Guest Post by Paul Craig Roberts
Klaus Schwab tells us that in the Great Reset that the World Economic Forum is preparing for us “you will own nothing and you will be happy.” Well, we already own nothing. Our bank deposits and stocks and bonds, in the event the depository institution gets into trouble, belong to the depository institution’s creditors, not to us. All assets are pooled and serve as collateral whether or not labeled “segregated.”
You might remember that during the last financial crisis we were told that there would be no more bail-outs, that in the future there would be bail-ins. A bail-out is when central bank money creation rescues the favored troubled financial institutions. A bail-in is when the depositors’ assets are used for the rescues.
David Rogers Webb, an experienced financial market participant, explains it in The Great Taking in 72 readable pages plus a 25 page prologue explaining who he is and a 20 page reply of the New York Fed to the European Commission Legal Certainty Group’s questions. The Great Taking is available from Lulu for $10 and is free online: https://img1.wsimg.com/blobby/go/1ee786fb-3c78-4903-9701-d614892d09d6/taking-feb24-screen2.pdf
The loss of property rights in financial assets is the case throughout the Western world. The rewrite of financial property rights appears to be the work of regulatory bodies, not legislatures which seem to be unaware of it.
No, it is not a conspiracy theory. Regulatory authorities have made legal changes of which financial market participants are unaware. Webb’s purpose is to bring awareness, which is why he has made his book freely available.
As a result of these changes, which appear to have been made by financial regulatory authorities rather than by elected legislatures, individuals no longer have property rights in “their” securities. “Owners” now have “entitlement rights,” which means that they have pro-rata rights to whatever securities remain in the depository institution after secured creditors’ claims are met. In actual fact, “your” securities and your bank deposits are no longer recognized in law as your personal property if the depository institution–the bank or, for example, Merrill Lynch–becomes financially troubled. Your “ownership” is encumbered as collateral for secured creditors who are the owners in fact. Apparently, this was done by regulatory authorities as underpinning for the derivatives complex, which is many magnitudes greater than world GNP, or perhaps derivative exposure served as an excuse for setting up the Great Reset in which “you will own nothing.” Indeed, individual banks among the world’s largest have derivative exposure the size of world GDP.
You might wonder why regulatory authorities permitted something so dangerous and irresponsible to occur.
To state the bottom line in another way, “your” securities serve as collateral for the creditors of depository institutions. Your right to “your” property terminates the minute the depository institution gets in financial trouble.
Communications between the New York Federal Reserve Bank and the European Commission Legal Certainty Group and the court case resulting from the failure of Lehman Brothers have established legal certainty that secured creditors are empowered to immediately take client assets in the event of a failure in the custodian.
National central depositories of securities (all are now pooled, none held under the “owner’s” name or segregated) are now established and are linked to the international depository so that securities can instantly be delivered world wide to meet secured creditors’ claims. Essentially, the mega-banks are “privileged creditors.”
You might think that your money and your stocks and bonds would be safe if you use as your depository one of the “banks too big to fail.” You would be mistaken. The Federal Reserve permits the large banks to create subsidiaries that hold deposits, and the Federal Reserve permits the large banks to transfer their derivatives to these same subsidiaries. In this way, the bank itself remains afloat. Only its subsidiaries holding your money and securities are wiped out in the event of a crash.
At the risk of over-promising, as even for a person of my education and experience getting one’s mind around the enormity of what has been put in place is a challenge, I hope for this article, which you have just read, to be part 1 in a 3-part series, with the second part being an outline of the regulatory changes that stole our financial property rights, and the third part being the implications of the Federal Reserve’s raising of interest rates after 15 years of near zero rates, thus shredding the value of financial assets held in portfolios. We face the prospect of the worst financial crisis in history “solved” with the introduction of digital money that places total control into the hands of political power and its masters.
It is my sincere desire to provide readers of this site with the best unbiased information available, and a forum where it can be discussed openly, as our Founders intended. But it is not easy nor inexpensive to do so, especially when those who wish to prevent us from making the truth known, attack us without mercy on all fronts on a daily basis. So each time you visit the site, I would ask that you consider the value that you receive and have received from The Burning Platform and the community of which you are a vital part. I can't do it all alone, and I need your help and support to keep it alive. Please consider contributing an amount commensurate to the value that you receive from this site and community, or even by becoming a sustaining supporter through periodic contributions. [Burning Platform LLC - PO Box 1520 Kulpsville, PA 19443] or Paypal
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Ukraine is a bail-in, except the currency is Western weapons and men.
There’s plenty of fiat to go around, too. US Politicians and their Ukraine satraps have made millions in payouts and kickbacks. One role Sam Bankman played was acting as the middle man in the multi-billion dollar money laundering scam that is the Ukrainian war.
If someone takes your money or your property, that is called burglary or robbery. Crime is crime and it doesn’t matter whether it is white collar, BLM, Election fraud, rape or murder. It’s all crime, regardless of who does it, what their title is or whether they are President of a bank or President of a country, red, yellow, black, white or green. Don’t get involved with criminals.
On the other hand, let’s remember that when you lay down with dogs, you rise up with fleas and ticks. If you are involved in borrowing money from the international banking cartels, even at a low level, then you might as well be having dinner with Al Capone or Pretty Boy Floyd. And they just might invite John Dillinger, Bonnie and Clyde or maybe machine gun Kelly to share their dinner tab with you.
What this author said is nothing new. The G8 came up with it when Obama was in the White House. They put into law that your deposits were classified. as ‘loans’ to the bank. Unsecured loans at that. This is how they can get away with it.
This clique gets away w/ anything incl murder w/ bio weapons, etc. and starting wars.
We locked down/froze credit @ four credit bureaus in June ’17, folks must quit borrowing and requesting more cr. cards now.
Yellow Dog getting some SERIOUS attention.
https://finance.yahoo.com/quote/GC%3DF
Whaddaya gonna doaboudit bub? Gwan, whaddaya gonna do? C’mon sport, whaddaya gonna do? Whadaboudit big talk? You tellin a lot for a little guy. Come, you gots sumpum, come…. Nada. Butkus. Zip. Zero. Nobody home at all.
Oxymoron statement. The boy who say you will own nothing and be happy wants to own everything YOU have.
His name is Klaun Schwab. Yeah, KLAUN world!
The Globalists think that passing a few laws will permit them to take it all…in truth, we won’t be happy and neither will they because we are many and will be armed.
Few will resist and fight, most people are self absorbed nihilists and focus on trivial hobbies incl social media, sports (ESPN) and video games. Very few alpha men of fighting age. Women and elderly will have to defend their family.
When is all this supposed to happen anyway? I want to pull money out of cr. unions (several) but don’t have a tineline.
So, when is all this supposed to happen anyway? (digital money) I need a timeline so we can pull money out of cr unions.