Chart usGOLD   Chart usSILVER  
 
Food for thought
If you have ten thousand regulations you destroy all respect for the Law
Winston Churchill  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1230.900.34
Silver 17.17-0.02
Platinum 1243.50-2.00
Palladium 776.00-2.75
WORLD MARKETS
DOWJONES 16805128
NASDAQ 448431
NIKKEI 15292153
ASX 539929
CAC 40 4129-29
DAX 8988-60
HUI 184-1
XAU 760
CURRENCIES (€)
AUS $ 1.4416
CAN $ 1.4227
US $ 1.2669
GBP (£) 0.7875
Sw Fr 1.2059
YEN 137.0400
CURRENCIES ($)
AUS $ 1.1382
CAN $ 1.1230
Euro 0.7893
GBP (£) 0.6217
Sw Fr 0.9518
YEN 108.1000
RATIOS & INDEXES
Gold / Silver71.69
Gold / Oil15.17
Dowjones / Gold13.65
COMMODITIES
Copper 3.060.01
WTI Oil 81.14-0.61
Nat. Gas 3.60-0.02
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Off Balance Sheet Deceptions
Published : January 30th, 2013
264 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 ) Print article
 
    Comments    
Tweet
Keywords :   Government | Medicare | Reality | Recession |

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

Tweet
Rate :Average note :0 (0 vote)View Top rated
Previous article by
Gordon Long
All articles by
Gordon Long
Next article by
Gordon Long
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

Gordon Long

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.
Gordon Long ArchiveWebsite
Most recent articles by Gordon Long
10/24/2014
10/5/2014
10/4/2014
10/1/2014
9/24/2014
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer