Is the US government taking over our private pension plans?

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Here’s something I’ve been hearing about for some time now, but didn’t post anything because it would sound so far out before now. Now the Government is beginning to announce this to smooth it over and sound good…..like the bailouts. The government to the rescue of your pension plans? Hardly……watch out America.

US government taking over our private pension plans?

Long planned, the current economic storm erupted violently in late 2007. It wasn’t by accident. It was engineered years back, so financial racketeers could profit from wrecking global economies and destroying their middle class, including America’s.

On February 1, 2009, former high-level Wall Street and government insider, Catherine Austin Fitts, explained it an article headlined, “Financial Coup d’Etat,” saying:

A global financial cabal “engineered a fraudulent housing and debt bubble; illegally shifted vast amounts of capital out of the US; and used ‘privatization’ as a form of piracy – a pretext to move government assets to private investors at below-market prices and then shift private liabilities back to government at no cost to the private liability holder….Clearly, there was a global financial coup d’etat underway,” its magnitude overwhelming and incomprehensible to most people, as planned.

Many trillions of dollars have been stolen, shifted from public to elitist private hands – by far, the greatest ever wealth transfer in history, a global heist, sucking capital out of one country after another, including America. It’s an ongoing “de-moderniz(ation)” process, transforming Western countries into third world ones – in real time, in plain sight, yet few people understand.

In stark terms, Fitts says it’s more than just “a process designed to wipe out the middle class. This is genocide (by other means) – a much more subtle and lethal version than ever before perpetrated by the scoundrels of our history texts.”

It’s a government-business cabal for enormous profits through “legislation, contracts, regulation (or lack of it), financing, subsidies,” and massive handouts to Wall Street favorites. Carefully rigged for powerful elitists, the public is so cleverly harmed that few understand what’s happening – literally that their livelihoods, welfare and lives are being destroyed in real time. The America older generations knew no longer exists, the dream of millions wiped out, and it’s also happening throughout Europe.

In his September 30 article titled, “The Neoliberal Experiment and Europe’s anti-Austerity Strikes,” Michael Hudson explained sinister plans “to drastically change the laws and structure of how European society will function for the next generation. If (successful, they’ll) break up Europe, destroy the internal market, and render that continent a backwater. This is how serious the financial coup d’etat has become. And it is going to get much worse – quickly….The bankers are demanding that (governments) rebuild their loan reserves at labor’s expense.” It’s also Obama’s scheme, shifting greater wealth to the rich, impoverishing the rest.

Throughout the West, neoliberals are in control. “From Brussels to Latvia, (they) aim to shrink their economies to roll back wage levels by 30 percent or more – depression-style levels – (for) ‘more surplus’….to pay in debt service,” tribute to global bankers, turning Europe “into a banana republic.” It’s also planned for America.

“This requires dictatorship.” Labor is targeted for destruction. “Europe (like America) is entering an era of totalitarian neoliberal rule.” So-called “free markets” aren’t possible without it. But wait – “This is economic suicide, taxing labor, not the rich, and at the same time “slash(ing) wages and pensions, cut(ting) back public spending and employment, and shrink(ing) the economy,” turning Western societies into dystopian backwaters, a dark future unfolding in real time.

In his October 2 International Forecaster report, former insider and long-time financial expert Bob Chapman adds more about America, saying:

“There is no question that those who control our government from behind the scenes are bound and determined to take over the $6 trillion in private pension plans. Whether they’ll be successful remains to be seen. The Department of Labor wants to force all IRAs and 401ks into the arms of a corporate fascist government, that knows (best what’s) good for you.” They want public investments exchanged for “a guaranteed, government annuity that is not worth the paper it is written on.”

“Small amounts would go into” government retirement R-bonds, the larger portion earmarked for Wall Street – the usual suspects profiting, including Goldman Sachs, JPMorgan Chase, Citigroup, Bank of America, and other giants for even greater market control than already, and far more capital to manipulate for profit. Chapman calls it “monopoly control and subjugation of worldwide investments, a total hold on the control of all investments” to scam the public more than ever and head them deeper into poverty, exactly what Washington and Western governments propose.

On the pretext of reform, destroying Medicare and Social Security are also planned by privatizing them, earmarking them for Wall Street, the same way 401ks killed corporate pensions.

The House Republicans’ “Pledge to America” aims to wreck them by promising to save them, including by “reviewing Social Security and other entitlement programs” – meaning, let Wall Street bandits, not Washington run them.

A longtime GOP priority, congressional Republicans, Reps. Paul Ryan, Kevin McCarthy, and Eric Cantor explained it in their book, titled “Young Guns: A New Generation of Conservative Leaders,” proposing privatizing Social Security and replacing Medicare with a voucher system that amounts to the same thing. If enacted, of course, it will leave workers and seniors high and dry by providing Wall Street racketeers with a new opportunity for pillage.

Democrats have the same plan, to be unveiled in the lame duck session on the pretext of deficit reduction and fiscal austerity, ideas Obama endorses. On February 18, he signed an Executive Order, establishing a “bipartisan National Commission on Fiscal Responsibility and Reform” (a deficit reduction commission) to slash social spending, focusing heavily on Medicare and Social Security. (I might add, have you noticed that Social Security recipients didn’t get a COLA raise last year and it has just been announced that next year 2011 they will not get a raise either. With prices going up on everything, people on fixed incomes aren’t getting a raise? I guess that’s one of the few cuts in spending from the Obama administration……Senior Citizens.)

America’s Economic Landscape

On September 19, the Business Cycle Dating Committee of the National Bureau of Economic Research (NBER), “determined that a trough in business activity occurred in the US economy in June 2009. The trough marks the end of the recession that began in December 2007.”

Stacked with corporate economists (practicing what Michael Hudson calls “junk economics”), the types featured on business channels and in mainstream publications, the NBER is a Wall Street tool.

Non-member David Rosenberg has another view, saying “it is very difficult (getting) excited about (today’s) economic landscape.”

Unemployment is dangerously high. It’ll worsen, not improve, and there’s “absolutely no recovery in bank lending – especially to households.” In fact, consumer loans and real estate credit keep dropping, hardly a sign of recovery, besides disturbing consumer sentiment levels, a deep housing depression, and any number of other indicators showing a hugely troubled economy. It’s why independent observers like Hudson and Chapman expect worse to come, a tsunami of economic pain, hitting ordinary people hardest.

A Final Comment

On September 28, the US Census Bureau provided more evidence of economic trouble, reporting America’s highest ever income gap. In 2009, median household income fell nearly 3% from $51,726 to $50,221, the second consecutive annual drop.

Moreover, among all developed nations, America has the highest income disparity, and it’s showing up in record numbers needing Medicaid, food stamps, and emergency food help. In addition, higher levels of poverty, homelessness and other worrying signs show economic weakness, not strength.

Yet, with growing human depravation, bipartisan indifference cares only about serving wealth and privilege. Expect that attitude to harden post-election, leaving growing millions on their own, out of luck, and if new legislation passes as expected, eventually without Social Security and Medicare, once Wall Street bandits gets their hands on them.

On September 18, Obama explained it when he told the Congressional Black Caucus, “You didn’t elect me to do what was popular. You elected me to do what was right,” his hidden message meaning populism will be sacrificed for privilege. As a result, expect lots tougher times ahead because political leaders plan it – wrecking the American dream for business at the public’s expense unless enough outrage erupts to stop it. (I’m going to add…..that is what is being generated among the Tea Partiers……outrage!)

Baltimore Chronicle

Philadelphia Pennsylvania School District Pays $610,000 to Settle Webcam Spying Lawsuits

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Well after all the accusations that the school was only turning on the webcams of ‘reported lost school laptopsand the after federal authorities announced they would not prosecute administrators.

“Prosecutors and the FBI opened an inquiry following a February privacy lawsuit accusing administrators of spying on students with webcams on the 2,300 district-issued MacBooks. The lawyers who filed lawsuits on behalf of two students acquired evidence in pretrial proceedings showing that the district secretly snapped thousands of webcam images of students, including pictures of youths at home, in bed or even “partially dressed.” Leading to just over a $600,000 settlement by the Lower Merion School District of Philadelphia, Pa.”

School District Pays $610,000 to Settle Webcam Spying Lawsuits

A suburban Philadelphia school district is agreeing to pay $610,000 to settle two lawsuits brought by students who were victims of a webcam spying scandal in which high school-issued laptops secretly snapped thousands of pictures of pupils.

The agreed payout by the Lower Merion School District comes two months after federal authorities announced they would not prosecute administrators.

Prosecutors and the FBI opened an inquiry following a February privacy lawsuit accusing administrators of spying on students with webcams on the 2,300 district-issued MacBooks. The lawyers who filed lawsuits on behalf of two students acquired evidence in pretrial proceedings showing that the district secretly snapped thousands of webcam images of students, including pictures of youths at home, in bed or even “partially dressed.”

In an announcement Tuesday, the Board of School Directors agreed to pay $175,0000 to student Blake Robbins, and $10,000 for former pupil Jalil Hasan. As much as $425,000 in legal fees will be paid to their legal team, led by Mark Haltzman.

“Bottom line, it is time to resolve this matter and ensure that the District’s resources are focused squarely on educating our children,” the district said in a statement. The district has maintained that it only activated the LANrev Theft Track program when a computer was reported lost or stolen.

It said that its insurer, Graphic Arts, had agreed to pay $1.2 million in costs associated with the district’s defense.

The 6,900-pupil district, which provides students from its two high schools free MacBooks, was sued in federal court on allegations it was undertaking a dragnet surveillance program targeting its students — an allegation the district has repeatedly denied.

The original suit was based on a claim by Robbins, a sophomore at the time, that school officials reprimanded him for “improper behavior” based on photos the computer secretly took of the boy at home last fall. One picture shows him asleep at home last October.

That “behavior” turned out to be pill popping. The family said their son was eating Mike and Ike candy, his lawyer claimed.

In all, about 400 photos were taken of Robbins. The tracking software on Hasan’s computer snapped as many as 469 photographs and 543 screenshots of the former senior.

Wired.com