Government officials who are going along with this trick to obfuscate the truth deserve to be put away for the rest of their lives
By: Dorothy Littrell, CPA
It is very important that you understand what has just been done to you financially by U.S. government officials going along with the Federal Reserve Board members:
The Federal Reserve is still bankrupt but a change of reporting liabilities covers up that fact. This change of accounting shows the Fed's losses not as a loss but in effect a liability owed to the U.S. Treasury. That way the Fed's Balance Sheet does not show a Negative Net Worth.
More deceit on the taxpayer so the government can keep doing what it has been doing, which is printing and spending money. This accounting terminology change only delays facing and solving the financial situation the United States government has created for all of us and our unborn children.
The actual facts have not been changed but only recategorized to continue on the same destructive path. Now interest rates will stay at less than 1% while U.S. debt continues to quadruple.
It is obvious that U.S. policy will to be to continue as is until the rest of the world refuses o buy U.S. debt which is the inevitable conclusion. There is no way the Federal Reserve is going to have profits to assign to this reclassification to ever eliminate it from the Fed Balance Sheet.
I hate what we accountants come up with in the way of creative "double-talk" and reclassification in order to mislead and confuse the true facts for the person who does not understand what is really going on.
Government officials who are going along with this accounting terminology maneuver to obfuscate the truth deserve to be put away for the rest of their lives. Instead, they will probably be considered heroes.
Update 1/22/11 2;30 p.m.: Per Dorothy:
Could the Federal Reserve Become Insolvent?
The U.S. Federal Reserve's journey to the outer limits of monetary policy is raising concerns about how hard it will be to withdraw trillions of dollars in stimulus from the banking system when the time is right.
I cannot overstress the importance of this article relating to your financial future. You must become aware of the latest accounting change by the Federal Reserve.
As a CPA I consider it fraud on the part of the Fed to make this change. I have seen nothing in the AICPA governing rules for Certified Public Accountants that acknowledges this change nor approves it.
-Dorothy
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2 comments:
Bigger double talk and cheating from the Republicans on the Hill:
Boehner said so
and the Republican Study Committee (RSC) says "it's what the people want"
* no more PBS/NPR
* no more Nat'l Endowment for Arts/Humanities
* no more Title X Family Planning
* no more Energy Star Programs
* no more fuel efficient car research
* no more labor/wage rules for government contractors
* no more federal employee travel = mine inspections and food inspections will disappear
* no more federally funded transportation subsidies (public transit in jeopardy)
* possibly Homeland Security
* possibly Veterans Programs
It's not just the Fed that's getting looney on us.
TLJ
Dorothy,
What you say is true, and esoteric.
In fact, banks' balance sheets are scams too. They book defaulted loans at full value and even count them as being paying loans when there is no money coming in. They show financial health and profits that are complete lies.
The whole system is fraudulent. It wasn't that way, but it is now.
We know how this will end. We just don't know when, or what will be the trigger. Conceivably, the Fed can create money and lose money for quite some time as has been going on in Japan for 20 years.
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