Thank you for visiting the "CAFR - Comprehensive Annual Financial Report" page where you will learn: 1) every government agency is a corporation, including Washington, DC (and why are they "C" corporations for profit instead of nonprofit corporations?), and 2) your government (for profit) corporation is illicitly profiting from every taxpayer.
The true expert on this subject is Walter J. Burien, Jr.. You can learn more by going to his website, www.CAFR1.com.
The true expert on this subject is Walter J. Burien, Jr.. You can learn more by going to his website, www.CAFR1.com.
$ $ THE BIGGEST GAME IN TOWN $ $
The Comprehensive Annual Financial Report (CAFR) Exposed
by Walter J. Burien, Jr.
c December 17th, 1999
c December 17th, 1999
This is a comprehensive disclosure of government financial operations that have been deliberately concealed and agencies as well as by the syndicated media. The scope is huge; the personal financial impact of vital concern to all.
Do the people of this great land own the government or do the collective governments think they own the people? Is it time to mandate "effective action" through united efforts of the American people? Can David still fling the rock true and straight to hit its mark and defeat Goliath? Are you aware that 30 years ago only 8-12% of the financial activity and ownership of our nation resulted for the activity of the government, but today the figure is conservatively 48%? We the People have been victimized by the largest by the largest organized syndicate on the face of the Earth. The Constitution declares that all political power is inherent in the people and that all powers not directly and specifically delegated to public servants remain with the people. Our public servants are accountable to us and it's time we hold them accountable with genuine liability and cause the profits resulting from governmental activity to directly benefit the people!!! I became aware of something approximately 10 years ago, which changed my life. I will give you a little analogy of how I learned about the complete financial takeover of the wealth of this country by composite government. Back in 1989 I lived in New Jersey. There was a |
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governor by the name of Jim Florio who was running for office under a no-new-tax platform. He won, as soon as he got into office a $2.8 billion tax increase was enacted---the largest in the state's history. It's obvious that the public was not too thrilled about Mr. Florio's actions and one of the local radio stations, 101.5 FM, started doing some rabble-rousing, taking calls from listeners on examples of waste and misspending in government. My first two days I was listening, and I heard people calling in with examples of $5,000, 15,000; $85,000 was the highest figure I heard. I pulled out the State of New Jersey's budget report which is the only thing I was aware at the time. They had $11 billion on budget, $6 billion off budget; the total annual service budget was $17 billion a year. I called the in to the show and I made the comment, "Come on, guys; you're missing the whole point. The highest figure I heard was $85,000. The state's dealing with billions of dollars." I read off the figures. I said, "If there's fraud, waste and misspending taking place, it's taking on on tunes of tens of millions, if not hundreds of millions of dollars." The DJ[1] at the time challenged us, the listeners, to start a tax protest organization to repeal the $2.8 billion tax increase.
Ten of us got together the next day and incorporated a group called Hands Across New Jersey. We scheduled our last rally ten days out from that point. And basically, with the help of 101.5, we had 115,000 people converge on Trenton from all the shore points in New Jersey, effective shutting the city down. Now, during the course of organizing that rally, I took over looking at the budget, revenue and finance of the state.
For about fifteen years I was a Commodity Trading Advisor, I was one of the first tenants of the World Trade Center, back in 1979. And large figures didn't bother me-a hundred million and one dollar - there was no difference. So when I started looking at the figures on the New Jersey budget report, as I mentioned, there were $11 billion on budget, $6 billion off budget, it showed a net available of $25.6 billion. Then, I asked myself the number one question that IRS asks in an audit:
What are the cash gross receipts? I started noticing the large cash cow groups in state government - the New Jersey Turnpike, Garden State Parkway, Port Authority of New York, and New Jersey. The revenue was not inclusive in the budget report. I didn't see any large returns from investment funds on the budget report. And I said, "They have to have two sets of books here. They're not accounting for the whole picture". The director of the budget was an individual by the name of Richard Keevy. He was on vacation till the following Tuesday of that week. I found out who his lower assistant was, called in, and the conversation went just like this:
I said, "Hi, this is Walter Burien. I'm working on a report for Richard. Have to have it done by Tuesday when he gets back from vacation. I need all the figures on the autonomous agency accounts, interest accounts, investment accounts. And the reply I got was, "Oh, you want the Comprehensive Annual Financial Report". Bing!! First time I ever heard that before in my lifetime. Got it that Friday. Started crunching numbers --- $188 BILLION DOLLARS---of which common stock ownership $70 billion, insurance company equity participation, $14 billion, on loan to public and private corporations $10 billion. And I started looking for the total cash gross receipts. As I mentioned, what IRS would ask for in an audit. I found it on page 174.
