America's total debt is exploding exponentially, close to $60 trillion or 500% of the annual national income while the banking system is usurping the Congressional power to create the nation's money supply of currently $9 trillion. The author analyzes the current system and proposes a solution analogous to the one imposed by America on Germany following World War Two.
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. - Henry Ford (1863-1947) - American industrialist, born on a farm in Dearborn, Michigan, a self-taught watch repairman who dedicated his life to four-wheeled propulsion.
The author Michael Schemmann is a CPA in the State of Washington, a CMA in Australia, and a university professor of accounting and finance in Asia. He was trained and worked as commercial and investment banker in Germany, Switzerland and Canada, and as a multinational controller of a conglomerate in Basel, Switzerland. This book is both, a desk top compendium for corporate financial controllers, and a study guide for those who are interested in obtaining the professional designation of Certified ControllerTM offered by the IICPA, the International Institute of Certified Public Accountants, an international professional organization founded in 2003 and incorporated under the laws of the State of Delaware. The book includes all of the material from which the Certified Controller'sTM final examination is taken, namely Financial accounting and reporting, Management accounting, Corporate finance, Investment banking, Financial markets, Macro- and microeconomics, Commercial law, Internal and external audit, and Internal control.
This is the story of Roland G. Mertens about his marriage of ten years to 'his daughter', Sonia, and their two children, as an intellectual contribution to balance contemporary literature on the subject of consensual intra-familial sexual relations, in particular adult incest also known as the last taboo emphasizing the male perspective, including a brief discourse of the legal issues involved at the time at the end of the book.
The author Michael Schemmann is a professional banker, certified public accountant, and university professor of accounting and finance. The book reviews a long litany of financial crises and bank failures since the 3rd century right up to the ongoing Global Financial and Sovereign Debt Crises. The author analyzes the financial statements of a large international commercial bank in Frankfurt, Germany and concludes that IFRS accounting principles and standards are not followed but violated, rendering the statements "false and misleading." The book contains a remedy to end the ongoing Global Financial Crisis and prevent future crises, calling on the European Central Bank(ECB) not only to 'bailout' but to step in and take over the role of overall legal-tender money supply creator, a function which is currently performed almost entirely by the private commercial banks with inferior quasi money of account. The current practice, permitting commercial banks to monetize sovereign debts, but prevent the ECB or the Federal Reserve, Bank of Canada, Bank of England, from doing so in the public interest, makes no sense. To reverse the process, the ECB can finance governments to buy-back their general government debt held by the private commercial banks, thereby reducing the outstanding sovereign debt of the euro area by 40% while improving the banks' liquidity tenfold in a way that is complete inflation-neutral (sterile). The misconceived austerity programs 'to save the euro' can then be rolled back and abandoned.
The Professional Study Guide is a 750-page summary of International Financial Reporting Standards (IFRS), and a detailed compendium of US-GAAP - the Accounting Standards Codification (ASC) of 2009. The work is an ideal Professional Study Guide for candidates of the IICPA's Certified Controller(TM) Program..
4,000 US-GAAP Terms from the new Accounting Standards Codification are explained. An excellent desk-top compendium for students, financial and professional accountants.
This work is a professional compendium rather than an academic work of art. Its primary objective is to provide a Professional Study Guide for exam candidates of the IICPA's Certified Controller (TM) Program. Corporate Finance: Key Terms, Financial Statement Analysis, Working Capital Management, Credit Management, Long-Term Financing, Capital Budgeting, Corporate Capital Structure, Risk Management. Useful Financial Formulas. Banking Issues: The Financial System and Bank Failures, the Global Financial Crisis, Restructuring Banks from Their Liability Side, Banking Regulation, Is the Basel Capital Accord Misconceived? Is the Global Financial Crisis the Result of an Accounting Perversion? Commercial Law: Agency, Contracts, Debtors and Creditor Relations, Discharges and Contract Remedies, Bankruptcy, Reorganizations, Investment Securities Regulations, Sarbanes-Oxley Act Reporting Requirements, Negotiable Instruments, Real Property, Leases, Mortgages, Rules of Court, Sale of Goods, Warranties, Performance, Remedies.
