Wealth & Inequality In The U.S. And China 210824
August 24, 2021
Emailed to United Nations, 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/CNBC/DMN on 8/24/21
Wealth Inequality in the United States and China has been caused by corruption within the U.S. Government!
The corrupt U.S. Government has made the upper class in both the United States and in China wealthy, even super-wealthy, by borrowing $154.9 Trillion of counterfeit money from the future Americans and giving it to the U.S. upper class!
Before I go into the details of this U.S. Government corruption let's briefly look at some data that demonstrates this Wealth Inequality!
This information was sourced from the University of California Annenberg School for Communication and Journalism US-China Institute!
USC US-China Institute
Wealth & Inequality In The U.S. And China
Prior to the pandemic, more Chinese were doing better economically than in 2000. But the wealthy, as in the U.S. had advanced faster. The gap between rich and poor in both countries is huge.
November 19, 2020
From 2000 to 2019, China's economic rise has increased global wealth immensely. At the same time, China's share of that wealth has increased dramatically. China now accounts for 18% of the world's total wealth whereas the U.S. share has declined to 29%. Most people in China are much better off than they were two decades ago.
But the increase has not affected all Chinese equally. Income and wealth inequality has grown. The richest 10% own an increasing share of China's total wealth and the share held by the bottom 50% own less. The U.S. was and remains more unequal in wealth distribution than China, though the gap between the two countries is narrowing.
Partly because of asset inflation, the number of millionaires is on the rise in both the U.S. and China. China now has almost 10% of the world's millionaires. With a population just the fourth the size of China, the U.S. has four times the number of millionaires, 40% of the global total. But China is catching up in the number of ultra-wealthy folks. Some 700 Chinese are worth more than US$500 million. There are 1,300 such people in the U.S.
The reason for the Wealth Inequality in both the United States and China is because the U.S. Government is not operating its fiscal policy with proper accrual accounting also called GAAP Accounting in America! The U.S. Government is “cooking the books” to enrich the upper class and cheat the general public in both countries!
I am a whistleblower! The U.S. Government is corrupt!
The corrupt U.S. Government is “cooking the books” by operating its fiscal policy with Cash Accounting rather than proper GAAP Accounting! The corrupt U.S. Government is being run by common criminals that have committed a $154.9 Trillion crime by fraudulently borrowing $154.9 Trillion (US Unfunded Liabilities (GAAP)) from the future Americans, money the future Americans do not have, and giving it to the U.S. upper class by undertaxing them!
The corrupt U.S. Government is committing a fiscal and accounting fraud by not operating its fiscal policy with proper and Generally Accepted Accounting Principles (GAAP Accounting)! The corrupt U.S. Government is running a classic Ponzi scheme, I call it USAPonzi, that is fraudulently borrowing an infinite amount of money, I call it imaginary-counterfeit money, from the future Americans, money the future Americans do not have, and giving it to the U.S. upper class by undertaxing them!
This accounting fraud started in FY1969 when a scoundrel, Lyndon Baines Johnson, proposed and the corrupt U.S. Congress approved the fraudulent Unified Budget that consolidated all of the financial reporting, planning, and assessing for the U.S. Government into a single financial statement! This Unified Budget stopped accruing for future benefits to the U.S. general public in 1969 which has enriched the U.S. upper class and cheated the U.S. general public!
This accounting fraud has the effect of borrowing money from the future Americans, money the future Americans do not have, I call it imaginary-counterfeit money, and giving it to the U.S. upper class by undertaxing them!
The following chart is notional chart, i.e. it is not based on precise information from the U.S. Government financial books, that shows my estimate of how the U.S. upper class has gained imaginary-counterfeit wealth over the last 52 years and how I predict that it will continue to increase exponentially if the U.S. Government continues to run this Ponzi scheme!
That is how the U.S. upper class has gotten rich to create Wealth Inequality in the United States, the corrupt U.S. Government has lied to and cheated the U.S. general public by promising them future benefits but did not tax the U.S. upper class to pay for these benefits!
This same accounting fraud has also caused Wealth Inequality in China!
As I have demonstrated above, the accounting fraud is in the process of printing an infinite amount of imaginary-counterfeit money by fraudulently borrowing it from the future Americans and giving it to the U.S. upper class! This has fraudulently created tremendous imaginary-counterfeit purchasing power for the current Americans so we can buy everything that China can build with imaginary-counterfeit money that the corrupt U.S. Government has fraudulently borrowed from the future Americans and not have to pay even one plugged nickel of real earned income!
Americans are in the process of buying, with imaginary-counterfeit money, an infinite amount of stuff that the Chinese general public is building by being paid minimal wages and the Chinese upper class is selling for the ever-increasing prices that can be paid with imaginary-counterfeit money by the fraudulently wealthy Americans!
The entire planet is now buying and selling stuff with imaginary-counterfeit money which is making the upper class in both the United States and China appear to be rich!
The imaginary-counterfeit dollar looks like a real dollar, acts like a real dollar, but it is not a real dollar! The imaginary-counterfeit dollar is a figment of the criminal imagination of the corrupt U.S. Government!
The corrupt U.S. Government has inverted the global financial system, instead of operating the global economy on earned assets we are operating the global economy on incurred liabilities!
The corrupt U.S. Government is “cooking the books” by operating its fiscal policy with Cash Accounting rather proper GAAP Accounting which is printing imaginary-counterfeit money that is causing the Wealth Inequality in both the United States and China!
The Chinese leadership is starting to take action to address this inequality but it is the U.S. Government that will have to fix this issue of Wealth Inequality by eliminating the corruption within the U.S. Government!
CNBC CHINA ECONOMY
China calls for curbs on ‘excessive’ income and for the wealthy to give back more to society
August 18, 2021
Chinese President Xi Jinping led a meeting Tuesday that emphasized how the country would focus on moderate wealth for all, rather than just a few, state media said.
My advice to anyone that wants to better understand this U.S. Government corruption is that they should read my latest book USAPonziE! But they really only need to read and believe the first paragraph or so!
I am a whistleblower! The U.S. Government is corrupt! The corrupt U.S. Government is “cooking the books” by not using proper and Generally Accepted Accounting Principles (GAAP Accounting)! The corrupt U.S. Government is fraudulently borrowing an infinite amount of counterfeit money from the future Americans, so far $154.9 Trillion, and giving it to the U.S. upper class by undertaxing them!
The next 1,100 pages were written to try to convince Planet Earth that this is a really, really stupid, and bad thing to do!
|US National Debt
|Cash Deficit in FY2021
|GAAP Deficit in FY2021
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|US Total National Assets
Source: www.usdebtclock.org August 24, 2021
I have written two websites (www.usaponzi.net and www.usaponzi.com) and eight books that explain USAPonzi and the impact it is having on Planet Earth. My latest book (USAPonziE) is available on Amazon and can be downloaded from my websites in pdf format.
John W. White