Blogger's Note: I am led to believe that virtually all state governments have investment funds caching surplus income accumulated over the years. For example, New Jersey's Cash Management Fund currently holds about $19 BILLION. According to the present author "...the State of California as of 2010 has over 1800 investment accounts with net assets in the amount of 8 TRILLION dollars!"
...So why is California firing teachers?
...So why is California firing teachers?
(go here for original)
State of Wisconsin under Walker fails to disclose 67 Billion in usable assets
By DEBRA HOOD (about the author)
The Governor of Wisconsin's despotic agenda goes much deeper than his dishonest claims about the health of the economy of Wisconsin's State governments. A closer look at the financial health of just "the one investment arm" which does not include the State of Wisconsin's investments in foreign currency shows over 67 Billion dollars in usable assets invested with taxpayer's money.
This money has been hidden by non- disclosure, secrecy, incompetence or worse by Governor Walker. Google CAFR Corporation of State of Wisconsin 2010 for the details See http://www.cafrman.com for an explanation or http://www.rense.com/general81/deue.htm for the information on what should be discussed as the true usable wealth of a State, County, City or government corporation.
He will tell us that all State Governments have the same situation and he's not alone in keeping citizen's assets close to the vest. However true that is, it is important to note that the governor is the main person calling for cutbacks thus he has an obligation to not only tell the truth but to do the job he was elected to do which is to refrain from corrupt and or monumentally inept financial mismanagement of Wisconsin's Taxpayer's money.
Furthermore he has absolutely no conceivable excuse for being clueless since every State in the country employees a virtual army of trained investment professionals to monitor and collect and invest all kinds of monies from the citizens of their states. This group has its own web sight called the Government Financial Officers Association. http://www.gfoa.gov (Ed: link does not work) They also have names for their investment activities with monies culled from the trained and unendingly "taxed, ticketed, registered, certified, securitized, patented and licensed" public.
Those activities show up on their yearly financial audits as enterprise funds, and their profits are described by the telling name of "Discreetly Reported Component Units!" Doesn't it make anyone a tad bit curious as to why discreet reporting has to be done? After all these audits are specifically created for and reported to the I.R.S. then covered up by the mainstream media.
The 67 Billion relates to only one investment fund, without adding the cities, counties, municipalities and all other investment accounts by government entities incorporated in the State of Wisconsin. That means that the State Government has assets and investments at all levels across the State.
These investments were made with taxpayer's money, and to give an example of how they can add up: the State of California has estimated that one account had over 390 billion in it to cover a so-called deficit of almost 20 billion. This is what the State is saying is forcing California into foreclosure. What really takes the cake is that the State of California as of 2010 has over 1800 investment accounts with net assets in the amount of 8 trillion dollars!
Furthermore the people running California are singing the same Walker Ponzi Poverty tune. Otherwise how could the Polluters and Thieves hiding behind N.G.O.s and hijacked environmental groups and other charities justify this carbon tax, theft, takeover, and fire sale of California, her land, water, resources, infrastructure, taxpayer's oil royalties and assets?
What Walker is doing is part of an overt country wide plan by a group of Governors to destroy any chance the American people will have to retain their freedom and the right to chart their own destiny. This is a chilling prospect given that the people depend on the independence of their States with the protections of the 10th amendment to act as a constitutional safety net to check the tyranny of an out-of-control Federal Government.
What is happening to the public workers of Wisconsin is happening to 90% of the American People. The Governor's agenda is merely the next act in what is the ongoing and most massive fraud and theft of every thing of material value to American citizens ever manifested on the American people. However that is only the beginning because the most profound loss could be the loss of liberty, which is the real intent behind this agenda.
The assault on the civil liberties of citizens and the interference and intent to permanently interfere with the contractual rights of State workers should be in a Federal Court if it can be settled by jury under the jurisdiction of an honest Judge administrator or through arbitration.
Governor Walker is proposing a law that will deny public employees the right to negotiate future employment contracts. Worse he has already violated the constitution by Interfering with the present employment contract of the public workers in the State of Wisconsin.
Violation of substantive due process as applied to the 14th amendment, such as the State acting to bar the right of a citizen of that state to contract and negotiate wages and benefits with an employer supersedes and removes the sovereign immunity enjoyed by a State provided by the 11th amendment.