Now this is 1989's Comprehensive Annual Financial Report. On page 174 under Cash Additions, all agencies, all departments, all sources, here's a state with declared service budget of $17 billion, who was bringing in $86 billion, 799 million in cash. I saw that figure and instantly realized the definition of syndicated organized crime. Here, we had a representation to the public that the state of New Jersey was bringing in $17 billion when in reality, they are bringing in (c)lose to $86 billion. They had $188 billion in liquid investment funds. I also learned the principle of operation that day.
Anything that was a cost and an expense, traditional service side of the budget report, health and welfare, human services, motor vehicles, was left under the budgetary basis, and the public footed 100% of the bill for 100% of the services. Now, anything that was a profit center, had the ability of being a profit center, large investment fund that generated tens and hundreds of millions of dollars, totally restricted by a statute for no tie or inclusion whatsoever with the budgetary basis.
Now, this is what I have called The Biggest Game In Town. I saw it first in New Jersey and I said the Comprehensive Annual Financial Report...here I am a Commodity Trading Advisor, I was doing a national news line coast to coast at the time and I never heard of the Comprehensive Annual Financial Report. I wanted to find out why I was mad. I mean, there was such a distinct difference between the revenue shown on the Comprehensive Annual Financial Report and the miniscule revenue that was shown now on the budgetary basis. I said, "Why did I not see this in a newspaper, radio show, or TV show?"
Now, the department that mailed out the report the Comprehensive Annual Financial Report was from the Department of Treasury. I called the mailroom, and the mailroom usually doesn't get a call from the public, so they were very cooperative. I wanted to find out who the report was sent to. I thought it was a short list. They said, "I'm sorry, sir. The list is too long - we can't read it to you on the phone." So I start qualifying. I found out it was sent to the deans of all the colleges. It was sent to the CEO and every one of the directors from ABC, CBS, and NBC. When I verified that, I started smelling cooperative effort for nondisclosure. I then got the telephone for ABC and NBC on where the report was sent to. I called and the conversation went like this:
"Hi, This is Walter Burien calling from the Department of the Treasury. We've been sending you our Comprehensive Annual Financial Report for the past fourteen years and we're doing a logistical survey on how many other states are sending you their reports. Could you please help me?"
ABC was getting it from 38 states. NBC was getting it from 34 states. When I heard that, now I'm getting very mad. I'm starting to see a clear-cut cooperative effort for nondisclosure on the most important information that exists in this country. The extent of the financial takeover by composite government of the wealth of this country, with the full cooperation of the syndicated media for nondisclosure.
My next step was I called New York, got New York's Comprehensive Annual financial Report, which showed approximately $735 billion in liquid investment funds. I then got the city of Manhattan's report. Now, when I mention the Comprehensive Annual Financial Report, it's not just the state-the majority of all cities, counties, school districts, pension funds, autonomous agencies such as the New Jersey Turnpike or New York Throughway Authority, put out a Comprehensive Annual Financial Report. When I got Manhattan's report it showed liquid investment funds of $1.2 trillion, more than the entire state. My mind started getting boggled thinking of the composite totals-for all the states, all the cities, and all the counties.
