Climate Change and the Federal Reserve 190401
April 1, 2019
Emailed to Glenn Rudebusch, Fed Chairman Jay Powell, Climate Change Executive Director Michael Kuperberg, and WSJ/NYT/WP/DMN 4/1/19
TO: Glenn Rudebusch
Executive Vice President
Federal Reserve Bank of San Francisco, CA
CC: Jay Powell
Federal Reserve Bank
CC: Michael Kuperberg
Climate Change and the Federal Reserve
by Glenn Rudebusch
March 25, 2019
Dr. Rudebusch, after reading your article on Climate Change and the Federal Reserve, I agree with you that the Federal Reserve Bank should play a key role in addressing the impact of Climate Change on the global economy.
In this commentary, I will explain how the U.S. Government is committing an accounting fraud by not using accrual accounting that is actually causing Climate Change!
The Federal Reserve Bank has a responsibility to expose this accounting fraud and eliminate the Global Warming that is caused by this U.S. Government accounting fraud!
In your article on Climate Change and the Federal Reserve you make the following statement:
“In this century, three key forces are transforming the economy: a demographic shift toward an older population, rapid advances in technology, and climate change.”
I contend that, over the last half century, the fraudulent fiscal policy of the U.S. Government has been, by far, the most dominant force to influence the global economy! The U.S. Government is in the process of printing an infinite amount of counterfeit money so the entire planet can fraudulently buy, build, rent, and operate an infinite number of environment-polluting physical objects!
The U.S. Government has already printed $123.3 Trillion of counterfeit money to fraudulently and colossally enrich the U.S. upper class and to fraudulently stimulate the global economy!
The U.S. Government has, since FY1969, been operating its fiscal policy with Cash Accounting rather than the proper GAAP Accounting and as a result is running a classic Ponzi scheme, a massive $123.3 Trillion Ponzi scheme! The U.S. Government is committing a fiscal and accounting fraud that has fraudulently borrowed $123.3 Trillion from the future Americans and given it to the U.S upper class by undertaxing them!
The U.S. Government is not using accrual accounting to properly accrue the money to pay future U.S. Government benefit promises!
I call this Ponzi scheme fiscal policy “USAPonzi” and the $123.3 Trillion of fraudulently borrowed money “imaginary-counterfeit money” since the future Americans do have $123.3 Trillion!
This accounting fraud is in the process of fraudulently borrowing an infinite amount of imaginary-counterfeit money from the future Americans and giving it to the current Americans but primarily to the U.S. upper class by undertaxing them!
This accounting fraud is in the process of fraudulently borrowing an infinite amount of imaginary-counterfeit money from the future Americans so the planet can fraudulently buy, build, rent, and operate an infinite number of environment-polluting physical objects like cars, planes, boats, houses, tall buildings, factories, oil wells, etc. etc.!
U.S. Government accounting fraud is causing Global Warming!
This accounting fraud is dramatically and exponentially accelerating the consumption rate of the entire planet!
This accounting fraud is building so many cars that we are creating traffic jams!
This accounting fraud is building so many airplanes that we cannot train pilots fast enough and well enough to safely fly them!
This accounting fraud is building sprawling cities in the desert like Las Vegas and Phoenix that the “real economy” cannot support and sustain!
This accounting fraud is building unsustainable cities and airports in the Middle East and China and in fact all over the planet!
The action that the Federal Reserve Bank should take to have the most near-term impact on Climate Change is to expose this U.S. Government accounting fraud!
Until we have an economy that properly correlates labor with capital, we will continue to allow the current residents of planet earth to consume assets that we should be preserving for the future residents of planet earth! The current residents of planet earth should only consume assets that have been properly earned!
USAPonzi is giving massive counterfeit wealth to the elite and undue financial rewards to many people all over planet earth especially to the residents of the United States of America!
The U.S. Government is printing imaginary-counterfeit money at the rate of its GAAP basis deficit spending which is currently $16.7 Billion a day that is causing Global Warming which is destroying planet earth!
The elite in America are conspiring with the U.S. Government to enrich the U.S. ruling class, to colossally enrich the U.S. upper class, to colossally cheat the U.S. general public, to colossally cheat the rest of the planet, and to destroy planet earth with Global Warming!
|Cash Deficit in FY2019
|GAAP Deficit in FY2019
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org April 1, 2019
This accounting 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!
You can learn more about this fraud/Ponzi scheme by reading my websites www.usaponzi.net and www.usaponzi.com or better yet by reading my fourth book on USAPonzi “USAPonziA” which is available on Amazon and on my websites in Kindle and PDF formats.
This is the biggest ($123.3 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Ultimate Government Fraud” and “The Biggest Ponzi Scheme on the Planet”!
John W. White