A Fraud that fooled A Planet!
April 21, 2017 Emailed to WSJ/NYT/DMN April 21, 2017
The following is an Op-Ed to "The Wall Street Journal", "The New York Times", and "The Dallas Morning News" that explains how the U.S. Government is using a fraudulent fiscal policy and accounting system to dramatically enrich themselves and to colossally enrich the U.S. upper class.
The "news media" has an ethical responsibility to inform the general public of how the U.S. Government is committing fiscal and accounting fraud to cheat the general public and the rest of the planet so they can "feather their own nests" and "dramatically feather the nests of their upper-class friends".
A Fraud that fooled A Planet!
The U.S. Government likes the U.S. upper class better than the U.S. Common Man!
April 21, 2017
Criminals come in both red and blue!
The U.S. Government is committing a fiscal and accounting fraud that is so preposterous that almost all of planet earth refuses to accept the fact that it is a $105.9 Trillion fraud. The U.S. Government has been using fraudulent accounting since FY1969 and as a result has deferred $105.9 Trillion of public liabilities (US Unfunded Liabilities (GAAP)) to the future Americans by undertaxing the current Americans by that same amount. The U.S. Government has borrowed money from the future Americans, that the future Americans do not have, and has given it to the current Americans by undertaxing them. I call this fraudulently borrowed money "imaginary-counterfeit money".
The U.S. Government is "printing" imaginary-counterfeit money and giving it to the current Americans with GAAP basis deficit spending. But since the U.S. upper class should be paying the $105.9 Trillion of taxes that would balance the budget, the U.S. upper class is becoming richer and richer. As I say repeatedly, this is a classic Ponzi scheme because the early participants in this scheme are paid with money that is to be paid in by the late participants in the scheme.
This fraud, if continued, will give infinite imaginary-counterfeit wealth to the U.S. upper class! This fraud is caused by the U.S. Government not using Generally Accepted Accounting Principles (GAAP Accounting). GAAP Accounting stipulates that if the entity, in this case the U.S. Government, is making future financial commitments, in this case government benefit promises, the entity must start accruing the money required to pay these future benefits as soon as they are earned.
The U.S. Government stopped accruing for these future benefits in FY1969, so the U.S. upper class has fraudulently gained $105.9 Trillion over the last 48 years because the U.S. Government is imagining that the future Americans can pay this ever-increasing amount of public liabilities that now stand at $105.9 Trillion.
The U.S. upper class has so far gained $105.9 Trillion of imaginary-counterfeit money.
The U.S. ruling class has been overpaid by $19.9 Trillion because the U.S. Government has fraudulently borrowed $19.9 Trillion of imaginary-counterfeit money from the fraudulently enriched U.S. upper class.
The U.S. Common man has been hoodwinked into thinking that they are going to be paid generous government benefits that have been underfunded by $86.0 Trillion.
Because of this fraud, the U.S. upper class has become unbelievably wealthy with imaginary-counterfeit money.
Because of this fraud, the U.S. ruling class has been dramatically overpaid with imaginary-counterfeit money.
Because of this fraud, the U.S. Common Man is facing financial devastation since they are counting on these government benefits that the U.S. Government has been ignoring for 48 years by not adequately funding these future liabilities.
Because of this fraud, the current Americans, especially the U.S. upper class, are able to pay outrageous prices for things like oil, gold, houses, cars, airplanes, skyscrapers, healthcare, etc. with imaginary-counterfeit money that the U.S. Government produced by borrowing it from the future Americans with GAAP basis deficit spending.
The U.S. Government is dramatically enriching the U.S. upper class and the U.S. ruling class and is saying "to hell with the Common Man".
The U.S. Common Man is compelled to use real money that it earns by the sweat of the brow while the U.S. upper class and the U.S. ruling class get to use imaginary-counterfeit money that the U.S. Government has produced by borrowing it from the future Americans (See Two Classes of People-Two kinds of Money).
The U.S. Government is corrupt! The senior officials of the U.S. Government are criminals! The U.S. Government is committing fiscal and accounting fraud by not operating its fiscal policy according to Generally Accepted Accounting Principles (GAAP Accounting).