The Author Michael Schemmann is a professional banker, certified public accountant, and university professor of accounting and finance. His proposal is based on certain premises, e.g.: - The nations' sovereign debts consist largely of private commercial banks' quasi money created by way of an accounting abstract - if not an accounting perversion - while the states' (including the Eurozone's) constitutional money power lies idle and unused. - The private banks' quasi money is not legal tender for the settlement of debts, public and private, and is therefore the weakest element in the payment system, constantly threatened by illiquidity requiring central bank intervention and government bailout. - Given these insights, national debt redemption is a very simple exercise, resulting in prescribed accounting transactions in accordance with generally accepted accounting principles to reverse the governments' borrowings of quasi money, and at the same time correct the banking system as demanded 185 years ago by Thomas Jefferson, 3rd President of the United States, for the United States, and by Professor Irving Fisher 65 years ago. - This booklet provides a review, an analysis of the status quo, as well as a solution that is not dissimilar to the successful "CDG Plan" for Germany's highly successful monetary reform following financial collapse after World War Two resulting in the creation of the Deutsche Mark which became the backbone of the present Euro.
The 3,500 terms listed herein and their definitions are based on the SEC-adopted -- and required to be adhered to by its registrants -- Accounting Standards Codification of 2009 that have the effect of law, published by the FASB (Financial Accounting Standards Board), a quasi governmental agency funded by the U.S. government, and as such are in the public domain.
The father of the exchange equation and author of the standard work on the theory of interest, the mathematician and Professor of Economics at Yale University, the late Irving Fisher, LL.D., in 1935 published a lesser known book, highly controversial at the time, and now purposely forgotten: "100% Money. Designed to keep checking banks 100% liquid; to prevent inflation and deflation; largely to cure or prevent depressions; and to wipe out much of the National Debt." The book made the renowned professor emeritus an outlaw in the eyes of the moneyed class in the United States, but he was acknowledged by John Maynard Keynes at Cambridge and is mentioned referred to in the indices of Keynes' General Theory and Tract on Monetary Reform. Fisher's private wealth sustained him. The present work places Irving Fisher's 100% Money into the framework for a solution to the Global Financial Crisis of 2007 which is ongoing until governments take back their constitutional money power which has been given away to private bankers for nothing in return but a burgeoning public debt.
This work is a Professional Study Guide for exam candidates of the IICPA's Certified Controller Program and candidates for The IIA's Certified Internal Auditor (CIA) examination (Part 1 of 4) as well as a desk top compendium for auditing practitioners. TABLE OF CONTENTS: External Auditing: Respective responsibilities, Objectives, Audit Engagements, Quality Control, Documentation, Fraud, Laws and Regulations, Communication, Deficiencies, Planning the Audit, Risk of Material Misstatement, Materiality, Assessed Risks, Entity Using a Service Organization, Misstatements, Audit Evidence, Specific Considerations, External Confirmations, Initial Audit Engagements - Opening Balances, Analytical Procedures, Sampling, Accounting Estimates, Related Parties, Subsequent Events, Going Concern Assumption, Written Representations, Special Considerations, Using the Work of Internal Auditors, Using the Work of Experts, Forming the Opinion, Modifications to the Opinion, Emphasis of Matters Paragraphs, Comparative Information, Other Information, Specialized Areas, Special Purpose Frameworks, Single Financial Statements, Smmary Financial Statements. Prospective Financial Information: AICPA AAG-PRO #4, Types of Prospective Financial Information & Their Uses, AAG-PRO #15 Examination Procedures Internal Auditing: The Institute of Internal Auditors (The IAA), Internal Auditing - An Overview, The International Standards for the Professional Practice of Internal Auditing & Glossary.
