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Apparently it must fall on me to start a thread on the recent bankruptcy of commodities broker MF GLOBAL. This was pretty big deal, IMHO, for it gives a glimpse into the matrix, the grand illusion. Briefly, after their bets on European sovereign debt went south, MF Global's custodial bank (JP Morgan Chase) choked them and down they went taking $1.2 billion in cash & precious metal from 40,000 segregated customer accounts. Perhaps no big deal to you, unless you had an account there:
Like Gerald Celente http://www.youtube.com/watch?feature...2q4gsbNI#t=40s
Or how about Ann Barnhardt who closed her brokerage in response:
Jim Willie's take is that “Comex was ready to default on gold and silver in November, and rather than honor the notices for delivery, JP Morgan stole the funds in the accounts that were calling for delivery…" The Public Will Not Wake-up Until At Least 1 Million Private Accounts Are Stolen
And I guess you already knew the stock market is a rigged game.
This scandal also brought a new term into public view - rehypothecation. That isn't in my Black's Law but "hypothecation" is: [SCAN]
Good background on that here: http://newsandinsight.thomsonreuters...ation_scandal/
And finally, an excellent piece (12/27/11) by Gonzalo Lira: http://gonzalolira.blogspot.com/2011...how-close.html
Many of you already know how this theft can take place and no one found guilty. Because from a technical, legal point of view it's probably all legal. The customer accounts were full of private Federal Reserve credit. Customers didn't own them but were merely beneficial users. That doesn't make it right but does blow a gaping hole into the grand illusion - that most Americans own what they think, that they're using their own money and hold highest title to everything bought with it.
Like Gerald Celente http://www.youtube.com/watch?feature...2q4gsbNI#t=40s
Or how about Ann Barnhardt who closed her brokerage in response:
Jim Willie's take is that “Comex was ready to default on gold and silver in November, and rather than honor the notices for delivery, JP Morgan stole the funds in the accounts that were calling for delivery…" The Public Will Not Wake-up Until At Least 1 Million Private Accounts Are Stolen
And I guess you already knew the stock market is a rigged game.
This scandal also brought a new term into public view - rehypothecation. That isn't in my Black's Law but "hypothecation" is: [SCAN]
Good background on that here: http://newsandinsight.thomsonreuters...ation_scandal/
And finally, an excellent piece (12/27/11) by Gonzalo Lira: http://gonzalolira.blogspot.com/2011...how-close.html
Many of you already know how this theft can take place and no one found guilty. Because from a technical, legal point of view it's probably all legal. The customer accounts were full of private Federal Reserve credit. Customers didn't own them but were merely beneficial users. That doesn't make it right but does blow a gaping hole into the grand illusion - that most Americans own what they think, that they're using their own money and hold highest title to everything bought with it.
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