Net Worth of America $148.7T by Fraud 200409
April 9, 2020
Emailed to The United Nations, Fed Chair Jay Powell, St Louis Fed President James Bullard, Minneapolis Fed President Neel Kashkari, Dallas Fed President Robert Kaplan, Congressman Van Taylor, Congressman Colin Allred, Senator John Cornyn, Senator Ted Cruz, The U.S. SEC, and NYT/WSJ/WP/DMN/CNBC on 4/12/20
In this commentary, I will use the above chart to explain how the corrupt U.S. Government is using a fiscal and accounting fraud to create great wealth for America and great wealth for the U.S. upper class!
The corrupt U.S. Government is committing a fiscal and accounting fraud by operating its fiscal policy with Cash Accounting rather than the proper and Generally Accepted Accounting Principles (GAAP Accounting)! By using Cash Accounting, the U.S. Government is not taxing the U.S. upper class to accrue the money to pay future benefits to the U.S. general public! By undertaxing the U.S. upper class, the U.S. Government is deferring public liabilities to the future Americans, reported by usdebtclock.org as US Unfunded Liabilities (GAAP).
In effect, the U.S. Government is borrowing money from the future Americans, money the future Americans do not have, and giving it to the U.S. upper class in the amount of US Unfunded Liabilities (GAAP)! The U.S. Government is fraudulently enriching the U.S. upper class by not accruing for future benefit promises!
Author's Note: I am deviating from my ususal practice of showing the U.S. Government financial status as of the date of this commentary by using the data as of the end of 2019 to match up with the above chart!
FRED-Federal Reserve Economic Data
The Federal Reserve Bank has given the St Louis Fed the mission of collecting and reporting key economic activity data that it then reports to the general public through the FRED database. The above chart presents the estimated Net Worth of America, called US Total National Assets by usdebtclock.org, that is broken down into three major categories: Household Net Worth, Big Business Net Worth, and Small Business Net Worth!
The FRED data base presents a dynamic version of this chart to make available the specific estimates of the chart data for each quarter! The following is a link to this dynamic chart! Click on the Max button to extend this chart to the end of 2019.
Net Worth-Total National Assets 1945 to 2019
The above chart shows that the Net Worth of all Americans, as of the end of 1968 when the U.S. Government started this fiscal and accounting fraud by adopting the Unified Budget, was $5.043 Trillion and as of the end of 2019 was $148.729 Trillion! The U.S. upper class has been undertaxed by $127.5 Trillion by the U.S. Government assuming $127.5 Trillion of public liabilities to magically create this $148.729 Trillion of private assets!
Public liabilities produce private assets but these private assets are of no real value because the public liabilities can never be paid!
The corrupt U.S. Government has been fraudulently enriching the U.S. upper class for the last 51 years by operating its fiscal policy with Cash Accounting rather than proper GAAP Accounting! The corrupt and criminal U.S. Government has been running a classic Ponzi scheme, I call it USAPonzi, that is in the process of borrowing and infinite amount of money, I call it imaginary-counterfeit money, from the future Americans and giving it to the U.S. upper class with GAAP basis deficit spending!
The Net Worth of all Americans has increased from $5.043 Trillion in 1968 to $148.7 Trillion in 2019 primarily because the U.S. Government has borrowed $127.5 Trillion from the future Americans and given it to the U.S. upper class! I call this money imaginary-counterfeit money since the future Americans do not have that kind of money (imaginary) and can never pay it (counterfeit)!
This is why the U.S. upper class is getting richer and richer, the U.S. economy is getting stronger and stronger, and the stock market is going higher and higher! The corrupt U.S. Government is in the process of printing an infinite amount of imaginary-counterfeit money with GAAP basis deficit spending and giving it to the U.S. upper class!
The following are links to my whistleblower letters to Planet Earth and the U.S. Congress in an attempt to expose the fraud and corruption within the U.S. Government!
Whistleblower Letter #1 to Planet Earth
Whistleblower Letter #4 to the U.S. Congress
|Cash Deficit in FY2020
|*GAAP Deficit in FY2020
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|US Total National Assets
Source: www.usdebtclock.org April 9, 2020
*usdebtclock.org has stopped explicitly reporting the GAAP Deficit. The GAAP Deficit is implicitly reported as the change in US Unfunded Liabilities (GAAP).
I have written two websites (USAPonzi.com and USAPonzi.net) and seven books (the latest is USAPonziD which is available on Amazon) that explain this fraud and the impact it is having on Planet Earth!
John W. White