Causing Global Warming-current
June 1, 2020
In this commentary, I will explain how the U.S. Government is committing a fiscal and accounting fraud that is causing Global Warming!
The U.S. Government is promising unaffordable future U.S. Government benefits to the U.S. general public but is not taxing the U.S. upper class enough to pay for these future U.S. Government benefits! The U.S. upper class is getting richer and richer every day because they are being undertaxed! As of today, the U.S. Government has fraudulently given the U.S. upper class $147.8 Trillion by undertaxing them (US Unfunded Liabilities (GAAP))!
The U.S. Government is committing a fiscal and accounting fraud by operating its fiscal policy with Cash Accounting rather than proper and Generally Accepted Accounting Principles (GAAP Accounting) which has produced a classic $147.8 Trillion Ponzi scheme fiscal policy, I call it USAPonzi, that is not accruing for future U.S. Government benefit promises to the U.S. general public!
When the U.S. Government does not accrue for future benefit promises, this has the effect of borrowing money from the future Americans, I call it imaginary-counterfeit money since the future Americans can never pay this borrowed money, and giving it to the U.S. upper class by undertaxing them!
As of today, the U.S. Government has fraudulently borrowed $147.8 Trillion of imaginary-counterfeit money from the future Americans, money the future Americans do not have, and given it to the U.S. upper class and is borrowing $59.5 Billion more imaginary-counterfeit money every day and giving it to the U.S. upper class with GAAP basis deficit spending!
The U.S. Government is in the process of fraudulently printing an infinite supply of imaginary-counterfeit money, by borrowing it from the future Americans, that the entire planet is using to fill up Planet Earth with an infinite number of environment-polluting physical objects which is causing Global Warming that is Destroying Planet Earth!
By not using proper GAAP Accounting, the U.S. Government is not properly accruing for future U.S. Government benefit promises creating US Unfunded Future Liabilities of $122.1T and total public liabilities (US Unfunded Liabilities (GAAP)) of $147.8T, the sum of our US National Debt ($25.7T) and our US Unfunded Future Liabilities ($122.1T)!
This is why we have Global Warming, the U.S. Government is in the process of digitally and fraudulently printing an infinite amount of imaginary-counterfeit money, by borrowing it from the future Americans and giving it to the U.S. upper class, so the entire planet can build and buy an infinite number of environment-polluting physical objects!
I have written two websites (usaponzi.net and usaponzi.com) and seven books (the latest is USAPonziD) which are available on Amazon that explain how this U.S. Government fiscal and accounting fraud got started, the problems it is causing, and what I predict will happen when USAPonzi implodes!
This fraud was started in 1969 when Lyndon Baines Johnson proposed and the U.S. Congress approved the Unified Budget but did not switch from Cash Accounting to GAAP Accounting that would properly accrue the money to pay future U.S. Government benefits to the U.S. general public!
If you look at the NASA chart (shown below) that tracks the change in global average temperatures, global temperatures began to rise in 1969 the year that the U.S. Government adopted the Unified Budget and started this fiscal and accounting fraud!
My concern is that irreparable damage has already been done to Planet Earth by this fraud since it has been operating for now 51 years! We have already fraudulently built a lot of environment-polluting physical objects with some of this $147.8 Trillion of imaginary-counterfeit money that the U.S. Government has fraudulently borrowed from the future Americans!
This fiscal and accounting fraud is in the process of building an infinite number of environment-polluting physical objects by fraudulently borrowing an infinite amount of imaginary-counterfeit money from the future Americans, money the future Americans do not have, which is causing Global Warming that is destroying 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 June 1, 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 >$21.7 Trillion (>$147.8T-$126.1T = >$21.7T).
This imaginary-counterfeit money will evaporate into the “thin air” from whence it came when USAPonzi implodes!
This is the biggest ($147.8 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Great American Fraud” and “The Biggest Ponzi Scheme on the Planet”.
John W White