Lee Harvey Oswald changed the course of history!
July 1, 2016
Lee Harvey Oswald changed the course of history on November 22, 1963 when he assassinated John Fitzgerald Kennedy. This got a brash and blustery scoundrel named Lyndon Baines Johnson into the White House. LBJ was able to convince the 90th Congress to adopt the "Unified Budget" that would launch a Ponzi scheme that I call USAPonzi. This is a corrupt and fraudulent fiscal policy that does not accurately reflect the financial status of the U.S. Government.
The brash and bullying political style of LBJ was able to convince Congress that he could "balance" the FY1969 budget if he could just "borrow" the money in the social benefit trust funds to pay for the cost of the Vietnam war that year. This USAPonzi fiscal policy would dramatically change the course of history since it allows the U.S. Government to spend and promise to spend much much more than it is collecting in taxes. This fiscal policy uses Cash Accounting rather the proper GAAP Accounting.
As a result, the U.S. Government has overpaid itself, overpaid the social benefit recipients, and dramatically undertaxed the U.S. upper class making many of them appear to be very, very rich. This fiscal policy has created a $102.7 Trillion problem since we now have $102.7 Trillion of US Unfunded Liabilities (GAAP). This fiscal policy has also made it impossible for the Congress to make rational financial commitments because we have not been using an honest accounting system for the U.S. Government for over 47 years.
|Cash Deficit in FY2016
|GAAP Deficit in FY2016
|Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|| $102.7 Trillion
|Total National Assets
Source: www.usdebtclock.org July 1, 2016
The U.S. Congress has made massive financial commitments, like Medicare Part B and Obamacare, without having even the slightest clue as to whether or not these are affordable and sustainable. Since we know from GAAP accounting that what we have been doing since FY1969 is out of balance by $102.7 Trillion, my intuition tells me that both Medicare Part B and Obamacare have only made this problem significantly worse. Further, the Donald Trump plan to cut taxes on the current U.S. taxpayers will by definition increase the fiscal imbalance.
Just as an aside, the blustery and bullying leadership style of Donald J. Trump is strangely reminiscent of the political style of LBJ that got us into our current pickle.
USAPonzi has allowed the U.S. Government to falsely represent the United States of America as the dominant economic, financial, military, and political force on the planet and all because Oswald shot JFK. This is what changed the course of world history.
This problem can only be equitably resolved by the adoption of GAAP Accounting and a commitment to a balanced GAAP basis budget by the U.S. Government.
In order to create a level economic playing field that is sustainable over time and equitable throughout the planet, the U.S. Government must eliminate this fraud and corruption. The U.S. Government must stop cheating the future Americans and the rest of the planet just so it can dramatically enhance the lifestyle of current Americans (See Getting Rich on Borrowed Money)!
USAPonzi is explained in much more detail on my website www.usaponzi.com and in my book "USAPonzi" which is available on Amazon in Kindle and paperback format and on www.usaponzi.com in PDF format.
This is the biggest ($102.7 Trillion) financial fraud ever perpetrated, I call it "USAPonzi: The Ultimate Government Fraud" and "The Biggest Ponzi Scheme on the Planet"!