forecasts by both the GAO and the Bushonian controlled Congressional Budget Office.

According to Rogers, who is a well-known self-made billionaire as well as professor of history and economics, who made his fortune
by being short on US equities during Bushonian times (short the dollar and long gold), and probably one of the ultimate realists, next year's elections will be the ultimate battle. It will be the most important defining moment for the human race and it will determine whether the human race will simply survive in the future or both survive and thrive.

George Soros said essentially the same thing. This next year 2004 will be the Grand Battle between the military-industrial complex and its ally, the Great and All Powerful Bush Cabal versus the rest of the world. They have called it the Grand Battle and the final battle that will determine the economic fate of the planet --which will ultimately determine all other fates.

Meanwhile, the collapse of the Parmalat group in Europe will be as big as Enron. The whole thing was a complete fraud. It was more of a fraud than even Enron was. The out-and-out lies about bank accounts that didn't exist. Forged documents. There are Republican Cabalists at JP Morgan and Citibank that are either going to have to flee this country or go to jail. They were some of the ones who signed off on it.

Two days before Parmalat collapsed, it was reported that the only place on earth that founder and chairman Calisto Tanzi felt he could go to for a bailout was the Blackstone Group. He apparently personally asked Frank Carlucci to bail out the company .He told Carlucci that if you don't bail out Parmalat and this thing falls apart with a lot of anti-U.S. sentiments in Europe, he said -- you cabalists will not be able to control the European press and European investigations.

This was because Blackstone was involved in financing numerous limited- partnership subsidiaries of Parmalat, principally offshore shells in Liechtenstein and the Cayman Islands.

So was Kissinger Associates. Enron was a real business, the former Houston Energy, Houston Oil and Gas, which was later combined with Enron. Houston Energy was, of course, the great Bush-Baker fraud. On the other hand, Parmalat was started as a fraud. It never was a legitimate business. The whole thing was designed to drain billions and billions out of European banks. You notice that US exposure, as mentioned on CNBC, even at Citibank and JP Morgan tends to be small. US mutual fund exposure to Parmalat debt is also small.

Parmalat was a giant fraud to suck money out of European banks--and did they ever. Tanzi himself was just a front. Here's a guy who's the chairman and supposed founder of a multi-billion-dollar company (by sales volume, the largest corporation in Europe) and the guy was a nickel-and-dime travel agent who overnight becomes chairman of the largest corporation in Europe. (It reminds you of the infamous Paretti who was a waiter and who mysteriously tried to t'ke over a major Hollywood studio.) Tanzi didn't have a clue, and didn?t even know what products they sold.

You will see Republican/ Bushonian interests in this deal because this thing is falli'g apart, and nobody is going to bail it out. CNBC actually reported (I?m surprised they had the nerve to report it) that before this deal collapsed, the Italian government got urgent calls directly from George Bush Sr., pleading with them to bail this deal out.

Why would Bush go to such extent to call the Italian government?

This is going to expose this old Italian/ Bushonian faction of which Silvio Berlusconi, the Italian prime minister and media mogul, is now the leader. There's no way they can hide it. With the anti-American feeling in Europe, European media is going to have a field day. Furthermore, the French and German governments are going to want to big public investigations of this thing because they know who in Washington is going to be embarrassed by it.

Another interesting fact that isn't commonly known is that before Parmalat filed for bankruptcy and collapsed last Wednesday afternoon, Henry Kissinger had been in Rome on Wednesday morning. Kissinger was told by the Italian government to leave prior to this thing being collapsed. They told Kissinger to get back to the United States in a hurry and he did. He didn't want to be in any European country after it collapsed because so much of this will be drawn back to Kissinger Associates.

The Parmalat collapse ensures that Italy will become the 38th nation on earth that Henry Kissnger can't go to --for fear of assassination or indictment for war crimes, fraud, embezzlement, tax evasion, etc.

On January 2, there was a White House press release that was made with exceptionally little fanfare (only Bloomberg Business News ran this piece). The White House, having been stung by Government Accounting Office audits, revealing the missing $2 billion in seized Iraqi currency, gold bullion, diamonds, etc., unaccounted for, the $1.6 billion of misspent money by the Department of Defense in 2003 on so-called Iraqi and national security spending, announced that it will step up its efforts to recover former Iraqi government assets from the Hussein Regime. This would include the $10 billion that Saddam Hussein is suspected to have salted away in offshore accounts.

However, the White House also added that henceforth it would declare all such seizures of Iraqi assets to be a matter of 'national security' and would no longer publicly release any details.

Furthermore, having cloaked these seizures under 'national security', this gives the White House the ability to take away the Government Accounting Office's ability to audit said seizures by the US Treasury's FARCO (Foreign Asset Recovery Control Office), in whose purview these seizures are.

