All language subtitles for The Great Taking - Documentary.en

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[Music]
my name is David Webb I live in

my name is David Webb I live in

my name is David Webb I live in
Stockholm Sweden I'm on a small farm

Stockholm Sweden I'm on a small farm

Stockholm Sweden I'm on a small farm
here it's important to understand I am

here it's important to understand I am

here it's important to understand I am
not giving Financial advice the book

not giving Financial advice the book

not giving Financial advice the book
I've done has a greater purpose than

I've done has a greater purpose than

I've done has a greater purpose than
that I am not active in the markets I am

that I am not active in the markets I am

that I am not active in the markets I am
not short the market

not short the market

not short the market
I am in things like Farmland I was

I am in things like Farmland I was

I am in things like Farmland I was
managing public equities and ultimately

managing public equities and ultimately

managing public equities and ultimately
hedge funds through the aftermath of the

hedge funds through the aftermath of the

hedge funds through the aftermath of the
Asian financial crisis the lead up to

Asian financial crisis the lead up to

Asian financial crisis the lead up to
the do bubble inv bust and I noticed

the do bubble inv bust and I noticed

the do bubble inv bust and I noticed
that fund flows were very large relative

that fund flows were very large relative

that fund flows were very large relative
to the size of the US economy for

to the size of the US economy for

to the size of the US economy for
example or the global economy so I

example or the global economy so I

example or the global economy so I
started to look at the scale of money

started to look at the scale of money

started to look at the scale of money
creation by the Federal Reserve and I

creation by the Federal Reserve and I

creation by the Federal Reserve and I
developed the Insight that the Fed was

developed the Insight that the Fed was

developed the Insight that the Fed was
actually influencing the financial

actually influencing the financial

actually influencing the financial
markets which no one would be surprised

markets which no one would be surprised

markets which no one would be surprised
at today but at that time it was

at today but at that time it was

at today but at that time it was
considered conspiracy theory even by my

considered conspiracy theory even by my

considered conspiracy theory even by my
partners this was something I could not

partners this was something I could not

partners this was something I could not
talk to people about but I began

talk to people about but I began

talk to people about but I began
studying it myself and I saw that in

studying it myself and I saw that in

studying it myself and I saw that in
individual weeks the scale of new money

individual weeks the scale of new money

individual weeks the scale of new money
created was on the order of 1% of US GDP

created was on the order of 1% of US GDP

created was on the order of 1% of US GDP
or more now what that meant given that

or more now what that meant given that

or more now what that meant given that
the US economy was growing at maybe 3 or

the US economy was growing at maybe 3 or

the US economy was growing at maybe 3 or
4% in a good year to have money creation

4% in a good year to have money creation

4% in a good year to have money creation
on that scale in a single week it meant

on that scale in a single week it meant

on that scale in a single week it meant
that the money creation was far

that the money creation was far

that the money creation was far
outstripping any real economic growth so

outstripping any real economic growth so

outstripping any real economic growth so
the transmission mechanism for money

the transmission mechanism for money

the transmission mechanism for money
creation into real economic activity was

creation into real economic activity was

creation into real economic activity was
breaking down this is when I started

breaking down this is when I started

breaking down this is when I started
becoming

becoming

becoming
concerned and started following this

concerned and started following this

concerned and started following this
closely and it actually developed into a

closely and it actually developed into a

closely and it actually developed into a
way for me to navigate the markets so I

way for me to navigate the markets so I

way for me to navigate the markets so I
applied it and I managed to protect

applied it and I managed to protect

applied it and I managed to protect
people who I was responsible to as my

people who I was responsible to as my

people who I was responsible to as my
clients through the do bubble and bust

clients through the do bubble and bust

clients through the do bubble and bust
and did very well through that period

and did very well through that period

and did very well through that period
armed with this understanding but the

armed with this understanding but the

armed with this understanding but the
bigger understanding was that the

bigger understanding was that the

bigger understanding was that the
velocity ofone was collapsing and I knew

velocity ofone was collapsing and I knew

velocity ofone was collapsing and I knew
at that time this is over 20 years ago

at that time this is over 20 years ago

at that time this is over 20 years ago
that we were headed into something like

that we were headed into something like

that we were headed into something like
the time that the world experienced

the time that the world experienced

the time that the world experienced
through the period of the great Wars and

through the period of the great Wars and

through the period of the great Wars and
the Great Depression because this kind

the Great Depression because this kind

the Great Depression because this kind
of velocity of money was occurring at

of velocity of money was occurring at

of velocity of money was occurring at
that time so I went into this deeply and

that time so I went into this deeply and

that time so I went into this deeply and
studied everything that was happening

studied everything that was happening

studied everything that was happening
leading into the 20th century saw that

leading into the 20th century saw that

leading into the 20th century saw that
this provided the best anal us period

this provided the best anal us period

this provided the best anal us period
for understanding what we were entering

for understanding what we were entering

for understanding what we were entering
then so I have followed this very

then so I have followed this very

then so I have followed this very
closely I have applied it in my work in

closely I have applied it in my work in

closely I have applied it in my work in
what I was doing so I had an effective

what I was doing so I had an effective

what I was doing so I had an effective
understanding of it the important thing

understanding of it the important thing

understanding of it the important thing
to understand now is that the velocity

to understand now is that the velocity

to understand now is that the velocity
money which is the relationship between

money which is the relationship between

money which is the relationship between
economic growth and money or money

economic growth and money or money

economic growth and money or money
creation money supply has broken down

creation money supply has broken down

creation money supply has broken down
and is now at a lower level phos of

and is now at a lower level phos of

and is now at a lower level phos of
money than it was at any point during

money than it was at any point during

money than it was at any point during
the Great Depression and the world wars

the Great Depression and the world wars

the Great Depression and the world wars
so I believe that this is actually the

so I believe that this is actually the

so I believe that this is actually the
profound underlying reason for the many

profound underlying reason for the many

profound underlying reason for the many
things that we are seeing

geopolitically I grew up in a family of

geopolitically I grew up in a family of
medical people and Engineers they were

medical people and Engineers they were

medical people and Engineers they were
not involved in High Finance as a boy

not involved in High Finance as a boy

not involved in High Finance as a boy
I went through basically the beginning

I went through basically the beginning

I went through basically the beginning
of the industrial collapse of Cleveland

of the industrial collapse of Cleveland

of the industrial collapse of Cleveland
they say that people strive to get

they say that people strive to get

they say that people strive to get
control over what has hurt them and I

control over what has hurt them and I

control over what has hurt them and I
grew up with a real need to understand

grew up with a real need to understand

grew up with a real need to understand
what was destroying us because it deeply

what was destroying us because it deeply

what was destroying us because it deeply
affected my family which had been very

affected my family which had been very

affected my family which had been very
happy prior to this A happy benevolent

happy prior to this A happy benevolent

happy prior to this A happy benevolent
family and it literally destroyed the

family and it literally destroyed the

family and it literally destroyed the
place where I grew up so I decided to

place where I grew up so I decided to

place where I grew up so I decided to
study business and finance this was

study business and finance this was

study business and finance this was
something my father did not want me to

something my father did not want me to

something my father did not want me to
do he thought I should be an engineer

do he thought I should be an engineer

do he thought I should be an engineer
and when I was younger I thought I would

and when I was younger I thought I would

and when I was younger I thought I would
have been a medical doctor but this

have been a medical doctor but this

have been a medical doctor but this
became the pressing thing for me to

became the pressing thing for me to

became the pressing thing for me to
understand so I studied finance and

understand so I studied finance and

understand so I studied finance and
computer science I got a subscription to

computer science I got a subscription to

computer science I got a subscription to
the Wall Street Journal I had no one to

the Wall Street Journal I had no one to

the Wall Street Journal I had no one to
guide me I just started looking at the

guide me I just started looking at the

guide me I just started looking at the
Wall Street Journal and I noticed these

Wall Street Journal and I noticed these

Wall Street Journal and I noticed these
two Tombstone which announced the big

two Tombstone which announced the big

two Tombstone which announced the big
mergers and Acquisitions deals or

mergers and Acquisitions deals or

mergers and Acquisitions deals or
financing that all these firms were in

financing that all these firms were in

financing that all these firms were in
New York so I decided at a young age I

New York so I decided at a young age I

New York so I decided at a young age I
needed to go to New York and I got a job

needed to go to New York and I got a job

needed to go to New York and I got a job
with a computer services firm I could

with a computer services firm I could

with a computer services firm I could
program I had studied systems analysis

program I had studied systems analysis

program I had studied systems analysis
and finance so in this first year as a

and finance so in this first year as a

and finance so in this first year as a
young guy I went into perhaps literally

young guy I went into perhaps literally

young guy I went into perhaps literally
every Financial firm in New York City

every Financial firm in New York City

every Financial firm in New York City
with the sales teams so that helps a

with the sales teams so that helps a

with the sales teams so that helps a
person I think to begin to understand

person I think to begin to understand

person I think to begin to understand
things on an intuitive level just by

things on an intuitive level just by

things on an intuitive level just by
seeing things it's not so intimidating

seeing things it's not so intimidating

seeing things it's not so intimidating
once you've been into these places

once you've been into these places

once you've been into these places
things are intimidating if you've never

things are intimidating if you've never

things are intimidating if you've never
encountered them so that all happened in

encountered them so that all happened in

encountered them so that all happened in
my first year and then one of my clients

my first year and then one of my clients

my first year and then one of my clients
which was a mergers and Acquisitions

which was a mergers and Acquisitions

which was a mergers and Acquisitions
group their two analysts were leaving

group their two analysts were leaving

group their two analysts were leaving
one was going to Harvard Business School

one was going to Harvard Business School

one was going to Harvard Business School
the other was going to the London office

the other was going to the London office

the other was going to the London office
and the sales guy that I worked with on

and the sales guy that I worked with on

and the sales guy that I worked with on
that account came back and told me that

that account came back and told me that

that account came back and told me that
they needed someone with a background in

they needed someone with a background in

they needed someone with a background in
finance and computers and I realized at

finance and computers and I realized at

finance and computers and I realized at
that time that was going to be me so I

that time that was going to be me so I

that time that was going to be me so I
talked with my wife about it I showed up

talked with my wife about it I showed up

talked with my wife about it I showed up
at this office so early the next day

at this office so early the next day

at this office so early the next day
nobody was there I had to wait about an

nobody was there I had to wait about an

nobody was there I had to wait about an
hour for people to start coming in and

hour for people to start coming in and

hour for people to start coming in and
they were shocked that I thought that I

they were shocked that I thought that I

they were shocked that I thought that I
had any business suggesting that I could

had any business suggesting that I could

had any business suggesting that I could
work there they proceeded to put me

work there they proceeded to put me

work there they proceeded to put me
through a shocking stressful morning I

through a shocking stressful morning I

through a shocking stressful morning I
was ushered into one of the senior vice

was ushered into one of the senior vice

was ushered into one of the senior vice
presidents who listened to what I had to

presidents who listened to what I had to

presidents who listened to what I had to
say and then he said well you better be

say and then he said well you better be

say and then he said well you better be
sure you want to do this because if you

sure you want to do this because if you

sure you want to do this because if you
[\h__\h] up you're gone by the time I left I

[\h__\h] up you're gone by the time I left I

[\h__\h] up you're gone by the time I left I
thought maybe this wasn't such a good

thought maybe this wasn't such a good

thought maybe this wasn't such a good
idea I probably shouldn't have bothered

idea I probably shouldn't have bothered

idea I probably shouldn't have bothered
you know sure enough they called back

you know sure enough they called back

you know sure enough they called back
they needed me because I knew how to do

they needed me because I knew how to do

they needed me because I knew how to do
things so I worked in m&a mergers and

things so I worked in m&a mergers and

things so I worked in m&a mergers and
Acquisitions for 5 years in this firm it

Acquisitions for 5 years in this firm it

Acquisitions for 5 years in this firm it
was working literally Around the Clock

was working literally Around the Clock

was working literally Around the Clock
sometimes for days with no sleep or

sometimes for days with no sleep or

sometimes for days with no sleep or
maybe just lying on the office floor for

maybe just lying on the office floor for

maybe just lying on the office floor for
half an hour to get up and continue so I

half an hour to get up and continue so I

half an hour to get up and continue so I
learned to deal with a lot of stress

learned to deal with a lot of stress

learned to deal with a lot of stress
with little sleep through this period of

with little sleep through this period of

with little sleep through this period of
time and then I managed to move to what

time and then I managed to move to what

time and then I managed to move to what
was than the biggest private Equity Firm

was than the biggest private Equity Firm

was than the biggest private Equity Firm
in the world by an order of magnitude I

in the world by an order of magnitude I

in the world by an order of magnitude I
chose to go there rather than stay I had

chose to go there rather than stay I had

chose to go there rather than stay I had
another offer from a mergers and

another offer from a mergers and

another offer from a mergers and
Acquisitions group at LF Rothchild that

Acquisitions group at LF Rothchild that

Acquisitions group at LF Rothchild that
would have been for about twice the

would have been for about twice the

would have been for about twice the
compensation but I sensed that there was

compensation but I sensed that there was

compensation but I sensed that there was
going to be a crash of some kind and a

going to be a crash of some kind and a

going to be a crash of some kind and a
month later was Black Monday October of

month later was Black Monday October of

month later was Black Monday October of
' 87 and LF Rothchild was wiped out lost

' 87 and LF Rothchild was wiped out lost

' 87 and LF Rothchild was wiped out lost
all of its capital I really went to this

all of its capital I really went to this

all of its capital I really went to this
private Equity Firm because when you're

private Equity Firm because when you're

private Equity Firm because when you're
doing m&a it's basically being a

doing m&a it's basically being a

doing m&a it's basically being a
glorified salesman you're an agent when

glorified salesman you're an agent when

glorified salesman you're an agent when
you're in the shoes of the private

you're in the shoes of the private

you're in the shoes of the private
Equity investment firm you were the

Equity investment firm you were the

Equity investment firm you were the
principal it's a different kind of due

principal it's a different kind of due

principal it's a different kind of due
diligence and Analysis and I was there

diligence and Analysis and I was there

diligence and Analysis and I was there
for 3 years but it was very intensive 3

for 3 years but it was very intensive 3

for 3 years but it was very intensive 3
years and shortly after I had started

years and shortly after I had started

years and shortly after I had started
with the firm I ended up running the

with the firm I ended up running the

with the firm I ended up running the
acquisition this longdistance telephone

acquisition this longdistance telephone

acquisition this longdistance telephone
company I handled all of it because the

company I handled all of it because the

company I handled all of it because the
partner on the deal had difficulty with

partner on the deal had difficulty with

partner on the deal had difficulty with
stress and he literally went home and

stress and he literally went home and

stress and he literally went home and
stayed in bed for 6 months I handled all

stayed in bed for 6 months I handled all

stayed in bed for 6 months I handled all
the due diligence which was very

the due diligence which was very

the due diligence which was very
complicated and the financing and it

complicated and the financing and it

complicated and the financing and it
ended up being the largest capital gain

ended up being the largest capital gain

ended up being the largest capital gain
in the history of the firm but it was

in the history of the firm but it was

in the history of the firm but it was
very stressful for my family because

very stressful for my family because

very stressful for my family because
once again I was was working around the

once again I was was working around the

once again I was was working around the
clock I would get up to negotiations on

clock I would get up to negotiations on

clock I would get up to negotiations on
Saturday morning late into 3:00 in the

Saturday morning late into 3:00 in the

Saturday morning late into 3:00 in the
morning Saturday night sleep for a few

morning Saturday night sleep for a few

morning Saturday night sleep for a few
hours start again on Sunday morning this

hours start again on Sunday morning this

hours start again on Sunday morning this
went on for 9 months when it was over it

went on for 9 months when it was over it

went on for 9 months when it was over it
took a few months but my wife eventually

