-
- Reported - but for all purposes HIDDEN from American
taxpayers - Local, State and Federal governments currently hold about 60+
trillion dollars of profitable investments in real estate, pension funds,
insurance companies, liquid investment funds, bond financing accounts and
corporate stock portfolios (32 Trillion) over 53% of America's stock market,
and a large percentage of the international stock market, etc., are all
revealed in their required filing of CAFRs (Comprehensive Annual Financial
Reports) and noted reports therein.
-
- Walter Burien, who has been blowing the whistle on this
gargantuan scam, says, "Americans OWN the majority of America's WEALTH
and don't know it." With the profits rolling in from international
investments, you now know the true motive behind NAFTA and GATT.
-
- * Calling it "risky" to allow taxpayers to
invest a tiny 2% of their social security in the stock market is laughable
when our governments ALREADY have 32 Trillion dollars invested in the same
"risky" domestic and international stock markets!
-
- * The Six Trillion plus "estimated surplus"
going into the year 2004 announced by Clinton is also laughable compared
to the additional trillions of "surplus" earnings being added
yearly to government composite CAFRs.
-
- * If those hidden assets are revealed and used, the Social
Security and Medicare Trust Funds will never run out.
-
- * When Orange County lost a little over $1 billion in
derivatives investments, they were crying "poverty" and threatening
to shut down schools, police would have to be laid off etc. However someone
dug into the Orange County CAFR and found out that the county had about
$16 billion in profitable investments! The county, from their profitable
liquid investment funds / cash position could have continued performing
the same services, without collecting one dime in taxes, and could have
done so for another 11.9 years from the existing funds prior to running
out of money! The crying stopped.
-
- * While he was a Mayor, Jesse Ventura's city council
wanted to raise $360,000 in taxes to cover a short fall on their "city
budget for schools." Ventura objected when he discovered the city
owned $48,000,000 in idle investments funds from which the $360,000 could
be drawn from without raising taxes!
-
- * Burien estimates that the yearly earnings on the composite
CAFR investments and venture/enterprise projects are so enormous, ALL taxes
in most communities in the United States could be phased out and eliminated
in the foreseeable future. For example, Property Taxes... Burien informed
me that In Mesa, Arizona, the Mormons running the City government have
structured to use their CAFR earnings. On a $230,000. home in Mesa, owners
pay only $230. a year, and the city offers the best services to it's residents
by operating the majority of city functions from the return from the investment
funds. (cities investment fund totals, 1998, 1.7 billion dollars, yielding
about $225,000,000.00 which when applied, eliminates the need for forced
taxation! This is BASIC 101 application, so why don't we hear about it?
I don't think I have to answer that question, the answer is obvious, Control,
Greed, Power Mongering, Empire Building for the inside Players!!!
-
- Starting as of September 8, 1998, Walter Burien, a prior
Commodities Trading Advisor, has been exposing the CAFR, the BIGGEST FINANCIAL
SCANDAL in U.S. HISTORY, going on for over 55 years starting in 1945.
-
- Participating in the Comprehensive Annual Financial Report
(CAFR) double book accounting strategy which reeks with scandal, are nearly
all Federal, State and local governments, earning unreported on the traditional
Budget Reports hundreds of billions each year held in separated from the
"Budget" slush funds. The CAFRs are mostly controlled by about
40 international investment management companies. For example, in 1998,
Burien found:
-
- 1. Stock ownership, composite totals...............=
to: $32 Trillion + 2. Insurance Company equity participation..... = to:
$8 Trillion+ 3. Bond surety investment accounts................. = to:
$5.5 Trillion+ 4. Totals from all liquid investment funds........ = to:
$60 Trillion
-
- --------------------------
-
- The following interview with Walter Burien is from The
SPOTLIGHT newspaper of May 8, 2000, published in Washington, D.C.
-
- Page 12.... (Following the article below you will find
a large number of URLs, with brief summaries, giving additional information
about the CAFR scandal.
