Chapter 18 Las Vegas-A Coming Ghost Town!
November 22, 2015
Sin City is a real life "Mirage in the Desert"!
Las Vegas, Nevada has become one of the most prominent vacation and entertainment locations on the planet and has demonstrated an amazing ability to continue to grow and to flourish. It is a well known fact that this phenomenon got started by of a couple of gangsters building the Flamingo hotel in 1946 and from that visionary start Las Vegas has become a world renowned gambling and entertainment destination.
I contend that most of the economic success of Las Vegas can be attributed to the artificial wealth creation and accelerated consumption rate of USAPonzi, a Ponzi scheme run by the U.S. Government (see The Counterfeit Money Machine). The U.S. Government is spending and committing to spend much more than the current taxpayer can afford, is undertaxing the U.S. citizens and businesses, is concealing the overcommitting by using corrupt and fraudulent accounting, and is thereby deferring Debt of $18.7 Trillion and Unfunded Future Liabilities of $81.1 Trillion to the future U. S. taxpayers. This has created $99.8 Trillion of counterfeit money that shows up as counterfeit wealth (see Creating Counterfeit Wealth) and GAAP basis Deficit Spending, $5.9 Trillion in FY2016, that is producing nearly 40% of our economic activity (see Creating Counterfeit Prosperity).
Everyone jokes that the luxurious hotels and casinos in Las Vegas were built by the people that lost their money there which is surely true but this cannot continue. The U.S. Government has created $99.8 Trillion of counterfeit money since 1969 by operating this massive Ponzi scheme, spending the future U.S. taxpayers' money, and a sizable chunk of this counterfeit money has been used to build and operate Las Vegas.
The U.S. Government is borrowing money from the future U.S. taxpayers to give to current U.S. citizens and businesses as social benefits, U.S. Government pay, and unpaid taxes creating $99.8 Trillion of counterfeit money. This counterfeit money can be used to buy oil from the Middle East so the Middle East Royalty can come to Las Vegas as high rollers. This counterfeit money can be used to buy BMW, Mercedes, Lexus, Hyundai, Ford, Chevrolet, Tesla, etc cars so that automotive executives can come to Las Vegas as high rollers. This counterfeit money can be used to buy smartphones, computers, TVs, shoes, clothing, and other stuff from all over Asia so that Asian business executives can come to Las Vegas as high rollers. This counterfeit money is making a lot of Americans feel like they are rich so they can be big spenders and big losers in Las Vegas. When USAPonzi implodes this stash and stream of counterfeit money will vanish and the Las Vegas economy will come to an abrupt stop.
Therefore I contend that Las Vegas, a city of now 2 million people, scores of opulent hotels, casinos, and golf courses, and thousands of luxurious homes, is actually a "Mirage in the Desert" created by the corrupt and fraudulent fiscal policy of the U.S. Government (USAPonzi). When USAPonzi implodes, we will recognize that we really can't afford to be spending and losing all of that counterfeit money in Las Vegas and 2 million people will be sitting in the middle of the desert with no money, no job, and no way to pay their mortgages.
Las Vegas will become a giant luxurious Ghost Town! This is what has already happened to Detroit when the automotive pay Ponzi scheme imploded and this is what will happen to Washington DC (see Washington DC A Coming Ghost Town) when USAPonzi implodes.
The current fiscal policy of the U.S. Government is creating dramatic distortion to our economic and financial system. It is causing us to buy and build things we cannot afford by dramatically overspending and overcommitting the U.S. taxpayers' money and dramatically undertaxing the U.S. citizens and businesses.
Las Vegas was started by a couple of gangsters but the real culprit in creating this "Mirage in the Desert" is LBJ when he launched USAPonzi in 1969 with the Unified Budget (see Introduction to USAPonzi). Again I note the "accident" of history caused by Lee Harvey Oswald that allowed LBJ to become president and to create USAPonzi (see The Oswald Financial Bubble).
Financial data sourced from usdebtclock.org Nov 22, 2015.
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