For those who thought that the Economic Stimulus Package was the ultimate
outrage for asking the productive to subsidize the unproductive, I was just
reading the 1999 Wall Street Journal Almanac 1999 (reading the WSJ Alamanac
and the World Almanac are two of the best books in terms of understanding
the real deal how the money works. The list of the 50 largest charities
lists Harvard University as 11th in terms of annual private support of
$312,887,120, but #1 in terms of total annual income of $2,769,240,457.
My interpretation is that Harvard is an investment network and instead of
paying taxes, it can use its tax exemption to pay a much smaller amount of
money to fund a training school which trains and places people inside of
government who assist in various forms of government management as well as
lawyers throughout society to faciliate its various plans. This is a far
more efficient financial/business model to use to run a long term investment
network than for profit.
In terms of annual private support, Salvation Army was #1 with $1.0 billion
of private support and $2.1 billion of total annual income, American Red
Cross was #2 with $479,928,282 of annual private support and $1.8 billion of
total income and the American Cancer Society was #3 with $426.7 of annual
private support and $510.6 million of annual.
The entire chart seems to underscore the importance of interest and
investment earnings within this group of organizations. This means that they
may also serve as investment networks. Kelly O'Meara's recent article on the
Red Cross in OK City seems to indicate a tremendous hunger to grab
donations, and pay out slowly, if at all.
A marvelous book on that dynamic in the world of exempt organizations is
Norman Finklestein's The Holocaust Industry. It is short and will take your
breath away.
