JAMES PICKETT WESBERRY Jr >>>> PERSONAL WEBSITE

THE CONTINUING FINANCIAL CRISIS

Introduction to Jim Wesberry
GIVING THANKS
E-MAGAZINES CURATED BY JIM
ARTIFICIALIDAD vs VERACIDAD (AI)
ARTIFICIALITY vs VERACITY for Peruvian JCI Senate
THE REAL INVISIBLE HAND / LA MANO INVISIBLE VERDADERA ............(traducción en español más abajo)
THE FALTERING EAGLE: Speech made in 1970
CLEPTOCRACIA 1990 articulo para el 25 aniversario de ILACIF
ENFRENTANDO LA CORRUPCION EN TIEMPOS DE COVID, Conferencia - Profesionales del Bicentenario del Perú
ETICA E INTEGRIDAD, Congreso Organos Internos de Control, del Estado de Guanajuato, Mexico via Zoom
EL IMPACTO DE LA INTEGRIDAD, presentación en el Foro ISAF de Sonora, Mexico via Zoom
Donde fueron nuestros valores? Como podemos recuperarlos?
75 ANIVERSARIO DE LA Federación Nacional de Contadores del Ecuador
VIDEO: El Auditor Frente sus Tres Mayores Desafíos
MIAMI KEYNOTE: Public Financial Management, 2016
CONFERENCIA: CONTROL INTERNO Y ÉTICA: ESTARÍAN PERTINENTES EN 2025?
CONFERENCIA 6a Conferencia de Auditores Ecuador: El Auditor Interno Frente sus Tres Mayores Desafios
CONFERENCIA CReCER 2015: Empresas Estales en Busca de Etica---State Enterprises in Search of Ethics
CONFERENCIA QUITO HONESTO: Ambiente Etico = Municipio Eficiente: Principios de Conducta Etica, 2014
DOCTORADO HONORIS CAUSA - UNIVERSIDAD INCA GARCILASO DE LA VEGA, LIMA, PERU - 2013
DECORATION BY THE PERUVIAN GOVERNMENT 1972
My Work in Peru / Mi trabajo en el Perú
CONFERENCIA EN HUANUCO, PERU - El Auditor enfrenta la Erupcion de Corrup$ion del Siglo XXI -2013
CONFERENCIAS EN CHILE - 3 Mayores Desafios al Auditor Interno - 2012 - VIDEO y TEXTO
THE CONTINUING FINANCIAL CRISIS
GEORGIA CORRUPTION ON MY MIND
Personal Information
My Resume (in English)
Mi Curriculum Vitae (en español)
Personal Photo Album
ACTIVITIES & EVENTS INITIATED
The Top Quartile of Life
AMERICA IN DECLINE? The Life Cycle of a Great Power
ACCOUNTANCY & AUDITING: MY CHOSEN PROFESSION
SERVICE AS PAGE IN US HOUSE OF REPRESENTATIVES 1949-51
SPECIAL INVESTIGATOR OF CORRUPTION IN STATE GOVERNMENT 1959-60
LEGENDS: Georgians Who Lived Impossible Dreams
Wesberry v. Sanders, 376 US 1 Landmark US House Reapportionment Case
POLITICS - MY FIRST CAMPAIGN 1961
POLITICS - ELECTION TO GEORGIA STATE SENATE 1962
GA POLITICAL TRANSFORMATION
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LA TRANSFORMACION POLÍTICA DE GEORGIA DE 1963
Press Clips from Georgia Senate Service
The Best Speech I Ever Made
Why I Quit the Georgia Senate
Congressional Testimony
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Contador Benemerito de las Americas (Most Meritorious Accountant of the Americas)
Articles from The Journal of Accountancy
My Credo
Media
Interview about Leadership
ACCOUNTABILITY - RESPONDABILIDAD
THE EVER GROWING, EVER STIFLING BUREACRACY
PONZIS and PIRAMIDES
GRAPHIC DISPLAY OF US DEBT
CALCULATE YOUR DEBT LIABILITY
Fraud-Corruption-Bribery
Collusion Breaks Internal Controls
FORENSIC AUDITING --- AUDITORIA FORENSE
FRIENDSHIP - AMISTAD
Creencia - Belief
Think -------- Pensar
WOMAN -------------- MUJER
Dawn
Message to Garcia - Mensaje a García
THE GREATEST SPEECHES OF ALL TIME
Education
Interesting!
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ATLANTA, GEORGIA USA - MY HOME TOWN
WASHINGTON DC - MY OTHER HOME TOWN
PERU
ECUADOR
MEXICO
PHILIPPINES
Conferencia Senado JCI Perú
COLOMBIA VS KLEPTOKAKISTOCRACIA: Presentación para el Día Internacional Anti-Corrupción 2011
LECTURE AT MANILA'S UNIVERSITY OF THE EAST: Integrity & Honor, Corruption & Dishonor VIDEO
MANILA LECTURES AT FAR EASTERN & SANTO TOMAS UNIVERSITIES: Good Governance and Social Responsibility
EFFECT OF 2008 GLOBAL CRISIS (JW presentation in English)
SEGUNDA GRAN DEPRESION 2010 (JW presentaciónes en español)
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NO DOLLARS AFTER 2016

Denver, Colorado – August 20, 2014

Amagi Metals, an online dealer in precious metals and coins, announced today that they will stop taking US dollars for payment at the end of 2016.

