CAFR SCHOOL: The Vatican Is Broke?

In a small blurb on a back page of the Salt Lake Tribune was this little gem of a story, referencing a recent Associated Press article. I laughed out loud when I read it, and I think you will too…



Vatican posts $19 million deficit, worst in years
The Associated Press
First Published Jul 09 2012 01:28 pm • Last Updated Jul 10 2012 12:17 am

“Vatican City • The Vatican has registered one of its worst budget deficits in years, plunging back into the red with a (euro) 15 million ($19 million) deficit in 2011 after a brief respite of profit.

The Vatican on Thursday blamed the poor outcome on high personnel and communications costs and adverse market conditions, particularly for its real estate holdings.

Not even a (euro) 50 million gift to the pope from the Vatican bank and increased donations from dioceses and religious orders could offset the expenses and poor investment returns, the Vatican said in its annual financial report…”


Note here that we can all learn from this official statement from the Vatican in a big way. For this is exactly the same scam that all governments are claiming around the country, some even now in bankruptcy proceedings. So let’s list these similarities:

1) The Vatican is a corporation, as is each individual and Federal government entity.

2) The Vatican and government operate both in the non-profit and for-profit realm.

3) Both have an Annual Financial Report, and both have a budget report.

4) Both the Vatican and the Government have real estate holdings, as well as stock investments, foreign currency holdings, and both invest heavily into the world-wide corporate structure and fund its liquidity.

5) Both promote their debt, while hiding their investment asset balances.

6) Both have a central bank, which bails it out in moments of need, and then expects Catholics/taxpayers to pay the bill despite its liquid investment holdings.

7) Both openly lie by omission to the people of Earth, while in a position of trust, referring to a deficit while completely ignoring its investment holdings – as if these fund balances don’t even exist.

8) Both use the “depreciation” of capital assets (land holdings, buildings, etc.) to show on their financial reports a liability against other assets, in order to decrease reportable value of these investment assets.

9) Both create budgets that are falsely imploded with such things as future liabilities so as to justify its raising of taxes and its request for tithing.

10) Both create separate sub-corporations with their own financial statements as for-profit entities, but do not use those profits for the benefit of the people.

11) Both call the people “customers”, not people.

12) Both lay off employees with the excuse of budget shortfalls, still not dipping into their vast trillions in liquid investment capital.


In this truly ironic statement by the Vatican we can see perhaps the best example ever of how a government corporation lies by the act of utter and ridiculous disassociation and nondisclosure of its true wealth. And yes, the Vatican is a corporation, and it is the government of Vatican City – as a “nation state”. It just happens to call itself a church.

Associated Press story continued…


“The Vatican said it ran a (euro) 14.9 million deficit in 2011 after posting a surplus of (euro) 9.85 million in 2010. The 2010 surplus, however, was something of an anomaly. In 2009 the Vatican ran a deficit of (euro) 4.01 million, in 2008 the deficit was (euro) 0.9 million and in 2007 it was nearly (euro) 9.1 million.

The Vatican city state, which mainly manages the Vatican Museums and is a separate and autonomous administration, managed a budget surplus of (euro) 21.8 million. That’s largely due to a spike in revenue from the museums: More than five million people visited the Sistine Chapel and other works of art in the Vatican museums last year, bringing in (euro) 91.3 million in 2011 compared to (euro) 82.4 million a year earlier.

And the Vatican could also cheer that donations from the faithful were also up last year despite the global economic crisis: Donations from Peter’s Pence, which are donations from the faithful to support the pope’s charity works, rose from $67.7 million in 2010 to $69.7 million last year. That money, however, doesn’t figure into the Vatican’s operating budget, though contributions from dioceses, religious orders and the Vatican bank do.

The Vatican bank, known as the Institute for Religious Works, is able to make such a big contribution to the Vatican’s budget each year based on investments.

Draining the Vatican’s finances were the high costs for its main job of spreading the faith via Vatican media: Vatican Radio, the Vatican newspaper L’Osservatore Romano and Vatican television all have significant expenses and little or nothing in the way of revenue. Vatican Radio, however, is expected to save hundreds of thousands of euros a year in energy costs each year after it cut back short and medium-wave transmissions to Europe and the United States from its main transmission point in Rome.

The Rev. Federico Lombardi, who runs the Vatican radio and television departments and is also the Vatican spokesman, stressed that layoffs among the 2,832 Holy See personnel aren’t in the offing, although he acknowledged that savings must come from elsewhere.

During the meeting of cardinals who oversee the Vatican’s finances this week, he said, there was a “request for prudence and savings.”

“I’m not an expert,” he said of the deficit. “Yes, it’s bigger than in past years, it’s true.” But he noted that the amounts on a global scale aren’t alarming. “Certainly they indicate a need to pay attention and see the criteria the Vatican’s assets are administered.”



