Powell Fed is a Fraud 181102
November 2, 2018
Emailed to WSJ/NYT/WP/DMN, the US SEC, Congressman Pete Sessions, Congressman Sam Johnson, Senator John Cornyn, Senator Ted Cruz, and Dallas Mayor Mike Rawlings 11/3/18
The following is an Op-Ed to “The Wall Street Journal”, “The New York Times”, “The Washington Post”, and “The Dallas Morning News” which explains why the “Powell Fed is a Fraud”!
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”.
The “news media” is aiding and abetting the corrupt and criminal U.S. Government by refusing to report this fiscal and accounting fraud! The U.S. Government should be operating its fiscal policy with accrual accounting!
Powell Fed is a Fraud 181102
November 2, 2018
The Federal Reserve Bank under Jerome Powell is a Fraud! The Federal Reserve Bank has had its head in the sand for the last half century because it has not exposed the fiscal and accounting fraud that the U.S. Government is committing by not using the proper accounting system! The U.S. Government is not operating its fiscal policy with accrual accounting!
The Federal Reserve Bank has been so laser-focused on getting inflation up to 2% and unemployment down as low as possible, they have missed the small detail that the U.S. Government has printed $115.4 Trillion of imaginary-counterfeit money!
The U.S. Government prints this imaginary-counterfeit money by deferring $115.4 Trillion of public liabilities to the future Americans and undertaxing the current Americans by $115.4 Trillion! 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! The U.S. upper class is getting filthy rich with money that has been fraudulently borrowed from the future Americans. The U.S. general public is getting cheated because the U.S. Government is not funding future U.S. Government benefit promises!
The Federal Reserve Act of 1913 established the Federal Reserve System as the central bank of the United States to provide the nation with a safer, more flexible, and more stable monetary and financial system.
The Federal Reserve Bank has lost sight of it primary role as noted above!
The Powell Fed is a Fraud because it is not fulfilling its primary task of maintaining a safe and stable monetary and financial system!
When the U.S. Government is printing counterfeit money with GAAP basis deficit spending, the Federal Reserve Bank must step forward and say so!
None of the last five Fed Chairs have exposed this massive accounting fraud that is printing counterfeit money at the current rate of $16.6 Billion a day!
Jerome Powell is incompetent to serve as Chairman of the Federal Reserve Bank because of his inability to identify and expose this $115.4 Trillion fiscal and accounting fraud!
The corrupt and criminal U.S. Government is running a classic Ponzi scheme that is borrowing money from the future Americans, money the future Americans do not have, and giving it to the U.S. upper class! This Ponzi scheme, I call it USAPonzi, has fraudulently borrowed $115.4 Trillion from the future Americans and given it to the U.S. upper class!
In just 49 years (USAPonzi was launched in FY1969), the U.S. Government has fraudulently enriched the U.S. upper class by $115.4 Trillion simply by borrowing just a little dab every day, currently $16.6 Billion a day, from the future Americans and giving it the U.S. upper class!
The U.S. Government is hoping that the U.S. general public will not notice this fraud if they do it slow enough, but unfortunately this accounting fraud is also fooling the U.S. Congress, the White House, the U.S. Federal Reserve Bank, and most of planet earth!
The Chief Economist of the United States of America is allowing the U.S. Government to print counterfeit money at the rate of $16.6 Billion a day and give it to the U.S. upper class!
Apparently, Jerome Powell has no clue that the U.S. Government has printed $115.4 Trillion of counterfeit money by using fraudulent accounting! The U.S. Government has fraudulently deferred $115.4 Trillion of public liabilities (US Unfunded liabilities (GAAP)) to the future Americans to fraudulently enrich the U.S. upper class with $115.4 Trillion of imaginary-counterfeit money by undertaxing them!
However, the Powell Fed has just sunk to a new low by releasing the following proposal to reduce regulations on smaller banks!
CNBC.com October 31, 2018
Fed sets new rules to ease regulations on smaller banks
The Federal Reserve released a set of proposed rules Wednesday that would “significantly” lower regulator barriers for smaller banks.
Under the rules, the banks would be divided into four categories, with those having between $100 billion and $250 billion in assets seeing the greatest relief.
The largest banks would face essentially the same regulations under the Dodd-Frank reforms, though the frequency of stress tests could be reduced.
Jeff Cox | @JeffCoxCNBCcom
Powell has just confirmed that he has been fooled just like Volcker, Greenspan, Bernanke, and Yellen were fooled by the fiscal and accounting fraud of the U.S. Government!
The U.S. Government is committing a $115.4 Trillion fiscal and accounting fraud and we have had five consecutive Fed Chairs that have failed to identify and expose this massive fraud! $115.4 Trillion is a lot of fraud!
One member of the Powell Fed, Lael Brainard, dissented on this new bank rules proposal so maybe there is a modicum of sanity on the U.S Federal Reserve Bank. She dissented because she felt there was too much risk associated with this proposal.
CNN Business October 31, 2018
One Fed governor, Lael Brainard -- an appointee of President Barack Obama -- objected to the Fed's new plan, arguing the proposal goes well beyond what Congress intended and raises the risk that American taxpayers will be on the hook again.
All I can say is “Hooray for Lael Brainard”!
