The Eight Richest Billionaires
January 17, 2017 Emailed to WSJ/NYT/DMN Jan 17, 2017
Op-Ed to "The Wall Street Journal", "The New York Times", and "The Dallas Morning News".
The Eight Richest Billionaires!
Eight billionaires 'as rich as world's poorest half'
The popular British newspaper, "The Guardian", ran the above headline and article in its January 15, 2017 edition. This article is based on a report by Oxfam, an international organization of charitable organizations, that was highlighting the fact that increasingly global wealth is being concentrated in the elite class. This report makes the assertion that this trend is much more pronounced than previously thought.
This is happening because the U.S. Government is being run by a bunch of criminals!
It is my contention that this wealth gap and the fact that this gap is expanding between the richest and the poorest, is due to fraud and corruption within the U.S. Government. The U.S. Government is using a fraudulent accounting system by using Cash Accounting rather than the proper GAAP Accounting (Generally Accepted Accounting Principles) which has produced a classic Ponzi scheme. By operating with Cash Accounting, the U.S. Government is not only over spending on a cash basis which it reports, it is also not adequately funding the trust funds to pay future benefit promises for pensions, veteran's benefits, and social benefits. As a result, the U.S. Government has undertaxed the current Americans by $104.8 Trillion creating massive wealth for the current Americans but most of this wealth accrues to the U.S. upper class.
The global upper class appears to be getting very, very rich because the U.S. Government has fraudulently borrowed $104.8 Trillion from the future Americans and given it to the current Americans simply by committing fiscal and accounting fraud.
The U.S. Government is being run by a bunch of criminals!
The U.S. Government is creating imaginary wealth by borrowing imaginary money from the future Americans.
The U.S. Government is creating massive imaginary-counterfeit private wealth by assuming massive public liabilities and has been doing so for over 48 years.
Is it any wonder that the rich are getting richer and the poor are getting poorer?
The following table shows that, on a GAAP basis, the U.S. Government has created US Unfunded Liabilities (GAAP) of $104.8 Trillion and has therefore created what I call imaginary-counterfeit money of that same amount. The U.S. Government is transferring massive wealth to the U.S. upper class simply by operating with a dramatically unbalanced budget. Further, all current Americans now have massive purchasing power by being given this $104.8 Trillion so that we can buy things we really can't afford, by spending some of this $104.8 Trillion of imaginary-counterfeit money that the U.S. Government has created out of "thin air" by deferring $104.8 Trillion of public liabilities to the future Americans.
The U.S. Government is borrowing monopoly money from the future Americans and giving it to the current Americans. The U.S. Government has now borrowed $104.8 Trillion from the future Americans and is borrowing $15.5 Billion more every day with GAAP basis deficit spending of $5.64 Trillion in FY2017.
The U.S. Government is creating massive imaginary-counterfeit wealth by incurring massive public liabilities. The U.S. Government is committing fiscal and accounting fraud to create massive but imaginary-counterfeit wealth for the global upper class.
The United States of America is appearing to be much richer and much more prosperous than it really is because the U.S. Government is deferring massive public liabilities to the future Americans. A corrupt U.S. Government is creating millions of imaginary millionaires and several hundred imaginary billionaires simply by committing fiscal and accounting fraud.
The U.S. ruling class is getting rich and the U.S. upper class is getting super rich because the U.S. Government is corrupt.
This super imaginary-counterfeit private wealth is being spread all over the planet because this U.S. Government fraud has presented the current Americans with $104.8 Trillion of monopoly money by overpaying and undertaxing them so that the current Americans can buy/pay for oil, gas, smartphones, cars, airplanes, cruise ships, houses, apartment buildings, hotels, resorts, skyscrapers, islands, airports, cities etc. etc. all over the planet.
Therefore, I contend that this wealth and income gap has been created by the Ponzi scheme fiscal policy of the U.S. Government that I call USAPonzi.
If the U.S. Government was using proper accounting and was operating with a balanced budget, this wealth and income gap would not be nearly so pronounced.
When the U.S. Government decides to not fund the government benefit promises that it has made to the Common Man, it is colossally cheating the Common Man. When the U.S. Government decides to undertax the U.S. upper class by deferring these public liabilities to the future Americans, it is colossally favoring the U.S. upper class. When the U.S. Government borrows money to overpay the U.S. ruling class, it is favoring the U.S. ruling class and cheating the Common Man. When the U.S. Government borrows monopoly money from the future Americans and gives it to the current Americans, it is colossally cheating the rest of the planet because we are buying their goods and services with this monopoly money that has been fraudulently borrowed from the future Americans.
Therefore, I contend that the primary cause of this concentration of assets in the hands of the global elite class is a corrupt U.S. Government.
Proper GAAP Accounting (Generally Accepted Accounting Principles) clearly reports that the U.S. Government is making financial commitments that it cannot keep. The U.S. Government has borrowed $104.8 Trillion from the future Americans and given it to the future Americans. Someday soon the planet is going to wake up and realize that the future Americans cannot pay a ballooning tax bill that as of today is $104.8 Trillion. $104.8 Trillion is in fact a whole hell of a lot of money (See How Much Money is 2.5 Trillion Dollars?).
The U.S. Government is committing fiscal and accounting fraud by "borrowing" imaginary-counterfeit money from the future Americans and giving it to the current Americans. As of today, January 17, 2017, the U.S. Government has borrowed $104.8 Trillion (US Unfunded Liabilities (GAAP)) from the future Americans and given it to the current Americans with GAAP basis deficit spending.
|Cash Deficit in FY2017
|GAAP Deficit in FY2017
|| $5.64 Trillion
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|| $104.8 Trillion
|Total National Assets
Source: www.usdebtclock.org January 17, 2017
I have just published a new website www.usaponzi.net that I think better explains how this fraud works to create this massive global wealth and income gap and to create false wealth and prosperity for the current Americans.
This fraud is explained in CliffsNotes format (USAPonzi CliffsNotes) and is also explained in much more detail on my website www.usaponzi.com and in my book “USAPonzi” which is available on Amazon in Kindle and Paperback formats and on my www.usaponzi.net website in both Kindle and PDF formats.
This is the biggest ($104.8 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Ultimate Government Fraud” and it is “The Biggest Ponzi Scheme on the Planet”!