The U.S. Government likes its U.S. upper class friends a lot more than it likes the U.S. Common Man. Probably because by making the U.S. upper class very rich, the U.S. upper class can make big contributions to their political campaigns, make big contributions to their foundations, pay them big book fees and speaking fees, and give them good jobs as employees, board members, and lobbyists when they retire from "government service"?
Every day, the U.S. Government is borrowing/stealing $15.32 Billion of imaginary-counterfeit money from the future Americans, money the future Americans do not have, and giving it to the U.S. upper class. That is why the U.S. upper class is so rich, has big houses, has big cars, and enjoys an opulent lifestyle. For the last 48 years the U.S. Government has been fraudulently borrowing imaginary-counterfeit money from the future Americans and giving it to the U.S. upper class.
The senior officials of the U.S. Government are common criminals because they are skimming off a little bit ($19.9 Trillion so far) of this imaginary-counterfeit money so that they can overpay themselves.
Now what do you think about the people we have elected to operate the U.S. Government?
The entire planet earth has been fooled by this U.S. Government fraud and corruption. The entire planet is buying stuff from all parts of the planet with the imaginary-counterfeit money that has been borrowed/stolen from the future Americans. We are filling the planet with junk that has been purchased with the $105.9 Trillion of imaginary-counterfeit money that has been fraudulently borrowed from the future Americans. This is why I say that the Chinese are NOT Grand Champions of Current Manipulation! The U.S. Government wins that competition hands down by "printing" $15.32 Billion of imaginary-counterfeit money every day with GAAP basis deficit spending.
Simple accounting fraud is causing the U.S. upper class to appear to be super rich but with imaginary-counterfeit money.
Just think about that, the U.S. Government has given its U.S. upper-class friends $105.9 Trillion of imaginary-counterfeit money while cheating the U.S. Common Man by promising government benefits but underfunding these promises by $86.0 Trillion. And yet they still have the unmitigated gall to borrow $19.9 Trillion from the fraudulently enriched U.S. upper class to overpay themselves.
The U.S. Government is being run by a bunch of criminals!
Essentially the entire planet earth has been fooled by this U.S. Government fraud.
The U.S. Government likes the U.S. upper class a lot better than the U.S. Common man!
$105.9 Trillion better!
This is "A Fraud that has fooled a Planet"!
To demonstrate the absurdity of the current fiscal policy consider this; the current Americans have been undertaxed by $105.9 Trillion over the last 48 years giving them $105.9 Trillion of imaginary-counterfeit money and the U.S. Government's proposed solution to this problem is to lower the taxes on both individuals and businesses. Not only are they criminals, they are willing to double down on their strategy to enrich themselves and the U.S. upper class by lowering the tax rate on their best friends the U.S. upper class.
Because the U.S. Government is not using GAAP Accounting, the senior U.S. Government officials have no idea just how outrageous the current government benefit promises really are. Both Obamacare and Trumpcare, whatever that may be, are only increasing the government benefit promises that are today underfunded by $86.0 Trillion. Is that not just a little bit absurd!
We do know one thing about criminals, they come in both red and blue.
The United States of America must come to accept the fact that we have been living dramatically beyond our means because of this U.S. Government fiscal and accounting fraud. Borrowing $105.9 Trillion of imaginary-counterfeit money from the future Americans has dramatically elevated the lifestyle of all Americans but especially that of the U.S. upper class.
|| $19.9 Trillion
|Cash Deficit in FY2017
|GAAP Deficit in FY2017
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org April 21, 2017
This U.S. Government fraud can only be equitably eliminated by the adoption of GAAP Accounting and a commitment to a balanced GAAP basis budget by the U.S. Government.
I have published a website www.usaponzi.net that explains how this fraud works to create a massive global wealth and income gap between the haves and the have-nots and to create false wealth and prosperity for the current Americans.
This is the biggest ($105.9 Trillion) financial fraud ever perpetrated, I call it "USAPonzi: The Ultimate Government Fraud" and it is "The Biggest Ponzi Scheme on the Planet"!
John W. White