U.$. $TATE$ HIDE BILLION$ IN $ECRET $LU$H FUND$
James P. Tucker Jr.
Assets exceeded liabilities by $10.9 billion. Another $2.9 billion in “unrestricted net assets” were hidden from public view.
What all states are not saying is they have plenty of bucks salted away, but you aren’t supposed to know that. Each year, all state and local governments prepare a financial report on assets, liabilities, revenues and expenditures called the Comprehensive Annual Financial Report, or CAFR. You read about the budget and how your tax dollars are supposed to be spent in your local newspaper, but you don’t read about money hidden in the CAFR, because America’s controlled media hides these important facts.
CAFRs combine the financial reports of government agencies at all levels. They report all government funds, including those held outside the government treasury. It cites amounts owed the government but not received by the end of the fiscal year. It contains information on real property and other fixed assets and long-term obligations held outside the government treasury.
Walter Burien, a former commodity trader and leading authority on CAFRs, claims that state governments are sitting on more than $600 billion worth of assets. And that’s just the states. When you tally up the holdings of all 85,000 local, state and federal governments, the value of all of the assets comes to about $60 trillion, says Burien.
“Being that the CAFR is the accounting document for every local government, and with it effectively being blacked out for the last 60 years, this intentional omission of coverage is the biggest conspiracy that has ever taken effect in the United States,” said Burien. It’s “the biggest game in town.”
Alan Greenspan, a Bilderberg luminary, got it right years ago when he testified as chairman of the privately owned and controlled Federal Reserve before a Senate Committee: “I’m of the old fiscal school that you raise revenues for basic government purposes and if you don’t have those purposes you give the money back or you don’t tax it. . . . [P]rivate rates of return are significantly higher than the government rates of return.”
The good news is that, thanks to the Internet, it is becoming increasingly difficult for governments to bury their assets. A quick search on the Internet turned up thousands of websites dedicated to exposing CAFRs.
July 26, 2011