The minute they invoke 'national security', the GAO can no longer audit various agencies of government responsible for the seizure and collection of said sums.

The obvious point is that the entire US government budget will eventually become a 'black' budget. That is a whole subject matter in itself how the Bush-Cheney Regime is increasingly classifying larger portions of the federal budget. This is particularly true with the Department of Defense and the Department of Homeland Security as well as related branches of the government like the 43 new public offices, agencies, divisions, bureaus and councils created post 9-11.

Virtually all of the spending of these agencies, including the Office of Internal Security, the Civilian Defense Force, the Office of State Cyber Security, etc. -- more than 80% of their spending is now classified.

As the GAO noted in an addendum to its December 18th report, which was only reported by AFP (no US domestic news outlets reported it), it stated that it forwarded a letter to the White House complaining about this increasing classification. The letter stated that it is now impossible for the General Accounting Office to do ANY legitimate audits of the United States budget, since the ensconcement of the Bush-Cheney Regime.

Furthermore the GAO demanded of the Treasury Department and the White House an accounting of the 2,900 metric tons of gold missing from US stockpiles.

The Treasury Department then referred the GAO to the White House (surprisingly enough) because it's the Treasury Department's function to maintain, store, secure and inventory the gold, yet they keep referring the GAO to the White House, which, in itself, tells you a lot.

On a humorous note, last Tuesday was the annual National Press Club convention in Washington. One of the segments they had which was only carried on CSPAN 2, was a speech by Russell Mokhiber, editor of the Corporate Crime Reporter. There was no other news syndicate in attendance for his speech. There were only 3 other people in the audience--all from foreign news outlets. The subject of his talk was the 2003 Corporate Fraud Review, fraud committed above a billion dollars by publicly-listed US corporations and government agencies. He went through a long list and then noted that each was 'Republican-connected.' He drew the connections of these corporate chieftains to the Bush Cabal.

Then towards the end of his speech, he said later we'll get to the fraud connected to the Democratic party. When he said that, one of the camera men from CSPAN immediately took out his cell phone and made a call. About three minutes later people begin to filter into the room. CNN, Fox News, MSNBC--and CSPAN shows them and you can see who they are because our camera can see their press credentials.

They all sit down and they are waiting patiently while he continues going through the last of Republican-connected frauds.

Then Mokhiber was asked by a reporter, we thought you were going to give us a list of Democratic-party-connected fraud. And he says, Oh I'm sorry,. There was no Democratic party connected fraud in 2003 that was $1 billion or more.

When the people from Fox News, MSNBC etc heard that, they all made a beeline for the door. And this time, CSPAN focused the camera on them trying to leave holding their notebooks up in their faces, hiding themselves and trying to get out the door.

This just shows how politicized the mainstream media really is and firmly under the controla of the Bushonian Cabal.

Mokhiber baited them to come in and then pulled the rug out from under them because he wanted to make sure they got their faces on camera.

They didn't want their media outlets to have to put out a story that says oh we couldn't find any Democrat-connected fraud above a billion dollars in 2003.

Out of 117 major frauds in the United States by publicly-listed corporations or Republican-controlled foundations or government agencies, there was not one Democrat-connected fraud above a billion dollars.

Mokhiber snookered them. When he told them there were NO Democrat-connected frauds, they didn't want anyone to knew that they had even been there.

At the same time, the American Enterprise Institute was hosting a luncheon for reporters across the hall. They served lobster and
champagne. Meanwhile all Mokhiber had was cans of Diet Coke and cheese crackers.

And that's all you get -- if you tell the truth about Bushonian Cabalists in Washington.

Comments

greywar

on May 18, 2004

mmmm.. another tasty, unreadable screed.

Marvin Cooley

on May 18, 2004

YOUR ARTICLE WAS NOT WRITTEN PROPERLY. AND FOR YOUR INFORMATION, BILL CLINTON PARDONED PUBLIC ENEMY NUMBER ONE, MIKE RICHIE. HE DID IT IN HIS LAST DAYS IN OFFICE. RICHIE IS SAID TO BE WORTH 12 BILLION DOLLARS. AND LO AND BEHOLD, CLINTON, TODAY IS NET WORTH 50 MILLION DOLLARS. I THINK SOMEBODY GOT A PAYOFF!!!

6969jimbo6969

on May 18, 2004

You are a gushing fountain of refreshing(if depressing)information and data. Thank you. The bit on the National Press Club speech, near the end, is worth a film and a novel, as well as being a generally exemplary indictment of the current press cabal, that has the gall to try to continue to pass itself off as an actual 4th estate.

Anyone who manages to get Marvin Cooley so thoroughly incensed has to be doing something right. Keep up the good work. If you every need a handy wordsmith, let me know. I could add some zip to your punch there, bubba!!

WiseFawn

on May 19, 2004

A very interesting article with a great ending! I'll be looking for more of yours.

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