I’ve written extensively on the trillions in government investments that are covered up in the same way and completely ignored on the budget report while being reported on the Comprehensive Annual Financial Report (CAFR).

The Vatican is no different. In fact, it is the extreme example of the government (nation state) hoarding of wealth that would benefit the people of the world.

Think about it for a moment…

Just one of the thousands upon thousands of artifacts, paintings, sculptures, precious metal coins and treasures, and every other trinket and parchment of knowledge that the Vatican holds within its bowels – just the value of one of those literally priceless artifacts could feed the entire world, let alone cover a 16 million euro deficit in the selectively presented budget report of the Vatican politicians.

And so, I’ve come up with a few propaganda slogans that I think might help the Pope, the Black Pope, and his financial officers continue to fool the useful idiots that keep donating to this massive for profit country called the Vatican…


“We can’t sell our assets. They are priceless.
There is not enough money in the world to buy just one.
Therefore, we are declaring bankruptcy.”


“The Saints organized a union,
and they are demanding health benefits.
Please give.”


“Where in God’s name did I put my savings account?”


“I’m sorry, but God just called.
He says we’re broke.


I could go on… and on and on and on… but you get the point. The organization of corporate religion is not a Christian one. And the Vatican is a corporate camel with no chance of fitting through even the largest gauge needle.

In the end, if you understand what has been written here, then you understand the entirety of the government investment scheme. And you understand that the people of America are wealthy beyond imagination, but that wealth is being hidden in plain sight while government creates welfare programs to sustain the poverty level while collecting even more taxes from the poor – never fixing the very problem of poverty because that is the only thing that will create wealthy men and corporations.

Welcome to America… a potential heaven on earth, kept in purgatory by government obfuscation and hoarding of its actual wealth.


–Clint Richardson (
–Friday, July 13, 2012

Leave a comment


  1. marika

     /  July 13, 2012

    Do I have a news for you…Slovak bishop Bezak was fired by Pope. Why? He requested an audit of his previous predecessor. Oh boy! Apparently he found that money was used on many activities and renovations that Bezak considered wasteful. He believes in modesty.
    Bezak was known for being open and honest about issues, which is not always a good thing, especially as he criticised his predecessor Jan Sokol and drew attention to the dubious financial management under Sokol’s term, which became the subject of a criminal investigation following an audit, just three days after Bezak was deprived of his Trnava archdiocese.

    Read more: Slovak Believers Question the Pope’s Removal of Msgr Bezak | The Daily Slovakia

  2. Lily

     /  July 13, 2012

    Well, isn’t this just typical? How much do you think it costs to continuously keep shuffling ‘soiled’ priests and bishops around from one global location to another? And what about all those lawsuits? It’s gotta cost a FORTUNE to pay out on all of those lawsuits for abuse of the innocents, and for all the corresponding cover-ups. They need to turn everything over to the world they own (whoops, owe). One side benefit to that would be access to the long hidden library.

    Shame on them all. And hide your children.

  3. Hey Clint I heard a show with Andy Gause and he says CAFR’s are just a way of cooking the books, and they are fictitious and actually don’t have any real money in them He talks about it 49:54 into the show, and I think you might give it a listen. Here’s a link to my blog and the show

    • StillAtMyMoms

       /  July 14, 2012

      How is Andrew Gause claiming that CAFR’s are merely just a way of cooking the books when they report that governments have shares in virtually all types of corporations? Is there a way to possibly find out who really has stake in these companies besides the CAFR (obviously)? Gause will never admit to that, because if he ever did, he would just open the proverbial can of worms.

    • StillAtMyMoms

       /  July 14, 2012

      And another thing, too, Dave, this Gause clown refers to David Walker as the real deal. Have you watched this blogger’s documentary called “The Corporation Nation” on YouTube? Nuff said.

  4. Jeff

     /  July 14, 2012


  5. Marika

     /  July 14, 2012

    I think you mean realityblogger, not realitybloger. Ever been to a spelling class?

    • Oh, that was quite clever. Thank you so much for your in depth and wonderful contribution to knowledge and comprehension. Please, may I have another? You should start your own blog – maybe a comedy blog – where such wondrous humor can be cherished by the masses. Thank you, oh, thank you for blessing me- no all of us reading this with this gift of dry and predictable merriment. Really, thank you. -Clint-

      P.S… Now that “blog” is an official word in classical English language, thanks to you, we now know that it has a traditional spelling based on proper rules of grammar. Perhaps you can help out here… should I refer to you a dummy or dumby? That one has always confused me. I’m sure with your grasp of the English language you can help me to insult you correctly in the future. Thanks again.

  6. Steven UK

     /  July 17, 2012

    Hi Clint,

    I heard your interview on Gnostic Media yesterday.

    Keep going my friend, please. Your work, just like the many artefacts held by the Vatican, is invaluable.

