WARNING! COMING SOON TO A BANK NEAR YOU – A CASHLESS SOCIETY
By Marilyn MacGruder Barnewall
March 6, 2016
NewsWithViews.com
And With It – A Negative Interest Rate Policy
According to Treasury Secretary Jack Lew who recently signed and sealed America’s current audited financial statements, as of 2015 the United States has $3.2 trillion in assets.
As other corporations do, the United States also listed its liabilities: $21.5 trillion. One does not need to be a mathematical genius to figure out that America’s net worth is a negative $18.3 trillion. We have $3.2 trillion in assets minus $21.5 trillion in liabilities.
In 2014, our negative net worth was $17.7 trillion and in 2013 it was $16.8 trillion. In other words, the United States is bankrupt. If you or I had five or ten times more debt than we had in assets, we would be in bankruptcy court.
Another thing corporations do is have their annual financial statements audited by an independent source… usually one of the major accounting firms. The federal government’s annual financial statement is audited by the General Accounting Office (GAO). This is done so people will more readily trust the numbers provided in the financial statements. Though it is part of the government, the GAO maintains a certain independence from governmental control.
Re the 2015 financials, the GAO told the federal government that it was on “an unsustainable fiscal path.” They also said that the federal government (that would be Congress which approves spending, the President whose policies are reflected in money approved to be spent, and the Department of the Treasury which generates the financial statements) often fails to provide “reliable and complete financial information – both for individual federal entities and for the federal government as a whole.”
Anyone who has been awake and who listens to statistical data about unemployment, job creation, inflation, cost of living and other data could have told them that.
Most of us remember that the Department of Defense in 2015 announced that it had over the past 20 years “misplaced” $8.5 trillion of our money. That’s your money and my money… and our children’s and our grandchildren’s and great grandchildren’s money — and on and on for many generations.
Thus it will not surprise anyone to learn that the Defense Department was one of the government departments that failed to provide complete and accurate financial information for the financial statements. Until they find the missing $8.5 trillion, or until new people and procedures are put in place to track money spent, no additional funds should be sent to the DoD. Republican crowds attending presidential candidates’ functions loudly cheer when the words “rebuilding our military” are used. It does need to be rebuilt – but not until the system used to track costs has been audited and changed to keep honest records. If you’ll recall the day before 9/11, then Defense Secretary Donald Rumsfeld announced that $3.1 trillion had been lost. To my knowledge, it’s never been found.
The Rest…HERE
