naturalnews.com / By Mike Adams / December 8, 2012
(NaturalNews) Is California really as bankrupt as its governor claims? Not if you believe in mathematics and accounting. As this story shows, California has hidden away $577 billion in assets, all revealed in CAFR documents (Comprehensive Annual Financial Report) that are becoming increasingly well-known.
California’s government, you see, has two main funds in which money is kept. The first fund, which is bankrupt, covers all government activities and expenditures. But the second fund — the hidden “slush” fund with $577 billion in assets — holds all the money the government generates by conducting “nongovernmental” businesses and activities that aren’t officially part of the government. This money is hidden from California’s taxpayers who are repeatedly lied to and told they have to pay more in taxes to prevent the state from going broke.
Click here to see a complete listing of all the nongovernmental funds that Californians aren’t being told about.