Nation's Debt Unchanged - for 87 Straight Days? Cooking the Books.

General General Discussion
1

Fed’s cooking the books uh? Come on Fed can’t you be a little more creative in obscuring the truth. Seems so last ditch of an effort to simply keep debt static - it’s impossible with interest running daily and lack of any significant growth in GDP. Not surprised at all. It’s just pathetic. Dumbasses.

From a link on Drudge:

http://cnsnews.com/news/article/treasury-ran-98-billion-deficit-july-debt-stayed-exactly-16699396000000

[i]The FMS said that the deficit went up $98 billion ($97,594,000,000) in the Monthly Treasury Statment for July, which it released on Monday.

At the same time, the FMS said the debt stayed at exactly $16,699,396,000,000 in its Daily Treasury Statements, which are published every business day. The Daily Treasury Statements show the daily value of the federal government debt that is subject to a legal limit set by Congress.

At the static $16,699,396,000,000 level that the Treasury reported for every day of July, the debt was just $25 million below the legal limit of $16,699,421,000,000 that was set in a law passed by Congress and signed by President Barack Obama.

If Treasury’s daily statements were to declare that the government had borrowed an additional net $98 billion to cover the $98 billion deficit the Treasury declared in its monthly statement for July, the Treasury would be conceding that the government had already surpassed the legal limit on the debt–and has been violating the law by continuing to borrowing additional money.[/i]

Now get this, ha, ha, ha… “Extraordinary Measures” :jester:

[i]On May 17, the first day the Treasury reported that the debt had hit exactly $16,699,396,000,000–and was thus just $25 million below the legal limit–Treasury Secretary Lew sent a letter to House Speaker John Boehner saying he was beginning to implement what he called “the standard set of extraordinary measures” to prevent the Treasury from exceeding the legal limit on the federal debt.

Since Lew sent that letter–announcing that he would use “extraordinary measures”–the debt has remained stuck at exactly $16,699,396,000,000 for 87 straight days.[/i]

2

“The standard set of extraordinary measures.”

Well, it ain’t quit Newspeak, but I can see it from here.

It is doubleplusgood that I bellyfeel the blackwhite and am a goodthinker in the eyes of Big Brother. Now I must position myself in front of the telescreen for the afternoon prolefeed.

3

Question for you.

What happens to management of a private sector company that purposely releases fraudulent financial information?

4

From what I have seen, they receive a massive government subsidy to fund the lavish bonuses of their upper-level management, most of whom then cash their checks and wander down to DC to take a position as Secretary of the Treasury, chairman of the Federal Reserve, or a senior economic advisor to the President.

It’s a sweet ride.

5

No no - it’s all cool. Just like Dave pointed out. That’s the “standard set of extraordinary measures” Lew was referring to.

6

There is no law in this land, and honestly, you’ll get better government & justice from the Gambino family then you will from these despicable reprobates.

7

National debt . . . :confused:

What is this National debt you speak of!?

Just keep printing more fiat funny money!

8

Yo Moose! Dont’cha know we have more in common in with pre-Nazi Germany than ever?

German children playing with worthless paper Reichsmarks, 1923

9

I keep these taped to my pistol cabinet… as a REMINDER…

100,000 Reichmark at the top - $50,000,000,000,000 ($50 TRILLION) Zimbabwe dollar, at the bottom…

10

^ Fat City! I remember going to Tijuana/Baja, Mex. before their “currency reset” to the “Nuevo Peso”. I felt like a big time playa’ with stacks of Pesos when I exchanged my “gringos” for the pesos. Frickin’ Monopoly money. Theirs, ours and EVERYONES.

11

Debt held by the public is still going up. They are reducing intragovernmental holdings a like amount so that total debt outstanding is remaining unchanged.

Does anyone have any resources on how they are accomplishing this? Just curious. AFAIK federal law requires certain funds (SS, CSR etc) to invest their excess in securities backed by the full faith and credit of the United States. Wondering if they are moving money from funds that don’t have such requirements or if they are letting trust funds deplete, but that seems harder to control. Total press blackout as far I can see, nothing new

12

Some are estimating the debt to be six times greater than expected.

http://rt.com/usa/us-debt-study-hamilton-economy-103/

13

Odd, it would seem rational that if they can implement “extraordinary measures” to avoid going over the debt limit they could do the same to actually reduce it…

fvcing crooks…:rolleyes:

14

Seems to be working from here:

http://www.usdebtclock.org/

15

What happens to a private sector company that does this?

Have you forgotten about Enron?

-brickboy240

16

I’m pretty sure that was the that was the national debt limit, which we blew through back in July. We are at 16.9T currently.

17

Lew has simply implemented the standard accounting measure:

D•(1.00+I)+B-P=L

“D” is Current Debt
“I” is Interest as a decimal
“B” is Bonds Sold (new debt)
“P” is Payments Recieved
“L” is Lie your ass off

Using this simple time tested formula to calculate the debt, the government has plenty of time to resolve the debt crisis without worrying about any of those annoying laws preventing additional debt being taken on by the country.

18

If that is true…holy shit!

19

I laughed so hard when I read this, as it reminded me of my university Accounting teacher - a real old school hard ass.

He said “First thing you must understand about accounting is I can make numbers appear any way I want. This is why when evaluating the health of a company you must always know the accounting system/method they are using. Said fact, but companies in trouble will always attempt to confuse the understanding of their system. Thus, the reason for “Generally Accepted Accounting Practices”.”

I can only imagine the level of gasket busting disgust he might feel about Treasury Secretary Lew’s “standard set of extraordinary measures”.

20

I surmise that Professor Hamiliton’s study is correct, the Federal government has a storied hisotry of lying, miss-information, and pulling numbers out of their collective ass.

Reminds me of the Hirsch Report (Peaking of World Oil Production: Impacts, Mitigation, and Risk Management), back in 2005 the DOE contracted a firm to see how ugly its going to get for the US in regards to running out of finite fossil fuels. Once it was published the DOE ingnored it and pretended it never took place. They (.gov) have been attempting to keep a lid on how bad things REALLY are . . .

http://www.netl.doe.gov/publications/others/pdf/oil_peaking_netl.pdf