Subsequently, over the last ten years I've been factoring in, compiling, the aspect of composite totals. The current figure stands at about $60 trillion plus, in liquid investment funds - the composite totals for all cities, counties, states, and the federal government. Now, you may say "Oh, wait a second here! I thought we were in debt for the state, in debt for our school districts, or in debt for our federal government". Well, let me explain something. I'm going to give you the biggest wake-up call in your life. This example holds true all across the country, for every city, county, and state and the federal government. You always here the budgetary basis referenced - "the budget report, the budget report."
Governments across this country on the city, county, state levels, and federal, have created a two-tier accounting structure. One, the annual operating budgets, the cost side of operating the government for the year - the monies they bring in for the year to handle that cost and what they expend. What's being left out is the decades -- the decades of investment wealth, enterprise ventures which generate hundreds of billions of of dollars each year, which are not inclusive in the budgetary basis. When you start looking at composite totals, of revenue and compare it to the private sector, government currently now is substantially bigger than the private sector. We are standing at about 65% government, 35% the private sector.
Now, when you look at stocks, as I mentioned, New Jersey State Government I saw, had $70 billion in common stock ownership. That floored me. I never even thought about New Jersey as a state owning $70 billion in stocks. Composite totals city, county, state and federal on stock ownership, equates to approximately $32 trillion. That's over 53% of the entire open interest of all issued stocks from all exchanges is owned by composite government sources. You won't have one city or county or state owning a phenomenal base in one stock, but you'll have thousands of different cities, counties and state owning the composite totals. They own over 51 percent. So, when you look at individual corporations, Xerox Corporation, IBM, AT&T the primary owners are composite government funds, and they'll be listed as institutional funds - when you see the word "institutional funds" - that is government monies in most cases. So, when you have a supposed public corporation - say, 72% owned by composite government funds, I wouldn't call that a public corporation; I would would say that's a government operation. Xerox is approximately 72% owned by composite government funds; AT&T is up around 42%, so on and so on.
Up until this point when the comprehension finally dawned on me, I always thought government was maybe 5% of the GNP of this country and this was a free-market economy, and I learned I was wrong. Basically, what the public has done here - we left the vault door open. In fact, 95% of the public would say, "Vault? What vault?" And those sharp little crackers said, "Thank you very much. Have a good day."
The federal government, in 1981, mandated that all local governments prepare a Comprehensive Annual Financial Report - every city, every county, every state, or, in the alternative, a Combined Financial Statement, if they did not prepare a Comprehensive Annual Financial Report.
The background on the Comprehensive Annual Financial Report: a group by the name of GFOA, Government Financial Officers Association, in 1946 created the Comprehensive Annual Financial Reporting accounting structure. I think the City of Manhattan produced one of the first ones in 1951, as a large entity. So, the Comprehensive Annual Financial Report has been around for quite a long time. There are 54,000 separate government corporations; cities, counties, school districts, authorities, that produce their own separate report. You start looking at the composite totals of the revenue from 54,000 reports - the cities, the counties, the states, - and you see the $60 trillion - inclusive with federal government's revenue.
(According to) New Jersey's 1998 Comprehensive Annual Financial Report, they have $295 billion in liquid investment funds. That's just the state report. There's 21 counties, a couple hundred cities and municipalities, autonomous agencies - all separate reports. If you take the composite totals of the liquid investment funds, you're well in excess of $1.2 trillion. If you take the population of New Jersey and divide it into $1.2 trillion, that comes out to a cash allocation of $146,000 per man, woman and child living in the state or family of five, that equals seven hundred and some thousand dollars. the obfuscation of the wealth has been excessive.
Federal government's playing the exact same game, but when you break down the actual revenue of the $60 trillion, two-thirds of it belongs to the local governments - the cities, the counties, and states - and one-third belongs to the federal government.
In the appendix of the federal Combined Financial Statement is a list of significant government entities. The majority that are included are agencies which most people are familiar with, but the last column, down below, it - says "Significant entities excluded from these statements." Now, they give honorary mention to the Federal Reserve Board of Governors and the Federal Reserve, which i think we all know by know are basically private. But then they list the Federal Retirement Thrift Investment Board, the Thrift Savings Plan, the Farm Credit System, the Federal Home Loan Banks, financing corporations, Freddie Mac, Fannie Mae, Sally Mae, Resolution Funding Corporation. These groups are the cash cow investment groups of government.
Also, I want to make special note to three items that are listed at the bottom. We have the Army and Air Force Exchange Service, the Navy Exchange Service Command, the Marine Corps Exchange. Folks, this is not the PX. We have funding operations for exchange of foreign troops to the U.S. - U.S. troops on the foreign soil, which they kept separate from the Combined Financial Statement of the -federal government so it wouldn't be so easily seen. But if we take the federal investmant groups, the federal cash cow investment groups, and look at their revenue - and, very important, they have a phenomenal amount of revenue on loan, that's been loaned out there...if you take the accounts receivables and their current cash on hand, you come out to about a 16 trillion positive on the total operation.
So, here, even the federal government is taking their cost side - the expense side - leaving it on the Combined Financial Statement - they call that their budgetary basis - but they've separated the cash cow investment groups of the federal government so that they don't show the budgetary basis. So, currently, the federal government shows a slight deficit on budgetary basis, but the profit centers, which would show a $16 trillion positive are excluded.
We started our national exposure on the Comprehensive Annual Financial Report and the structure behind it, you may have heard on the network news the feds saying, "Oh, by the way, we happened to find we're going to have a $6 trillion surplus going into the year 2004." Keep in mind, that $6 trillion surplus is on the budgetary basis. They're not including the cash cow investment agencies in the budgetary basis. If they were being 100% honest, inclusive of all revenue, the federal government would have approximately a $12 to $14 trillion surplus. And, if they included the cash cow investment agencies in with the budgetary basis, they could probably have a 50% reduction across the board of all taxation, on the federal side. Something to think about.
Let's go back to the local governments. The states, the cities, and the counties, they have their budgetary basis, the annual operating budget but they have enterprise funds. In my little city of Prescott, Arizona, where I live, the city owns a golf course. Why does the city own a golf course? So the judges and the attorneys can get lower green fees? Here is a $45 million dollar asset which is paid for by taxpayer funds, developed, and not $1 goes back directly to support the budgetary basis. They have investment funds sitting as idle funds -- $48 million.
With this much money out there, this phenomenal base of wealth, empires that are being built, it is mandatory to keep the public oblivious to what is going on. If the public was aware that this type of wealth was being built and obfuscated as tax dollars are being drained out of their pockets, where people are citing a shortfall of budgetary revenue, there would have been an uprising 30 years ago. But the government, to perpetuate this game, they needed the 100% cooperation of the syndicated media. That they have. You will not see ABC, NBC, saying, "Oh, by the way, we just happened to find out about the Comprehensive Annual Financial Report." You will not see that happen. They have been in cooperative nondisclosure for 25 years. That's why the situation has taken place.
It's mandatory to get the word out. it's mandatory to have your local radio show, your local TV show..., call in, mention the Comprehensive Annual Financial Report. Depending on what city, what county, what state you're looking at the ratio of the budgetary basis, the annual service budget, to the reality of the total wealth, usually ranges from a ratio of 8:1 to as high as 40:1. I briefed a federal auditor of 30 years. He was in charge of auditing one of the largest federal agencies in the country and also eight of the central western states prior to his retirement. He was always looking at individual budget reports, the individual leaves, branches and trees in the forest. And I briefed him on the composite totals. Floored him! He looked, he verified, and three months later he made the comment to me. He goes, "Walter, what we have here in this country is 100% Communism under the guise of a free market capitalist system." He goes, "The government owns everything." [http://www.cafrman,com] Now, the public is constantly complaining about higher taxes, higher taxes, more money being taken for this, for that. And they're conditioned - year in, year out. We had the Boston Tea Party--I think it was for a 3% tax on tea, caused the revolution. Here we've been conditioned to 45% of our pay going back to government. And when you look at all aspects of what the government's getting - export tax, import tax, duties on manufacturing, the composite total is phenomenal on the money that's taken by government. On the government pension funds - city, county, state, federal - they're standing at about $28 trillion. The private sector will never see $28 trillion in their lifetime.
Talking also about the runaway freight train of growth on the city level, the county level, the state level. If you go back 25 years ago, government was approximately 6 to 8 percent of the GNP of this country, gross national product total revenue base. Currently, today, composite government - city, county, state and federal - it's 48% of the GNP based on cash and ownership.
Let's look at the state of California, with approximately $12 trillion under management. Now, under the Comprehensive Annual Financial Report you'll see a total of about $3 trillion. But when you start tracking down the cities, the counties, all the revenue base, you're up to about $12 trillion. Now, in California, say, for example, one of the investment managers who is handling, say, $400 billion in funds, and he had to say, $150 billion -with Shearson Lehman Hutton American Express institutional banking. That's a very powerful position. If that individual contacts the director of the institutional banking, and said his brother in Argentina needed a $120 million loan in Argentina for a sugar cane energy development project, unsecured, do you think he's going to say NO? I don't think so. He'll have one of his associates from another company that he deals with closely cut the loan. If it's defaulted on he'll just make up the difference on some business he'll do with that firm.
The power mongering and the elbow rubbing that takes place here is obscene! And it's not just one group, one organization, doing it, it's the principle of the operation.
Still working to complete this...Rodney Spooner
Ten of us got together the next day and incorporated a group called Hands Across New Jersey. We scheduled our last rally ten days out from that point. And basically, with the help of 101.5, we had 115,000 people converge on Trenton from all the shore points in New Jersey, effective shutting the city down. Now, during the course of organizing that rally, I took over looking at the budget, revenue and finance of the state.
For about fifteen years I was a Commodity Trading Advisor, I was one of the first tenants of the World Trade Center, back in 1979. And large figures didn't bother me-a hundred million and one dollar - there was no difference. So when I started looking at the figures on the New Jersey budget report, as I mentioned, there were $11 billion on budget, $6 billion off budget, it showed a net available of $25.6 billion. Then, I asked myself the number one question that IRS asks in an audit:
What are the cash gross receipts? I started noticing the large cash cow groups in state government - the New Jersey Turnpike, Garden State Parkway, Port Authority of New York, and New Jersey. The revenue was not inclusive in the budget report. I didn't see any large returns from investment funds on the budget report. And I said, "They have to have two sets of books here. They're not accounting for the whole picture". The director of the budget was an individual by the name of Richard Keevy. He was on vacation till the following Tuesday of that week. I found out who his lower assistant was, called in, and the conversation went just like this:
I said, "Hi, this is Walter Burien. I'm working on a report for Richard. Have to have it done by Tuesday when he gets back from vacation. I need all the figures on the autonomous agency accounts, interest accounts, investment accounts. And the reply I got was, "Oh, you want the Comprehensive Annual Financial Report". Bing!! First time I ever heard that before in my lifetime. Got it that Friday. Started crunching numbers --- $188 BILLION DOLLARS---of which common stock ownership $70 billion, insurance company equity participation, $14 billion, on loan to public and private corporations $10 billion. And I started looking for the total cash gross receipts. As I mentioned, what IRS would ask for in an audit. I found it on page 174.
Now this is 1989's Comprehensive Annual Financial Report. On page 174 under Cash Additions, all agencies, all departments, all sources, here's a state with declared service budget of $17 billion, who was bringing in $86 billion, 799 million in cash. I saw that figure and instantly realized the definition of syndicated organized crime. Here, we had a representation to the public that the state of New Jersey was bringing in $17 billion when in reality, they are bringing in (c)lose to $86 billion. They had $188 billion in liquid investment funds. I also learned the principle of operation that day.
Anything that was a cost and an expense, traditional service side of the budget report, health and welfare, human services, motor vehicles, was left under the budgetary basis, and the public footed 100% of the bill for 100% of the services. Now, anything that was a profit center, had the ability of being a profit center, large investment fund that generated tens and hundreds of millions of dollars, totally restricted by a statute for no tie or inclusion whatsoever with the budgetary basis.
