Dose Wt really have that much cash.
I remember sitting in a field service group on a Saturday morning at 10 a.m. in 1997 when the new yearbook just came out. I think it was the first time the yearbook was published in paperback instead of hardcover. In those days they had the practice of "considering part of the yearbook" as part of the preparation for field service. I don't know if they still do that. Anyway we got to talking about why the yearbook was now paperback. One brother chipped in and said he heard the society was short of money and needed to cut back production costs. In fact he heard this from Jack Barr no less while on a trip to Brooklyn just a few months before. I was in awe at the amazing contacts this brother had in God's organisation and was sure this was a sign the end must be near. Because everything was a sign the end must be near, even if there was no logic to it.
Anyway I think the organisation has been struggling for money for a long time. Ever since they stopped charging for literature in fact. The paperback books were an early sign, but the cutbacks have escalated since then at an increasing rate. Their main source of revenue pretty much dried up. Their financial investments may have taken an added hit in the 2008 crash. On top of that you've got aging bethelites to care for, abuse settlements, building the new headquarters, development of online presence. Billions of pounds from property sales might sound a lot, but it might just be plugging a hole. In the worst case scenario, who knows they may have borrowed against the property already before they even sold it.
All I know is Lett looked pretty convincing when he said they were running out of money, and Herd looked scared when he announced necessary cutbacks. There are many good circumstantial reasons to think they are short of revenue and have increasing costs. Plus they themselves say and act as if they are short of money. I think they may be in real trouble.
How many more lawsuits will it take to consume all their money??
A big hit to income was dropping food production and sale at assemblies. Obviously taxman in various countries asking about sales tax/vat etc. Easier to drop food than comply with legislation in many countries. Then ever growing size and costs of the bethel arrangements.
Who knows but it's all adding up: settlements, legal costs, cases found against them. Not to mention the dampening effect on donations of abuse scandals (this hit the Catholic Church hard and is no doubt hitting Watchtower hard too). People simply don't want to donate money when they realise it is being spent defending against abuse claims. So they lose money both ends, and have less money for legal fights at the very time they need it most. On top of that you've got all the other problems of not being able to make money from publishing any more. It looks like a perfect storm of financial trouble.
I was wondering if Lett's statement was on youtube
Thanks for any information
Anyway I think the organization has been struggling for money for a long time. Ever since they stopped charging for literature in fact
For example prior to the big sell off of many of its branches around the world, including the recent Brooklyn sell off, the Canadian branch posted holding revenue of 60 million, the UK branch had about the same, most assuming the US branch had even more.
Now the WTS has cut back on printing much of its monthly literature and doesn't have those branches sucking up money in expenses, the WTS has never been richer and this new monthly paying agreement now is just going to add to that sustainability for a few decades at least.
The WTS is going into the digital literature distribution agenda in a big way, where in many countries the push for people to download the literature of the WTS's own web site will be the future for the WTS.
The WTS is a lying corrupt and secretive religoius publishing house, that you can be sure of and its leaders are and never been openly honest in its financial picture, there is a reason for which isn't too complicated to understand why.
Lett is the same lying bag of shit that said its apostates that are spreading lying rumors and suggestions that the organization is permissive to child sexual abuse.
It seems like whenever the WTS GB heads need to send out some twisting bullshit cover up to the masses, they send out old rubber face Lett to do the dirty work, he looks so convincing doesn't he ?
It could be truthfully said that some branches around the world were getting extremely difficult to maintain for their operating costs, which one can imagine were real but at the same time the WTS didn't come forward and announce they were selling off these branches and making huge profits in doing so.
The WTS has been a proponent for presenting half truths when supporting the organization and the GB are right in line with that particular postulation regarding its internal financial picture..