took a few months but my wife eventually

took a few months but my wife eventually
said to me you know if I knew our life

said to me you know if I knew our life

said to me you know if I knew our life
was going to be like this I wouldn't

was going to be like this I wouldn't

was going to be like this I wouldn't
have signed up for it and that just

have signed up for it and that just

have signed up for it and that just
crushed me I got out a road atlas of the

crushed me I got out a road atlas of the

crushed me I got out a road atlas of the
us we went through a Page by Page and

us we went through a Page by Page and

us we went through a Page by Page and
just thought about where could we go

just thought about where could we go

just thought about where could we go
where could we be happy I couldn't stay

where could we be happy I couldn't stay

where could we be happy I couldn't stay
in that there was a possibility I would

in that there was a possibility I would

in that there was a possibility I would
go to their London office but I knew

go to their London office but I knew

go to their London office but I knew
that would even be more intense it would

that would even be more intense it would

that would even be more intense it would
just be more of the same once I've done

just be more of the same once I've done

just be more of the same once I've done
something I don't need to keep doing it

something I don't need to keep doing it

something I don't need to keep doing it
I learn what I have to learn from it I

I learn what I have to learn from it I

I learn what I have to learn from it I
think I am different than other people

think I am different than other people

think I am different than other people
in this financial world because I

in this financial world because I

in this financial world because I
actually don't care about the money that

actually don't care about the money that

actually don't care about the money that
is not why I'm doing it that should just

is not why I'm doing it that should just

is not why I'm doing it that should just
kind of fall out of what you're doing

kind of fall out of what you're doing

kind of fall out of what you're doing
and you don't need a lot of it there's

and you don't need a lot of it there's

and you don't need a lot of it there's
no reason that you need more and more

no reason that you need more and more

no reason that you need more and more
and more I was always driven by

and more I was always driven by

and more I was always driven by
understanding things and that actually

understanding things and that actually

understanding things and that actually
gave me an advantage I understood things

gave me an advantage I understood things

gave me an advantage I understood things
that other people didn't so ultimately

that other people didn't so ultimately

that other people didn't so ultimately
we just decided to go back to Cleveland

we just decided to go back to Cleveland

we just decided to go back to Cleveland
where I grew up and we bought a house

where I grew up and we bought a house

where I grew up and we bought a house
that was within the sound of the church

that was within the sound of the church

that was within the sound of the church
bells where my grandfather's house was

bells where my grandfather's house was

bells where my grandfather's house was
my memory from Sundays when my dad would

my memory from Sundays when my dad would

my memory from Sundays when my dad would
take us to Grandpa's house so it was

take us to Grandpa's house so it was

take us to Grandpa's house so it was
really going home to try to make things

really going home to try to make things

really going home to try to make things
sane but the intensity returned again as

sane but the intensity returned again as

sane but the intensity returned again as
I got into managing in the public

I got into managing in the public

I got into managing in the public
markets I had this Insight that the

markets I had this Insight that the

markets I had this Insight that the
public markets were even less efficient

public markets were even less efficient

public markets were even less efficient
than the private markets because you had

than the private markets because you had

than the private markets because you had
these big fun flows that were pushing

these big fun flows that were pushing

these big fun flows that were pushing
things way up Beyond where a negotiated

things way up Beyond where a negotiated

things way up Beyond where a negotiated
deal would ever be done and driving

deal would ever be done and driving

deal would ever be done and driving
prices down below where would be done so

prices down below where would be done so

prices down below where would be done so
you got better opportunities both buy

you got better opportunities both buy

you got better opportunities both buy
and sell things I ended up ultimately

and sell things I ended up ultimately

and sell things I ended up ultimately
running this hedge fund strategy that I

running this hedge fund strategy that I

running this hedge fund strategy that I
created so I designed the trading desk I

created so I designed the trading desk I

created so I designed the trading desk I
train the people develop this team

train the people develop this team

train the people develop this team
trading strategy through the do com

trading strategy through the do com

trading strategy through the do com
bubble in the bus we were typically in 3

bubble in the bus we were typically in 3

bubble in the bus we were typically in 3
to 400 positions at the same time I had

to 400 positions at the same time I had

to 400 positions at the same time I had
developed a strategy to be short the

developed a strategy to be short the

developed a strategy to be short the
market using hundreds of positions so

market using hundreds of positions so

market using hundreds of positions so
that all these crazy.com stocks no one

that all these crazy.com stocks no one

that all these crazy.com stocks no one
position could kill us but with all of

position could kill us but with all of

position could kill us but with all of
these positions we had a kind of

these positions we had a kind of

these positions we had a kind of
visibility into the market and the fund

visibility into the market and the fund

visibility into the market and the fund
flows and what was happening we were

flows and what was happening we were

flows and what was happening we were
doing exceptional well people couldn't

doing exceptional well people couldn't

doing exceptional well people couldn't
figure out how we were doing so well so

figure out how we were doing so well so

figure out how we were doing so well so
we had these Consultants coming from

we had these Consultants coming from

we had these Consultants coming from
literally all over the world flying into

literally all over the world flying into

literally all over the world flying into
Cleveland and coming to the office the

Cleveland and coming to the office the

Cleveland and coming to the office the
macro thing I was looking at was this

macro thing I was looking at was this

macro thing I was looking at was this
rate of money growth it's always growing

rate of money growth it's always growing

rate of money growth it's always growing
whether it was accelerating or

whether it was accelerating or

whether it was accelerating or
decelerating and I knew we had maybe a

decelerating and I knew we had maybe a

decelerating and I knew we had maybe a
day or two lead time once I saw the

day or two lead time once I saw the

day or two lead time once I saw the
figures to get positioned ahead of of

figures to get positioned ahead of of

figures to get positioned ahead of of
the market rolling over or the market

the market rolling over or the market

the market rolling over or the market
accelerating upwards and other people

accelerating upwards and other people

accelerating upwards and other people
didn't understand this even if I

didn't understand this even if I

didn't understand this even if I
explained it to them they didn't want to

explained it to them they didn't want to

explained it to them they didn't want to
hear about it they didn't know how to

hear about it they didn't know how to

hear about it they didn't know how to
apply it it was like that in addition to

apply it it was like that in addition to

apply it it was like that in addition to
that I've always operated with a mental

that I've always operated with a mental

that I've always operated with a mental
model of what is happening in the world

model of what is happening in the world

model of what is happening in the world
and I suppose I'm different than other

and I suppose I'm different than other

and I suppose I'm different than other
people in that the things I pay

people in that the things I pay

people in that the things I pay
attention to is what does not fit my

attention to is what does not fit my

attention to is what does not fit my
model that is what can kill you so I pay

model that is what can kill you so I pay

model that is what can kill you so I pay
attention to what does not make sense to

attention to what does not make sense to

attention to what does not make sense to
me what does not fit you have to drop

me what does not fit you have to drop

me what does not fit you have to drop
everything imagine you're in a highly

everything imagine you're in a highly

everything imagine you're in a highly
leveraged position with hundreds of

leveraged position with hundreds of

leveraged position with hundreds of
positions when something comes up that

positions when something comes up that

positions when something comes up that
does not fit you pay attention to that

does not fit you pay attention to that

does not fit you pay attention to that
immediately so the trading room was a

immediately so the trading room was a

immediately so the trading room was a
newsroom a research operation so we paid

newsroom a research operation so we paid

newsroom a research operation so we paid
attention to things second by second and

attention to things second by second and

attention to things second by second and
we would dig into things that did not

we would dig into things that did not

we would dig into things that did not
make sense so through this period of

make sense so through this period of

make sense so through this period of
time I also started changing I think as

time I also started changing I think as

time I also started changing I think as
a person because I was seeing things

a person because I was seeing things

a person because I was seeing things
that were not in the narrative the news

that were not in the narrative the news

that were not in the narrative the news
narrative that people were accepting

narrative that people were accepting

narrative that people were accepting
about what was happening so I knew that

about what was happening so I knew that

about what was happening so I knew that
economic data series were being change

economic data series were being change

economic data series were being change
this is after September 11th as well as

this is after September 11th as well as

this is after September 11th as well as
all the disconnects around September

all the disconnects around September

all the disconnects around September
11th itself so it was the beginnings of

11th itself so it was the beginnings of

11th itself so it was the beginnings of
my becoming a kind of activist although

my becoming a kind of activist although

my becoming a kind of activist although
I didn't know it I wrote quarterly

I didn't know it I wrote quarterly

I didn't know it I wrote quarterly
letters to my clients so I assembled

letters to my clients so I assembled

letters to my clients so I assembled
things on my desk they would accumulate

things on my desk they would accumulate

things on my desk they would accumulate
and I eventually had something like a

and I eventually had something like a

and I eventually had something like a
thick telephone book of just the things

thick telephone book of just the things

thick telephone book of just the things
that I knew and it documented that did

that I knew and it documented that did

that I knew and it documented that did
not conform with the accepted narrative

not conform with the accepted narrative

not conform with the accepted narrative
that people were being shown through the

that people were being shown through the

that people were being shown through the
media and I then thinn this down into a

media and I then thinn this down into a

media and I then thinn this down into a
thinner telephone book and literally

thinner telephone book and literally

thinner telephone book and literally
started going door too to my neighbors

started going door too to my neighbors

started going door too to my neighbors
and what I was doing was I was seeing

and what I was doing was I was seeing

and what I was doing was I was seeing
how I could get through to people how

how I could get through to people how

how I could get through to people how
could I explain this and it's damn

could I explain this and it's damn

could I explain this and it's damn
difficult basically it doesn't work I

difficult basically it doesn't work I

difficult basically it doesn't work I
decided that maybe my neighbors were too

decided that maybe my neighbors were too

decided that maybe my neighbors were too
well off to be able to hear about this

well off to be able to hear about this

well off to be able to hear about this
so I actually went out to a poor area

so I actually went out to a poor area

so I actually went out to a poor area
and a guy was sitting on his front porch

and a guy was sitting on his front porch

and a guy was sitting on his front porch
and he was interested in what I was

and he was interested in what I was

and he was interested in what I was
doing cuz I was still in a business suit

doing cuz I was still in a business suit

doing cuz I was still in a business suit
I explained it to him and he just said

I explained it to him and he just said

I explained it to him and he just said
good luck man in this voice of someone

good luck man in this voice of someone

good luck man in this voice of someone
who really knew already and had a kind

who really knew already and had a kind

who really knew already and had a kind
of resignation that there wasn't much

of resignation that there wasn't much

of resignation that there wasn't much
you could do about it so it's been a

you could do about it so it's been a

you could do about it so it's been a
long journey for me trying to expose

things I was expecting that there were

things I was expecting that there were
going to be large scale insolvencies

going to be large scale insolvencies

going to be large scale insolvencies
after the housing bubble I was aware of

after the housing bubble I was aware of

after the housing bubble I was aware of
what happened during the housing bubble

what happened during the housing bubble

what happened during the housing bubble
and how that was engineered in 2003 I

and how that was engineered in 2003 I

and how that was engineered in 2003 I
met with George Soros I showed him a

met with George Soros I showed him a

met with George Soros I showed him a
chart of the growth in asset back

chart of the growth in asset back

chart of the growth in asset back
Securities and I told him that this

Securities and I told him that this

Securities and I told him that this
would be the basis of the next bubble

would be the basis of the next bubble

would be the basis of the next bubble
and collapse and he said to me you're

and collapse and he said to me you're

and collapse and he said to me you're
crazy so he either did not know that or

crazy so he either did not know that or

crazy so he either did not know that or
he did not want to acknowledge it at

he did not want to acknowledge it at

he did not want to acknowledge it at
that time in 2003 so what was happening

that time in 2003 so what was happening

that time in 2003 so what was happening
was tremendous growth in the derivatives

was tremendous growth in the derivatives

was tremendous growth in the derivatives
complex so I started becoming concerned

complex so I started becoming concerned

complex so I started becoming concerned
about derivatives in the very early

about derivatives in the very early

about derivatives in the very early
2000s in the aftermath of the do Bubble

2000s in the aftermath of the do Bubble

2000s in the aftermath of the do Bubble
at that time the derivatives complex was

at that time the derivatives complex was

at that time the derivatives complex was
about twice Global GDP by 2007 it was 10

about twice Global GDP by 2007 it was 10

about twice Global GDP by 2007 it was 10
times Global GDP that growth in maybe

times Global GDP that growth in maybe

times Global GDP that growth in maybe
five or six years so the

five or six years so the

five or six years so the
financialization was out stripping any

financialization was out stripping any

financialization was out stripping any
real thing on earth already at that

real thing on earth already at that

real thing on earth already at that
point and this growth in asset back

point and this growth in asset back

point and this growth in asset back
Securities what was happening was that

Securities what was happening was that

Securities what was happening was that
the process of doing any credit

the process of doing any credit

the process of doing any credit
underwriting The Moorings had been

underwriting The Moorings had been

underwriting The Moorings had been
slipped and this was done by Design

slipped and this was done by Design

slipped and this was done by Design
prior to this Banks would do credit

prior to this Banks would do credit

prior to this Banks would do credit
underwriting meaning they would want to

underwriting meaning they would want to

underwriting meaning they would want to
get repaid for the money they had loan

get repaid for the money they had loan

get repaid for the money they had loan
so they would do some analysis of

so they would do some analysis of

so they would do some analysis of
whether the borrow could repay it but

whether the borrow could repay it but

whether the borrow could repay it but
during this period of time the the

during this period of time the the

during this period of time the the
banking industry went to securitization

banking industry went to securitization

banking industry went to securitization
of loans so it became a business of

of loans so it became a business of

of loans so it became a business of
originating loans without any concern as

originating loans without any concern as

originating loans without any concern as
to whether they could be repaid the

to whether they could be repaid the

to whether they could be repaid the
loans were all packaged up whether they

loans were all packaged up whether they

loans were all packaged up whether they
were AAA loans or subprime loans or boat

were AAA loans or subprime loans or boat

were AAA loans or subprime loans or boat
loans or car loans anything these pools

loans or car loans anything these pools

loans or car loans anything these pools
were stratified now if you think of it

were stratified now if you think of it

were stratified now if you think of it
you had a top 20% the next 20% and so on

you had a top 20% the next 20% and so on

you had a top 20% the next 20% and so on
down to bottom and the idea was that any