Now, this is what I have called The Biggest Game In Town. I saw it first in New Jersey and I said the Comprehensive Annual Financial Report...here I am a Commodity Trading Advisor, I was doing a national news line coast to coast at the time and I never heard of the Comprehensive Annual Financial Report. I wanted to find out why I was mad. I mean, there was such a distinct difference between the revenue shown on the Comprehensive Annual Financial Report and the miniscule revenue that was shown now on the budgetary basis. I said, "Why did I not see this in a newspaper, radio show, or TV show?"
Now, the department that mailed out the report the Comprehensive Annual Financial Report was from the Department of Treasury. I called the mailroom, and the mailroom usually doesn't get a call from the public, so they were very cooperative. I wanted to find out who the report was sent to. I thought it was a short list. They said, "I'm sorry, sir. The list is too long - we can't read it to you on the phone." So I start qualifying. I found out it was sent to the deans of all the colleges. It was sent to the CEO and every one of the directors from ABC, CBS, and NBC. When I verified that, I started smelling cooperative effort for nondisclosure. I then got the telephone for ABC and NBC on where the report was sent to. I called and the conversation went like this:
"Hi, This is Walter Burien calling from the Department of the Treasury. We've been sending you our Comprehensive Annual Financial Report for the past fourteen years and we're doing a logistical survey on how many other states are sending you their reports. Could you please help me?"
ABC was getting it from 38 states. NBC was getting it from 34 states. When I heard that, now I'm getting very mad. I'm starting to see a clear-cut cooperative effort for nondisclosure on the most important information that exists in this country. The extent of the financial takeover by composite government of the wealth of this country, with the full cooperation of the syndicated media for nondisclosure.
My next step was I called New York, got New York's Comprehensive Annual financial Report, which showed approximately $735 billion in liquid investment funds. I then got the city of Manhattan's report. Now, when I mention the Comprehensive Annual Financial Report, it's not just the state-the majority of all cities, counties, school districts, pension funds, autonomous agencies such as the New Jersey Turnpike or New York Throughway Authority, put out a Comprehensive Annual Financial Report. When I got Manhattan's report it showed liquid investment funds of $1.2 trillion, more than the entire state. My mind started getting boggled thinking of the composite totals-for all the states, all the cities, and all the counties.
Subsequently, over the last ten years I've been factoring in, compiling, the aspect of composite totals. The current figure stands at about $60 trillion plus, in liquid investment funds - the composite totals for all cities, counties, states, and the federal government. Now, you may say "Oh, wait a second here! I thought we were in debt for the state, in debt for our school districts, or in debt for our federal government". Well, let me explain something. I'm going to give you the biggest wake-up call in your life. This example holds true all across the country, for every city, county, and state and the federal government. You always here the budgetary basis referenced - "the budget report, the budget report."
Governments across this country on the city, county, state levels, and federal, have created a two-tier accounting structure. One, the annual operating budgets, the cost side of operating the government for the year - the monies they bring in for the year to handle that cost and what they expend. What's being left out is the decades -- the decades of investment wealth, enterprise ventures which generate hundreds of billions of of dollars each year, which are not inclusive in the budgetary basis. When you start looking at composite totals, of revenue and compare it to the private sector, government currently now is substantially bigger than the private sector. We are standing at about 65% government, 35% the private sector.
Now, when you look at stocks, as I mentioned, New Jersey State Government I saw, had $70 billion in common stock ownership. That floored me. I never even thought about New Jersey as a state owning $70 billion in stocks. Composite totals city, county, state and federal on stock ownership, equates to approximately $32 trillion. That's over 53% of the entire open interest of all issued stocks from all exchanges is owned by composite government sources. You won't have one city or county or state owning a phenomenal base in one stock, but you'll have thousands of different cities, counties and state owning the composite totals. They own over 51 percent. So, when you look at individual corporations, Xerox Corporation, IBM, AT&T the primary owners are composite government funds, and they'll be listed as institutional funds - when you see the word "institutional funds" - that is government monies in most cases. So, when you have a supposed public corporation - say, 72% owned by composite government funds, I wouldn't call that a public corporation; I would would say that's a government operation. Xerox is approximately 72% owned by composite government funds; AT&T is up around 42%, so on and so on.
