📢📢📢📢Be sitting down, this is bad, really bad: pensions.
"The states have put everyone's house up as collateral on bonds that they leveraged 20 to 1. This means they BORROWED 20 million for every 1 MILLION they had in tax revenue."
Found in at least Texas, Florida and Maryland - what state and local governments have done is borrowed 20 to 1 against your home property tax revenues.
They have been fraudulently inflating home values - 40% overvalued even - by just putting a few thousands of them on a spreadsheet, working backwards to figure out how much they want, then using those to do standard deviation/comparables, to determine appraisal values of homes across the area.
Effect: fraudulent, dramatic increases in tax appraisal values where of course your property tax bill skyrockets.
A govt. entity such as a school wants a new building, bam! no problem as they use the tax streams from all your homes, say it is $1 million, to go out and borrow $20 million. Highly leveraged!!!
And where does this money come from? Your pensions.
Now rinse and repeat. Remember the rates going up based on fraudulently inflated appraisals due to made up comps.....where now instead of $1 million tax revenue there is $1.4 million.
What does the State and local govts do? Go out and borrow more using leveraged bonds. Where is this money coming from? Your pensions. Including teacher pensions.
It is a vicious cycle including the crooks in the state and local govt. repeating fraudulently inflating property values again, and again and again. Your property tax rates keep going up, they have been doing it for years.
The kicker: hundreds of billions of bonds are coming due, no one really knows how big this is. Your property tax revenues have been spent for decades in the future....and that money is gone.
In Texas alone there are $32 billion in bonds coming due in 12-18 months. And, $30 billion in mortgages due in the same time frame. There is no money to pay them off. And now it is being exposed all those billions were obtained via fraud - who is going to want to refinance those?
The only solution to what is coming is either property taxes skyrocket even more! Or, bankrupting of teacher pensions, other pensions, people losing homes because they cannot afford property taxes and school board bankruptcies.
As Draza Smirh stated "Now I think I understand why those school board races have been so important to control."
I can't remember how many times I have published and stated in interviews Smurfing is found even in some school board races - is this why? To cover it.
Watch 5:37min video published by
@thepeoplesaudit Thank you to Kris Jurski for digging deeping into this; the million dollar question is how many states is this happening in??
I have no idea if this is connected but yesterday Warren Buffett is selling real estate investments, google it.
~ Peter Bernegger