down to bottom and the idea was that any

down to bottom and the idea was that any
defaults would hit the bottom rated

defaults would hit the bottom rated

defaults would hit the bottom rated
trunch first so for the defaults in that

trunch first so for the defaults in that

trunch first so for the defaults in that
pool to reach the top of the pool the

pool to reach the top of the pool the

pool to reach the top of the pool the
top 20% you'd have to blow through 80%

top 20% you'd have to blow through 80%

top 20% you'd have to blow through 80%
of all the capital in the pool so the

of all the capital in the pool so the

of all the capital in the pool so the
top was rated AAA just structurally they

top was rated AAA just structurally they

top was rated AAA just structurally they
could do that the problem was no one

could do that the problem was no one

could do that the problem was no one
wanted to buy the lower rated Tres so

wanted to buy the lower rated Tres so

wanted to buy the lower rated Tres so
they then used an aspect of the

they then used an aspect of the

they then used an aspect of the
derivatives Market the the credit

derivatives Market the the credit

derivatives Market the the credit
default obligation CD to buy the default

default obligation CD to buy the default

default obligation CD to buy the default
protection for the lower rated tranches

protection for the lower rated tranches

protection for the lower rated tranches
then they could sell the entire pool as

then they could sell the entire pool as

then they could sell the entire pool as
AAA so this was done through as green

AAA so this was done through as green

AAA so this was done through as green
span called it the Miracles of modern

span called it the Miracles of modern

span called it the Miracles of modern
finance and he said presumably the risk

finance and he said presumably the risk

finance and he said presumably the risk
will be borne by those best able to bear

will be borne by those best able to bear

will be borne by those best able to bear
that risk at the time so because it

that risk at the time so because it

that risk at the time so because it
could all be sold as AAA and the yields

could all be sold as AAA and the yields

could all be sold as AAA and the yields
were better than treasuries and the Fed

were better than treasuries and the Fed

were better than treasuries and the Fed
was creating so much liquidity these

was creating so much liquidity these

was creating so much liquidity these
pools were then sold 10 times over on a

pools were then sold 10 times over on a

pools were then sold 10 times over on a
modeled synthetic basis also in the

modeled synthetic basis also in the

modeled synthetic basis also in the
derivatives market and so while the

derivatives market and so while the

derivatives market and so while the
banks knew that they did not want to eat

banks knew that they did not want to eat

banks knew that they did not want to eat
their own cooking the stuff that they

their own cooking the stuff that they

their own cooking the stuff that they
had originated they were buying the

had originated they were buying the

had originated they were buying the
assets this is the nature of a bubble

assets this is the nature of a bubble

assets this is the nature of a bubble
the people that know it's a fraud are

the people that know it's a fraud are

the people that know it's a fraud are
still consuming the stuff that is being

still consuming the stuff that is being

still consuming the stuff that is being
created through the same process so the

created through the same process so the

created through the same process so the
asset side of the balance sheets of

asset side of the balance sheets of

asset side of the balance sheets of
banks were these Securities that were

banks were these Securities that were

banks were these Securities that were
being created through the same process

being created through the same process

being created through the same process
it reached a point where credit default

it reached a point where credit default

it reached a point where credit default
obligations alone were about 10% of the

obligations alone were about 10% of the

obligations alone were about 10% of the
derivatives complex by the time the r

derivatives complex by the time the r

derivatives complex by the time the r
Financial prices kicked off in

Financial prices kicked off in

Financial prices kicked off in
2008 2009 10% so credit to fall

2008 2009 10% so credit to fall

2008 2009 10% so credit to fall
obligations alone were the size of the

obligations alone were the size of the

obligations alone were the size of the
global economy now I wondered who's

global economy now I wondered who's

global economy now I wondered who's
signing up to take that default risk and

signing up to take that default risk and

signing up to take that default risk and
the early stages people were saying well

the early stages people were saying well

the early stages people were saying well
the problem here is maybe in the

the problem here is maybe in the

the problem here is maybe in the
hundreds of billions they were off by an

hundreds of billions they were off by an

hundreds of billions they were off by an
order magnitude it was in the tens of

order magnitude it was in the tens of

order magnitude it was in the tens of
trillions so as the FED were injecting

trillions so as the FED were injecting

trillions so as the FED were injecting
all of this created money into the banks

all of this created money into the banks

all of this created money into the banks
it eventually became clear that the

it eventually became clear that the

it eventually became clear that the
default risk had been taken by hedge

default risk had been taken by hedge

default risk had been taken by hedge
funds subsidiaries within the banks

funds subsidiaries within the banks

funds subsidiaries within the banks
themselves so they enabled this whole

themselves so they enabled this whole

themselves so they enabled this whole
thing by creating the entities within

thing by creating the entities within

thing by creating the entities within
the banks that would take the other side

the banks that would take the other side

the banks that would take the other side
of the default risk and then when the

of the default risk and then when the

of the default risk and then when the
collapse occurred they were given the

collapse occurred they were given the

collapse occurred they were given the
money to paper over that loss the FED

money to paper over that loss the FED

money to paper over that loss the FED
has murky powers that people don't know

has murky powers that people don't know

has murky powers that people don't know
about until they decide to make it

about until they decide to make it

about until they decide to make it
visible one of their powers is to create

visible one of their powers is to create

visible one of their powers is to create
entities out of nothing you just create

entities out of nothing you just create

entities out of nothing you just create
a limited liability company

a limited liability company

a limited liability company
and then the FED can loan money create

and then the FED can loan money create

and then the FED can loan money create
money and put it into that entity it's

money and put it into that entity it's

money and put it into that entity it's
completely off balance sheet doesn't

completely off balance sheet doesn't

completely off balance sheet doesn't
have to be disclosed anywhere but in

have to be disclosed anywhere but in

have to be disclosed anywhere but in
this case they did they created

this case they did they created

this case they did they created
something called Maiden Lane which is a

something called Maiden Lane which is a

something called Maiden Lane which is a
street I sometimes walk down in the

street I sometimes walk down in the

street I sometimes walk down in the
southern district of Manhattan and the

southern district of Manhattan and the

southern district of Manhattan and the
financial district so Maiden Lane was

financial district so Maiden Lane was

financial district so Maiden Lane was
extended this created money to buy these

extended this created money to buy these

extended this created money to buy these
problematic positions out of the banks

problematic positions out of the banks

problematic positions out of the banks
take them off the hands of the banks and

take them off the hands of the banks and

take them off the hands of the banks and
there was so much of this problematic

there was so much of this problematic

there was so much of this problematic
stuff that they then created a Maiden

stuff that they then created a Maiden

stuff that they then created a Maiden
Lane 2 and a Maiden Lane 3 and who knows

Lane 2 and a Maiden Lane 3 and who knows

Lane 2 and a Maiden Lane 3 and who knows
what else was created that we were not

what else was created that we were not

what else was created that we were not
told about so in 2008 I noticed the

told about so in 2008 I noticed the

told about so in 2008 I noticed the
first failure of a broker dealer so I

first failure of a broker dealer so I

first failure of a broker dealer so I
was expecting there to be a lot of

was expecting there to be a lot of

was expecting there to be a lot of
insolvencies I was paying attention and

insolvencies I was paying attention and

insolvencies I was paying attention and
the thing that shocked me was that the

the thing that shocked me was that the

the thing that shocked me was that the
client

client

client
accounts in this broker dealer were

accounts in this broker dealer were

accounts in this broker dealer were
encumbered in the bankruptcy estate of

encumbered in the bankruptcy estate of

encumbered in the bankruptcy estate of
the broker that never could have

the broker that never could have

the broker that never could have
happened before in all of the history of

happened before in all of the history of

happened before in all of the history of
Securities they were personal property

Securities they were personal property

Securities they were personal property
and if the broker failed you would say

and if the broker failed you would say

and if the broker failed you would say
I'm sorry you're out of business here's

I'm sorry you're out of business here's

I'm sorry you're out of business here's
where you can transfer my assets that

where you can transfer my assets that

where you can transfer my assets that
did not happen in this case so I started

did not happen in this case so I started

did not happen in this case so I started
digging into what could possibly have

digging into what could possibly have

digging into what could possibly have
changed and this was as serious as as a

changed and this was as serious as as a

changed and this was as serious as as a
heart attack given that we were going

heart attack given that we were going

heart attack given that we were going
into this meltdown at that time that's

into this meltdown at that time that's

into this meltdown at that time that's
when I discovered it had been done

when I discovered it had been done

when I discovered it had been done
through changes to the uniform

through changes to the uniform

through changes to the uniform
commercial code in the United States

commercial code in the United States

commercial code in the United States
this had been done in all 50 states so

this had been done in all 50 states so

this had been done in all 50 states so
it was something that could be done very

it was something that could be done very

it was something that could be done very
quietly over a long period of time and

quietly over a long period of time and

quietly over a long period of time and
did not have to be done at the federal

did not have to be done at the federal

did not have to be done at the federal
level didn't draw attention what they

level didn't draw attention what they

level didn't draw attention what they
did was to create a new legal construct

did was to create a new legal construct

did was to create a new legal construct
of a security entitlement now prior to

of a security entitlement now prior to

of a security entitlement now prior to
this as I said Securities for 400 years

this as I said Securities for 400 years

this as I said Securities for 400 years
were personal property this concept of a

were personal property this concept of a

were personal property this concept of a
security entitlement severed that that's

security entitlement severed that that's

security entitlement severed that that's
its purpose so what people then have and

its purpose so what people then have and

its purpose so what people then have and
institutions and Pension funds even

institutions and Pension funds even

institutions and Pension funds even
sophisticated investors all they have is

sophisticated investors all they have is

sophisticated investors all they have is
an entitlement it's a claim it's a

an entitlement it's a claim it's a

an entitlement it's a claim it's a
contractual claim which is very weak in

contractual claim which is very weak in

contractual claim which is very weak in
the event of insolvency so it's an

the event of insolvency so it's an

the event of insolvency so it's an
appearance of ownership it's sometimes

appearance of ownership it's sometimes

appearance of ownership it's sometimes
referred to as beneficial ownership

referred to as beneficial ownership

referred to as beneficial ownership
which sounds nice but what it means is

which sounds nice but what it means is

which sounds nice but what it means is
that you receive dividends you receive a

that you receive dividends you receive a

that you receive dividends you receive a
proxy you are the owner of title you can

