$21 Trillion Is Missing, but Yellen Thinks You as a Tax Payer Should Pay Another $7 Trillion

21 Trillion Is Missing, but Yellen Thinks You as a Tax Payer Should Pay Another 7 Trillion

This week, we begin publication of our 2024 Annual Wrap Up. Dr. Joseph P. Farrell joins me for Part I of News Trends & Stories. Our Annual Wrap Up theme is “Protecting Your Assets.”

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So DOGE starts, and as you know Catherine has suffered, as a Solari team has suffered, a great deal of negative headwinds throughout the last year trying to warn people that Trump can't solve the problems and he's not going to.  And basically saying, you know, Trump's last presidency was the worst presidency for small businesses in the history of America and he funded a mass atrocity.  So can we be realistic about what we're dealing with here?  Anyway, so this did not make us popular.  So DOGE starts, and, of course, a lot of people have tremendous hopes that it's going to do something productive, and the first thing they announced . . . no.  If there's $21 trillion missing from the federal government as of 2015, what would we do.  The first thing we'd do is we'd go to the Treasury and we'd audit the New York Fed, not the New York Fed itself but the New York Fed Management of the Treasury Depository Accounts and the Treasury Business.  So we audit Treasury.  We'd audit New York Fed aspects of the Treasury we particularly look at all the wires that went out of the Treasury accounts to the BIS and other sort of sovereign countries when that $21 trillion was going missing.  We'd look at the Pentagon accounts and we'd look at the HUD accounts.  Did they announce they're going to do that?  No.  What was the first announcement?  The first announcement is they're going to go audit the IRS.  And I want you to remember two facts: one, Palantir as of 2018 had a major contract with the IRS, okay?  And Palantir's stock is the number one highest performing stock in the U.S. stock market in 2024, outperforming everybody.  Somebody thinks Palantir is headed into getting a lot of, lot a, lot of business.  So I want you to watch this video clip of . . . this is Janet Yellen talking about why America can afford two wars.

02:19.  Janet Yellen, 

We've raised $60 billion to strengthen the Internal Revenue Service there are enormous uncollected taxes that are due, the so-called "tax gap" is estimated at $7 trillion over the next decade in funneling we're modernizing and strengthening our Internal Revenue Service so it can better serve Americans and also collect the taxes that are due. 

So first we are going to the IRS.  Palantir's stock is up wildly we believe they still have their contracts with the IRS and Janet Yellen says that the American people owe $7 trillion.

03:12.  Yeah, we've lost $21 trillion and that means that you people owe us more.

03:18. Right.  Right, because the $21 trillion that calculation stopped as of 2015.  Then we got FASAB-56 that said okay we're going to take the books secret.  We know when that $21 trillion was calculated and we announced it in 2017, the public debt was $21 trillion.  So let's just assume that we got $36 trillion of debt now, and the missing money is up to $36 trillion.

03:41. Yeah, and it's our fault. And we need stronger more stringent tax collection.  The brazenness of these people never ceases to amaze me.

03:54.  Vivek Ramaswamy he did not say that he was going to do it to collect the $7 trillion.  Somehow they think they can get enormous efficiencies out of re-engineering the Internal Revenue Service, but . . . 

04:10.  This is my problem with the whole connection of the incoming Administration to this DOGE unit, this think tank of two people, Elon Musk and Vivek Ramaswamy.  My whole problem is, like you, I keep waiting to hear what are you going to do about FASAB56?  What are you going to do about real auditing to find out where this missing money went?  And what are you going to do to get it back?  Forget about taxing me more.  I'm fed up with the piddly taxes that I already pay because the streets and roads where I am at are absolutely in shambles . . .