Fake Wealth of the Ultra-Rich 190625
June 25, 2019
Emailed to Fed Chair Jay Powell, 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, NYT/WSJ/WP/DMN, and Dallas Mayor Eric Johnson on 6/25/19.
Most of the wealth of the ultra-rich is fake money!
It is a well documented fact that Global Wealth is shifting dramatically to the global upper class and to the ultra-rich! What most people do not know, and nobody in a position of power is willing to admit, is that the continuing and rapid creation of global wealth and the shift of this wealth to the upper class is due to the U.S. Government accounting fraud that I call USAPonzi.
Most, 80-90%, of the apparent wealth of the U.S. upper class does not exist; it has been created with sleight of hand by the corrupt and criminal U.S. Government! I know that this is hard to believe but it is true! America appears to be rich and prosperous because the U.S. upper class appears to be rich and prosperous because the U.S. Government is using “smoke and mirrors” to create the illusion of wealth by borrowing money from the future Americans, money that the future Americans do not have, and giving it to the U.S. upper class!
Most of the people that appear to be in the U.S. upper class are, in truth, not much better off financially than the U.S. general public! The U.S. Government is running a classic Ponzi scheme to create this illusion of wealth and prosperity in America!
The Credit Suisse 2018 Global Wealth Report shows how much of the global wealth has been accumulated by the top 1%.
This shift of wealth to the extreme upper class (the ultra-rich) is caused by the corrupt and criminal U.S. Government committing a fiscal and accounting fraud!
The U.S. Government is promising and paying massive U.S. Government benefits to the U.S. general public but is not using proper GAAP Accounting to accrue the funds to pay for these benefits. As a result, the U.S. Government has deferred $124.6 Trillion of public liabilities (US Unfunded Liabilities (GAAP)) to the future Americans and undertaxed the U.S. upper class by $124.6 Trillion which has digitally printed $124.6 Trillion of counterfeit money and given it to the U.S. upper class!
The U.S. Government is committing a fiscal and accounting fraud by not using proper GAAP Accounting which is creating massive counterfeit wealth in America. Because Americans have been fraudulently given $124.6 Trillion of counterfeit money, Americans are buying stuff in America and from other parts of the developed world with, what will become, an infinite supply of counterfeit money that the U.S. Government is fraudulently borrowing from the future Americans!
The U.S. upper class gets the first option on this infinite supply of fake money because they are being undertaxed! The global upper class gets the second option on this infinite supply of fake money because they are happy to sell their stuff at high prices to the fraudulently rich Americans that have this infinite supply of counterfeit money!
GAAP basis deficit spending by the U.S. Government is in the process of printing an infinite supply of counterfeit money that is causing fake wealth to fraudulently expand all over Planet Earth and to skew this wealth to the upper class.
The following chart, from the Credit Suisse 2018 Global Wealth Report, estimated the Global Wealth to be $317 Trillion in 2018 and the U.S. Government has fraudulently produced $124.6 Trillion of what I call imaginary-counterfeit money by fraudulently borrowing it from the future Americans. The U.S. Government fraudulently borrows another $16.8 Billion more imaginary-counterfeit money from the future Americans every day and gives it to the U.S. upper class by undertaxing them!
Again I say, GAAP basis deficit spending by U.S. Government prints imaginary-counterfeit money and gives it to the U.S. upper class by undertaxing them!
The corrupt and criminal U.S. Government is directly responsible for the fraudulent creation of fake global wealth and is also responsible for skewing this fake wealth to the upper class!
Planet Earth is not getting rich with real earned income, it is getting rich with imaginary-counterfeit money that the corrupt and criminal U.S. Government is fraudulently borrowing from the future Americans!
This chart indicates that one-third of the global wealth, and especially the Wealth per adult, originates in North America and radiates out to our key trading partners (Europe, China, and Asia-Pacific) while the rest of the planet has only modest wealth! Of the $106.5 Trillion of wealth in North America, this report estimates that $98.2 Trillion of this wealth is owned in the United States!
Printing your own counterfeit money can make you rich if you can get away with it!
This accounting fraud is printing enough imaginary-counterfeit money (so far $124.6 Trillion) to create millions of imaginary-counterfeit millionaires and hundreds of imaginary-counterfeit billionaires while most of the other 7.7 billion people on Planet Earth have to earn what is often a meager living by the sweat of their brows!
Meanwhile, the ultra-rich are getting ultra-richer-and-richer with the fake money that the corrupt and criminal U.S. Government is fraudulently and continuously borrowing from the future Americans with GAAP basis deficit spending!
The corrupt and criminal U.S. Government is running a classic Ponzi scheme, I call it USAPonzi, that is printing counterfeit money, I call it imaginary-counterfeit money, and giving it to the U.S. upper class by undertaxing them! So far, this accounting fraud has digitally printed $124.6 Trillion of imaginary-counterfeit money and given it to the U.S. upper class which is also causing Global Warming that is Destroying Planet Earth (See Global Warming Apocalypse)!
This accounting fraud is in the process of printing an infinite supply of imaginary-counterfeit money so the entire planet can buy and build an infinite number of environment-polluting physical objects that are causing Global Warming that is Destroying Planet Earth!
|Cash Deficit in FY2019
|GAAP Deficit in FY2019
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org June 25, 2019
The corrupt and criminal U.S. Government is committing a fiscal and accounting fraud to create infinite fake wealth for the ultra-rich!
Author's Note: This commentary is not meant to imply that America is the only country that is using deficit spending to stimulate its economy. America just does more of it, on a dollar basis, than any other country!
This fraud/Ponzi scheme is explained in more detail on my websites www.usaponzi.net and www.usaponzi.com and in my fifth book on this Ponzi scheme, “USAPonziB”!
John W White