Up until this point when the comprehension finally dawned on me, I always thought government was maybe 5% of the GNP of this country and this was a free-market economy, and I learned I was wrong. Basically, what the public has done here - we left the vault door open. In fact, 95% of the public would say, "Vault? What vault?" And those sharp little crackers said, "Thank you very much. Have a good day."
The federal government, in 1981, mandated that all local governments prepare a Comprehensive Annual Financial Report - every city, every county, every state, or, in the alternative, a Combined Financial Statement, if they did not prepare a Comprehensive Annual Financial Report.
The background on the Comprehensive Annual Financial Report: a group by the name of GFOA, Government Financial Officers Association, in 1946 created the Comprehensive Annual Financial Reporting accounting structure. I think the City of Manhattan produced one of the first ones in 1951, as a large entity. So, the Comprehensive Annual Financial Report has been around for quite a long time. There are 54,000 separate government corporations; cities, counties, school districts, authorities, that produce their own separate report. You start looking at the composite totals of the revenue from 54,000 reports - the cities, the counties, the states, - and you see the $60 trillion - inclusive with federal government's revenue.
(According to) New Jersey's 1998 Comprehensive Annual Financial Report, they have $295 billion in liquid investment funds. That's just the state report. There's 21 counties, a couple hundred cities and municipalities, autonomous agencies - all separate reports. If you take the composite totals of the liquid investment funds, you're well in excess of $1.2 trillion. If you take the population of New Jersey and divide it into $1.2 trillion, that comes out to a cash allocation of $146,000 per man, woman and child living in the state or family of five, that equals seven hundred and some thousand dollars. the obfuscation of the wealth has been excessive.
Federal government's playing the exact same game, but when you break down the actual revenue of the $60 trillion, two-thirds of it belongs to the local governments - the cities, the counties, and states - and one-third belongs to the federal government.
In the appendix of the federal Combined Financial Statement is a list of significant government entities. The majority that are included are agencies which most people are familiar with, but the last column, down below, it - says "Significant entities excluded from these statements." Now, they give honorary mention to the Federal Reserve Board of Governors and the Federal Reserve, which i think we all know by know are basically private. But then they list the Federal Retirement Thrift Investment Board, the Thrift Savings Plan, the Farm Credit System, the Federal Home Loan Banks, financing corporations, Freddie Mac, Fannie Mae, Sally Mae, Resolution Funding Corporation. These groups are the cash cow investment groups of government.
Also, I want to make special note to three items that are listed at the bottom. We have the Army and Air Force Exchange Service, the Navy Exchange Service Command, the Marine Corps Exchange. Folks, this is not the PX. We have funding operations for exchange of foreign troops to the U.S. - U.S. troops on the foreign soil, which they kept separate from the Combined Financial Statement of the -federal government so it wouldn't be so easily seen. But if we take the federal investmant groups, the federal cash cow investment groups, and look at their revenue - and, very important, they have a phenomenal amount of revenue on loan, that's been loaned out there...if you take the accounts receivables and their current cash on hand, you come out to about a 16 trillion positive on the total operation.
So, here, even the federal government is taking their cost side - the expense side - leaving it on the Combined Financial Statement - they call that their budgetary basis - but they've separated the cash cow investment groups of the federal government so that they don't show the budgetary basis. So, currently, the federal government shows a slight deficit on budgetary basis, but the profit centers, which would show a $16 trillion positive are excluded.
We started our national exposure on the Comprehensive Annual Financial Report and the structure behind it, you may have heard on the network news the feds saying, "Oh, by the way, we happened to find we're going to have a $6 trillion surplus going into the year 2004." Keep in mind, that $6 trillion surplus is on the budgetary basis. They're not including the cash cow investment agencies in the budgetary basis. If they were being 100% honest, inclusive of all revenue, the federal government would have approximately a $12 to $14 trillion surplus. And, if they included the cash cow investment agencies in with the budgetary basis, they could probably have a 50% reduction across the board of all taxation, on the federal side. Something to think about.