    I can’t seem to donate to the website – the donate button seems to be missing. I’ll check back and donate when I can.


    • Thanks Steven… Thanks to my lack of internet protocol, I couldn’t figure out how to put a donate button on this site.

      If you have the urge, I managed to get one up on my other site:

      Much appreciated, and please make sure that Jan stays in business before you do me!


      • Steven UK

         /  July 17, 2012

        Yep, donated to Jan today as well. Quite depressing for me to hear both of you thinking, “Is it worth it?” but I totally understand why you both would feel that way. I’m very grateful for this work, at least.

        • I quit for about 12 days once. Just couldn’t stop thinking. Had to keep writing.

          I think we are both addicts of knowledge, so its a good bet we will both stick around.

          I thank you kindly!

  7. Rick

     /  July 18, 2012

    While I have no doubt about the wealth of the Vatican, what confuses me is, since the Vatican controls the media, why the priest/bishop pedophile scandal received, and still receives so much coverage. I live near Philly, and nearly a decade old, not a day goes by that doesn’t include the Catholic Church scandal,. Is it possible, that while the Vatican is obviously the wealthiest nation/corporation on earth, it doesn’t have the clout to control the media. It makes no sense.

  8. ponerology

     /  July 21, 2012

    The Vatican controls the media coming out of the Vatican. It does NOT control the mainstream, worldwide media. That is the domain of Reuters/Associated Press–same company, different names–and they’re owned by the Rothschilds/Freemasonic Lodge whose “god” is wholly different than God of people in the pews. May He have mercy for us and justice for them.

  9. ponerology

     /  July 28, 2012

    Mr. Richardson,
    Thank you for this work. You may not wish to comment on other bloggers. But, I’m curious about one in particular. If you have the time, please email me so that perhaps I can ask you a question.

  10. Danilo

     /  September 7, 2012

    Hi Clint. Hope you are well. Your work is incredible and I mean that. Can you please give me a link to where I can download the VATICAN CITY cafr?

  11. Timothy Fitzpatrick

     /  January 12, 2014

    Not that I disagree with the basis of this article, but the claim that the Vatican controls the media is completely false. I don’t disagree that the Vatican has investments in corporations, but anyone in their right mind knows who really controls the media, and they are extremely anti-Catholic. If the Vatican really controlled the media, you would the media would be pro-Catholic, not to mention not reporting each and every instance of child sex abuse going on in the Vatican. This isn’t happening, is it? No.

    • This is a surface response, and understandable. You assume the United States is separated from the Crown, which you assume is in turn separated from the Vatican. You assume “Jews” operate outside of and against government and the Crown (and masonry), even though Israel is the Crown’s Kingdom of Jerusalem and even thought the government pledged the New World Order to them. In fact, the U.S. government and others is the main shareholder of media corporations, and just about all public corporations for that mater. You see what the puppet masters want you to see… competition. There is only one collective enemy, and it carries the same blood.

  12. Back in 1979, when I was working as a broker in NYC at WTC1, I viewed a summary page of the Vatican’s AFR. It showed back then assets of 4.2 trillion dollars.

    I was amazed at the worldwide real-estate holdings. Tens of millions of acres. Those real-estate holdings accounted for the majority of the assets listed. The liquid investment assets were about 359 billion dollars. It also noted the Vatican owned three banks. Most are familiar with the Vatican Bank of which at that time showed the lowest balance. There was one other bank owned in Italy and one from Spain that showed the largest balances.

    One thing most people do not realize is that the Vatican operates their own Pension funds. All those priests, bishops, etc., get a pension. Those pension funds are in the billions of dollars.

    I note as of 2014 those global real-estate holdings have probably tippled at least in value.

    So, when a news article comes out saying the Vatican was short 19-million, it is like saying Bill Gates was short $190.

    The article from AP that I would have loved to seen back in 2010 per the Vatican would have been: “Due to the 2008 housing market bubble burst, the Vatican’s global real-estate holdings devalued by 1.2 trillion dollars to now only have a valuation of 7 trillion dollars.”

    Now that one would have caught the eye of many with an instant thought of: “damn, only 7-trillion?”

    On a last note, I wounder how many of the uniformed when reading the AP article about the Vatican being 19-million in the red thought to themselves: “Oh my God, I wonder if the Vatican is going to declare bankruptcy like the city of Detroit did?”

    What Detroit did simply was to project out their liabilities 30-years while only projecting out their income 1-year. They did so to say they were 2-billion short in the red and mask that they were sitting on 12-billion dollars in liquid investment assets today,

    Walter –

    PS: For your local church, Baptist, Catholic, dioceses etc., do a Google using on the search line quotes around the name of the religious organization and then “Annual Financial Report” in quotes. You would be amazed at what pops up. Each (especially the large ones) complete an Annual Financial Report (AFR) or Annual Financial Statement (AFS) each year.

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