Comprehensive Annual Financial Reports

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"WE ARE APT TO SHUT OUR EYES AGAINST A PAINFUL TRUTH...
FOR MY PART, I AM WILLING TO KNOW THE WHOLE TRUTH;
TO KNOW THE WORST; AND TO PROVIDE FOR IT."    
                     ---- Patrick Henry


Comprehensive Annual Financial Reports
By Walter J. Burien, Jr.
http://www.financialprivacy.com/comprehe.htm

Forward by Al Adask - Anti-Shyster - http://www.antishyster.com/

      As editor of the AntiShyster, I've seen so many unbelievable stories over the last eight years, that I've become jaded, cynical and worldly. There are no surprises left for me. I'm sure that I've seen it all. I've thought so for several years. And generally speaking, about every two or three months, life proves me absolutely wrong by showing me another story so awesome that I'm left (almost) speechless. This article introduces another one of those stories so awesome that it's right off the Richter Scale.

      Walter Burien Jr. worked as a Wall Street commodity trader for fifteen years, but now resides in  Arizona. According to Mr. Burien, every state, county and major metropolitan city is keeping two sets of books. One set (the 'Budget') is commonly available and tracks each governmental entity's casts and tax revenue. The Budget is the financial record that's seen by the public and used by politicians to justify new governmental services and higher taxes.

      However, there is a second set of books (called the Comprehensive Annual Financial Report, or CAFR) which is virtually unkown to the public but contains the real record of total governmental income. According to Mr. Burien, although the Budget gives an accurate account of government costs, only the CAFR gives an accurate account ot government's income.

      For example, while a particular state budget might report receiving $20 billion in taxes (just barely enough to sustain its $20 billion in costs) - the CAFR might reveal the state's real income is in the neighborhood of $60 billion - three times as much as reported on the budget. If these allegations are accurate, the particular state could stop charging all the taxes we are familiar with and, not only survive but, either double the amount of reported government services or give every citizen
a huge tax rebate.

      The implications are mind-boggling. They'd mean our world is so different from what we are led to believe, so much more corrupt than even I suspect, that we are left with three choices, either; 1) government agrees to end the deception and stop overtaxing us, or 2) the American people agree to accept their status as slaves, or 3) both sides refuse to agree and precipitate a shooting revolution. The issue is that big.

      But are Mr. Burien's allegation correct? How could any governmental entity dare to routinely overcharge its citizens by 200%, underreport its income by 2/3rds, and knowingly press for higher taxes based on an inaccurate budget? Worse, how could such a fraudulent system become widespread among all states, counties, cities and
the Federal Government? When you stop to think about it, Mr. Burien's allegations are too fantastic to be credible.

      Nevertheless, I talked to Mr. Burien by phone for several hours and found him to be articulate, knowledgable, and apparently sincere. I asked a retired professor of economics to interview Mr. Burien and evaluate his allegations.
The professor's assessment? Burien is probably correct. I steered an Alaskan M.D.
(who is also a dedicated constitutionalist researcher) to Mr. Burien. The Doctor subsequently found evidence supporting Mr. Burien's claims: The State of Alaska and the city of Anchorage both use Budget/CAFR accounting systems that conceal a 'breathtaking'difference in reported revenue. Another researcher in Wyoming claims that a comparison of his state's budget and CAFR also support Mr. Burien's arguments.

 
In every case, there are two sets of books and the income reported on the budget is millions or billions of dollars less than is reportedon the CAFR.

      Does this support prove Mr. Burien's extraordinary allegations? No. But they lend enough credence to publish his allegations to a broader audience who will do more research to confirm, refute or refine those allegations.

      What follows is an amalgam of statements or implications raised by Mr. Burien on our telephone conversation, Tom Valentine's radio interview, Mr. Burien's Email, and an article on Mr. Burien written by "Betsy Ross".
FULL REPORT AT:
http://www.financialprivacy.com/comprehe.htm

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Last updated 08/05/2010