About two years ago, Michigan State Economics Professor Mark Skidmore revealed there was $21 trillion in what he calls “missing money” from the Department of Defense (DOD) and Housing and Urban Development (HUD). This was a stunning revelation and the biggest auditing discovery in the history of accounting. Dr. Skidmore, who is an expert in public finance, along with a team of academics, used publicly available government accounting reports and revealed their results in late 2017. In the accounting world, this is like discovering the “God Particle” or discovering a cure for cancer, and, yet, academia is largely silent and ignoring this discovery by Dr. Skidmore and his team. Dr. Skidmore explains, “It’s been pretty quiet. A few people have contacted me. . . . I have asked for professional opinion and have offered to pay for it, and I had one conversation and he never responded again. . . . Similarly, I have done that with other academics to work on this issue. . . . For example, I had a dean of a major business school in the country who I know, and he has a background in both accounting and economics, and his response was ‘yes, there is something really wrong.’ Then nothing, no response to any other inquiries. . . . I haven’t been shunned–just ignored. . . . Other people just sort of weigh out the costs and benefits of the whole thing. They ask themselves what are the benefits of me chiming in on this issue, and what are the costs? They look at it and say I don’t want to be involved. Some people realize there is much more at stake here, and they just don’t want to be involved. That’s what I think is going on.”
The “missing” $21 trillion is a fact, and, yet, it has not been fully understood by the public. What happens when all Americans realize the size of dollars already printed? Skidmore says, “First of all, I don’t think this would be revealed in an official way until there was an underlying backup plan and financial structure in place. If this was acknowledged by someone on the stature of the President of the United States, which I don’t think is going to happen because risks are too high, we are so messed up, it’s possible we could have a meltdown if we don’t have some sort of plan in place to shore all of this up if there are trillions of dollars floating around that people don’t really recognize. I have to believe that other countries know about this and know what is going on and are aware (of trillions of missing money). . . . I am surprised that the global economy has functioned as well as it has for the past 10 years since the last financial crisis. Debt is keeping everything alive and afloat, but how long can we continue that? ”
In closing, Dr. Skidmore says, “The financial crisis that may come in the near future may not be the worst thing. That may be the best thing so we can reset and get a footing in reality and something that has integrity. I am concerned we won’t turn back and move in the right direction. What does it mean to my children when a government can say we can just create fake books and pretend they are real? This sure looks like a giant fraud to me. . . . These unsupported adjustments are a sign of fraud. Why don’t we look?”
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.