Let's go back to the local governments. The states, the cities, and the counties, they have their budgetary basis, the annual operating budget but they have enterprise funds. In my little city of Prescott, Arizona, where I live, the city owns a golf course. Why does the city own a golf course? So the judges and the attorneys can get lower green fees? Here is a $45 million dollar asset which is paid for by taxpayer funds, developed, and not $1 goes back directly to support the budgetary basis. They have investment funds sitting as idle funds -- $48 million.
With this much money out there, this phenomenal base of wealth, empires that are being built, it is mandatory to keep the public oblivious to what is going on. If the public was aware that this type of wealth was being built and obfuscated as tax dollars are being drained out of their pockets, where people are citing a shortfall of budgetary revenue, there would have been an uprising 30 years ago. But the government, to perpetuate this game, they needed the 100% cooperation of the syndicated media. That they have. You will not see ABC, NBC, saying, "Oh, by the way, we just happened to find out about the Comprehensive Annual Financial Report." You will not see that happen. They have been in cooperative nondisclosure for 25 years. That's why the situation has taken place.
It's mandatory to get the word out. it's mandatory to have your local radio show, your local TV show..., call in, mention the Comprehensive Annual Financial Report. Depending on what city, what county, what state you're looking at the ratio of the budgetary basis, the annual service budget, to the reality of the total wealth, usually ranges from a ratio of 8:1 to as high as 40:1. I briefed a federal auditor of 30 years. He was in charge of auditing one of the largest federal agencies in the country and also eight of the central western states prior to his retirement. He was always looking at individual budget reports, the individual leaves, branches and trees in the forest. And I briefed him on the composite totals. Floored him! He looked, he verified, and three months later he made the comment to me. He goes, "Walter, what we have here in this country is 100% Communism under the guise of a free market capitalist system." He goes, "The government owns everything." [http://www.cafrman,com] Now, the public is constantly complaining about higher taxes, higher taxes, more money being taken for this, for that. And they're conditioned - year in, year out. We had the Boston Tea Party--I think it was for a 3% tax on tea, caused the revolution. Here we've been conditioned to 45% of our pay going back to government. And when you look at all aspects of what the government's getting - export tax, import tax, duties on manufacturing, the composite total is phenomenal on the money that's taken by government. On the government pension funds - city, county, state, federal - they're standing at about $28 trillion. The private sector will never see $28 trillion in their lifetime.
Talking also about the runaway freight train of growth on the city level, the county level, the state level. If you go back 25 years ago, government was approximately 6 to 8 percent of the GNP of this country, gross national product total revenue base. Currently, today, composite government - city, county, state and federal - it's 48% of the GNP based on cash and ownership.
Let's look at the state of California, with approximately $12 trillion under management. Now, under the Comprehensive Annual Financial Report you'll see a total of about $3 trillion. But when you start tracking down the cities, the counties, all the revenue base, you're up to about $12 trillion. Now, in California, say, for example, one of the investment managers who is handling, say, $400 billion in funds, and he had to say, $150 billion -with Shearson Lehman Hutton American Express institutional banking. That's a very powerful position. If that individual contacts the director of the institutional banking, and said his brother in Argentina needed a $120 million loan in Argentina for a sugar cane energy development project, unsecured, do you think he's going to say NO? I don't think so. He'll have one of his associates from another company that he deals with closely cut the loan. If it's defaulted on he'll just make up the difference on some business he'll do with that firm.
The power mongering and the elbow rubbing that takes place here is obscene! And it's not just one group, one organization, doing it, it's the principle of the operation.
Still working to complete this...Rodney Spooner
1. The DJ that Walter referred to are John Chester Kobylt and Kenneth Robertson Chiampou, known professionally as John and Ken, American talk radio hosts of a four-hour weekday radio program on KFI 640 AM. (http://en.wikipedia.org/wiki/John_and_Ken, https://www.facebook.com/johnandkenshow)
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