December 7, 2013
Open Letter to:
Tom Coburn U.S. Senator (R) Oklahoma
Erskine Bowles Co-Chair, National Commission on Fiscal Responsibility and Reform
Alan Simpson Co-Chair, National Commission on Fiscal Responsibility and Reform
David A. Vaudt Chairman Government Accounting Standards Board
Jim Cramer Television Personality-CNBC
David Faber Television Personality-CNBC
Joe Kernen Television Personality-CNBC
Larry Kudlow Television Personality-CNBC
Steve Liesman Television Personality-CNBC
Rick Santelli Television Personality-CNBC
Andrew Ross Sorkin Television Personality-CNBC
Neil Cavuto Televison Personality-FOX Business
Lou Dobbs Television Personality-FOX Business
Rush Limbaugh Radio Personality
Doug Casey Economic Newsletter-CaseyResearch.com
George Friedman Global Intelligence Newsletter-Stratfor.com
Michael Tanner Senior Fellow-Cato Institute
John Mauldin Financial Newsletter-MauldinEconomics.com
John Williams Financial Newsletter-ShadowStats.com
Robert Shiller Nobel Prize Winning Economist
Paul Krugman Nobel Prize Winning Economist
Jeremy Siegel Economics Professor-Wharton
Laurence Kotlikoff Economics Professor-Boston University
Gerard Baker Editor-in-Chief Wall Street Journal
Scott Burns Newspaper Columnist-Dallas Morning News
Will Deener Newspaper Columnist-Dallas Morning News
The U.S. Federal Government has been using fraudulent accounting for 45 years (since fiscal year 1969) and as a result is running
"The Biggest Ponzi Scheme on the Planet" (USAPonzi).
This fraud would be exposed immediately if the U. S. Federal Government would follow it's own rules and report it's financial condition using GAAP accounting.
There is now an effort underway to bring a bi-partisan bill (the INFORM ACT) to congress that essentially requires that the Federal Government prepare GAAP-basis financial statements annually.
The following was taken from the INFORM ACT website:
The INFORM ACT is a bi-partisan bill introduced, in the Senate, by Senator Kaine (Democrat from Virginia) and Senator Thune (Republican from South Dakota) and co-sponsored by Senator Coons (Democrat from Delaware) and Senator Portman (Republican from Ohio). Congressman Cooper (Democrat from Tennessee) and Congressman Shock (Republican from Illinois) have introduced the bill in the House.
The INFORM ACT requires the Congressional Budget Office (CBO), the General Accountability Office (GAO), and the Office of Management and Budget (OMB) to do fiscal gap and generational accounting on an annual basis to assess the sustainability of fiscal policy and measure, on a comprehensive basis, the fiscal obligations facing our children and future generations. The ACT also permits Congress to request fiscal gap accounting and generational accounting to evaluate major proposed changes to fiscal policy.
(see www.informact.org for further details).
This bill has been endorsed by over 1000 economists, including 15 Nobel Laureates in Economics.
Congress must take action quickly to correct this fraudulent accounting. I know full well that it will create a fiscal crisis but the longer we wait the more traumatic that crisis will be.
I have created a website (www.usaponzi.com) that analyzes this Ponzi scheme and projects what impact the implosion of USAPonzi might have on the U.S. and World economy.
John W. White Plano, TX