The CAFR Scam
CAFR: Comprehensive Annual Financial Reports
– the actual amount of monies taken in by the government through taxation, withholding and other payment methods.
Governments at all levels in most nations – like many criminal enterprises – keep two sets of books.
About one-third of our tax monies are recorded and identified as a government’s “budgets”. The other two-thirds are buried in their comprehensive annual financial reports (CAFRS) as various “investment funds,” “dedicated funds” and “pension funds.”
This fraudulent contemporary accounting procedure is what is known as the “CAFR scam”.
On an national level these funds reach into the trillions.
We are at a time of bank-engineered global economic depression when these governments at all levels are claiming that they have severe deficits. In Washington State, the public budget deficit is claimed to be near $2.5 billion (Washignton State’s investments in the commercial banking cartel alone represent nearly $5 billion of public funds).
Rather than being invested in the resident people whose money provides the basis of these investments, most government investments hidden in the CAFR are made in foreign entities such as:
- Foreign governments
- Quasi Public Banks / International Agencies (similar to State Banks formed in other nations)
- Predator Corporations
Many of these government investments are in toxic investment instruments such as derivatives and collateralized debt options (CDOs) set on unstable “trading platforms” that are set to collapse in the near future. These toxic investment instruments are based on the purchase of packaged debts, and constitute legalized gambling on the stock markets with billion/trillions of our money using the most irresponsible methods imaginable.
If, therefore, these governments ignore the presence of these hidden funds and persist in enacting genocidal budget cuts to basic human services without applying viable available remedies, they are violating national and international laws.
The Washington State Investment Board (WSIB) is the agency responsible for investing all of the pension/dedicated funds controlled by the Washington State government, specifically the legislature. It openly defines and conducts itself like a private corporation, not a public agency.
This body was behind Issue 4215, the successful if disingenuous 2006 initiative to amend the state constitution to allow state monies in dedicated funds supplied by corporate natural resource extraction to be invested in corporate Wall Street investments, instead of being held in trust for higher education. Eighteen months later, the bottom fell out on Wall Street, devastating these funds while triggering increasingly draconian budget cuts and unaffordable tuition at state/community academic institutions.
Case Study of the CAFR Scam: The Washington State Investment Board Posted by nowisthetimeus on November 10, 2011
- What is the CAFR Scam?
- How much money is hidden in the CAFR?
- Where is this hidden money invested?
- We, the people, must demand functional reforms
- Bringing Criminal and Civil Charges Against Public Officials
- Case Study of the CAFR Scam: The Washington State Investment Board
- Quick analysis of the Washington State Investment Board 2010 Investments