Wednesday, July 17, 2013

U.S. Treasury Commits Accounting Fraud To Create Budget Surplus

U.S. Treasury Debt

The U.S. Treasury has committed fraud in order to avoid the $16.7 trillion debt limit set by congress. Since May 15, 2013 the Treasury has borrowed at least $51 billion and reported no additional national debt.

Treasury Secretary Lew implemented a not-so “standard set of extraordinary measures” and wrote House Speaker John Boehner explaining the book cooking. Business Insider has the full letter posted. Lord Monckton explains the details in Outright Fraud at the U.S. Treasury:
That limit was – and is – $16.7 trillion. A trillion is a 1 with 12 noughts on the end. It is a million millions. It’s a whole lot. $16.7 trillion is 16.7 whole lots. You could buy most of my art collection with that.

But Obust just went on spending. By close of what passes for business May 17, the U.S. debt subject to congressional limit rose to $16,699,396,000,000.00. That is what passes for a smidgen below the limit.

But Obankrupt just went on spending. By close of what once passed for business July 12, he had borrowed another $51 billion.

Yet by close of casino July 12, according to the Treasury’s accounting, the U.S. debt subject to congressional limit had risen, compared with 56 days previously, by exactly $0,000,000,000,000.00.

What about the net $51 billion in extra borrowing over the past couple of months? Secretary Lew has vanished it.

If you think I’m foaming at the mouth, here is the Treasury’s own graph:

...

In the commercial sector, false accounting is a felony. Armies of overpaid, under-skilled regulators are waiting to pounce upon every cent that goes astray.

In the State sector, false accounting is also supposed to be a felony. Yet armies of overpaid, under-skilled Republicans are waiting to draw their next fat check out of the Treasury. As long as their checks keep coming, they will not – will not – ask the right questions and demand honest answers and straight accounting.

Corruption was once something that happened only in third-world countries. But then, the current administration’s wanton profligacy with other people’s money has reduced the United States to third-world status. Bankruptcy and corruption tend to go hand in hand.
Despite this information, financial news failed to put two and two together and reported the cooked books as a $117 billion budget surplus in June:
WASHINGTON (MarketWatch) - The U.S. federal government ran a budget surplus of $117 billion in June, the Treasury Department reported Thursday, as receipts rose and spending fell compared to the same month a year ago. For the fiscal year to date, the deficit is $510 billion, 44% less than the shortfall recorded in the same period last year, thanks mostly to increased revenue . The government's receipts totaled $287 billion in June, and spending was $170 billion. In June last year, the government posted a deficit of $60 billion. The government's fiscal year runs from October to September.

More Doo Doo Economics from the Obama Administration.
Doo Doo Economics

1 comment:

albina N muro said...

That limit was – and is – $16.7 trillion. A trillion is a 1 with 12 noughts on the end. It is a million millions. It’s a whole lot. $16.7 trillion is 16.7 whole lots. You could buy most of my art collection with that. dottore commercialista

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