Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Off Balance Sheet Deceptions

IMG Auteur
Published : January 30th, 2013
264 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Crisis Watch

The actual liabilities of the federal government---including Social Security, Medicare, and federal employees' future retirement benefits---already exceed $86.8 trillion, or 550% of GDP.

For the year ending Dec. 31, 2011, the annual accrued expense of Medicare and Social Security was $7 trillion. Nothing like that figure is used in calculating the deficit. In reality, the reported budget deficit is less than one-fifth of the more accurate figure.

... if the government confiscated the entire adjusted gross income of these American taxpayers, plus all of the corporate taxable income in the year before the recession, it wouldn't be nearly enough to fund the over $8 trillion per year in the growth of U.S. liabilities.

Some public officials and pundits claim we can dig our way out through tax increases on upper-income earners, or even all taxpayers. In reality, that would amount to bailing out the Pacific Ocean with a teaspoon. Only by addressing these unsustainable spending commitments can the nation's debt and deficit problems be solved.

If that was only the problem we could consider it frightening. However when you consider all the off-balance sheet deceptions going on it becomes truly horrendous.

  • Unfunded Liabilities
  • Contingent Liabilities
    • Guarantees
    • Contractual Obligations
  • Special Purpose Entities
    • PPP - Public Private Partnership
    • PFI - Private Finance Initiative
  • SWAPS

Gordon T Long and John Rubino, with the aid of 23 slides put a magnifying lens on these carefully crafted accounting gimmicks, solely intended to obscure the true liabilities that every tax payer is on the hook for.


23 Minutes, 26 Slides

<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Mr. Long is a former senior group executive with IBM & Motorola, a principle in a high tech public start-up and founder of a private venture capital fund. He is presently involved in private equity placements internationally along with proprietary trading involving the development & application of Chaos Theory and Mandelbrot Generator algorithms.
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Debate Over Electric Trucks: Let’s Get It On
25 AprJerry82
Thanks Mish, this was a very insightful and thought provoking piece. I've often heard concerns about the weight of these new electric trucks and th...
No, The Junior Mining Stocks Are Not About To Implode - Dave Kranzler
25 AprJerry82
Thank you Dave for this excellent article. I agree with your well thought out critiques that point to junior miners being just fine. Relying on tha...
Gold Bullion Erases $10 Bounce Despite French Election, N.Korea Ris...
25 AprJerry82
I don't know how much I'd trust the listed GLD holdings. I always found GLD's structure to be a bit strange. They so famously claim that they are 1...
The Story of Gold Money, Past, Present and Future, by Edwin Walter ...
18 AprJerry82
Thank you for this very thought provoking piece Nathan. I have not read any literature from Edwin Walter Kemmerer before but I am inclined to pick ...
Gold Prices Slip $10 After Breaking Downtrend as UK's May Seeks Bre...
18 AprSam Maher1
"That left the GLD gold ETF needing a 2017 high of 849 tonnes in bullion backing." I frequently see you make these claims on GLD's holding...
Bombs Away!
17 Aprprljr-1
James tribe owns trump.
Krunch Time for Korean Krackpot Despot, Kim Jong-Un: Missile Crisis...
17 Aprprljr1
Unfortunately the world is not run by Christians, well except for the useful idiot ones.
Krunch Time for Korean Krackpot Despot, Kim Jong-Un: Missile Crisis...
15 Aprkevthorne1
I read from this that it is the USA that is 'a threat to the entire world'. How many times have we heard this - 'country X is a threat to the w...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS