Janet Yellen: Liar or Fool?
February 10, 2017 Emailed to WSJ/NYT/DMN on 2/10/17
The following is an Op-Ed to "The Wall Street Journal", "The New York Times", and "The Dallas Morning News" that provides further explanation of the Ponzi scheme fiscal policy (USAPonzi) that the U.S. Government has been operating since FY1969 and how this Ponzi scheme has created a bubble economy in the U.S. and throughout the Planet by borrowing imaginary-counterfeit money from the future Americans and giving it to the current Americans. Still the Chairman of the Federal Reserve Bank, Janet Yellen, apparently cannot see what is now a $105.1 Trillion financial bubble that will inevitably burst!
Janet Yellen: Liar or Fool?
February 10, 2017
Janet Yellen either does not understand that the U.S. Government is operating a massive Ponzi scheme or she is willing to go along with the fraud and corruption that the U.S. Government has been perpetrating since FY1969.
In November of 2013, when Janet Yellen was testifying before Congress for her confirmation hearing to be Chairman of the Federal Reserve Bank, she said she did not see any bubbles forming in real estate or the stock market.
However, both the stock market and the real estate market have been in a bubble condition for now more than 48 years because of this U.S. Government fiscal and accounting fraud.
Janet Yellen: No Equity Bubble, No Real Estate Bubble, And No QE Taper Yet
On April 7, 2016 Janet Yellen tried to debunk Donald Trump's contention that the U.S. was in a bubble economy.
Republican front-runner and billionaire real estate magnate Donald Trump is fond of saying the U.S. economy is “in a bubble” — and he doesn’t want it to burst on his watch. But Federal Reserve Chair Janet Yellen says the economy is floating along just fine toward a continued recovery.
Yellen, the first female head of the U.S. central bank, appeared Thursday on a panel in New York with former Fed chairs Ben Bernanke, Paul Volcker and Alan Greenspan. When asked whether the U.S. economy is as perilous as made out by “some people on the political campaign,” Yellen seemed to burst that bubble by noting U.S. financial markets have made “tremendous progress in recovering from the damage from the financial crisis.”
Janet Yellen Bursts Donald Trump's Bubble on the U.S. Economy
Donald Trump is correct, we are in a massive bubble economy, and Janet Yellen cannot see or does not want to see the biggest financial bubble ($105.1 Trillion) in the history of the Planet. I would also add that I do not think that Donald Trump really understands the magnitude of this financial bubble. He probably does not realize that most of his "wealth" has been produced by this financial bubble that Janet Yellen does not see (See The First Imaginary Billionaire President).
Janet Yellen is either a Liar or a Fool!
I realize that these are harsh words but we must face up to the fact that a massive economic depression and an epic failure of the global financial and banking system are looming because of a corrupt U.S. Government fiscal policy.
The U.S. Government has been operating a massive Ponzi scheme (USAPonzi) since FY1969 by using Cash Accounting rather than the proper GAAP Accounting and as a result has created a $105.1 Trillion bubble of imaginary-counterfeit money by deferring $105.1 Trillion of public liabilities to the future Americans. The U.S. Government has borrowed $105.1 Trillion of monopoly money from the future Americans and given it to the current Americans with most of this monopoly money going to the U.S. upper class.
This $105.1 Trillion bubble of imaginary-counterfeit money has created bubbles in the U.S. economy, in the global economy, in the stock market, in the real estate market, in the price of oil, and in the price of gold. This bubble has filled our roads with cars, our skies with airplanes, our country sides and cities with houses, condos, apartment buildings, skyscrapers, sports arenas, hotels, banks, restaurants etc. etc. that we cannot afford. I estimate that Americans have bought and built about 5X what they can afford by spending this fraudulently borrowed monopoly money. $105.1 Trillion of monopoly money created out of "thin air" can buy a lot of stuff.
This fraud has built the city of Las Vegas, skyscrapers in the Middle East, and Ghost Cities and Airports in China.
We are living in the biggest financial bubble in the history of the planet and the chief U.S. Economist, the Chairman of the FED, either does not see this bubble or does not want to acknowledge that she sees it. And this bubble has been expanding for now 48 years.
However, Janet Yellen is not the only FED Chairman to fail to disclose the fact that we are in an historic financial bubble (See Fed Chairmen are Co-Conspirators in USAPonzi).
The amount of money the U.S. Government has borrowed from the future Americans is shown in the following table as US Unfunded Liabilities (GAAP) which has created this monopoly money that I call imaginary-counterfeit money.
|Cash Deficit in FY2017
|GAAP Deficit in FY2017
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|| $105.1 Trillion
|Total National Assets
Source: www.usdebtclock.org February 10, 2017
The only way to terminate this fraud/Ponzi scheme is for the U.S. Government to adopt GAAP Accounting and commit to a balanced GAAP basis budget.
When the global economy and the global financial system finally accept the fact that the U.S. Government is corrupt and is operating a massive Ponzi scheme, we are in for a massive global depression and an epic failure of the global monetary system and the global banking system (See The Implosion of USAPonzi).
I have published another website www.usaponzi.net that I think better explains how this fraud works to create a massive global wealth and income gap between the haves and the have-nots and to create false wealth and prosperity for the current Americans. When the U.S. upper class does not have to pay the taxes required to balance the budget, they become very very rich. $105.1 Trillion can make a lot of people appear to be very very rich!
This fraud is explained in CliffsNotes format (USAPonzi CliffsNotes) and is also explained in much more detail on my website www.usaponzi.com and in my book “USAPonzi” which is available on Amazon in Kindle and Paperback formats and on my www.usaponzi.net website in both Kindle and PDF formats.
This is the biggest ($105.1 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Ultimate Government Fraud” and it is “The Biggest Ponzi Scheme on the Planet”!
John W White