Fed Chief and The Elephant in the Room 210415
April 15, 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 4/15/21
Fed Chief Jay Powell has been fooled by the corrupt U.S. Government!
The corrupt U.S. Government has stolen $162.6 Trillion from the future Americans and given it to the U.S. upper class and Fed Chair Jay Powell apparently has no clue that this is happening!
Fed Chief Jay Powell either does not understand The Elephant in the Room or just chooses to not talk about it!
Elephant in the Room-Wikipedia
The expression “the elephant in the room" is a metaphorical idiom in English for an important or enormous topic, question, or controversial issue that is obvious or that everyone knows about but no one mentions or wants to discuss because it makes at least some of them uncomfortable and is personally, socially, or politically embarrassing, controversial, inflammatory, or dangerous.
The Elephant in the Room in this instance is the fact that the corrupt U.S. Government is committing a fiscal and accounting fraud, I call it USAPonzi, that is devastating Planet Earth! The corrupt U.S. Government is in the process of printing an infinite amount of counterfeit money, so far $162.6 Trillion, and giving it to the U.S. upper class!
The U.S. upper class is getting rich, the U.S. general public is getting screwed, the rest of the planet is getting screwed, and Planet Earth is being destroyed!
Jay Powell apparently does not even know about The Elephant is in the Room!
Jay Powell, in his “60 minutes” interview on April 11, 2021 does not mention The Elephant in the Room but to his credit he does say “the outlook is brighter but not without risks”!
My concern is that Planet Earth is facing the most devastating series of economic and physical events since Noah's Flood and nobody wants to talk about it and most people do not even know about it!
This accounting fraud is causing Economic Inequality, Global Warming, the Coronavirus Pandemic, the Hunger Pandemic, and The Greatest Depression!
The following summary of Chair Powell’s “60 minutes” interview by the New York Times makes no mention of this pending “Black Swan” event that is The Elephant in the Room!
The implosion of USAPonzi is The Elephant in the Room and no one in a postion of power is willing to talk about it!
New York Times
Fed Chief Says U.S. Economy Is at an ‘Inflection Point’ as Risks Remain
“It’s going to be smart if people can continue to socially distance and wear masks,” Jerome Powell said on “60 Minutes.”
By Deborah B. Solomon
April 11, 2021
WASHINGTON — The economy is at an “inflection point” and on the cusp of growing more quickly, the Federal Reserve chair, Jerome H. Powell, said in an interview broadcast on Sunday night. But he warned that the crisis was not yet over.
In the interview, with “60 Minutes” on CBS, Mr. Powell said the American economy “has brightened substantially” as more people are vaccinated and businesses reopen. But he cautioned that “there really are risks out there,” specifically coronavirus flare-ups, if Americans return to normal life too quickly.
“The principal risk to our economy right now really is that the disease would spread again more quickly,” he said. “And that’s troubling. It’s going to be smart if people can continue to socially distance and wear masks.”
The Fed has held interest rates near zero since March 2020 and has been buying about $120 billion in government-backed bonds each month, policies meant to stoke spending by keeping borrowing cheap. Fed officials have been clear that they will continue to support the economy until it is closer to their goals of maximum employment and stable inflation — and that while the situation is improving, it is not there yet.
Mr. Powell reiterated that approach on Sunday, saying the central bank would “consider raising rates when the labor market recovery is essentially complete, and we’re back to maximum employment, and inflation is back to our 2 percent goal and is on track to move above 2 percent for some time.”
But he said it would “be a while until we get to that place.”
Fed Chair Jay Powell apparently has no clue that the corrupt U.S. Government is in the process of printing an infinite amount of counterfeit money, I call it imaginary-counterfeit money, and giving it to the U.S. upper class!
The following chart shows how the corrupt U.S. Government could print a quadrillion dollars (a thousand trillion dollars) of imaginary-counterfeit money by 2040 if this accounting fraud that I call USAPonzi is allowed to continue! The corrupt U.S. Government prints this imaginary-counterfeit money by deferring public liabilities to the future Americans with GAAP basis deficit spending and gives it to the U.S. upper class by undertaxing them!
The corrupt U.S. Government started fraudulently borrowing money from the future Americans in FY1969 when LBJ proposed, and the U.S. Congress approved the Unified Budget and stopped accruing for future U.S. Government benefit promises!
The U.S. upper class is getting filthy rich because the corrupt U.S. Government is fraudulently borrowing imaginary-counterfeit money, so far $162.6 Trillion, from the future Americans and giving it to the U.S. upper class by undertaxing them!
If $162.6 Trillion does not yet qualify as filthy rich, then I think a quadrillion dollars should just about do it!
The elite are getting rich and the unelite are getting screwed!
And Fed Chair Jay Powell apparently does not even know this is happening!
|Cash Deficit in FY2021
|GAAP Deficit in FY2021
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|US Total National Assets
Source: www.usdebtclock.org April 15, 2021
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