-
- Secret Government Slush Funds WorthTrillions Of Dollars
Not Reported By Major Media
-
- For the last two years, The SPOTLIGHT has been reporting
on the investigative work of veteran commodities investment advisor Walter
Burien (originally of New Jersey, now based in Arizona) after Burien first
appeared on Radio Free America, The SPOTLIGHT'S weekly call-in talk forum
with host Tom Valentine.
-
- What follows is a transcript of the interview with Burien.
Valentine's questions are in boldface. Burien's responses are in regular
text.
-
- A transcription of your first appearance on Radio Free
America was published in The SPOTLIGHT on June 29, 1998. Since that time,
you've been heard on other forums all over the country.
-
- Some 35 million people across the country have started
to catch wind of the reality of the name of the game. There are action
groups starting all over the country working to pull the plug on what I
call "the boys."
-
- Please summarize what the Comprehensive Annual Financial
Report (CAFR) scandal is all about.
-
- I'll start off with the No. 1 basic point, that I learned
10 years ago. Up until I learned about the CAFR and the true revenue structure
of government, I always thought that government survived only through income
from taxes, fines and fees. I thought that 100 percent of government revenue
came from these sources.
-
- However, when I started looking at the revenue flow as
documented in the CAFRs, I saw that only one-third of the government's
revenue comes from taxes, fines and fees.
-
- Two thirds of the revenue comes in from the return on
the investment funds, enterprise (profit-making) projects which have no
tie with the budgetary basis and venture projects which they have established.
-
- The budgetary basis of government operates almost 100
percent from taxes, fines and administrative fees.
-
- However, the budgetary basis is simply their annual operating
costs. What they fail to include for disclosure to the public are the decades
and decades of invest- merit wealth that is building up, such as New Jersey's
Garden State Parkway and the Port Authority of New York-New Jersey, which
generate billions and billions of dollars not one dollar of which goes
back to support the budgetary basis of the state of New Jersey for example.
-
- The bottom line is that the public left the vault door
open.
-
- --------- If the public gets together and focuses 100
percent and unifies on this issue, taxation can be eliminated in its entirety
in most places around the country. -------------------------------------------------------------------
-
- Yet, the public Is constantly being asked to pay more
new taxes to maintain the operating budgets of their states, counties and
cities, not to mention the federal government. There's a lot of money there
that people don't know about, and much of it is invested in the stock market.
-
- The truth is that the government is the stock market.
Approximately $32 trillion is invested by government entities in the equities
market.
-
- If people were to quiz the state of New Jersey, as your
example, about all of this money that they have stashed away in investments
and other slush funds, wouldn't the state respond by saying, "Well,
it's our responsibility to preserve and protect this money for the people's
futures."
-
- If you approached Al Capone and asked him about the billions
of dollars he made in his racketeering activities, he would respond, "Well,
I have a fiscal responsibility to protect that money." Capone also
made sure to keep his criminal funds separate from his legitimate businesses.
He had two sets of books.. That's what the CAFR scandal is really all about:
The fact that governments keep two sets of books and don't tell the taxpayers
about it.
-
- Yes, it is a matter of non-disclosure. But now that people
are starting to learn about it, they are doing something about it.
-
- The thing to remember is that the major media are in
100% partnership with government in regard to non-disclosure of this "two-sets-of
books" setup in which trillions of dollars in investments and government-sponsored
money-making enterprises continue to make vast profits, even as the taxpayers
are being asked to pay more in taxes to maintain the budgetary basis of
government which is maintained separately.
-
- People have sent certified letters to local newspapers
and news programs asking that conspicuous mention be made of the CAFR This
has happened all over the country and in virtually every case there have
been refusals except in a few small, privately-owned newspapers.
-
- There are 54,000 different state, county, local government
entities, including school districts, public authorities, etc. There are
probably less than 200 different firms or money managers who are handling
about 95 percent of all of the funds invested by these government entities.
There are probably 40 "megabrokers" involved at the top.
-
- The managers who are handling thousands of different
government operations could network together and use those funds to take
over a corporation or industry group. The insurance companies are holding
a phenomenal amount of government investments.
