CA CAFR: Parks Dept. ‘found’ $54 million, $2.3 billion more now ‘found;’ full $600 billion next?

For five weeks I journalistically hammered that California’s Comprehensive Annual Financial Report (CAFR) reveals $600 billion in surplus taxpayer assets, and the various local government agencies’ CAFRs are data-sampled to total $8 trillion in surplus assets.

Last week, the California Parks and Recreation Department was found to be hiding $54 million in assets; more than twice their claimed $22 million budget deficit. This disclosure of fiduciary malfeasance led to the department director’s resignation, and the firing of the second-in-command.

Today, the San Jose Mercury News reports a total of $2.3 billion more was “found” in 500 accounts.

Feel free to share the following:

Let’s summarize what we’ve documented so far about the data of California’s 2011 Comprehensive Annual Financial Report (CAFR) and what it means for the state’s 12 million households (22-minute television interview of my explanation here):

So the natural question is if the state’s withholding of $600 billion in our cash and investments does not fund pensions, address a budget deficit, or prevent devastation to infrastructure, how can we best restructure the purpose and use of OUR MONEY for optimal public benefits?

I see three obvious solutions in monetary reform, public credit/banking, and this reform of CAFR-disclosed trillions in surplus taxpayer accounts.

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