Sunday, August 14, 2011

America's Lost Trillions

Here's an interesting interview with an author of a book looking at the US military budget. Many issues are covered, but at 2:00 minutes into the video this bit comes up:
The Pentagon has very little accountability when it comes to its books. Since first submitting financial accounts in 1991, the Pentagon "has been unable to account for trillions of dollars, well over almost $10 trillion by my own account," says Glain. Conspiracy theorists suggest this is CIA money being laundered through the Pentagon, a claim Glain has some sympathy for.

More in this Yahoo! finance article.

The above is just the incompetence and deceit on military spending. The US is a crony capitalist country where many trillions have recently been lost because Wall Street has the Washington politicians in its pocket and have been allowed to trash the economy with the 2008 financial panic with the hundreds of billions in explicit "bailout" money given to it and the implicit and very quietly delivered billions given to the banks by the Federal Reserve's policies to keep interest rates low to move money from the savings accounts of ordinary Americans to the big banks.

A trillion here, a trillion there, soon you will be talking about serious money...

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