Author's Note: U.S. banks would need fewer regulatory rules if the U.S. Government was telling the financial truth by operating its fiscal policy with proper GAAP Accounting!
Because of the U.S. Government fiscal and accounting fraud that I call USAPonzi, the U.S. Government has printed $115.4 Trillion of imaginary-counterfeit money, much of which is now deposited in our banks!
When this Ponzi scheme implodes, all of this imaginary-counterfeit money will evaporate and all banks in the United States, and much of the developed world, will fail!
Let me say that again, banks will fail all over the planet when the U.S. Government fiscal and accounting fraud that I call USAPonzi is exposed.
Real Banks for Counterfeit Money
Over the last 49 years, we have built real banks, we now have 93,000 branch banks, all over the United States to hold the bank deposits from the $115.4 Trillion of counterfeit money that the U.S. Government has fraudulently borrowed from the future Americans (See The Bank Bubble)!
The last thing we need right now is relaxed rules on our banks! The global financial system and the global economy now contain a $115.4 Trillion bubble of imaginary-counterfeit money that is expanding by $16.6 Billion a day. GAAP basis deficit spending by the U.S. Government prints imaginary-counterfeit money and gives it to the U.S. upper class by fraudulently undertaxing them!
Insanity in Washington
We have insanity in the U.S. Congress because the U.S. Government is committing a fiscal and accounting fraud that has produced a $115.4 Trillion Ponzi scheme!
We have insanity in the White House because Donald Trump thinks he has produced a booming economy when the economy appears to be booming because the U.S. Government is printing what is now $115.4 Trillion of imaginary-counterfeit money!
Now we have further insanity in the Federal Reserve Bank because the Fed wants to reduce regulations on U.S. banks just when we are on the precipice of the biggest bank failure event in the history of the planet!
We have insanity all over Washington (White House, Congress, Fed) with the possible exception of the U.S. Supreme Court! But the U.S. Supreme Court will have its hands full sorting out the legal chaos that will occur when the U.S. Government has to declare bankruptcy because of the implosion of USAPonzi! When $115.4 Trillion of apparent private wealth evaporates, we will have a hard time determining who owns what and determining what anything is worth!
The U.S. Supreme Court seems to be the logical place to handle the inevitable bankruptcy of the U.S. Government and the failure of U.S. banks when USAPonzi implodes!
I have sent each member of the U.S. Supreme Court nine whistleblower letters exposing this massive fraud/Ponzi scheme and have received no response!
So, we may have insanity in the U.S. Supreme Court and just do not know it yet!
This accounting fraud is causing massive social injustice by fraudulently enriching the U.S. upper class by $115.4 Trillion and fraudulently underfunding the future benefit promises to the U.S. general public by $93.7 Trillion! The corrupt and criminal U.S. Government is not properly accruing for future U.S. Government benefit promises to the U.S. general public which is enriching the U.S. upper class and cheating the U.S. general public!
USAPonzi is a $115.4 Trillion fraud that is growing by $16.6 Billion a day!
The U.S. Government is borrowing money, $16.6 Billion a day, from the future Americans, money that the future Americans do not have, and giving it to the U.S. upper class!
The U.S. Government is corrupt!
The senior officials of the U.S. Government are common criminals that have committed a $115.4 Trillion criminal act by not operating the U.S. Government fiscal policy with proper accrual accounting! The senior officials of the U.S. Government are common criminals because they are direct financial beneficiaries of this massive fraud! The corrupt and criminal U.S. Government is overpaying itself with imaginary-counterfeit money!
We have 535 criminals in the U.S. Congress and an untold number of criminals in the White House!
I have sent 14 whistleblower letters to the U.S. Securities and Exchange Commission, a whistleblower letter to every member of the U.S. Congress, and 9 whistleblower letters to each member of the U.S. Supreme Court so that all three branches of the U.S. Government would be informed of this massive fraud!
I have also sent over 200 Op-Eds to the “mainstream media” in an attempt to expose this massive fraud to the citizens of Planet Earth! None of these Op-Ed candidates have been published!
This massive fraud is explained in more detail in my Open Letter to US Government, my Open Letter to Planet Earth, and my Open Letter to US General Public!
I have presented specific fraud charges against the U.S. Government in my Fraud Charges against U.S. Government commentary!
I have also explained this fraud to the International Monetary Fund in my Open Letter to the International Monetary Fund commentary!
To eliminate this massive ($115.4 Trillion) fraud, the U.S. Government must adopt GAAP Accounting and commit to a balanced GAAP basis budget.
|Cash Deficit in FY2019
|GAAP Deficit in FY2019
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org Nov 2, 2018
This fraud/Ponzi scheme (USAPonzi) is explained in much more detail on my websites www.usaponzi.net and www.usaponzi.com and in my books “USAPonzi” 11/22/15, “USAPonzi2” 5/1/17, “USAPonzi3” 2/1/18, and “USAPonziA” 9/1/18! Each of these books have updates that I made every few days until the next book was published. I have published 672 commentaries since March 29, 2013 in an attempt to explain and expose this massive U.S. Government fraud!
This is the biggest ($115.4 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Ultimate Government Fraud” and “The Biggest Ponzi Scheme on the Planet”.
John W White