Since the dollar was decoupled from gold in 1971, it has lost 97% of its value compared to the yellow metal and 83% of its domestic purchasing power, and the trend shows no signs of stopping. Both investors and foreign governments have begun to lose confidence in the dollar’s future…and so has Amagi Metals. Thus, Amagi has planned that by the end of 2016, the company will no longer accept US dollars or other “fiat” currencies. Instead, Amagi plans to be trading exclusively in cryptocurrencies like Bitcoin.

From its beginnings in 2010, Amagi Metals has advocated what CEO Stephen Macaskill calls a “sound money” philosophy for investors looking to preserve their wealth in the face of governments worldwide issuing massive amounts of currency with little or no relationship to its actual value. Macaskill has been a pioneering cryptocurrency advocate since 2012 and wants Amagi customers to be prepared for what may come of the dollar and other paper currencies around the world.

“We want to be a leader in the sound money movement,” Macaskill says. “With the adoption of cryptocurrencies increasing every day, their viability is virtually assured. History shows that paper currency, backed by nothing of value, will ultimately fail. It’s only a matter of time until no one will be accepting the dollar. By trading exclusively in cryptocurrencies, we’ll still be in business when that time comes.”

The Public Debt Sinkhole (click here)

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Click above to read full article by David A. Stockman

Sundown in America - NYTimes.com State-Wrecked: The Corruption of Capitalism in America

CLICK BELOW TO SEARCH FEDERAL & STATE SPENDING by US ZIP code. Click on Federal Checkbook; select your state; key your zip code. Click: Search.

"Let's not pretend that things will change if we keep doing the same things. A crisis can be a real blessing to any person, to any nation. For all crises bring progress. Creativity is born from anguish, just like the day is born from the dark night. It's in crisis that inventive is born, as well as discoveries, and big strategies. Who overcomes crisis, overcomes himself, without getting overcome. Who blames his failure to a crisis neglects his own talent, and is more respectful to problems than to solutions. Incompetence is the true crisis. The greatest inconvenience of people and nations is the laziness with which they attempt to find the solutions to their problems. There's no challenge without a crisis. Without challenges, life becomes a routine, a slow agony. There’s no merit without crisis. It's in the crisis where we can show the very best in us. Without a crisis, any wind becomes a tender touch. To speak about a crisis is to promote it. Not to speak about it is to exalt conformism. Let us work hard instead. Let us stop, once and for all. the menacing crisis that represents the tragedy of not being willing to overcome it."
                                                       --- Albert Einstein

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Ending the Era of Ponzi Finance: Ten Steps Developed Economies Must Take

Betting with Trillions: Prison of Debt Paralyzes West - DER SPIEGEL, Nov. 2012

Click here to read the financial obituary of the United States of America

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Devaluation since 1913
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The fragment left of the dollar will soon become infinitesimal

Decline in Purchasing Power of the Dollar
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You will soon pay $10.00 for a cup of coffee

A poorer America
A Poorer America

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A poorer America
A Poorer America

Unemployment rises as government spending goes up
Unemployment and Government Spending

www.debtwall.org

Why the Debt Crisis Is Even Worse Than You Think

(Extracts from Business Week article, click headline above to read it)

"A June analysis by the Congressional Budget Office concluded that keeping the U.S.’s ratio of debt to gross domestic product at current levels until the year 2085 (to avoid scaring off investors) would require spending cuts, tax hikes, or a combination of both equal to 8.3 percent of GDP each year for the next 75 years, vs. the most likely (i.e. “alternative”) scenario. That translates to $15 trillion over the next decade..."

"A more revealing calculation is the CBO’s measurement of what’s called the fiscal gap. That figure is conceptually cleaner than the national debt—and consequently more alarming. Boston University’s Kotlikoff (who) has extended the agency’s analysis from 2085 out to the infinite horizon, which he says is the only method that’s invulnerable to the frame-of-reference problem...concluded that the fiscal gap—i.e., the net present value of all future expenses minus all future revenue—amounts to $211 trillion...

"The U.S. is in danger of reaching a generational tipping point at which older Americans have the clout to vote themselves benefits that sap the strength of the younger generation—benefits that can never be repeated. Kotlikoff argues that we may have reached that point already. He worries that the U.S. could become Argentina, which went from one of the world’s richest to lower-middle income in a century of chronic mismanagement..."