-
- A lot of people hearing this for the first time might
be inclined to say "Oh, this can't be true," (particularly if
they haven't investigated for themselves). But many people have heard about
the infamous bankruptcy of Orange County, Calif. What they haven't heard
is the truth about that bankruptcy. Please tell us about it.
-
- Well, Orange County lost a little over $1 billion in
derivatives investments and they were crying "poverty" and threatening
to shut down schools, and that the police would have to be laid off etc.
However someone dug into the Orange County CAFR and found out that the
county had about $16 billion in profitable investments.
-
- Anthony Hargis, an economist from California, has looked
at the CAFRs' cash position and liquid investment assets, and he had determined
how long a government can operate without plucking one dollar from taxes,
fines or fees and still perform the exact same services from their existing
cash position.
-
- At the time Orange County was crying poverty, Hargis
determined that they could have gone on for another 11.9 years without
collecting one dime in taxes and still be be able to perform the same services
before they ran out of money.
-
- Most government officials, when confronted, play the
"mute" routine and say they haven't heard about the CAFR or the
questions that are being raised, or they say, "Well, I'LL look into
it."
-
- The bottom line is that the game for the last 35 years
was not disclosing this principle of governmental operation.
-
- The CAFR was created by a group called the Government
Financial. Officers Association (GFOA) in 1940. The city of New York was
one of the first large entities to compile a CAFR, roughly in 1951. In
1981 the federal government mandated that all local governments have to
prepare a CAFR or, in the alternative, a Combined Financial Statement.
Both end June 30 of the year.
-
- The federal government was having a hard time tracking
down the revenues fro local governments because there were a lot of games
being played. So they consolidated things into a standard reporting basis.
-
- Since we started exposing the CAFR two years ago, the
GFOA has changed the policy on the CAFR for the combined financial section.
Prior to 1999, the government entities had to report all of their revenues
on the combined financial column. They've now changed it to where the government
body has to report all revenue necessary to meet obligations.
-
- What it comes down to is that you have an interlocking
syndicate of "the boys" who are controlling all this wealth.
The more wealth they control, the more powerful they feel.
-
- There is something we can do about all this.
-
- There is corrective action that can be taken. If the
public gets together and focuses 100 percent and unifies on this issue,
taxation can be eliminated in its entirety in most places around the country.
In fact, a situation can be created where, with prudent management in government,
citizens could actually start receiving dividend checks from their respective
governments.
-
- I hear the words "conspiracy" used in reference
to this and people refer to these hidden funds as being "stolen,"
but really the fact is that the public simply left the vault door open.
However, most people would still say, "Huh? What vault?" Picture
what would happen in your hometown if the local bank left the vault door
open and all the cash out and the front door to the bank open.
-
- If a thousand people walked by, some people would try
to close the door to the bank. A lot of people would call the bank and
tell them that they had left their door open and the cash unguarded.
-
- All it would take would be for five individuals out of
the 1,000 walking by to say, "Well, everyone is talking about the
door being open. Let's just go in and grab the money and run." The
public has allowed that five out of 1,000 to step in and take over.
-
- (End)
-
- ----------------------------------------
-
- (The following is from an inset box bottom of first page)...
-
- Valiant Patriot Just Won't Give Up
-
- Walter Burien has documented beyond question that thousands
of billions of dollars are in state, local and federal government investment
slush funds that have been kept secret from the taxpayers, even as taxes
are being hiked and citizens are being told to expect less in government
services. Burien determined and has proven that all of the evidence of
such funds can be found in official government reports, known as the Comprehensive
Annual Financial Reports (CAFRs).
-
- Stimulated by Burien's revelations, citizens across the
country have begun to procure and inspect their own respective state, county,
city and school district CAFRs for themselves and are discovering vast
amounts of money that the taxpayers in those communities have never been
told about by their elected government officials.
