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I should also have referenced more detail about how ALL securities being easy to confiscate:
- Ownership of all securities as property has been replaced with a new legal concept of a "security entitlement", which is a contractual claim assuring a very weak position if the account provider becomes insolvent.
- All securities are held in un-segregated pooled form. Securities used as collateral, and those restricted from such use, are held in the same pool.
- All account holders, including those who have prohibited use of their securities as collateral, must, by law, receive only a pro-rata share of residual assets.
- âRe-vindication,â i.e. the taking back of oneâs own securities in the event of insolvency, is absolutely prohibited.
- Account providers may legally borrow pooled securities to collater- alize proprietary trading and financing.
- "Safe Harbor" assures secured creditors priority claim to pooled securities ahead of account holders.
- The absolute priority claim of secured creditors to pooled client securities has been upheld by the courts.
In summary...
- Essentially all securities âownedâ by the public in custodial accounts, pension plans and investment funds are now encumbered as collateral underpinning the derivatives complex, which is so largeâan order of magnitude greater than the entire global economyâthat there is not enough of anything in the world to back it.
- Legal certainty has been established that the collateral can be taken immediately and without judicial review, by entities described in court documents as âthe protected class.â Even sophisticated professional investors, who were assured that their securities are âsegregatedâ, will not be protected.
- Account providers are legally empowered to âborrowâ pooled securities, without restriction. This is called âself help.â As we will see, the objective is to utilize all securities as collateral.
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Firstly, make sure you read this great approachable free book titled 'The Great Taking' by David Webb. It is just 97 pages long.
David highlights a lot of things that we know already about our tainted system, but with a different lens and end-game to what many Bitcoiners expect...
đ What is this book about?đ What is this book about?
âWho are they?âWho are they?
đ˝ Deflationđ˝ Deflation
đ Todayđ Today
âď¸ Strong Wordsâď¸ Strong Words
đĽ Diminishing PowerđĽ Diminishing Power
đLike this summary?đLike this summary?
Check out my other summaries of some related books here on Stacker News: