LBJ Snake Oil is still being sold!
Mar 22, 2015
As posted on www.usaponzi.com
Lyndon Baines Johnson was a "Snake Oil" salesman! He was able to sell Congress and the American people on the idea that he could balance the budget by "borrowing" the money from the social benefit trust funds to pay for the Vietnam war. He did this by proposing the "Unified Budget" for Fiscal Year 1969 to set up what has become "The Biggest Fraud" in the history of world and created "The Biggest Ponzi Scheme on the Planet". LBJ called this ruse the "Unified Budget" and Congress was either "fooled by this ruse" or they just liked the idea so much that they agreed to go along with it. I guess we will never know the answer to that question but in any case this action by LBJ and Congress set in motion "The Biggest Ponzi Scheme on the Planet".
This fraud, by continuing to use Cash Accounting while making massive future commitments, has allowed the U.S. Government to pay unlimited social benefits to U.S. residents without taxing the U.S. citizens and businesses to pay for these social benefit promises. This is why after 46 years we now have massive GAAP basis Unfunded Liabilities of $82.8 Trillion (USAPonzi estimate) or $95.6 Trillion (www.usdebtclock.org estimate). This fiscal policy has allowed the U.S. Government to give the U.S. citizens and businesses over $100 Trillion of "free money" over the last 46 years by undertaxing them with most of that "free money" ending up in the hands of the upper class citizens and businesses. And this Ponzi scheme continues to hand out an exponentially increasing amount of this "free money".
This is counterfeit money!!!!
This is the Snake Oil that LBJ was selling!!!!
But Congress was not willing to stop there with this fiscal overcommitting fraud. They said to themselves, if we also spend more each year than we collect in tax revenues we can pay ourselves more. Over the last 46 years the U.S. Government has overpaid itself, its direct and indirect employees, and its supporting businesses by another $18.1 Trillion.
According to GAAP Accounting the future U.S. taxpayer now owes the following GAAP Obligation based on these two estimates:
Debt+ $18.1T $18.1T
Unfunded Liabilities= $82.8T $95.6T
GAAP Obligation $100.9T $113.7T
So far LBJ and his friends in Washington have sold over $100 Trillion of Snake Oil. Their Snake Oil is backed only by the promise that the future U.S. taxpayers will come up with that money which of course they cannot so we now have over $100 Trillion of counterfeit money running loose in our global financial system.
Since the rich U.S. citizens and businesses did not have to pay these taxes they appear to be richer by this $100+ Trillion. The Common Man still thinks they are going to get paid the social benefit promises so they think the U.S. Government has set aside $88-101Trillion to pay for these promises when the U.S. Government does not have a penny to its name. And the U.S. Government employees and the Government related businesses have already been paid their $18.1 Trillion that the U.S. taxpayer cannot afford.
So LBJ's Snake Oil Stand is still in business and is selling another $5.6-$6.5 Trillion of Snake Oil this year (FY2015), our GAAP Deficit.
$100 Trillion of Counterfeit Money!
Our U.S. and global economy and financial system now has more than $100 Trillion of counterfeit money in circulation and amazingly the people on Wall Street, the people on Main Street, and the people all over the Planet are accepting this counterfeit money like it has real value.
LBJ was a scoundrel but he was also a really good "Snake Oil Salesman" since we are still buying into his lie 46 years later. But our only hope seems to be to keep this Ponzi scheme (USAPonzi) going so now the entire planet is living a $100 Trillion lie that was originated by LBJ in January of 1968.
This $100 Trillion of counterfeit money will evaporate in a flash when the planet finally recognizes that LBJ was lying when he sold us on his "Snake Oil" plan. When the planet recognizes that LBJ was lying and that the U.S. Government is continuing this lie, USAPonzi will implode. Sometimes frauds are so massive we can't even see them. Sometimes we can't see the forest for all of the trees.
When USAPonzi Implodes, our financial system will fold like a Cheap Tent!
When USAPonzi implodes, the economy, the stock market, and the U.S. Government will all fold like cheap tents! When USAPonzi implodes, most of our banks will fail since our financial system is depending on the future U.S. taxpayer somehow coming up with $100+ Trillion! We are living a gigantic fiscal lie that just gets bigger every year and every day.
That is the nature of a Ponzi scheme!