US PRODUCTIVITY FALLS

Why the Debt Crisis Is Even Worse Than You Think

 

The effects of fiscal consolidation—tax hikes and government spending cuts—on economic activity.

Abstract of an IMF Study

Based on a historical analysis of fiscal consolidation in advanced economies, and on simulations of the IMF’s Global Integrated Monetary and Fiscal Model (GIMF), it finds that fiscal consolidation typically reduces output and raises unemployment in the short term. At the same time, interest rate cuts, a fall in the value of the currency, and a rise in net exports usually soften the contractionary impact. Consolidation is more painful when it relies primarily on tax hikes; this occurs largely because central banks typically provide less monetary stimulus during such episodes, particularly when they involve indirect tax hikes that raise inflation. Also, fiscal consolidation is more costly when the perceived risk of sovereign default is low. These findings suggest that budget deficit cuts are likely to be more painful if they occur simultaneously across many countries, and if monetary policy is not in a position to offset them. Over the long term, reducing government debt is likely to raise output, as real interest rates decline and the lighter burden of interest payments permits cuts to distortionary taxes.

From World Economic outlook: Recovery, Risk, and Rebalancing, International Monetary Fund | October 2010 at:   http://www.imf.org/external/pubs/ft/weo/2010/02/pdf/c3.pdf

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According to a new report just released at www.truthinaccounting.org/, the states have used accounting trickery to conceal a total of $1 trillion of outstanding bills.  The report identifies five 'Sinkhole' states and five 'Sunshine' states. 

 
Life is really simple, but we insist on making it complicated.
                                              - Confucius

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This financial crisis is forcing state and local agencies to make some tough decisions.  If things continue for much longer, there's a real risk that we may have to lay off Jose.

GOLD UP =  DEVALUED $

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USA TODAY: U.S. funding for future promises lags by trillions (click here to read)

Two Financial Crises Compared: The Savings and Loan Debacle and the Mortgage Mess >>> A comparison of prosecutions related to the savings and loan crisis and the current financial crisis. CLICK HERE

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"The world had better start paying attention to the US government’s inability to govern."
Clive Crook Financial Times, April 10, 2011
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US FINANCES RANK NEAR WORST IN THE WORLD: STUDY

The US ranks near the bottom of developed global economies in terms of financial stability and will stay there unless it addresses its burgeoning debt problems, a new study has found.

US Capitol Building with cash

In the Sovereign Fiscal Responsibility Index, the Comeback America Initiative ranked 34 countries according to their ability to meet their financial challenges, and the US finished 28th, said David Walker, head of the organization and former US comptroller general.

CLICK TO READ ARTICLE ON US FINANCES NEAR WORST IN WORLD

CLICK HERE TO GO TO DAVID WALKER'S "COME BACK AMERICA INITIATIVE"

US Government's mountain of debt

SEARCH Federal or State spending by ZIP code. Click on Checkbook; select your state; key your zip code. Click: Search.


Get Your News Widget

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When we get piled upon one another in large cities, as in Europe, we shall become as corrupt as Europe.

                                                      - Thomas Jefferson


 

YUAN

If you do not have heart or stomach problems, are sitting down comfortably and have your blood pressure under control, CLICK HERE TO SEE THE LATEST FINANCIAL STATEMENTS OF THE US GOVERNMENT

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A Hidden Fiscal Crisis (extract)

Lawrence J Kotlikoff in the IMF Journal Finance & Development, September 2010, Vol. 47, No. 3

A noted U.S. economist says debt figures seriously understate long-term budget problems in the United States

"EVEN as the United States experiences continuing fallout from a terrible financial crisis, a more alarming fiscal problem looms. The world’s largest economy faces a daunting combination of high and rising costs for health care and pension benefits and constrained sources of revenue that will put enormous pressure on its fiscal soundness...

The size of the U.S. fiscal gap, as recently measured by the IMF... indicates that the United States is in terrible fiscal shape...America’s fiscal gap is massive. It is so massive that closing it appears impossible without immediate and radical reforms to its health care, tax, and Social Security systems as well as mili...tary and other discretionary spending cuts...The potential for the U.S. fiscal crisis to kick off a global financial meltdown is significant...Once the world catches on to the true extent of U.S. fiscal insolvency, the ability of the United States to continue to finance its government borrowing could come to a halt...How did the United States reach its current state of what could effectively be considered bankruptcy? It spent six decades transferring ever more resources from the young to the elderly, under a variety of different programs described with a variety of labels. Many policies across many administrations from Eisenhower’s to Obama..."

Click here to read this important article

Click here to compare the national debt of the nations of the world

Click here to go to U.S.National Debt Clock

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Whenever you find you are on the side of the majority, it is time to pause and reflect

                     --- Mark Twain

We have never observed a great civilization with a population as old as the United States will have in the twenty-first century; we have never observed a great civilization that is as secular as we are apparently going to become; and we have had only half a century of experience with advanced welfare states...Charles Murray

Kella
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