America the Corrupt 201123
November 23, 2020
Emailed to United Nations, Fed Chair Jay Powell, 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, NYT/WSJ/WP/CNBC/DMN on 11/23/20
“America the Beautiful” became “America the Corrupt” in January of 1968 when Lyndon Baines Johnson proposed and the U.S. Congress approved the Unified Budget!
The fiscal policy that the Unified Budget introduced created an economic environment that dramatically favors America over the rest of the planet, dramatically favors the U.S. upper class over the U.S. general public, and will prove to be devastating for Planet Earth!
America is Corrupt! The U.S. Government is Corrupt! The corrupt U.S. Government is knowingly and willingly operating with a fraudulent fiscal policy that is colossally enriching the U.S. upper class and colossally cheating the U.S. general public!
The corrupt U.S. Government has fraudulently borrowed (stolen) $155.7 Trillion from the future Americans and given it to the U.S. upper class!
$155.7 Trillion is a lot of corruption!
When this corruption within the U.S. Government is properly exposed, Planet Earth will experience a devastating economic, financial, political, and humanitarian crisis of epic proportions!
This corruption was started by a scoundrel, Lyndon Baines Johnson, that became the President of the United States of America because Lee Harvey Oswald shot John Fitzgerald Kennedy 57 years ago yesterday! Lee Harvey Oswald was a key contributor to this corruption; therefore, I call the now $155.7 Trillion counterfeit money bubble produced by this corruption the “Oswald Financial Bubble”!
In the last year of his presidency, Lyndon Baines Johnson was having to explain and report the significant cost of the Vietnam War! He, and his advisors, determined that if he could borrow the money in the U.S. Government benefit trust funds, he could balance the budget for FY1969! This prompted the adoption of the Unified Budget!
Prior to the Unified Budget, funds were segregated into separate financial statements and trust funds so that revenue received for each government program could not be spent for other obligations. The adoption of the Unified Budget allowed the U.S. Government to use its own discretion as to how all revenue received by the U.S. Government was to be allocated to the various U.S. Government programs and spending obligations!
The fatal flaw in the Unified Budget proposal was that the benefit programs that were rolled into the Unified Budget did not spend all of the revenue received in the current year but some, even most, was retained in trust funds for future year benefit commitments! Each benefit program had its own financial statement to determine how much it needed to accrue in trust funds to meet future benefit commitments for that program! This is referred to as Accrual Accounting, the various programs were responsible for accruing the money to meet that spending obligation!
This changed dramatically in FY1969 with the Unified Budget because the Unified Budget did not switch from Cash Accounting to Accrual Accounting also called GAAP Accounting! The U.S. Government could spend all money received in the current year for current year spending obligations and was not required to accrue the money to pay for future U.S. Government benefits!
The Unified Budget created a “bird's nest on the ground” for the U.S. upper class because they did not have to pay the taxes to fund future benefit commitments!
The Unified Budget created a “looming and devastating disaster” for the U.S. general public because they are paying to fund these future benefits, but the U.S. Government is spending this money and not retaining it to pay future benefits!
Because the U.S. Government is not accruing for future benefits, it is borrowing money from the future Americans to meet these future benefit commitments and giving it to the U.S. upper class by undertaxing them!
So far, the corrupt U.S. Government has fraudulently borrowed $155.7 Trillion (US Unfunded Liabilities (GAAP)) from the future Americans and given it to the U.S. upper class by undertaxing them!
So far, the corrupt U.S. Government has underfunded the future benefit obligations to the U.S. general public by $128.4 Trillion (US Unfunded Future Liabilities)!
For the last 51 years, the corrupt U.S. Government has been enriching the U.S. upper class and cheating the U.S. general public!
The following commentaries explain how the corrupt U.S. Government is committing a fiscal and accounting fraud, I call it USAPonzi, by not operating its fiscal policy with proper and Generally Accepted Accounting Principles (GAAP Accounting), that prints an unending and ever-increasing amount of imaginary-counterfeit money, by fraudulently borrowing it from the future Americans, and giving it to the U.S. upper class!
GAAP basis deficit spending by the U.S. Government prints imaginary-counterfeit money and gives it to the U.S. upper class by undertaxing them!
USAPonzi-The Great American Fraud
USAPonzi-The Great American Con Game
Whistleblower Letter #3 to Planet Earth
Whistleblower Letter #3 to U.S. general public
Whistleblower Letter #6 to Congress
The devastating impact of this fiscal and accounting fraud, that I call USAPonzi, is summarized in my October 1, 2020 commentary!
Quintet of Global Crises
This accounting fraud can only be equitably eliminated by the adoption of GAAP Accounting and a commitment to a balanced GAAP basis budget by the U.S. Government!
|Cash Deficit in FY2021
|*GAAP Deficit in FY2021
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org November 23, 2020
You can learn more about this fraud/Ponzi scheme by reading my websites (www.usaponzi.net and www.usaponzi.com) or by reading my eighth book on USAPonzi “USAPonziE” which is available on Amazon!
This is the biggest ($155.7 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Great American Fraud” and “The Biggest Ponzi Scheme on the Planet”!
John W. White