Wednesday, January 16, 2013

'Render unto Caesar...' saith casino operator

Employers to move the goal posts 

Boston – Like an episode out of a Damon Runyan story, the dude running the crap game stepped in and said he wants to change the spots on the bones.

Gary Loveman, Caesar's Palace honcho
If you're 55 or younger, no matter which line you've got your money on, the rules should change, at least, so say the bosses of the biggest companies in America.

Gary Loveman, chairman and CEO of Caesar's Entertainment – yeah, that Caesar's Entertainment – told the world yesterday that the retirement age for Social Security and Medicare benefits has to be raised to 70, that retirees 55 years of age and younger must accept smaller benefit packages, and that he has the backing of member companies of the Business Roundtable.

Loveman is also chairman of the Health and Retirement Committee of the Roundtable. He definitely ain't no knight in shining armor.

The Business Roundtable represents corporations that make up nearly one-third of the value of the entire U.S. stock market. But, then, neither is the Secretary of the Treasury (Click here for a previous report about the Social Security 'Lock Box')

Mr. Loveman's concern is simple enough. The Treasury Secretary told the world yesterday that the U.S. Government will exhaust its borrowing authority by mid-February if the nation doesn't change its profligate ways.

If that happens, we all face the prospect of the first-ever national default on the full faith and credit of the U.S. Treasury. That will not only raise hell, but already has raised hell with the value of a common stock certificate because it will significantly change the worth of a sad sack, inflated U.S. Dollar. 

Other than mirrors, blue smoke and other cheap Indian tricks, that dollar is backed by nothing other than a promise to pay the nation's creditors the worth of that Federal Reserve Note.

Such a deal.

The nation's creditors? Read the Red Chinese, the Arabs, Japanese, and anybody else the Business Roundtable gave the store and the merchandise in it while we weren't looking.

Any evidence that's already happened? Yeah, take a look at the mutual funds, hedge funds and other derivative-based securities and how their bankruptcies affected the pension plans of an entire generation.

Many corporations fled to offshore nations, and took the pension funds with them when they did. True story.

Ring a bell?

The President has told the world he won't negotiate or compromise on the issue. He says he's prepared to use his executive authority in spite of the Republican majority in the House of Representatives, which is calling for less spending and massive budget cuts.

The bosses' response is to tell you how it pays off if you pass, fade or crap in this game – whether you're the one controlling the bones, or not.

And if what Loveman laid down for the Business Roundtable affects you, you're not the one controlling the bones.

Depend on it.

What happens when the Pharaoh dies?

We don't like to talk about that. You can bet the Chinamen who put their shekels in the American liquid assets pool we know and love as the U.S. Treasury Bond won't, either.


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