The Wells Fargo Scandal Hypocrisy!
October 17, 2016 Emailed to SEC/WSJ/NYT/DMN 10/17/16
|Cash Deficit in FY2017
|GAAP Deficit in FY2017
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org Oct 17, 2016
The U.S. Government acted very quickly, and I think appropriately, when it became evident that Wells Fargo Bank had used fraud to set up unauthorized accounts so that Wells Fargo employees could meet their sales objectives and receive their bonuses. This allowed the bank to improve its profits and as a result the executive bonuses throughout the management structure were enriched.
The U.S. Congress was very quick to call for a Congressional hearing that led to the resignation of John Stumpf, the CEO and Chairman of Wells Fargo.
What I consider to be hypocritical is that the U.S. Government is using very similar tactics to those used by Wells Fargo so that it can line the pockets of the U.S. ruling class and dramatically line the pockets of their upper class friends.
What I consider to be hypocritical is that the U.S. Government has been operating with a corrupt and fraudulent fiscal policy and accounting system for over 48 years that has enriched the U.S. upper class by $103.8 Trillion and has overpaid the members of the U.S. Government by fraudulently borrowing money from the future Americans. The U.S. Government is operating a $103.8 Trillion Ponzi scheme so that they can enrich themselves and their rich friends.
The senior officials of the U.S. Government are cheating the rest of the planet and the Common Man by undertaxing their rich friends to make them super wealthy. The senior officials of the U.S. Government are cheating the rest of the planet by creating imaginary-counterfeit money that Americans can use to fraudulently buy products from the rest of the planet. The senior officials of the U.S. Government are cheating the Common Man by promising to pay social benefits that the U.S. Government refuses to fund so that it can overpay itself and create massive fraudulent wealth for itself and its upper class friends.
While I do not disagree with the action taken by the U.S. Congress as a result of the Wells Fargo scandal, I do think it is hypocritical of the U.S. Congress to take action against Wells Fargo when the U.S. Government itself is operating with a corrupt and fraudulent fiscal policy that is producing dramatic but fraudulent financial gain for members of the U.S. Government (See The Senior U.S. Government Officials are Criminals).
What is good for the goose is good for the gander!
This Wells Fargo fraud was made possible by U.S. Government fraud.
In another ironic twist, the Wells Fargo fraud could not have occurred to this magnitude without USAPonzi. I understand the John Stumpf sold $61 Million of Wells Fargo stock the day before Wells paid the $185 Million fine. Most of that money is imaginary-counterfeit money produced by USAPonzi. The U.S. Government has borrowed $103.8 Trillion from the future Americans so that Wells Fargo can manage these huge amounts of counterfeit money that created the greed within Wells Fargo that produced this Wells Fargo phony accounts scandal (See The Bank Bubble).
Therefore, the U.S. Government is a contributing co-conspirator in the Wells Fargo scandal.
Truth in Government financial accounting and reporting will show that Americans have been living in a fantasy economic world for the last half century. Americans are living dramatically beyond their means because of U.S. Government fiscal and accounting fraud and corruption. And the senior officials of the U.S. Government are themselves being dramatically enriched by the fraud that I call USAPonzi.
The U.S. Government is slipping money, albeit imaginary-counterfeit money, to the U.S. upper class and to themselves at an astounding rate! The U.S. Government does this by undertaxing the U.S. upper class. The U.S. Government has fraudulently deferred $103.8 Trillion of public liabilities (US Unfunded Liabilities (GAAP)) to the future Americans over the last 48 years, which dramatically elevates the standard of living of the current Americans, especially the U.S. upper class. $103.8 Trillion should perk up just about anyone's day (See The Concept of Imaginary-Counterfeit Money).
The U.S. and global citizenry needs to understand that the U.S. Government is borrowing/stealing money, $103.8 Trillion to date, from the future Americans and giving it to the current Americans. The U.S. Government is giving most of this money to the U.S. upper class but is also making many of the senior U.S. Government officials wealthy with this fiscal and accounting fraud (See The Clinton Fraud). This is the biggest crime ever committed and it is being perpetrated by the Government of the United States of America.
This massive but fraudulent wealth transfer from the future Americans to the current Americans is being conducted in plain sight but it is being camouflaged to some degree by the use of fraudulent accounting. The U.S. Government is using Cash Accounting rather than the proper GAAP Accounting.
This fraud and corruption can only be eliminated by the U.S. Government adopting GAAP Accounting and committing to a balanced GAAP basis budget.
This fraud and corruption within the U.S. Government is explained in much more detail on my website www.usaponzi.com and in my book "USAPonzi" that is available on Amazon in Kindle and paperback formats.
The size of this U.S. Government fraud is easily determined; it is the amount of imaginary-counterfeit money that the U.S. Government has borrowed/stolen from the future Americans which is reported on www.usdebtclock.org as US Unfunded Liabilities (GAAP).
USAPonzi is a massive ($103.8 Trillion) fraud; "The Biggest Ponzi Scheme on the Planet"!