Federal Accounting Now Meaningless & Frightening – Catherine Austin Fitts

Posted at 5:42 PM (CST) by & filed under USAWatchdog.com.

March 3, 2019

By Greg Hunter’s USAWatchdog.com (Early Sunday Release)

Investment advisor and former Assistant Secretary of Housing Catherine Austin Fitts says the federal governments made $21 trillion in “missing money,” discovered in late 2017, a national security issue the public is not allowed to find out where the money is. Fitts explains, “There is a big study we published at Solari.com. If you go to the annual wrap-up on DOD and HUD ‘missing money,’ we have a whole piece on FASAB Standard 56, and it explains how it works. Essentially, what it says is there is a secret group of people, by a secret process, that can take a portion of the financial statements on the books and make them secret. You cannot know what a secret is and what is not.  So, when you look at financial statements at the Department of Defense, essentially, they are meaningless because you don’t know what has been cut out. When you add this to the other laws that they promulgated that allows them to classify income flows and allow the private contractors and banks freedom from complying to SEC regulations, what you’ve just done . . . is taken the vast majority of the U.S. securities market dark. If I am an investor and I am looking at anything impacted by the federal credit, all the way from U.S. Treasuries, Fannies and Freddies, municipal bonds . . . or the defense contractors and the banks that handle all the deposits of all the government accounts, I cannot know what their financial statements say. It’s meaningless. It’s very frightening what they have done. . . . I would not buy a Treasury.”

Fitts says investing now hinges on one main question, “The biggest problem when you look at investment today is: What is a good investment in a world where the rule of law exists, and what is a good investment when there is no law? There is way too much money going into military, going into war and going into force, and part of it is a real concern about lawlessness. . . . The value of an asset is only good if you can protect it.”

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