New Report Reveals Pentagon Missing 8.5 Trillion Dollars

""Yahoo Money' The Daily Ticker  is reporting that is has discovered a Reuters investigation that reveals $8.5 trillion – that's trillion with a "T" – in taxpayer money doled out by Congress to the Pentagon since 1996 that has never been accounted for.

You read that right. While Republican politicians  rush to slash food stamps for the 47 million Americans living in poverty – the highest amount in nearly two decades –  Republican U.S. Secretary of Defense Chuck Hagel has the audacity to complain that $20 billion dollars in automatic sequester cuts to the massive and secretive $565.8 billion Defense Department budget are " too steep, too deep, and too abrupt," all while the Pentagon and the Defense Department are overseeing massive fraud, waste, and abuse.

For anyone wondering, Reuters reports that the D.O.D.'s 2012 budget totaled $565.8 billion, more than the annual defense budgets of the 10 next largest military spenders combined, including Russia and China.

In an interview, Linda Woodford, an employee at the Defense Finance and Accounting Service – the Pentagon's main accounting agency – reveals to Reuters that she spent the last 15 years of her career simply "plugging in" false numbers every month to balance the books;

"A lot of times there were issues of numbers being inaccurate. We didn't have the detail ... for a lot of it."

In the REAL WORLD, that would be called MASSIVE FRAUD.

Woodford's involvement in the fraud doesn't even begin to scratch the surface. The report also reveals that "a single DFAS office in Columbus, Ohio, made at least $1.59 trillion – yes, trillion – in errors,  including $538 billion in plugs, in financial reports for the Air Force in 2009."

Yahoo Finance lists some additional findings, including;

• The DOD has amassed a backlog of more than $500 billion in unaudited contracts with outside vendors. How much of that money paid for actual goods and services delivered isn't known.
• Over the past 10 years the DOD has signed contracts for provisions of more than $3 trillion in goods and services. How much of that money is wasted in overpayments to contractors, or was never spent and never remitted to the Treasury is a mystery.
• The Pentagon uses a standard operating procedure to enter false numbers, or "plugs," to cover lost or missing information in their accounting in order to submit a balanced budget to the Treasury. In 2012, the Pentagon reported $9.22 billion in these reconciling amounts. That was up from $7.41 billion the year before.""
  
  
  
  
  
• http://crooksandliars.com/2015/06/report-reveals-85-trillion-missing

Interesting Thought Experiment: FED Reserve Wolf, Hides Out in Sheep's Clothing. The Deficit Has Always Been Fake

It seems a petite, very small tax of 0.1 cents on each dollar processed thru Federal Reserve Bank daily would cover the whole budget of the United States of 3.5 trillion a year.

Math proof (please check)  follows.

Please assume a $1 tax on 1000 dollars.

14 trillion divided by $1000 = 14 billion a day

14 billion times 5 days a week = 70 billion

70 billion times 52 weeks = 3 trillion 640 billion a year ~ yearly federal budget

Now that works if my math on $1 on each $1000 is correct.

One dollar is 100 cents.  One thousand dollars is 10000 cents therefore

the financial transaction tax is 0.1 cent per each dollar.

The Federal Reserve Bank processes all retail, all goods and services, stocks, bonds, every transaction that goes thru banks.

I am not an economist so this seems so easy to me that I must be making some horrible calculations here or there is some "moral hazard" with taxing the Federal Reserve to pay for the Federal Government, or there is some "funny money" all mixed in with the balance sheets of the Federal Reserve that makes this proposal not a viable way to pay for our debts.

Please Do Check Out the Comment Section:

http://www.dailykos.com/story/2015/01/10/1356889/-Federal-Reserve-processes-financial-transactions-of-14-trillion-daily

Foreigners Dump $74 Billion In Treasurys In 6 Consecutive Weeks: Biggest Sequential Outflow In History

""Over the weekend, we observed the perplexing sell off of $56 billion in US Treasurys courtesy of weekly disclosure in the Fed's custodial account (source: H.4.1) and speculated if this may be due to an asset rotation, under duress or otherwise, out of bonds and into stocks, to prevent the collapse of the global ponzi (because when the BRICs tell the IMF to boost its bailout capacity you know it is global). We also proposed a far simpler theory: "the dreaded D-day in which foreign official and private investors finally start offloading their $2.7 trillion in Treasurys with impunity (although not with the element of surprise - China has made it abundantly clear it will sell its Treasury holdings, the only question is when), has finally arrived." In hindsight the Occam's Razor should have been applied. Little did we know 5 short days ago just how violent the reaction by China would be (both post and pre-facto) to the Senate decision to propose a law for all out trade warfare with China. Now we know - in the week ended October 12, a further $17.7 billion was "removed" from the Fed's custodial Treasury account, meaning that someone, somewhere is very displeased with US paper, and, far more importantly, what it represents, and wants to make their displeasure heard loud and clear.""

http://www.zerohedge.com/news/foreigners-dump-74-billion-treasurys-6-consecutive-weeks-biggest-sequential-outflow-history