Quantifying The Treasury’s Plunder Of Retirement Accounts: $80 Billion Between The G- And CSRD Funds Since Debt Ceiling Breach

Monday, June 6, 2011
By Paul Martin

by Tyler Durden
ZeroHedge.com
06/06/2011

Last Thursday we attempted a rough estimation of how much the Treasury has been dipping, or as it is also known “disinvesting”, into the G-fund and the Civil Service Retirement and Disability Fund (CSRDF). Courtesy of Stone Mountain, we now have a definitive number. Even we did not realize how bad it is: in a nutshell, since the debt ceiling breach in mid May, Tim Geithner has replaced one IOU (that of the Fed) with another (that of the Treasury) in the G Fund to the tune of $57 billion, and in the CSRDF of about $22 billion. In other words, retirement funds have seen a “disinvestment” of nearly $80 billion in the past 3 weeks just to make space for further funding of bloated government, defense spending, and healthcare benefits. But don’t worry: Tim promises it shall all be well.

The Rest…HERE

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