Adam Smith warned us about one “juggling trick”: governments printing money to pay their debts. As Thomas Savidge explained so clearly in his latest article, that trick lets politicians enjoy today’s spending while shifting tomorrow’s pain onto future taxpayers and currency holders. It blurs the bright line between fiscal and monetary policy, erodes public wealth, and has doomed empires from Rome to Argentina.

Yet Smith’s “juggling trick” has an equally deceptive companion: the federal government’s own accounting and reporting rules.

On January 30, when former Federal Reserve board member Kevin Warsh was nominated by President Trump as the central bank’s next chair, markets sold off and gold and silver plunged. Investors were positioned for a “dove,” someone inclined to cut rates aggressively and keep money loose; and Warsh has a long-standing reputation as a “hawk.” 

Your hard-earned tax dollars aren't just being mismanaged; they're being systematically stolen, thanks to a flawed government accounting system that buries red flags under layers of opacity. For years, states have been handing out federal funds through programs designed to feed children, support the vulnerable, and aid during crises. But instead of helping those in need, these programs have become playgrounds for fraudsters, with billions vanishing into luxury lifestyles and offshore accounts. The worst part? These scandals aren't surprises. They've been flagged repeatedly in mandatory state Single Audit reports, documents that auditors, lawmakers, and the federal government obviously ignore.