6/29/98 DR. AL OVERHOLT republished by Contact, Inc. P. O. Box 27353 Las Vegas, Nevada 89126, http://www.buildfreedom.com
From THE SPOTLIGHT, 6/12/1998: [quoting]
Trillions of dollars are controlled by the politicians and the bureaucrats in little-known county, state and federal "slush" funds in every state in the union and at the federal level. However, through book-keeping gimmicks, the truth about these massive funds (which actually and rightfully belong to the taxpayers) is being kept under wraps -- with the willing cooperation of the major media in this country. Yet citizens are being soaked with continuing tax hikes to finance day-to-day state operations even while these hidden slush funds are bringing vast profits to high-level international financial power brokers that benefit from controlling this huge slush fund.
That's the astounding discovery made by veteran commodity trading advisor and analyst Walter Burien who was a guest on the June 7 broadcast of The SPOTLIGHT's weekly call-in talk forum, Radio Free America, with host Tom Valentine. An edited transcript of the interview with Burien follows. Valentine's questions are in boldface. Burien's responses are in regular text.
You've made some astounding allegations, but these allegations are based on factual information that is actually available to the public if they know where to look and how to look. And you discovered what you did discover quite by accident and it's a remarkable story. Could you give us the background on how you came across this information?
The best way to approach this is to give a chronological accounting of how I became aware of what I call "the biggest game in town paid off.
And until the bonds were paid off, the bondholders would be the owners of that authority. Once the bonds were paid off, the authorities would revert back into the budgetary basis as budgetary groups. They were also restricted at operating for a profit. The public said okay and they built these authorities.
Then what they did was this: say they made a $400 million profit for the year and the actual payment on the bonds was $100 million. They made the $100 million payment for the bonds and took the $300 million and put it into a bond surety escrow account for future liability payments. They wrote it off as a line-item payment and did not declare it as an asset.
In 1990 when I checked on the total bond liability for the turnpike, it was $14.5 billion. Guess how much was in the bond surety escrow accounts? Thirty-eight billion. Enough to pay the bonds off three times over.
The same game was being played with all the autonomous agencies and the bottom line is that they are dealing with hundreds of billions of dollars and the control of those billions is what's the motivating factor, not the benefit of the public. The public is kept in the dark, looking off in left field as they are doing business as usual in right field.
So this is going on in other states, too?
Well, after I found out about New Jersey, it dawned on me what the composite total for all states and the federal government if this was happening all over. I started looking and what I saw floored me.
Take the composite total of city, county, state and federal of common stock ownership. Across the country it comes out to in excess of $32 trillion. That's 53 percent of the entire open interest of all stocks issued. Take California. This state has in excess of $2.5 trillion in common stock ownership.
So we really don't have a national debt then?
They can't pay it because they (say they) are restricted by statutes.
I understand that and it's amazing.
To explain what's going on I can provide several examples. Everyone has heard of Al Capone, the Chicago gangster. He ran a lot of legitimate businesses including newspaper stands, flower shops, etc. He kept one set of books for those legitimate businesses. Let's equate those to the budget report.
For the other businesses (book-making, prostitution, drugs) he ran through those newspaper stands and flower shops, he kept a second set of books that he didn't want anyone knowing about.
On the comprehensive annual financial report (for the state of New Jersey), the vast majority of revenue groups that the government doesn't want the public digging into is on the comprehensive annual financial report. It's like when you hear about the $5 trillion national debt under the federal budget; but you don't hear about the $30-plus trillion in liquid investment funds.
Is this information generally available to the public?
If you know to ask for it. The state auditor generals or the state treasurers offices of the states put the reports out. When I saw these figures 10 years ago, I asked how the public couldn't know about this. But I found that every elected official I spoke to had never heard of the comprehensive annual financial report. The one who did know was Sen. Bill Bradley (D-N.J.).
I showed him the report at a public gathering and he said, "You've got that?" And he said, "See you later." He didn't want to get his picture taken with that report. But other politicians denied knowing about the report.
In Arizona when I got the report for that state, there was a breakfast of county supervisors and former Gov. Evan Mecham was there. I asked him whether he knew of a report that consolidates all of the financial material. He said, "No." I asked him if he had ever heard of the comprehensive annual financial report and he said, "No." Then I produced it and said, "Here it is. This is the same report you signed when you were in office. Here's your signature on the front page." And he said, "Oh I thought you were talking about another year." I said, "Uh-huh."
Do you think he knew what was in the report when he signed it or did some faceless bureaucrat give him the front page to sign and then take it away?