proxy you are the owner of title you can

proxy you are the owner of title you can
of course you can buy it and sell it but

of course you can buy it and sell it but

of course you can buy it and sell it but
you can see in documents that I've found

you can see in documents that I've found

you can see in documents that I've found
that the legal owner is actually the

that the legal owner is actually the

that the legal owner is actually the
entity that controls the security with a

entity that controls the security with a

entity that controls the security with a
secured interest they are the legal

secured interest they are the legal

secured interest they are the legal
owners of the property so now you have a

owners of the property so now you have a

owners of the property so now you have a
contractual claim next all of the

contractual claim next all of the

contractual claim next all of the
Securities are held in pooled form so

Securities are held in pooled form so

Securities are held in pooled form so
you have no specific identification it

you have no specific identification it

you have no specific identification it
used to be that with paper certificates

used to be that with paper certificates

used to be that with paper certificates
they were numbered you had a specific

they were numbered you had a specific

they were numbered you had a specific
numbered Bond or stock share certificate

numbered Bond or stock share certificate

numbered Bond or stock share certificate
so now they're fungible fungible bulk

so now they're fungible fungible bulk

so now they're fungible fungible bulk
book entry form cooled further we know

book entry form cooled further we know

book entry form cooled further we know
and it is absolutely irrefutable from

and it is absolutely irrefutable from

and it is absolutely irrefutable from
the fed's own response to a

the fed's own response to a

the fed's own response to a
questionnaire from the EU that even

questionnaire from the EU that even

questionnaire from the EU that even
segregated accounts even people or

segregated accounts even people or

segregated accounts even people or
institutions that have been told that

institutions that have been told that

institutions that have been told that
their Securities are segregated are in

their Securities are segregated are in

their Securities are segregated are in
the same pool and entitled to only a

the same pool and entitled to only a

the same pool and entitled to only a
Prat a share in the event of an

Prat a share in the event of an

Prat a share in the event of an
insolvency of the custodian so again

insolvency of the custodian so again

insolvency of the custodian so again
segregation is just an appearance people

segregation is just an appearance people

segregation is just an appearance people
are told that it's an absolute

are told that it's an absolute

are told that it's an absolute
subterfuge and the shocking thing is

subterfuge and the shocking thing is

subterfuge and the shocking thing is
that even sophisticated institutional

that even sophisticated institutional

that even sophisticated institutional
investors do not understand this or they

investors do not understand this or they

investors do not understand this or they
don't want to know it further even if

don't want to know it further even if

don't want to know it further even if
fraud outright fraud is committed by the

fraud outright fraud is committed by the

fraud outright fraud is committed by the
custodian that does not obviate the

custodian that does not obviate the

custodian that does not obviate the
ability of the secured creditors to take

ability of the secured creditors to take

ability of the secured creditors to take
the Securities from these pools ahead of

the Securities from these pools ahead of

the Securities from these pools ahead of
the people who thought they owned them

the people who thought they owned them

the people who thought they owned them
then there was in 2005 a change to the

then there was in 2005 a change to the

then there was in 2005 a change to the
bankruptcy law in the United States

bankruptcy law in the United States

bankruptcy law in the United States
creating something called Safe Harbor

creating something called Safe Harbor

creating something called Safe Harbor
again that sounds nice but what Safe

again that sounds nice but what Safe

again that sounds nice but what Safe
Harbor means is Safe Harbor for the

Harbor means is Safe Harbor for the

Harbor means is Safe Harbor for the
secured creditors to take the client

secured creditors to take the client

secured creditors to take the client
assets and to make that absolutely

assets and to make that absolutely

assets and to make that absolutely
certain that even in the event of fraud

certain that even in the event of fraud

certain that even in the event of fraud
they will take client assets so prior to

they will take client assets so prior to

they will take client assets so prior to
this change in bankruptcy law there is

this change in bankruptcy law there is

this change in bankruptcy law there is
something called fraudulent transfer

something called fraudulent transfer

something called fraudulent transfer
fraudulent conveyance and the trustee

fraudulent conveyance and the trustee

fraudulent conveyance and the trustee
the bankruptcy trustee had a duty to

the bankruptcy trustee had a duty to

the bankruptcy trustee had a duty to
claw back any assets that had been

claw back any assets that had been

claw back any assets that had been
fraudulently transferred so this change

fraudulently transferred so this change

fraudulently transferred so this change
was made in 2005 and then with the

was made in 2005 and then with the

was made in 2005 and then with the
failure of Leman Brothers this was

failure of Leman Brothers this was

failure of Leman Brothers this was
cemented in case law and we concede the

cemented in case law and we concede the

cemented in case law and we concede the
Judgment by the bankruptcy court Court

Judgment by the bankruptcy court Court

Judgment by the bankruptcy court Court
related to this what happened there was

related to this what happened there was

related to this what happened there was
that JP Morgan was both the custodian

that JP Morgan was both the custodian

that JP Morgan was both the custodian
for the client assets and the secured

for the client assets and the secured

for the client assets and the secured
creditor that took the client assets

creditor that took the client assets

creditor that took the client assets
which prior to 2005 everything that

which prior to 2005 everything that

which prior to 2005 everything that
happened there would have been

happened there would have been

happened there would have been
constructively fraudulent but the

constructively fraudulent but the

constructively fraudulent but the
bankruptcy judge this is the southern

bankruptcy judge this is the southern

bankruptcy judge this is the southern
district of New York which is Manhattan

district of New York which is Manhattan

district of New York which is Manhattan
found in FA of JP Morgan that JP Morgan

found in FA of JP Morgan that JP Morgan

found in FA of JP Morgan that JP Morgan
absolutely was entitled to take the

absolutely was entitled to take the

absolutely was entitled to take the
client assets the only question was

client assets the only question was

client assets the only question was
whether JP Morgan was an entitled person

whether JP Morgan was an entitled person

whether JP Morgan was an entitled person
basically to take the client assets this

basically to take the client assets this

basically to take the client assets this
is an important point because it's not

is an important point because it's not

is an important point because it's not
all secured creditors that have this

all secured creditors that have this

all secured creditors that have this
power to take the client assets it is

power to take the client assets it is

power to take the client assets it is
only the very biggest banks that are

only the very biggest banks that are

only the very biggest banks that are
entitled to take the client assets so

entitled to take the client assets so

entitled to take the client assets so
they don't want anyone else elbowing in

they don't want anyone else elbowing in

they don't want anyone else elbowing in
there to take anything only they will

there to take anything only they will

there to take anything only they will
take them and in this judgment the judge

take them and in this judgment the judge

take them and in this judgment the judge
asks the question is JP Morgan a member

asks the question is JP Morgan a member

asks the question is JP Morgan a member
of the protected class used explicitly

of the protected class used explicitly

of the protected class used explicitly
those words and said quite obviously as

those words and said quite obviously as

those words and said quite obviously as
one of the biggest banks in the world

one of the biggest banks in the world

one of the biggest banks in the world
the biggest financial institutions JP

the biggest financial institutions JP

the biggest financial institutions JP
Morgan is quite obviously a member of

Morgan is quite obviously a member of

Morgan is quite obviously a member of
the protected class to see this in a

the protected class to see this in a

the protected class to see this in a
bankruptcy case law from the court I

bankruptcy case law from the court I

bankruptcy case law from the court I
think that's pretty strong stuff it's

think that's pretty strong stuff it's

think that's pretty strong stuff it's
like that document directly from the FED

like that document directly from the FED

like that document directly from the FED
provided to the legal certainty group

provided to the legal certainty group

provided to the legal certainty group
this is hard to refute a custodian has

this is hard to refute a custodian has

this is hard to refute a custodian has
the records of who owns what it's in

the records of who owns what it's in

the records of who owns what it's in
their books and Records but that's all

their books and Records but that's all

their books and Records but that's all
it is it is the records the system has

it is it is the records the system has

it is it is the records the system has
been changed so that the property itself

been changed so that the property itself

been changed so that the property itself
is then transferred up to a higher level

