The Biggest Government Scam since the Federal Reserve Act
Dec 28, 2008
Many cities and states in all layers of government, from local municipals to state to federal, keep two sets of books of their financial statements. The first is the "woe is me" report, showing their expenses and the shortfall of tax revenue to cover those things. The second is the Comprehensive Annual Financial Report (CAFR), which shows the revenues they have received from the government investments.
The problem is, those revenues are kept separate, so that the tax payers have to foot the bill for all the expenses.
For example, the city of Prescott, Arizona owns a $45 million golf course, which makes money. The revenue from that golf course is not used to help pay the expenses of government in Prescott, but is kept separate and is listed separately on the CAFR.
The State of New Jersey owns the Port Authority, which has made billions of dollars throughout the years on shipping. The revenue from the Port Authority is not used for government expenses, but is listed separately on the CAFR.
This double set of books is being done with the knowledge and compliance of ABC, NBC, and CBS along with many other people. All of this off-budget money now totals over 110 Trillion dollars, and if we put all the money together, government owns over 51% of American business (shares of stock). Meanwhile, each layer of government continues to cry about money shortages, so that they can tax the people more to pay all the expenses, while their investments continue to generate much more revenue than all the tax revenue put together.
Sound unbelievable? Walter Burien discovered this in 1989 by accident. Here is his story. . .