USAPonzi Elevator Speech 10/8/17
October 8, 2017 Emailed to WSJ/NYT/DMN on 10/8/17
The following is an Op-Ed to “The Wall Street Journal”, “The New York Times” and “The Dallas Morning News” that is my “elevator speech” that explains the U.S. Government fiscal and accounting fraud that I call USAPonzi.
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”!
USAPonzi Elevator Speech 10/8/17
October 8, 2017
The U.S. Government is Corrupt!
The U.S. Government is perpetrating a fiscal and accounting fraud that is fraudulently and colossally enriching the U.S. upper class, is fraudulently and dramatically enriching the U.S. ruling class, is colossally cheating the U.S. Common Man, and is colossally cheating the rest of the plant!
This fraud is caused by the use of improper accounting. The U.S. Government is not using proper accrual accounting. The U.S. Government is operating with Cash Accounting rather than the proper and Generally Accepted Accounting Principles (GAAP Accounting)!
This fraud has been operating since FY1969 when LBJ convinced the U.S. Congress to adopt the Unified Budget which merged the financial assessing and reporting for general operating expenses with the financial assessing and reporting for U.S. Government future benefit promises! Adopting this Unified Budget should have included a switch from Cash Accounting to GAAP Accounting, but it did not.
By not using accrual accounting, the U.S. Government is deferring most of the cost of future U.S. Government benefits to the future Americans and relieving the current Americans of this cost. This has the effect of borrowing money from the future Americans and giving it to the current Americans. Since U.S. upper class should be paying for most of these future U.S. Government benefits, the U.S. Government is borrowing money from the future Americans and giving it to the U.S. upper class. But since the future Americans cannot pay this borrowed money, this money is imaginary and has no value so it is counterfeit.
The U.S. Government is borrowing imaginary-counterfeit money from the future Americans and giving it the U.S. upper class. This is a classic Ponzi scheme! I call this Ponzi scheme fiscal policy; USAPonzi.
The U.S. Government has borrowed $107.7 Trillion (US Unfunded Liabilities (GAAP)) from the future Americans and given it to the U.S. upper class. This is fraud because the future Americans do not have $107.7 Trillion.
This U.S. Government fraud has created $107.7 Trillion of imaginary-counterfeit money out of “thin air” and given it to the U.S. upper class. This is why we have a wealth and income gap in America! The U.S. Government has fraudulently given the U.S. upper class $107.7 Trillion of imaginary-counterfeit money!
The U.S. Government is cheating the U.S. Common Man by not adequately funding the future benefit promises that the U.S. Government has made to the Common Man, creating US Unfunded Future Liabilities of $87.4 Trillion.
The U.S. Government has borrowed $20.3 Trillion (National Debt) from the now fraudulently enriched upper class so that it can overpay itself. The U.S. Government has now fraudulently borrowed this same money twice! They have borrowed $107.7 Trillion from the future Americans to enrich the U.S. upper class and they have borrowed $20.3 Trillion from the fraudulently enriched upper class to enrich themselves!
The U.S. Government has fraudulently borrowed $107.7 Trillion of imaginary-counterfeit money from the future Americans and given it to the current Americans so we can buy stuff from each other and from the rest of the planet with monopoly money! The U.S. Government is cheating the rest of the planet by allowing Americans to buy stuff from the rest of the planet with monopoly money!
The U.S. Government is being run by a bunch of common criminals! They seemed to get really upset when Madoff and Enron did something like this, but they are okay with doing it themselves!
This imaginary-counterfeit money will evaporate when USAPonzi implodes.
The global economy will suffer a massive economic depression when USAPonzi implodes.
|Cash Deficit in FY2018
|GAAP Deficit in FY2018
|US Unfunded Future Liabilities
|| $87.4 Trillion
|US Unfunded Liabilities (GAAP)
|| $107.7 Trillion
|Total National Assets
Source: www.usdebtclock.org Oct 8, 2017
To eliminate this fraud, the U.S. Government must adopt GAAP Accounting and commit to a balanced GAAP basis budget.
I have published a website www.usaponzi.net that explains how this fraud works to create a massive global wealth and income gap between the haves and the have-nots and to create false wealth and prosperity for the current Americans. The www.usaponzi.net website is an introduction to my more detailed website www.usaponzi.com and my books “USAPonzi” (Nov 22, 2015) and “USAPonzi2” (May 1, 2017) which are available on Amazon to better explain this fraud/Ponzi scheme.
This fraud/Ponzi scheme is also explained in “CliffsNotes style” in my October 1, 2017 commentary USAPonzi CliffsNotes.
This is the biggest ($107.7 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Ultimate Government Fraud” and “The Biggest Ponzi Scheme on the Planet”.
John W. White