You'll have to give him some sodium pentathol to find that out. Here' s another example: every person should imagine himself the state government of New Jersey. Your salary is $50,000 year and your budget for operating your house is $3,500 per year. You could audit your budget 100 times over. If you spent $4,000 this year on your house and you only had $3,500 allocated, you could go to your neighbor and ask for $500. So what's happened is that structure has been created to allow the gross receipts to be totally hidden from the reality of what's reported on the budget report.
I want to congratulate The SPOTLIGHT and Radio Free America because you are the first news medium to disclose the name of the comprehensive annual financial report to the public.
There is a total news blackout on mentioning of the report. Back in New Jersey I was dealing with hundreds of reporters, but not one newspaper mentioned it. I said: "That's a lot of control." People asked me, "If it's this big, how come we don't hear about it?"
Gov. James Florio appointed 16 editors and reporters to directorships in state government. The guy they pitted against me was Harvey Fisher who was one of the Bergen Record reporters prior to the Florio campaign and he was appointed assistant treasurer of the state of New Jersey (even though he had no formal financial background whatsoever). I thought about that.
As a reporter he was making $35,000 per year. As assistant treasurer he was making $65,000 a year. I checked his expense account. He had a carte blanche expense account of $125,000 with basically discretionary funds.
Now I knew that there was a data search department in the state run for four individuals which tied all agencies and departments together. I called up the department and asked for a data search on all key-level directorships and supervisory positions for all agencies, whether they be budgetary or from the autonomous agencies, and they came up with some 3,500 names. Close to 1,800 of these people were former editors or reporters. And if you do a comparable search in other states you'll find that the more money involved you'll find a higher amount of editors and reporters. That's a phenomenal amount of control.
So the media is part of the cover-up here?
Yes, and the comprehensive annual financial reports are sent to all of the major newspapers and editors but they refuse to make one mention of it. It's a cooperative effort going on. Once you know how much money is out there and where it's coming from and where it's going, the game is over. When we went on the air on radio 101.5, a few days later they were being threatened with having their broadcasting license pulled and they almost had to shut down.
People should contact their local newspapers and make a simple mention of the comprehensive annual financial report for their states and ask the papers to show their readers the total revenue shown in that report, whether restricted by statute or the like. It would be interesting to find out how many newspapers will even make simple mention of this.
Always remember the key difference between the budgetary basis and the restricted-by-statute groups. The public has been played as a sap.
In New Jersey alone there's maybe $80 or $90 billion that's there. Somebody is handling all of that money in New Jersey and elsewhere and they can use it to make a bundle.
That's right. Here's an example: say that you're a comptroller in California and you're controlling $700 billion. Say I'm the chairman of Shearson Lehman Hutton banking group. You have $140 billion with my firm. That will generate about $10 billion a year for my firm.
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.
Through these investment funds, government has been taking over "private" insurance and medical firms, etc., and the public has no idea that these firms are [effectively] owned by the government. Any corporation can be targeted by these investment funds and totally taken over. Period. And they have been.
As I mentioned, 53 percent of all outstanding stocks are owned by government. The public is looking in left field and all the trillions are in right field. This structure is a virus and it has nothing to do with the interests of the public. It all has to do with financial conquest and the public has to be as naive as possible. It's not something that has happened this year or last year. And the press is culpable in all of this.
What do people need to do to bring this out into the open?
People need to start asking questions about their various state comprehensive annual financial reports and demanding complete accountability by the politicians. I believe that this is the jugular vein of the corruption in this country. If all of this is disclosed openly, the game comes to an end. People need to start focusing on "gross receipts, total investments, total trust funds," whether restricted by statute or the like. You can see this in the comprehensive annual financial reports. [End quoting]
WOW!! And thank you Tom Valentine for having the guts and courage to put this on your radio talk-show.
Are we just going to sit on this or are millions of us going to rise up and confront these hoodlums? Do you realize what this amount of funds can accomplish for this nation? -- and it all belongs to us!!
Please get on the phones, faxes, Internet, etc. and spread this word. God gives us the tools or instruments, but it is up to us to use them. He said the truth will come out in the end-times -- once more.
It's YOUR money, YOUR property, YOUR future, YOUR country and YOUR employees. What are YOU going to do about it?
Walter J. Burien, Jr. CEVI P.O. Box 11444 Prescott, AZ 86304
Voice 1(520) 717-1994 E-Mail: cevi2000@AOL.COM
Copyright C 1997-99 TLH/FWO
BTW: Bonny Flickenger uncovered some 35 billion held by the San Diego COUNTY government some years ago. The staff of a supervisor's office admitted they had that amount INVESTED, but the funds were earmarked for awaiting projects (from bonds, etc.).
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