This book is both a narrative and a case study of a couple with two children charged under Canada's adult incest statute after a common law marriage of 11 years that began in Germany, Switzerland, continued in the United States and eventually in Vancouver, British Columbia, Canada. The father fought his conviction in the BC Court of Appeal from the confines of his prison cell and was 'dismissed at a flick out of the judicial hand' by a judgment criticized in academic journals.The book covers the history of the incest taboo, citing literature by Sigmund Freud, Joel Feinberg, Robin Fox, Verrier Elwin, Lord Justice Devlin, H.L.A. Hart, Markus Dubber and Otto Lagodny. The denial of basic human rights in an area that matters the most — privacy, sexual intimacy, freedom from religious dogma — raises the question whether we are living in countries and states that have not dealt with their fascist and racist past, and although signatories to the United Nations' Universal Declaration of Human Rights like Canada, deny fundamental human rights enshrined in its Charter of Rights and Freedoms by committing fanatical atrocities of justice in the Courts in order to uphold and enforce religious dogma. "Perhaps the nearest counterpart ... in modern European jurisprudence is the idea to be found in German statutes of the Nazi period that anything is punishable if it is deserving of punishment according 'to the fundamental conceptions of the penal law and sound popular feeling'." [Act of June 28, 1935.] “The idea that we may punish offenders against a moral code, not to prevent harm or suffering or even the repetition of the offense but simply as a means of venting or emphatically expressing moral condemnation, is uncomfortably close tohuman sacrifice as an expression of religious worship. But even if we waive this objection another remains to be faced. What is meant by the claim that the punishment of the offenders is an appropriate way of expressing emphatic moral condemnation? The normal way in which moral condemnation is expressed is by words, and it is not clear, if denunciation is really what is required, why a solemn public statement of disapproval would not be the most 'appropriate' or 'emphatic' means of expressing this. Why should a denunciation take the form of punishment? "-- L.H.A. Hart. 1962. "Law, Liberty, and Morality." Oxford and New York: Oxford University Press, pp. 55-56.
Irving Fisher's (1935) classic "100% Money" and the "Chicago Plan" are offering solutions to current problems, are revisited, discussed and critiqued. At the time of publication (March 2015), the Greek national debt and the currency of the Euro Area are in issue. National Debts are incurred by misconceived, if not corrupt, ministers of finance and bureaucrats at their central banks, yielding to private commercial bankers who are creating the money out of nothing. The national debts can be repaid at a stroke of a pen, instead are resulting in needless austerity programs, currency failures, leftist governments and noisy demonstrations on the streets, instead of taking back the banks' illicit money creation in violation of generally accepted accounting principles and concepts of IFRS, and giving it back to the people. Jaromir Benes and Michael Kumhof (2012), both economic researchers at the IMF, have run Irving Fisher's 100% monetary system through carefully calibrated models and found support for each of Fisher's beneficial claims: (1) Smooth business cycles; (2) Stable banks; (3) No national debt(s); (4) Stable debt-free money supply created by a public authority instead of private banks. The tests revealed an additional benefit: (5) A 10% national output gain with zero inflation.
