Chapter 5 The Oswald Financial Bubble "Cooking the Books"
November 22, 2015
Lee Harvey Oswald has caused the biggest Financial Bubble in the history of the planet! Lee Harvey Oswald assassinated John F. Kennedy on Nov 22, 1963 and Lyndon Baines Johnson became President of the United States of America as result of this assassination. This incident got a scoundrel into the White House that would introduce a corrupt and fraudulent fiscal policy for the U.S. Government.
LBJ, during his presidency, pursued the Vietnam War vigorously creating a significant “War Debt”. In January of 1968 LBJ proposed the “Unified Budget” to pay for the Vietnam War by “borrowing” the money from the social benefit trust funds to pay for this “War Debt”. The “Unified Budget” also suspended the funding of the social benefit trust funds by allowing the U.S. Government to continue to borrow from the social benefit trust funds and to spend all of the tax revenue received each year for any purpose that it might choose. Tax revenues were pooled and not reserved for a specific spending obligation.
This created the USAPonzi scheme that defers an ever increasing percentage of the cost of the U.S. Government to the future U.S. taxpayers with GAAP basis deficit spending which then stimulates the U.S. and global economy.
This is how the U.S. Government started "Cooking the Books" in FY1969!
This Ponzi scheme produces an ever increasing amount of counterfeit money that the U.S. Government uses to overpay the direct and indirect Government employees and uses to pay more social benefits than the U.S. taxpayers can afford. By dramatically undertaxing the U.S. citizens and businesses, the U.S. Government is making the upper class citizens super wealthy and the most prosperous U.S. businesses super profitable because they do not have to pay the full cost of the U.S. Government's spending and committing to spend.
As of November 22, 2015, USAPonzi has produced $99.8 Trillion of Unfunded Liabilities (National Debt + Unfunded Future Liabilities) and an equivalent amount of counterfeit money, as reported by usdebtclock.org Nov 22, 2015.
This counterfeit money allows U.S. consumers to buy cars, boats, houses, planes, oil, tennis shoes, smartphones, and whatever from all over the planet that the U.S. consumer could not otherwise afford.
This makes some of the people, businesses, and countries that are producing all of this stuff prosperous and even wealthy so they too can buy cars, boats, houses, planes, oil, tennis shoes, smartphones, and whatever from all over the planet that they could not otherwise afford.
The EU is now loaning money to Greece, that it will never get back, from profits earned from purchases made with money that was earned from profits made from purchases made, etc., etc, with money that was originally borrowed from the future U.S. taxpayers. This counterfeit money is being propagated throughout the U.S. and global economy.
USAPonzi creates more counterfeit money every day ($16.1 Billion a day) with our GAAP basis deficit spending of $5.9 Trillion in FY2016 so this Ponzi scheme can perpetuate this “virtuous cycle”.
In the meantime, the future U.S. taxpayers are accruing one hell of a big tax bill and the future pension and social benefit recipients are in for one hell of a big disappointment when they find out that the U.S. Government has not been accruing the money to pay for these benefits.
The Oswald Financial Bubble has now been inflated with $99.8 Trillion of counterfeit money (US Unfunded Liabilities) and is expanding by $5.9 Trillion a year in FY2016 (GAAP Deficit) according to usdebtclock.org Nov 22, 2015.
This Ponzi scheme will continue until it finally implodes or is purposefully dismantled. And it was all started by Lee Harvey Oswald!
And Janet Yellen still does not see any asset bubbles forming! You would think that the Chairman of the Federal Reserve could see a $99.8 Trillion financial bubble!
And the talking heads on TV still do not think we are in a Stock Market Bubble!
And the Securities and Exchange Commission continues to ignore my Whistleblower Letters!
And The New York Times, The Wall Street Journal, and The Dallas Morning News have all declined to publish my Op-eds exposing this Ponzi scheme!
This situation can only be resolved by the U.S. Government adopting GAAP Accounting and committing to a balanced GAAP basis budget. This will ensure an equitable and sustainable fiscal policy.
If the U.S. Government is going to spend money it must collect the tax revenue to pay for this spending.
The U.S. Government is spending and committing to spend $5.9 Trillion more than it is taking in taxes in FY2016 and we are already in the hole by $99.8 Trillion. It does not take a genius to figure out that we have a serious problem.
This is precisely the problem that Greece is having today. They are promising social benefits that the Greek taxpayers cannot afford because they too are operating their fiscal policy with an accounting system that does not properly assess and report what is affordable and sustainable. Governments, like all financial entities, must operate with GAAP (Accrual) Accounting if they are going to make future financial commitments!
Financial data sourced from usdebtclock.org Nov 22, 2015.
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