is then transferred up to a higher level

is then transferred up to a higher level
and held in pooled form so you deal deal

and held in pooled form so you deal deal

and held in pooled form so you deal deal
with your broker to execute a trade to

with your broker to execute a trade to

with your broker to execute a trade to
buy or sell something and you get a

buy or sell something and you get a

buy or sell something and you get a
representation of an account that shows

representation of an account that shows

representation of an account that shows
you what you have in it but the assets

you what you have in it but the assets

you what you have in it but the assets
are not held even at what you think is

are not held even at what you think is

are not held even at what you think is
your custodian it's transferred to a

your custodian it's transferred to a

your custodian it's transferred to a
higher level in the US that is the

higher level in the US that is the

higher level in the US that is the
depository trust Court which holds all

depository trust Court which holds all

depository trust Court which holds all
Securities in the United States in

Securities in the United States in

Securities in the United States in
pooled form so the Brokers themselves

pooled form so the Brokers themselves

pooled form so the Brokers themselves
are low down in the food chain in Europe

are low down in the food chain in Europe

are low down in the food chain in Europe
there are Central security depositories

there are Central security depositories

there are Central security depositories
at the national level that give an

at the national level that give an

at the national level that give an
appearance of a registry of ownership at

appearance of a registry of ownership at

appearance of a registry of ownership at
the national level but by law under

the national level but by law under

the national level but by law under
something called the Central Security

something called the Central Security

something called the Central Security
depository regulation csdr which was

depository regulation csdr which was

depository regulation csdr which was
imposed in 2014 by law these Securities

imposed in 2014 by law these Securities

imposed in 2014 by law these Securities
are transferred by a mandatory link to

are transferred by a mandatory link to

are transferred by a mandatory link to
an international Central Securities

an international Central Securities

an international Central Securities
depository so they want crossboard

depository so they want crossboard

depository so they want crossboard
mobility of the collateral to occur so

mobility of the collateral to occur so

mobility of the collateral to occur so
in Sweden for example you have a local

in Sweden for example you have a local

in Sweden for example you have a local
registry but then the Securities go up

registry but then the Securities go up

registry but then the Securities go up
to Euro CLE Belgium so they are subject

to Euro CLE Belgium so they are subject

to Euro CLE Belgium so they are subject
to Belgian law not Swedish law at that

to Belgian law not Swedish law at that

to Belgian law not Swedish law at that
level and then the collateral is

level and then the collateral is

level and then the collateral is
transported to underpin the derivatives

transported to underpin the derivatives

transported to underpin the derivatives
complex which is housed at the central

complex which is housed at the central

complex which is housed at the central
clearing County parties the acronym is

clearing County parties the acronym is

clearing County parties the acronym is
the

the

the
ccps so this is the purpose to take the

ccps so this is the purpose to take the

ccps so this is the purpose to take the
collateral up to this uh Central

collateral up to this uh Central

collateral up to this uh Central
clearing counterparty level and we know

clearing counterparty level and we know

clearing counterparty level and we know
from a bis document that is now over 10

from a bis document that is now over 10

from a bis document that is now over 10
years old that the systems are in place

years old that the systems are in place

years old that the systems are in place
for the movement of this collateral on a

for the movement of this collateral on a

for the movement of this collateral on a
global basis nearly

global basis nearly

global basis nearly
instantaneously especially in a crisis

instantaneously especially in a crisis

instantaneously especially in a crisis
to be swept to to meet the collateral

to be swept to to meet the collateral

to be swept to to meet the collateral
demands of the system the secured

demands of the system the secured

demands of the system the secured
creditors also associated with this we

creditors also associated with this we

creditors also associated with this we
have to understand derivatives used to

have to understand derivatives used to

have to understand derivatives used to
be bilateral you knew when you entered

be bilateral you knew when you entered

be bilateral you knew when you entered
into a contract who your counterparty

into a contract who your counterparty

into a contract who your counterparty
was and you look to the credit quality

was and you look to the credit quality

was and you look to the credit quality
of that counterparty they were on the

of that counterparty they were on the

of that counterparty they were on the
other side in the name of reducing risk

other side in the name of reducing risk

other side in the name of reducing risk
they actually increased risk they

they actually increased risk they

they actually increased risk they
created a monolithic risk because they

created a monolithic risk because they

created a monolithic risk because they
forced Central clearing so that the CCP

forced Central clearing so that the CCP

forced Central clearing so that the CCP
is the counterparty on all derivatives

is the counterparty on all derivatives

is the counterparty on all derivatives
contracts the central clearing parties

contracts the central clearing parties

contracts the central clearing parties
are the counterparties now what does

are the counterparties now what does

are the counterparties now what does
that mean if the central clearing party

that mean if the central clearing party

that mean if the central clearing party
itself fails that means there is no

itself fails that means there is no

itself fails that means there is no
counterparty there to honor the

counterparty there to honor the

counterparty there to honor the
derivative contracts for all manner of

derivative contracts for all manner of

derivative contracts for all manner of
things but especially people that think

things but especially people that think

things but especially people that think
that they have hedged their downside

that they have hedged their downside

that they have hedged their downside
risk in the collapse there's no

risk in the collapse there's no

risk in the collapse there's no
counterparty and the central clearing

counterparty and the central clearing

counterparty and the central clearing
parties have been delivering liely under

parties have been delivering liely under

parties have been delivering liely under
capitalized so in Europe and the us

capitalized so in Europe and the us

capitalized so in Europe and the us
there are discussions by the

there are discussions by the

there are discussions by the
participants themselves about the

participants themselves about the

participants themselves about the
possibility of the central clearing

possibility of the central clearing

possibility of the central clearing
parties failing in the last few years

parties failing in the last few years

parties failing in the last few years
there have been discussions of this and

there have been discussions of this and

there have been discussions of this and
if you look at DTC itself which houses

if you look at DTC itself which houses

if you look at DTC itself which houses
all the Securities in the US Securities

all the Securities in the US Securities

all the Securities in the US Securities
complex and is the central clearing

complex and is the central clearing

complex and is the central clearing
party for most derivatives they have

party for most derivatives they have

party for most derivatives they have
discussion of how they will start over

discussion of how they will start over

discussion of how they will start over
again when the central clearing party

again when the central clearing party

again when the central clearing party
collapses and explicitly that they will

collapses and explicitly that they will

collapses and explicitly that they will
not put more Capital behind it but they

not put more Capital behind it but they

not put more Capital behind it but they
have prund the startup of a new Central

have prund the startup of a new Central

have prund the startup of a new Central
clearing party when one of the existing

clearing party when one of the existing

clearing party when one of the existing
ones fails so it's essentially planned

ones fails so it's essentially planned

ones fails so it's essentially planned
and the entire Capital base of

and the entire Capital base of

and the entire Capital base of
depository trust so essentially the

depository trust so essentially the

depository trust so essentially the
entire us Securities complex is housed

entire us Securities complex is housed

entire us Securities complex is housed
there in all derivatives the entire

there in all derivatives the entire

there in all derivatives the entire
capital is $3.5

capital is $3.5

capital is $3.5
billion individual banks have derivative

billion individual banks have derivative

billion individual banks have derivative
positions the size of the global GDP so

positions the size of the global GDP so

positions the size of the global GDP so
something will happen to trigger this

something will happen to trigger this

something will happen to trigger this
collapse implosion I would say the cake

collapse implosion I would say the cake

collapse implosion I would say the cake
is already baked at this time it's been

is already baked at this time it's been

is already baked at this time it's been
made to happen because to take interest

made to happen because to take interest

made to happen because to take interest
rates after having kept them at zero for

rates after having kept them at zero for

rates after having kept them at zero for
15 years which was insane to begin with

15 years which was insane to begin with

15 years which was insane to begin with
and did not have to happen was made to

and did not have to happen was made to

and did not have to happen was made to
happen and then in essentially a year to

happen and then in essentially a year to

happen and then in essentially a year to
take that back to over 5% and if you're

take that back to over 5% and if you're

take that back to over 5% and if you're
noticing they're not stopping the rates

