Annual Wrap Up 2018 – the Real Game of Missing Money

““There is a tide in the affairs of men, which taken at the flood, leads on to fortune. Omitted, all the voyage of their life is bound in shallows and in miseries. On such a full sea are we now afloat. And we must take the current when it serves, or lose our ventures.” ~ William Shakespeare, Julius Caesar

By Catherine Austin Fitts

My efforts to achieve honest accounts for the federal government started in 1989 when I was Assistant Secretary of Housing – Federal Housing Commissioner. The mortgage insurance operation had experienced explosive losses and a breakdown of financial controls during the S&L crisis and Iran Contra scandals. The patterns of fraud were simply astonishing. Indeed the Secretary of the Treasury had warned me not to accept the position, saying “You can’t go to HUD. HUD is a sewer.”

My team and I drafted a reform proposal and persuaded the Secretary of Housing and Urban Development (HUD) and the Office of Management and Budget (OMB) to support legislation to create a office of Chief Financial Officer, audited financial statements and reporting of credit and liability programs on an accrual basis (with actuarial reports) for the department and its mortgage insurance and securities operations and funds – a model that OMB and Congress then introduced governmentwide.

I then helped the federal government implement these changes as president of Hamilton Securities Group – lead financial advisor and portfolio strategist to the FHA mortgage insurance operations. I did so until the honest officials and my company were forced out by phony scandals rigged by the Department of Justice and the HUD Inspector General with the help of then HUD Secretary Andrew Cuomo and other members of the Clinton administration. A decision had been made to engineer a housing bubble and to empty out government accounts.

I decided to fight – taking on the real scandal. While doing so in 2000, my team realized that billions of dollars were going missing from HUD and that the official excuses were unmistakably false. It became clear that honest people were forced out in order to shift trillions of dollars in assets out of government accounts and to flood the mortgage market with fraudulent mortgage paper. As the president of CalPers, the largest pension fund in the United States, had warned me in April of 1997, “They have given up on the country – they are moving all the money out starting in the fall.”

Starting Solari, our team worked with a series of reporters to help investigate and warn global investors and US citizens that government coffers were being emptied and that the housing bubble was threatening the financial health of millions of investors and citizens around the world. We called it the “financial coup d’état”.

The missing money story is not really just about money. It is about who rules. Who gets to decide? Who gets to decide whether your pension is funded? Who gets to decide if you can find a job? Who gets to decide if your mortgage is foreclosed? Who gets to decide if you must go into debt to get an education? Who decides if you live a long life or a short one?

I once had an acquaintance who told me that she had no interest in the missing money. She said that peace was her issue and that she was not interested in missing money – that was my issue.

I tried to explain that the missing money really was her issue. If a few people could print as much money as they want and steal as much money as they want then they could choose between war or peace. Historically, they have chosen war. If we want to stop war, we must cut off funding to the people who engineer wars. We must create a system where an open and transparent process determines who rules.

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Highlights from Last Week:

2018 Annual Wrap Up – Equity Overview & Rambus Chartology

Last week on the Solari Report:

By Catherine Austin Fitts

This coming week we continue our publication of the 2018 Annual Wrap Up with the Equity Overview, including the new Rambus Blockbuster Chartology. Make sure to check out the financial charts on our 2018 Annual Wrap Up web presentation as well as the Chartology when it is posted on Thursday.

After a review of the performance and top stories of the financial markets in 2018, I will review our four scenarios developed for strategic planning in “2019: Get Ready, Get Ready, Get Ready.”

See it here or subscribe

About The Solari Report

A weekly 1-hour briefing with Catherine Austin Fitts and specialized experts, The Solari Report helps to navigate you through the shifting political and financial climates while building your wealth.  Learn more and subscribe here.