U.S. Government Accounting Fraud Explained 200509
May 9, 2020
Emailed to The United Nations, Fed Chair Jay Powell, St Louis Fed President James Bullard, 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, and NYT/WSJ/WP/DMN/CNBC on 5/9/20
I am a Whistleblower! The U.S. Government is corrupt!
The U.S. Government is committing fiscal and accounting fraud by operating its fiscal policy with Cash Accounting rather than proper GAAP Accounting!
I call this accounting fraud USAPonzi since it is a classic Ponzi scheme that is borrowing money (so far $147.5 Trillion) from the future Americans, money the future Americans do not have, and giving it to the U.S. upper class by undertaxing them!
The difference between these two accounting methodologies is massive! Cash Accounting constrains the U.S. Government spending by monitoring and assessing the National Debt! GAAP Accounting constrains the U.S. Government spending by monitoring and assessing the US Unfunded Liabilities (GAAP)!
Cash Accounting ignores the impact of future financial commitments!
GAAP Accounting assesses not only the cash spending but also assesses the impact of future financial commitments!
By operating the U.S. Government fiscal policy with Cash Accounting, the U.S. Government is not accruing for future financial commitments!
Currently the National Debt is $25.2 Trillion and the US Unfunded Liabilities (GAAP) are $147.5 Trillion!
That is why I say that the U.S. Government has printed $147.5 Trillion of imaginary-counterfeit money! By deferring $147.5 Trillion of public liabilities to the future Americans, the U.S. Government has given the U.S. upper class $147.5 Trillion of private assets but these assets are imaginary and counterfeit because GAAP Accounting shows that these public liabilities can never be paid!
Americans are filling up Planet Earth with cars, airplanes, boats, houses, airports, cities etc. etc. that are being purchased with imaginary-counterfeit money! Americans are buying stuff with money that the U.S. Government has been fraudulently borrowed from the future Americans!
This accounting fraud is enriching the U.S. upper class, cheating the U.S. general public, cheating the rest of the planet, causing Global Warming, causing the Coronavirus Pandemic, and destroying Planet Earth to name just a few of the more serious consequences of this accounting fraud!
The following are links to my whistleblower letters to Planet Earth and the U.S. Congress in an attempt to expose this fraud and corruption within the U.S. Government!
Whistleblower Letter #1 to Planet Earth
Whistleblower Letter #5 to the U.S. Congress
|US National Debt
|Cash Deficit in FY2020
|*GAAP Deficit in FY2020
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|US Total National Assets
Source: www.usdebtclock.org May 9, 2020
*usdebtclock.org has stopped explicitly reporting the GAAP Deficit. The GAAP Deficit is implicitly reported as the change in US Unfunded Liabilities (GAAP). US Unfunded Liabilities (GAAP) were $126.1 Trillion on October 1, 2019 the start date for FY2020, therefore the GAAP Deficit in FY2020 will be >$21.4 Trillion ($147.5T-$126.1T=$21.4T).
I have written two websites (USAPonzi.com and USAPonzi.net) and seven books (the latest is USAPonziD which is available on Amazon) that explain this fraud and the impact it is having on Planet Earth!
John W. White