In my opinion, the United States is facing monetary reform within the lifetime of most of its citizens, because the world is not able to continue to carry its public debt. Europe, too, is over-burdened. The old remedy of growth, expansion of the money supply, and resulting inflation has run its course. To devalue the dollar further to five cents and then one cent of its 1950 purchasing power would result in an exponential decline not even seen in South America. The monetary reform can be along the lines of the American Colm-Dodge-Goldsmith Plan imposed by the U.S. Military government on Germany in 1946 (implemented in 1958), with the significant difference that the U.S. productive capacity, the level of employment though lower than desired, and its infrastructure are intact. What needs to be fixed is the $15 trillion national debt, the staggering unfunded liabilities of $113 trillion, and the banking system. Quasi money is not even acceptable to the banks themselves and must be eliminated by putting deposits under a near 100% liquidity cover of federal funds, eliminating the national debt in the wash-up. A conversion of old currency into new may be necessary given the enormity of the unfunded liabilities of nearly ten times GDP, which are growing exponentially and coming home to roost. The tax system needs to be overhauled so that to meet the burden without killing the economy. The national debt itself, can be redeemed as outlined in my booklet, "Money in Crisis," 2nd edition, by repaying the debt with redemption certificates while increasing banks' reserve requirements, so that the redemption receipts cannot be booked as deposits and increase the money supply, but, for example, as capital subscriptions, which is preferable to outright U.S. national debt repudiation, because the U.S. national debt cannot be repaid with taxes; it is at the point of no return.
If the national debts of the countries are an indicator for the soundness of their currencies, as is the custom (see table “Total Money Created in the Jurisdiction, less Central Government Debt” on page 14), but which they are not, then this booklet proves that the Euro is still the strongest major currency around, and that possible defaults by the national government of Greece and such other nations will not diminish the Euro's value because Greece did not, does not, and will not create the Euro which is perfectly intact except in the pockets of other recipients, no longer in the government of Greece's that merely borrowed the Euros and spent them like any other entity. How can the bankruptcy of General Motors affect the US Dollar? It doesn't.Sovereign nations have the money power, but this power was unwittingly ceded to the private commercial banks, and the sovereigns borrow their 'money' which it is not (see Michael Schemmann. 2012. “Accounting Perversion in Bank Financial Statements — Root Cause of the Ongoing Global Financial Crisis.” IICPA.com Publications). The ill-conceived process is reversible in a way that is inflation-sterile.Under the plan that I have proposed for many years (since 1991 in my booklet “Money in Crisis” – 2nd ed. 2009) a central bank, here the European Central Bank, can take over Greece's debt from the private commercial banks, as a switch in asset holders that does not create additional inflationary money supply, while Germany opposes such a move, but only for the wrong reasons, namely the false fear of increasing the money supply causing price inflation. As demonstrated in this booklet (“A Plan for Eurozone National Debt Redemption”) they should think again. The privately held national debts (not held by commercial banks) must follow a different procedure that keeps the national debt redemption certificates out of the money supply.
The key elements of the plan are to (1) monetize the Eurozone's central governments' debts for conversion into equity capital of banks' (Monetary Financial Institutions)' equity capital; (2) raise the MFIs' minimum reserve requirements on deposits; (3) divide MFIs into deposit taking institutions, and into lending institutions; (4) disband deposit insurance corporations. Austerity programs, crippling the economy, are both unnecessary and misconceived to rectify an anomaly, namely the governments inability to fund themselves by way of their constitutional money power, which was given to private commercial bankers for nothing in return. The anomaly can easily be corrected.
The Global Financial Crisis of 2007 to perhaps 2012 -- or whenever the system is finally fixed -- is blamed on the credit rating agencies Standard & Poor's, Moody's and Fitch who certified pools of sub-prime mortgages as investment grade, on corporate psychopaths who took over Wall Street (the BBC's latest of 3 January 2012), the absence of banking supervision and capital inadequacy, all of which I believe is very much beside the point that turns the issue that our Global Financial System is kaput because of a misconception of what is money of the quality of legal tender, not bank-created points called dollars, euros, yen etc. classified as demand deposits that masquerade as liquid money, and are everything else but money. Thomas Jefferson, Irving Fisher, John Maynard Keynes, John Kenneth Galbraith are cited and would agree -- and I believe Mervyn Allister King, the present long-serving Governor of the Bank of England.
