Someone should file fraud charges against Congress

If any company kept its books the way the federal government does, Eric Holder would drag it into federal court on charges of fraud.

In an interview with The Wall Street Journal money manager Stanley Druckenmiller points out that the $17 billion federal debt figure we hear everyday is a myth.

Gary Varvel cartoon

“If you borrow money from an individual with the agreement to pay them back in benefit payments in Social Security and Medicare after the age of 65, in their brilliance the United States accounting experts call that revenues. …” Druckenmiller said. “But in any corporation in America — other than maybe Enron — if you borrow money from someone with the agreement to pay it back in the future, that’s called a debt.”

He calculates the nation’s unfunded liabilities at $205 trillion, though the national debt clock, which apparently uses a shorter window, put the figure at $126 trillion. GDP is only $15.9 trillion, so the “debt” is 107 percent already.

Of course, the U.S. can always renege on its promises to future retirees. That is looking more and more like the only option.

It is a Ponzi scheme.

18 comments on “Someone should file fraud charges against Congress

  1. “I am Cruz-ing for bruising cuz I AM NOT a ‘door-mat’ Republican who is happy just to get table scraps from the Obama Bin Lying / Dirty Harry Reid / Democ-rats ‘Axis-of-Evil’ ” declared EDDIE InLiberty HAMLTON in Elko, NV today.

    The Liberty Republican Mr Hamilton is candidate for GOVERNOR of NEVADA in the 2014 GOP primary election. He is the Republican Conservative Choice, as well as a Ted Cruz admiring Nevada Tea Party Voice in this 2014 statewide contest.

    ElectEddie is challenging incumbent el governor hermanito (bro) senor B. SANDOVAL, a GOP politician who has totally fallen in love with Big Government
    Obamacare…

  2. Rincon says:

    Just what we need. Another dogma-crazed Conservative who will see to it that compromise is eliminated so that our Republic can slowly collapse.

  3. Steve says:

    They don’t call them stores “Crazy Eddie’s” for nothing. Thanks for provin’m right Eddie!

    Ya see, if’n ya can’t run against’m without callin’m names and flinging insults then you are no better than Harry Reid. Get the hint Eddie?

  4. Steve says:

    As opposed to the dogma crazed Senate Majority Leader we currently have, Rincon?

    Don’t worry about Eddie, he has a snowballs chance on the strip in July of getting enough votes to beat “None of these candidates”.

  5. Athos says:

    He’d be a superior statesman compared to THE CROOK!

  6. Athos says:

    But then again, so would Kenny Guinn!

  7. Rincon says:

    Although I don’t comment mcuh about Reid, I have to agree with you, Steve. Dogma-crazed Liberals don’t play well with the other children either.

  8. Winston Smith says:

    On the other hand, what are we gonna do about our debt-based fiat monetary system and the unsustainable national debt? Oh yeah, kick the can, as per usual…

    War is Peace; Freedom is Slavery; Ignorance is Strength; Debt is Good

  9. nyp says:

    Debt is indeed good.

  10. Athos says:

    So is “greed”

  11. nyp says:

    Well, yes. Properly channeled, both debt and greed can lead to very good things.

  12. Rincon says:

    I’m not keeping up with the times. I always thought the “love thy neighbor” and Protestant work ethic worked well. I guess Conservatives don’t want to take that Biblical stuff too far.

  13. Steve says:

    Depends on who is doing the “proper channeling” more than what is being “properly channeled”.

    Currently Nyp is happy with the “proper channeling” being performed in the country. I bet he would be far less happy with it if the current president had not been re elected.

  14. Athos says:

    You don’t “love thy neighbor” by enabling him to be your slave, making him totally dependent on the dole. And you certainly don’t “love your neighbor” if you expect him to do the Protestant work ethic, and then take his money by force and give it to Harry THE CROOK Reid’s kids! (or Diane Feinstein’s husband! or Frank Lautenberg’s Widow and so on, and so on, ad infinitum!)

    That certainly isn’t Conservatism, Rin. Sounds a lot more like the other side of the aisle, wouldn’t you agree?

  15. Rincon says:

    The employees of Carnegie and Rockefeller qualified as slaves far more than the welfare recipients today. Your solution of throwing them in the deep end was used in the gilded age. Unfortunately, many “drowned”.

    Those that keep and spend their billions may have the Protestant work ethic, but they certainly aren’t Protestants – or Christians.

  16. Athos says:

    Rin, I don’t believe “many drowned”. Some, for sure, but not the majority. The children and grandchildren of those employees went on to live better lives. We’re all thrown in the deep end, and must learn to sink or swim (kind of like the baby birds being pushed from the nest). And there was a time when people could sacrifice for the next generation. (instead of running up $17 trillion in debt to pass on)

    It certainly isn’t true for us baby boomers, is it?

    My argument to you still comes down to not allowing people in DC to become my God. I don’t trust them, whether they be Republicans OR Democrats.

    They’re all still fallible human beings. And absolute power corrupts absolutely, nest-ce pas?

  17. Rincon says:

    I agree with much of what you say. We don’t want to become vassals of the state – or corporations or the rich. Government isn’t the only threat you know. And I agree that we baby boomers have totally screwed the next generations. Hopefully, they won’t seek revenge.

    As for the “few” who drowned, you might want to read a little more history focusing not on documents and the founding fathers, but about what life was like for the average or less fortunate people. We tend to forget.

  18. Athos says:

    We could always move to a secluded mountain, and live off the land, and be totally free (no vassal here!), like Randy Weaver.

    Oh wait. How’d that work out?

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