Sunday, January 1, 2012

Local governments hiding money from citizens

An interesting study by the American Free Press came out in 2011 regarding a growing trend in many states to hide money away from the 'public records', while at the same time claim budget deficits and the perception of insolvency.

But Minnesota had $2.9 billion hidden from taxpayers in fiscal 2010, which ended June 30.
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.
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.” – James P. Tucker Jr via the American Free

Just remember these hidden stores of cash the next time you think that governments are for the benefit of the people, not the other way around.  What this hidden cash is for, or whom it goes to is an intrical part of why the ultra rich, and the political stooges who represent them, is the trillion dollar question.


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