The Great American Fraud-current
May 18, 2020
The United States of America has been lying to and cheating Planet Earth for 51 years by perpetrating what I call “The Great American Fraud”!
This is an Open Letter to Planet Earth to expose the biggest crime ($147.6 Trillion) ever committed! The United States of America has been “cooking the books” since 1969, when Lyndon Baines Johnson proposed and the U.S Congress approved the Unified Budget, to gain economic, financial, political, and military advantage over Planet Earth!
In this letter, I will explain how corruption within the U.S. Government has produced “The Great American Fraud”! Simply stated, the U.S. Government is printing counterfeit money by borrowing money from the future Americans, money the future Americans do not have, and giving it to the U.S. upper class!
The U.S. Government is committing a fiscal and accounting fraud, I call it USAPonzi since it is a classic Ponzi scheme, by operating its fiscal policy with Cash Accounting rather than proper and Generally Accepted Accounting Principles (GAAP Accounting)! The U.S. Government is not accruing the money to pay future U.S. Government benefits!
By using this fraudulent accounting system, the U.S. Government is promising government benefits to the U.S. general public but is not taxing the U.S. upper class enough to pay for these government benefit promises! The U.S. upper class has gotten rich with counterfeit money because they have been undertaxed by $147.6 Trillion (US Unfunded Liabilities (GAAP)) and the U.S. general public has gotten cheated because their future government benefits have been underfunded by $122.3 Trillion (US Unfunded Future Liabilities)! This Ponzi scheme fiscal policy has also overpaid the U.S. ruling class by $25.3 Trillion (US National Debt)!
This is why we have a wealth and income gap in America! This is why we have social injustice in America! The corrupt and criminal U.S. Government is enriching the rich and cheating the unrich by not accruing for future U.S. Government benefit promises and borrowing counterfeit money, I call it imaginary-counterfeit money, from the future Americans and giving it to the U.S. upper class!
This accounting fraud is cheating the rest of planet because Americans are buying stuff with imaginary-counterfeit money, currently $147.6 Trillion, that has been fraudulently borrowed from the future Americans!
How can the U.S. Government claim to be promoting equal economic opportunity for all and social justice for all when the U.S. Government is perpetrating an accounting fraud where the U.S. upper class wins ($147.6 Trillion) and the U.S. general public loses ($122.5 Trillion)?
The U.S. Government must adopt GAAP Accounting and commit to a balanced GAAP basis budget to level the economic playing field both within America and throughout Planet Earth!
This accounting fraud is in the process of borrowing an infinite amount of imaginary-counterfeit money from the future Americans and giving it to the U.S. upper class to make them infinitely rich and so the entire Planet can build and buy an infinite number of environment-polluting physical objects which are causing Global Warming that is Destroying Planet Earth!
We are in the process of burning up Planet Earth by building and buying an infinite number of cars, trucks, boats, airplanes, houses, apartments, condos, skyscrapers, banks, restaurants, football stadiums, airports, cities, etc. etc. with an infinite amount of imaginary-counterfeit money that is being fraudulently borrowed from the future Americans!
This is a financial fraud because the future Americans do not have an infinite amount of money!
As of May 18, 2020, USAPonzi is a $147.6 Trillion financial fraud!
The senior members of the U.S. Government are common criminals because they are direct and significant financial beneficiaries of this massive Ponzi scheme/accounting fraud!
The U.S. Government has been operating “The Great American Fraud” for the last 51 years!
The apparent wealth and prosperity in America has been produced by “The Great American Fraud”! The U.S. Government has fraudulently created wealth and prosperity in America by fraudulently borrowing imaginary-counterfeit 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 by undertaxing them!
GAAP basis deficit spending, by the U.S. Government, prints imaginary-counterfeit money and gives it to the U.S. upper class, so every day the U.S. Government gives the U.S. upper class $16.8 Billion of imaginary-counterfeit money (GAAP Deficit in FY2020 = >$21.5T/365 days = >$58.9B/day)!
The following is a list of key commentaries that summarize the impact and implosion of USAPonzi; “The Great American Fraud”.
Printing infinite counterfeit money
Enriching the U.S. upper class
Enriching the U.S. ruling class
Cheating the U.S. general public
Cheating the rest of the planet
Causing Social Injustice
Causing Wealth and Income Inequality
Causing Global Warming
Destroying Planet Earth
Causing the Death of Planet Earth
The Implosion of USAPonzi
|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).
You can learn 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