USA maintains global dominance with fraud!
August 1, 2016
The United States of America is maintaining global dominance with accounting fraud!
The U.S. Government has borrowed $103.0 Trillion from the future U.S. taxpayers.
The U.S. Government is borrowing $15.7 Billion from the future U.S. taxpayers every day (GAAP Deficit in FY2016 $5.73T/365 = $15.7B)
The U.S. Government is using fraudulent accounting to conceal the magnitude of this borrowing by reporting its financial condition with Cash Accounting rather than the proper GAAP Accounting. This has created a massive Ponzi scheme that I call USAPonzi.
This is fraud because the future U.S. taxpayers cannot pay this $103.0 Trillion!
www.usdebtclock.org reports this $103.0 Trillion of borrowing as US Unfunded Liabilities (GAAP).
Cash Deficit in FY2016
|GAAP Deficit in FY2016
|Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org July 26, 2016
The U.S. Government gives this money, I call it imaginary-counterfeit money, to the U.S. citizens and businesses so that we can buy and build things we cannot afford (See Filling the Planet with Junk!).
I call this imaginary-counterfeit money (See The Theory of Imaginary Money) because the U.S. Government imagines that the future U.S. taxpayers will be able to pay this money but it is counterfeit because the future U.S. taxpayers cannot pay this money.
The U.S. Government undertaxes the U.S. upper class by $103.0 Trillion making them filthy rich but with imaginary-counterfeit money (See Getting Rich on Borrowed Money!).
This is fraud! This fraud has caused the rest of the planet to resent "The Ugly Americans" (See Why "Radical Islamists" hate the Western World!).
The United States of America has been able to fraudulently deploy massive military capability by borrowing $103.0 Trillion from the future U.S. taxpayers.
The United States of America appears to be the dominant economic, political, and military power on the planet but only because the U.S. Government is corrupt.
USAPonzi is 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 format and on www.usaponzi.com in PDF format.
This is the biggest ($103.0 Trillion) financial fraud ever perpetrated, I call it "USAPonzi: The Ultimate Government Fraud" and "The Biggest Ponzi Scheme on the Planet".