The main conclusion of the book is that depressions are, for the most part, preventable requiring a definite policy in which the Federal Reserve System must play an important role, namely to prevent over-borrowing and set a standard of value for money (instead of a standard of weight in gold), as mandated by the U.S. Constitution, and to maintain the value of money through its various policies, interest rate setting, and open market operations. If the Fed fails, distress selling at the end of a business cycle swells the value of the dollar and debt measured in the swollen dollar, causing further distress selling in a vicious spiral downward until all debt has been wiped out by forced liquidations and bankruptcies. Little did Fisher now that the Global Financial Crisis of 2007, which is still ongoing at the time of this writing (April 2011), is deja vu, because the main culprit, bank-created book money (quasi money) still constitutes 90% of the money supply, creating bubbles resulting in panics. Fisher's ultimate remedy is detailed in his book "100% Money" (1935), to drive out bank-created book-money and replace it with central bank money, eliminating the national debt in the wash. At the alarmed insistence of the private commercial banks, the book became a taboo subject, conveniently ignored, but also in part because Fisher had ruined his name by predicting shortly before the stock market crash of 1929 that the high plateau of prices would be a lasting thing, losing $10 million of his wealth a few weeks later. This book analyses the causes and offers in part the much needed remedies.
This booklet is a reprint of a publication that first appeared in September 1991, created an uproar in Canada's parliament and the provincial legislatures, resulting in correspondence with the ministers of finance and the abandonment of Canada's tight monetary policy. The Looney fell to 63 cents U.S., and the Canadian economy started booming. "The author, who lives in Vancouver, B.C., suggested to me that publishers are motivated more by a harsh critique than one that is blandly favorable. Too bad; I cannot be harsh on the substantial portion of the book dealing with history and concepts. It has refreshing clarity that covers an otherwise tedious mass of research. I like it." - Miner Baker, Seattle Post-Intelligencer. "I agree with your position that the high cost of the federal government's fight against inflation is not worth the assumed benefits. The federal government should abandon its high interest rate policy to facilitate and economic recovery in Canada." - Floyd Laughren, Treasurer of Ontario. "Who do you think you are to tell me that Canadians are disgusted with my performance [see page 84-Author]. The Canadians that I have represented for 23 years in the province of Newfoundland respect my performance. It is the over-qualified self righteous students like you who think you have the answers to Canada's problems; but history tells us that you have always been, are at present, and always will be, wrong." - Jack Marshall, CD, Senator from Newfoundland. "You have preached most eloquently to the choir. I have been saying the same thing for 30 years in Congress." - Henry B. Gonzalez, Chairman, U.S. House Banking Committee.
Watcharaporn, a rice farmer's daughter from northeastern Thailand, meets Michael, a Canadian financial professional in the night scene of Pattaya. An eventful romance begins, and the lovers share a sense of excitement and adventure that takes the reader through the beauty and the brutality of a mixed marriage in Thailand.
Accreditation of critically acclaimed Schools, Colleges and Departments of Business is in the public interest and should be a matter of right, not privilege, subject to generally accepted higher education standards, and generally accepted educational standards on auditing, in a straight-forward and speedy process akin to the attestation of public companies' annual financial statements all over the world. AASBI's Accreditation is an audited self-accreditation process by the School preparing an annual Statement of Educational Conditions, engaging the public auditing profession in the jurisdiction of the School, College or Department of Business to audit the Statement of Educational Condition and express an opinion on the fairness of the presentation in accordance and in compliance with generally accepted educational principles. The AASBI's role is to review the School's audited statement of educational conditions and to confirm accreditation, or to withhold. The AASBI's accreditation process is effective, as it involves trained and experienced audit professionals. The process is efficient as it can be combined with the audit of the School's or College's annual financial statements. AASBI accreditation can be completed in months instead of years.
Each year thousands of people retire in Thailand as the answer to so many peoples' dreams: hot sunny days and exiting tropical evenings combined with an inexpensive retirement in Asia location unlike any other. This is the updated 2013 edition of a popular book that describes the geography, the people, the immigration process, cost of living, real property, hospitals and health care, transportation for living and retiring in Thailand.
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