It is a violation of the 14th Amendment when the State refuses to meet its contractual obligations merely because it would rather spend its funds on programs it deems more important or politically advantageous. United States Trust Co. v. New Jersey
The reservation of the reasonable exercise of the police power by a State to affect the obligations between two contracting parties may be used only if a legitimate emergency exists; the legislation is addressed to that legitimate end, the relief afforded is justified by the emergency and is of a character that is appropriate to it, the conditions upon which the relief is granted are not unreasonable, and the legislation is temporary in operation. Home Building and Loan Association v. Blaisdell.
A State law that makes it a crime to require employees as a condition of employment to agree not to join a union violates the 14th amendment's due process provision. Coppage v. Kansas.
The following is information by the original financial auditor who was an official C.P.A. for the U.S. Air force before retired. His website is absolutely essential reading if you as a taxpayer care about yourself or your children not becoming slaves in this country.
Colonial Klatt said the following in 2004, the year that he died;
On December 23, 1913, Congress passed the Federal Reserve Act. Mr. Lewis, a private citizen, was injured by a Federal Reserve vehicle and sued the U.S. government.
On April 17, 1982, the court ruled: "...that since the Federal Reserve System and its twelve branch banks are private corporations , the federal government could not be held responsible." Lewis vs. U.S., 608F 2d 1239 (1982)
Tax Reductions are Unfairly and Inequitably Applied
The Wall Street Journal editorial section recently stated that individual Federal income taxes account for more than half of all federal revenues. This means that only half of the current and projected surpluses are derived and will be derived from the individual income tax.
One half of the current and projected surpluses are based on all other taxes and revenues the Federal government receives, such as gasoline and fuel taxes, telephone assessments/fees, and many more too numerous to mention. The majority of these myriad other taxes are paid by the 90%. These are the revenues returned based on percentage of income tax paid instead of the other way around.
Thus all of those surplus revenues will be returned to the people based on the individual income tax. This means that middle and lower income individuals and families who pay little in income tax but contribute to one half the surpluses are again getting the short end of the stick.
This is a brilliant method of transferring the wealth of the country from the 90% to the wealthy 10%.
The above deals with the Federal government, but the same is true for State and local governments.
The Wealth Gap and Communism
10% Own 73.2% of U.S. Wealth
A Wall Street Journal article was entitled, "Wealth Gap Grows: Why Does It Matter?" It stated in summary:
"Yet, the gap in wealth-which includes investments in addition to paychecks-between the richest Americans and everyone else has continued to widen."
"Only 43.3% of all households owned any stock" Of those, many portfolios were relatively small. Nearly 90% of all shares were held by the wealthiest 10% of households. That top 10% held 73.2% of the country's net worth, up from 68.2% in 1983." (Emphasis added.)
The article stated "households", not governments. Now add to the 73.2% the surpluses held by governments and the amount owned and controlled by the wealthiest 10% will probably exceed 90% or more of the wealth of America.
When Does Communism Exist, 73.2%, 90%, or 100%?
Remember, communism is a concept or system of society in which the major resources and means of production are owned by the community (governments and a few individuals who control governments) rather than by individuals. In theory, such societies provide for equal sharing of all work, according to ability, and all benefits, according to need. Some conceptions of communist societies assume that, ultimately, coercive government would be unnecessary and therefore that such a society would be without rulers. Until the ultimate stages are reached, however, communism involves the abolition of private property by a revolutionary movement; responsibility for meeting public needs is then vested in the state.
The special elite decide on how the wealth will be distributed among the people. All life styles, standard of living, actions, thoughts, and even life itself is decided by the state because the state owns and controls everything. Is it possible that communism could be created within a capitalistic society without a revolution?
Have we already reached that point?
History Repeating Itself?
They say communism is only one step away from socialism. In this country we have been following the historical society cycle: Republic - Democracy - Socialism - Oligarchy - Communism or Dictatorship- Revolution and the cycle starts over again. But it usually starts with Democracy not a Republic as we did in 1776.
Someone Thinks There is Something More Important
Can you think of any other item that could do more in our society or provide as many benefits as returning surpluses to the people?" When we asked one person this question, he responded, "Yes - declare Washington, D.C. a foreign country with its occupants having no immigration rights."
Reforms Come From Below. No Man With Four Aces Howls for a New Deal.
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