The Biggest Ponzi Scheme on the Planet-The U.S. Government
"American Economic Exceptionalism Explained"                     USAPonzi                                      by John W. White   Mar 29, 2013

How the Rich in America got Rich 180707
July 7, 2018
Emailed to WSJ/NYT/WP/DMN, the US SEC, Congressman Pete Sessions, Congressman Sam Johnson, Senator John Cornyn, and Senator Ted Cruz on 7/7/18


The following is an Op-Ed to “The Wall Street Journal”, “The New York Times”, “The Washington Post”, and “The Dallas Morning News” that explains “How the Rich in America got Rich! This commentary presents a “back of the envelope” calculation of “How the Rich in America got Rich” because the U.S. Government is “Cooking the Books”!


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 “colossally feather the nests of their upper-class friends”! The U.S. Government is not using proper accrual accounting!


The “news media” is aiding and abetting the corrupt and criminal U.S. Government by refusing to report this fiscal and accounting fraud!


How the Rich in America got Rich 180707

July 7, 2018


The rich in America have gotten rich because the U.S. Government is “Cooking the Books”!


If the U.S. Government is allowed to continue “Cooking the Books” as it is today, the U.S. Government will give the U.S. upper class infinite wealth!


The U.S. Government is borrowing an unending and ever-increasing amount of money from the future Americans, money the future Americans do not have, and giving it to the U.S. upper class with GAAP basis deficit spending!


This commentary presents a very simple calculation of “How the Rich in America got Rich”!


The rich in America have appeared to have gotten rich because the U.S. Government has undertaxed them by using fraudulent accounting!


The U.S. Government is not operating its fiscal policy with
GAAP Accounting, also called accrual accounting, and as a result is not properly accruing the money to pay for future U.S. Government benefit promises to the U.S. general public!


According to the U.S. Federal Reserve Bank, the total private net worth in America, as of July 7, 2018, is $137.4 Trillion (Total National Assets)! The U.S. upper class holds most of that wealth so let's make the simplifying assumption that they own all of that wealth.


The U.S. upper class gained some of that wealth because they did not have to pay the taxes for the U.S. Government's cash basis overspending of $21.2 Trillion (National Debt)!


The U.S. upper class gained a lot more wealth, $92.7 Trillion (US Unfunded Future Liabilities), because the U.S. Government is not properly accruing the money to pay for future U.S. Government benefit promises to the U.S. general public! Because the U.S. Government is not using the proper accounting system, the U.S. upper class has been undertaxed by another $92.7 Trillion!


The U.S. upper class now has estimated wealth of $137.4 Trillion but $113.9 Trillion ($21.2T + $92.7T = $113.9T) of that has been gained because the U.S. Government is not properly taxing the U.S. upper class to “balance the budget”! 82.9% of the apparent private wealth in America has been gained because Americans have been fraudulently undertaxed by $113.9 Trillion ($113.9T/$137.4T = 0.829)!


I call this fraudulently gained wealth by undertaxing the U.S. upper class, imaginary-counterfeit money, since it does not exist and therefore is imaginary and has no value and therefore is counterfeit. The corrupt and criminal U.S. Government is running a classic Ponzi scheme, I call it USAPonzi, that is borrowing imaginary-counterfeit money from the future Americans, money the future Americans do not have, and giving it to the U.S. upper class!


The corrupt and criminal U.S. Government is fraudulently and digitally printing imaginary-counterfeit money with GAAP basis deficit spending by borrowing money from the future Americans, money the future Americans do not have, and giving it to the
U.S. upper class by undertaxing them!


That is how the rich in America have gotten rich with imaginary-counterfeit money!


The rich in America have gotten rich because the U.S. Government is fraudulently undertaxing them! The U.S. Government is fraudulently undertaxing the U.S. upper class because the U.S. Government is committing fiscal and accounting fraud by not using proper GAAP Accounting!


The U.S. upper class is getting rich because the U.S. Government is corrupt! The corrupt and criminal U.S. Government is “Cooking the Books” by borrowing money from the future Americans, money that the future Americans do not have, and giving it to the U.S. upper class by undertaxing them!


The U.S. general public is getting cheated because the U.S. Government is not properly accruing the money to pay future U.S. Government benefit promises to the U.S. general public!


The corrupt and criminal U.S. Government is not operating its fiscal policy with proper GAAP Accounting!


The corrupt and criminal U.S. Government has fraudulently enriched the U.S. upper class by $113.9 Trillion (US Unfunded Liabilities (GAAP)/imaginary-counterfeit money)!


The corrupt and criminal U.S. Government has fraudulently overpaid the U.S. ruling class by $21.2 Trillion (National Debt)!


The corrupt and criminal U.S. Government has fraudulently cheated the U.S. general public by $92.7 Trillion (US Unfunded Future Liabilities)!


The U.S. Government is corrupt!


The senior officials of the U.S. Government are common criminals that have committed a $113.9 Trillion criminal act by not operating its 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 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 “main-stream-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 Planet Earth and my Open Letter to US General Public!


To eliminate this massive fraud, the U.S. Government must adopt GAAP Accounting and commit to a balanced GAAP basis budget. GAAP Accounting (Generally Accepted Accounting Principles) is the commonly used name in America for the accounting guidelines for accrual accounting.

 

National Debt   $21.2 Trillion  
Cash Deficit in FY2018   $0.78 Trillion  
GAAP Deficit in FY2018   $6.03 Trillion  
US Unfunded Future Liabilities   $92.7 Trillion  
US Unfunded Liabilities (GAAP)   $113.9 Trillion  
Imaginary-Counterfeit Money   $113.9 Trillion  
Total National Assets   $137.4 Trillion  

Source: www.usdebtclock.org Jul 7, 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”, “USAPonzi2”, and “USAPonzi3”!


This is the biggest ($113.9 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Ultimate Government Fraud” and “The Biggest Ponzi Scheme on the Planet”.


John W. White
Plano, TX