America is Cheating!-current
May 18, 2020
America is Cheating!
America is cheating by borrowing money, so far $147.6 Trillion, from the future Americans and giving it to the U.S. upper class! The reason this is cheating is because the U.S. Government is borrowing money from the future Americans that the future Americans do not have!
America appears to be the richest and most prosperous country on the planet! America appears to have more millionaires and billionaires than any other country on the planet! The American economy appears to be the strongest on the planet! The American stock market appears like it can go up forever! People want to come live in America so they can enjoy “The American Dream”!
All of these things are happening because America is cheating by borrowing money from the future Americans and giving it to the U.S. upper class!
The U.S. Government has already fraudulently borrowed $147.6 Trillion (US Unfunded Liabilities (GAAP)) from the future Americans and given it to the U.S. upper class by undertaxing them and is borrowing another $58.9 Billion every day to give to the U.S. upper class!
The corrupt U.S. Government has created this fantasy world by committing a fiscal and accounting fraud! The U.S. Government is not operating its fiscal policy with proper and Generally Accepted Accounting Principles (GAAP Accounting)! GAAP Accounting requires that if an entity, in this case the U.S. Government, is going to promise to pay future commitments, it must accrue the money to meet these future obligations at the time the commitment is confirmed!
The U.S. Government has not been accruing for future benefit promises to the U.S. general public for the last 51 years and as a result the U.S. upper class has gotten very very rich because they have been undertaxed! The money that the U.S. upper class have gained by being undertaxed is now expected to be paid by the future Americans who can never pay it therefore I call this now $147.6 Trillion of fraudulently gained wealth imaginary-counterfeit money; this money does not exist (imaginary) and has no valure (counterfeit)!
The U.S. Government has fraudulently borrowed $147.6 Trillion from the future Americans, money that the future Americans do not have, and given it to the U.S. upper class!
The U.S. Government has created $147.6 Trillion of imaginary-counterfeit money out of “thin air” and given it to the U.S. upper class!
That is why the U.S. upper class appears to be rich, the U.S. economy appears to be so strong, and the stock market continues to go up; the corrupt U.S. Government is fraudulently printing imaginary-counterfeit money at the rate of our GAAP basis deficit spending and giving it to the U.S. upper class!
This is a classic Ponzi scheme, I call it USAPonzi, that is borrowing money from the future Americans, money that the future Americans do not have, and giving it to the U.S. upper class by undertaxing them!
America is cheating by borrowing money, so far $147.6 Trillion, from the future Americans, money the future Americans do not have, and giving it to the U.S. upper class!
The following commentaries give further explanations of this absurd and criminal fiscal policy of the corrupt U.S. Government.
Whistleblower Letter #1 to Planet Earth
USAPonzi-The Great American Con Game
Whistleblower Letter #4 to the U.S. Congress 200120
Whistleblower Letter #1 to the United Nations 191203
Death of Planet Earth
|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 18, 2020
*usdebtclock.org has stopped explicitly reporting the GAAP Deficit. The GAAP Deficit is implicitly reported as the change in US Unfunded Liabilities (GAAP).
The U.S. Government must adopt GAAP Accounting and commit to a balanced GAAP basis budget to eliminate this fraud and establish a level economic and financial playing field throughout Planet Earth! GAAP Accounting, properly applied, would not allow the U.S. Government to borrow more money from the future Americans than the future Americans can be reasonably expected to pay.
You can learn much more about this Con Game/accounting fraud/Ponzi scheme by reading my websites www.usaponzi.net and www.usaponzi.com or my seventh book on USAPonzi “USAPonziD” which is available on Amazon.
John W. White