-
- Thus far no one anywhere has been able to refute Burien's
allegations and, at the same time, public officials and the mainstream
media have almost unanimously refused to address the issue when challenged
-
- Previous SPOTLIGHT reports on Burien's work have appeared
on June 29, 1998, Aug. 17, 1998, July 26, 1999 and Nov. 8, 1999. A packet
of photocopies of all of the previous articles on Burien's CAFR investigation
can be ordered from The SPOTLIGHT for $10 by writing:
-
- The SPOTLIGHT, 300 Independence Ave., SE, Washington
, D.C. 20003.
-
- Burien returned to RFA on March 26 and provided Valentine
with an update on his activities and announced the availability of a new
videotape which summarizes the CAFR scandal.. The video tape is available
for $14 from CEVI, P.O. Box 11444, Prescott, Ariz. 86304. Burien has released
all rights to the video and is encouraging people to reproduce the video
at their own expense. Burien may be reached by email at cafr1@aol.com
-
- --------------------------------------------------------
-
- (Following are URLs with additional information on the
CAFR scandal)...
-
- Biggest Financial Scandal (CAFR) in US History Revealed
on TV... 1-6-2000 News Release from Walter Burien carried on Jeff Rense's
SIGHTINGS website. Dayton, Ohio DATV aired expose Jan. 12, 21, and 28.
Program will also air in Cincinanati and Columbus, Ohio. "THE BIGGEST
GAME IN TOWN." "Americans OWN the majority of America's WEALTH
and don't know it."
-
-
- This URL for complete report: http://www.sightings.com/politics6/scandal.htm
-
- CAFR SHOCKER - TRILLIONS Said Hidden By Cities, Counties,
States, And Feds... 12-13-98 Reff Rense SIGHTINGS website interview with
Walter Burien about the Comprehensive Annual Report scandal. Some highlights:
* As a Mayor, Jesse Ventura, when his city council wanted to raise $360,000
in taxes to cover a short fall on their "city budget for schools"
Ventura objected when he discovered the city owned $48,000,000 in investments
funds. * "Poor"Arkansas... state, cities and counties have composite
investments of 26-28 Billion. State cash EARNINGS alone in 1996, 1.9 Billion.
* For a comparison, the personal income from everyone in the USA (pre tax
1996) is = to 6.5 Trillion. At time of this 1998 interview Burien discovered
our governments held 60 Trillion + of profitable investments, earning multi-Billions
of dollars.. for all intents and purposes hidden from the public.
-
-
- This URL for complete interview: http://www.sightings.com/ufo2/cafr.htm
-
- State, County, And Local Governments Hide Trillions -
CAFR Update... On Jeff Rense's SIGHTINGS website 6/7/99, an updated report
by Walter Burien on the (CAFR) Comprehensive Annual Financial Report scandal.
Some highlights: * 1997 state of Texas composite governments owned investments
of 8.3 Trillion.... $275,000 in surpluses for every man, woman and child
in the state. * Nationally... Composite Governments funds now own 71% of
Xerox Corp., 41% of AT&T, 57% of Motorola. * Composite government pension
funds = 28 trillion dollars.
-
-
- This URL for complete report: http://www.sightings.com/politics2/hidetrill.htm
-
- States Hide Trillions of Dollars By Keeping Different
Sets of Books... Another article with Walter Burien explaining the (CAFR)
Comprehensive Annual Financial Report scandal in THE SPOTLIGHT of 6/12/1998,
reprinted on Jeff Rense's SIGHTINGS website. Some highlights: * 53% of
ALL outstanding stocks are owned by government. The Government IS the stock
market. * In 1989 New Jersey there was a (needed?) 2.8 billion tax increase.
But NON DISCLOSED to the public was how much cash the state brought in
that same year: $86,775,380,712. Nearly 87 BILLION earnings in their CAFR.
* Through these investment funds, government has been taking over "private"
insurance and medical firms, etc. * The CAFR as a slush fund? Burien gives
this example: "You call me up and say: "My brother needs a $49
million unsecured loan in Argentina for a sugar cane development energy
project," and I'd have a loosely-connected subsidiary company make
the loan. Your brother defaults on the loan and walks away with $49 million
and the company writes it off. The payola that takes place here is unfathomable.
