Bitcoin Phenomenon-Debacle 210217
February 17, 2021
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 12/30/20
a type of digital currency that uses state-of-the-art cryptography, can be issued in any fractional denomination, and has a decentralized distribution system
The Bitcoin digital currency is a hoax produced by the corrupt U.S. Government!
The Bitcoin phenomenon is based on the fraud and corruption within the U.S. Government that is printing counterfeit money, I call it imaginary-counterfeit money, by fraudulently borrowing it from the future Americans!
This commentary on Bitcoin is a follow up to my two prior commentaries on the Bitcoin currency.
Bitcoin Valuation Dilemma 171102
Bitcoin Phenomenon-Debacle 201230
Nov 1, 2017 $6,761 $108.8 Trillion
Dec 27, 2020 $32,782 $156.4 Trillion
Feb 16, 2021 $50,936 $159.4 Trillion
The price of a Bitcoin is going up because the corrupt U.S. Government is in the process of printing an infinite supply of imaginary-counterfeit money!
The following chart shows how the price of a Bitcoin has increased rather dramatically in the last few months! The corrupt U.S. Government has printed $3 Trillion of new imaginary-counterfeit money in just the last month and a half but investors/speculators are increasingly willing to allocate a larger portion of their $159.4 Trillion of imaginary-counterfeit money to the Bitcoin!
The U.S. Government is committing a fiscal and accounting fraud by not operating its fiscal policy with proper and Generally Accepted Accounting Principles (GAAP Accounting)! The corrupt U.S. Government is lying to and cheating the U.S. general public by promising future benefits but not taxing the U.S. upper class to pay for these future benefits!
By not using proper GAAP Accounting/accrual accounting, the corrupt U.S. Government is deferring public liabilities to the future Americans and undertaxing the U.S. upper class! This has the effect of fraudulently borrowing money from the future Americans, money the future Americans do not have, and giving it to the U.S. upper class!
The money gained by the U.S. upper class, because of this fraud, does not exist (imaginary) and has no value (counterfeit)! The corrupt U.S. Government is pulling imaginary-counterfeit money out of a “magic hat” by pretending like the future Americans will someday find an infinite “pot of gold” at the “end of the rainbow”!
The global economy is now operating on the imaginary-counterfeit money that the corrupt U.S. Government is fraudulently borrowing from the future Americans!
Because of this accounting fraud, the U.S. upper class is getting rich with imaginary-counterfeit money and the U.S. general public is getting cheated because their promised benefits have not been funded!
As of today, the corrupt U.S. Government has printed $159.4 Trillion of imaginary-counterfeit money and the Bitcoin concept is stacking up this imaginary-counterfeit money in gigantic virtual piles of worthless strings of digits!
This U.S. Government fraud has produced an exciting but meaningless creation of imaginary-counterfeit wealth that will vanish into the “thin air” from whence it came when this U.S. Government fraud is properly exposed!
GAAP basis deficit spending by the corrupt U.S. Government prints imaginary-counterfeit money and gives it to the U.S. upper class! Currently, the corrupt U.S. Government is printing $34.6 Billion of imaginary-counterfeit money every day and giving it to the U.S. upper class (GAAP Deficit in FY2021 = $12.63T/365 days = $34.6B/day)!
The value of a bitcoin increases a little bit every day because the corrupt U.S. Government prints a little bit more ($34.6 Billion) imaginary-counterfeit money every day!
The Bitcoin phenomenon will prove to be a debacle for the investors in bitcoins just like the stock market will prove to be a debacle for the investors in stocks when this U.S. Government accounting fraud is properly exposed!
Both the imaginary-counterfeit dollars and the bitcoins will evaporate when the U.S. Government starts telling the financial truth!
The following commentaries explain this fiscal and accounting fraud that I call USAPonzi!
USAPonzi-The Great American Fraud
Whistleblower Letter #3 to U.S. General Public
Whistleblower Letter #6 to Congress
The devastating impact of this accounting fraud on Planet Earth is summarized in my Oct 1, 2020 commentary.
Quintet of Global Crises (Economy, Climate, Health, Hunger, Depression)
|Cash Deficit in FY2021
|*GAAP Deficit in FY2021
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org February 17, 2021
The current fiscal policy of the corrupt U.S. Government, I call it USAPonzi, is Destroying Planet Earth!
I have written two websites (www.usaponzi.net and www.usaponzi.com) and eight books that explain USAPonzi and the impact it is having on Planet Earth. My latest book (USAPonziE) is available on Amazon and can also be downloaded from my www.usaponzi.net website.
John W. White