The great U.S. Treasury “commedia dell’arte”
On October 7, 2016, Reuters published an article by Scot Paltrow, which reported that in fiscal year 2015 the Army made $6.5 trillion in unsupported accounting adjustments “to create an illusion that its books were balanced.” Given that the Army general fund budget in that year was $122 billion, this was an astounding revelation.
For our Blast from the Past this week, we thought we would bring your attention to the $21 trillion missing from the U.S. Treasury ($65,000 per capita) at our Missing Money collection and the long-standing lawbreaking by the U.S. Treasury and its depository, the New York Fed.
We were inspired by Treasury Secretary Janet Yellen’s recent comment that America could certainly afford to wage war in both Ukraine and Israel. As an example of our fiscal strength, Yellen pointed out that the American people owe uncollected taxes of $7 trillion ($21,650) per capita and highlighted the funding that has been provided under her leadership to the IRS to collect and enforce.
Secretary Yellen did not mention that the U.S. Treasury has misplaced $21 trillion and counting. Nor did she disclose any efforts to go get the $21 trillion in a return to fiscal soundness, let alone close the back door and secret books from which trillions more appear to be disappearing.
If you think America has a financial problem, think again. Explore our missing money documentation to understand that the solutions required to address a financial coup are quite different from solutions that address a fiscal problem. In addition, none of those solutions involve giving more tax dollars to the people who are doing the stealing.
To add another fundamental point regarding related monetary policy, Yellen did not mention the possibility of the U.S. Treasury issuing Greenbacks. Why are we issuing debt to fund the government when we could simply issue currency? Why do we have $1 trillion a year of interest expense, when we could have none?
Between $33 trillion in unnecessary debt and $21 trillion in money missing from the Department of Defense (DOD) and the Department of Housing and Urban Development (HUD) and a decades-long refusal by the U.S. Treasury and the New York Fed as depository to obey the financial management laws, it looks like we have $54 trillion+ of unanswered questions.
Question #1 is where is the $21 trillion, and how do we get it back?
Related:
Greenback (1860s Money) (Wikipedia)
Should We Care about Secrecy in Financial Reporting? by Dr. Mark Skidmore and Catherine Austin Fitts (2018 Annual Wrap Up)
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