Real Texas Freedom

Tuesday, December 18, 2007

Global Fiduciary Keys

U.S. Comptroller General David Walker appeared before the National Press Club yesterday on C-span and impressively addressed the state of the U. S. economy in accounting terminology. He is very intelligent and knowledgeable. He discussed the Congressional General Accounting Office, Social Security, Annuities, Medicare, budgeting, Global Alliances, Politics, Economic Indicators and other complicated subjects in an interesting and informative manner. He ended his presentation with the suggestion that future Global Fiduciary Keys will be needed to insure the financial integrity of various economic units throughout the world. If that system worked like the current economic indicators work in America, the world is in deep economic trouble. Not because it isn't a good idea, but because it would depend on who set the standards and enforced the policies. He did say that there is no SS trust fund and that the government's practice of purchasing government bonds with SS money (money that should be paid out every year as collected ) and then spending the money on other government programs, would be criminal in any other enterprise. He implied that medicare will need to be worked into some sort of Universal Health Care plan. Accountants are a valuable component of society. They want to put their sticky fingers on every penny that moves, however, and sometimes create more problems than they solve.



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