Any politician anywhere can be paid off anywhere around the world."
-
-
- This URL for complete article: http://www.sightings.com/politics4/statehides.htm
-
- Government-Owned Cemetary Management... Walter Burien
special report on the (CAFR) Comprehensive Annual Financial Report scandal
carried on Jeff Rense's SIGHTINGS website 10-12-99. * Hundreds of billions
of dollars have been hoarded and squirreled away under Government owned
(city, county, state and federal) Cemetary Plot Trust (pension) management.
-
- This URL for complete report: http://www.sightings.com/politics5/gvtcemetary.htm
-
-
- THE STATE OF ARIZONA HAS AT LEAST $13.45 BILLION IN POTENTIAL
SURPLUSES... May 2000 report by CAFRman ( www.CAFRman.com ). From the extensive
CAFRman website. With accompanying charts from Arizona's CAFR, CAFRman
points out that because this HIDDEN (from the public) slush fund exists,
any cutbacks of services or tax increases are totally unnecessary! This
does not include the other potential surpluses of school districts, cities,
and/or counties in Arizona. Totals are much higher than the state's $13.45
Billion.
-
- This URL for complete report: http://www.cafrman.com/Articles/Art-AZ-S1.htm
-
-
- Comprehensive Annual Financial Reports... By Walter Burien
with a forward by Al Adask of Anti-Shyster.
-
- An amalgam of implications raised by Mr. Burien on the
CAFR scandal from telephone messages to Adask, Radio interviews with the
SPOTLIGHT'S Tom valentine, Burien's Email, and an article on Mr. Burien
written by "Betsy Ross." Some highlights: * Arizona in 1997,
reported an Annual Service Budget of $5.5 billion while the state's CAFR
(printed by the Auditor General's Office) showed total gross cash receipts
of $17 billion. That's a difference of over $11 billion. * CAFR reports
indicate that the composite totals for all government (Federal, state,
county and city) ownership of publicly traded stocks exceeds $32 TRILLION
(53% of the total ownership of all listed stocks), $8 TRILLION in insurance
company equity (should we be surprised by high priced mandatory auto insurance
or unaffordable health care?) and $5 TRILLION in Bond Surety Escrow Accounts
for future liability of existing or potential debt.
-
-
- This URL for complete report: http://www.financialprivacy.com/comprehe.htm
-
- The Citizens Investment Trust Account (CITA) - From Walter
Burien... An initiative Burien wrote for the city of Prescott, Arizona
for the better use of the (now hidden) CAFR surpluses and reduction of
taxes. Can be utilized for other Cities, Counties, or States. Reported
on Jeff Rense's SIGHTINGs website 6/19/99.
-
-
- This URL for complete report: http://www.sightings.com/politics4/cit.htm
-
- Additional letters, reports, including the CAFR of North
Carolina... Some highlights: * The net for HIGHWAYS (alone) shows collections
of 1 Billion, 851 million, 464 thousand, 315 bucks. Question is where is
all the money going?
-
- This URL for complete report: http://www.coolmedia.net/ice/cafr-b.html
-
-
- Financial Reports of the United States Government...
Consolidated Financial Statements for the Years 1995 through 1999.
-
- This URL for complete report: http://www.fms.treas.gov/cfs/index.html
(Read the last section first. See what is excluded from the report)
-
-
- U.S. Comprehensive Annual Financial Reports - CAFRs By
states
-
- These URLs for complete website: http://financenet.gov/state/cafr.htm
http://financenet.gov/state/reports.htm
http://www.rutgers.edu/Accounting/raw/gasb/rlinks/index.html
-
- Excerpts from another SPOTLIGHT article
-
- on Walter Burien and the CAFR (Comprehensive Annual Financial
Report scandal). Some highlights: * Governments Awash in 'Secret cash."
* Massive fraud against the American people. Untold trillions of dollars
are being invested by various government bodies both state and local without
any mention of these investments to the public at large.
-
- This URL for complete report: http://www.coolmedia.net/ice/cafr-c.html
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