noticing they're not stopping the rates

noticing they're not stopping the rates
are continuing up I'll go through what

are continuing up I'll go through what

are continuing up I'll go through what
that means for the Global Financial

that means for the Global Financial

that means for the Global Financial
system when interest rates were at 5% if

system when interest rates were at 5% if

system when interest rates were at 5% if
a bond paid $5 to simplify this let's

a bond paid $5 to simplify this let's

a bond paid $5 to simplify this let's
say it's a perpetuity which means you

say it's a perpetuity which means you

say it's a perpetuity which means you
don't have to take into account a

don't have to take into account a

don't have to take into account a
maturity date so if it pays $5 it's

maturity date so if it pays $5 it's

maturity date so if it pays $5 it's
worth $100 you would pay $100 for that

worth $100 you would pay $100 for that

worth $100 you would pay $100 for that
because interest rates are 5% now if

because interest rates are 5% now if

because interest rates are 5% now if
interest rates are driven down by the

interest rates are driven down by the

interest rates are driven down by the
central bank to 1% and the bond still

central bank to 1% and the bond still

central bank to 1% and the bond still
pays $5 now 5 is 1% of

pays $5 now 5 is 1% of

pays $5 now 5 is 1% of
$500 so the value of the bond goes up

$500 so the value of the bond goes up

$500 so the value of the bond goes up
fivefold by dropping interest rates like

fivefold by dropping interest rates like

fivefold by dropping interest rates like
that and it was even further because

that and it was even further because

that and it was even further because
they took it to zero so this is the

they took it to zero so this is the

they took it to zero so this is the
source of the bubble the financial

source of the bubble the financial

source of the bubble the financial
bubble that we've experienced the

bubble that we've experienced the

bubble that we've experienced the
everything bubble as some people call it

everything bubble as some people call it

everything bubble as some people call it
and the entire Financial system is

and the entire Financial system is

and the entire Financial system is
basically a perpetuity so everything is

basically a perpetuity so everything is

basically a perpetuity so everything is
based on discounting cash flows so all

based on discounting cash flows so all

based on discounting cash flows so all
real estate the entire stock market is

real estate the entire stock market is

real estate the entire stock market is
based on discounting back theoretical

based on discounting back theoretical

based on discounting back theoretical
future cash flows from companies as well

future cash flows from companies as well

future cash flows from companies as well
as bonds now if you do round trip on

as bonds now if you do round trip on

as bonds now if you do round trip on
this and you take interest rates back

this and you take interest rates back

this and you take interest rates back
from 1% back to over 5% which is

from 1% back to over 5% which is

from 1% back to over 5% which is
something like what has happened here

something like what has happened here

something like what has happened here
you reverse the entire thing and you

you reverse the entire thing and you

you reverse the entire thing and you
have an 80% fall in value of everything

have an 80% fall in value of everything

have an 80% fall in value of everything
everything all commercial real estate

everything all commercial real estate

everything all commercial real estate
the stock market everything now imagine

the stock market everything now imagine

the stock market everything now imagine
what happens to you if you own these

what happens to you if you own these

what happens to you if you own these
things on Leverage if you borrowed to

things on Leverage if you borrowed to

things on Leverage if you borrowed to
own these things that's the problem so

own these things that's the problem so

own these things that's the problem so
the entire runup the entire bubble was

the entire runup the entire bubble was

the entire runup the entire bubble was
artificial and the decline will be

artificial and the decline will be

artificial and the decline will be
something like a decimation where

something like a decimation where

something like a decimation where
indexes will go to maybe 10% of the peak

indexes will go to maybe 10% of the peak

indexes will go to maybe 10% of the peak
because a lot of things will just go out

because a lot of things will just go out

because a lot of things will just go out
of business and this is what happened

of business and this is what happened

of business and this is what happened
with the whole dot sector when that

with the whole dot sector when that

with the whole dot sector when that
bubble collapsed this is what happened

bubble collapsed this is what happened

bubble collapsed this is what happened
in the

in the

in the
1930s this is what happened to the Nicki

1930s this is what happened to the Nicki

1930s this is what happened to the Nicki
with Japan all bubbles end this way and

with Japan all bubbles end this way and

with Japan all bubbles end this way and
when you step back and look at them it's

when you step back and look at them it's

when you step back and look at them it's
like a very sharp mountain peak it goes

like a very sharp mountain peak it goes

like a very sharp mountain peak it goes
into like a needle blowoff and you get a

into like a needle blowoff and you get a

into like a needle blowoff and you get a
first break and then a second run for

first break and then a second run for

first break and then a second run for
the top that fails and that's where we

the top that fails and that's where we

the top that fails and that's where we
are now if you step back and you look at

are now if you step back and you look at

are now if you step back and you look at
something like the NASDAQ index the

something like the NASDAQ index the

something like the NASDAQ index the
second top is failing now which is

second top is failing now which is

second top is failing now which is
understandable given that bond yields

understandable given that bond yields

understandable given that bond yields
are continuing straight up so when this

are continuing straight up so when this

are continuing straight up so when this
begins

begins

begins
imploding the insolvencies will increase

imploding the insolvencies will increase

imploding the insolvencies will increase
due to the level of debt and there will

due to the level of debt and there will

due to the level of debt and there will
be an automatic call for more collateral

be an automatic call for more collateral

be an automatic call for more collateral
that will be transferred into the

that will be transferred into the

that will be transferred into the
derivatives complex in these Central

derivatives complex in these Central

derivatives complex in these Central
clearing counterparties but the central

clearing counterparties but the central

clearing counterparties but the central
clearing counterparties are themselves

clearing counterparties are themselves

clearing counterparties are themselves
likely exposed to the collapse because I

likely exposed to the collapse because I

likely exposed to the collapse because I
say to people people that you may think

say to people people that you may think

say to people people that you may think
that you've hedged your exposure to a

that you've hedged your exposure to a

that you've hedged your exposure to a
decline here but you've done it through

decline here but you've done it through

decline here but you've done it through
the derivatives complex so the risk is

the derivatives complex so the risk is

the derivatives complex so the risk is
in the derivatives complex it doesn't

in the derivatives complex it doesn't

in the derivatives complex it doesn't
disappear doesn't go away it's all there

disappear doesn't go away it's all there

disappear doesn't go away it's all there
and this pain will accumulate in the

and this pain will accumulate in the

and this pain will accumulate in the
central clearing counter parties and

central clearing counter parties and

central clearing counter parties and
then they will fail and they're

then they will fail and they're

then they will fail and they're
basically telling us they will fail and

basically telling us they will fail and

basically telling us they will fail and
when that happens the people that

when that happens the people that

when that happens the people that
thought that they had hedged their

thought that they had hedged their

thought that they had hedged their
exposure included the most sophisticated

exposure included the most sophisticated

exposure included the most sophisticated
institutions and the Pension funds will

institutions and the Pension funds will

institutions and the Pension funds will
have no protection and the secured

have no protection and the secured

have no protection and the secured
creditors will take all of the

creditors will take all of the

creditors will take all of the
underlying stocks and bonds which then

underlying stocks and bonds which then

underlying stocks and bonds which then
gives them control of all public

gives them control of all public

gives them control of all public
corporations and once you control the

corporations and once you control the

corporations and once you control the
capitalization structure you then

capitalization structure you then

capitalization structure you then
control all of the underlying real

control all of the underlying real

control all of the underlying real
things so this is something like what

things so this is something like what

things so this is something like what
happened in the

happened in the

happened in the
1930s when there was stress globally

1930s when there was stress globally

1930s when there was stress globally
everywhere due to debt levels and you

everywhere due to debt levels and you

everywhere due to debt levels and you
would think that there were no winners

would think that there were no winners

would think that there were no winners
but there were because the banks that

but there were because the banks that

but there were because the banks that
were controlled by the Federal Reserve

were controlled by the Federal Reserve

were controlled by the Federal Reserve
for example in the US were slated to

for example in the US were slated to

for example in the US were slated to
survive 9,000 banks in the United States

survive 9,000 banks in the United States

survive 9,000 banks in the United States
were forced into failure the people who

were forced into failure the people who

were forced into failure the people who
had money in those Banks lost all their

had money in those Banks lost all their

had money in those Banks lost all their
cash but their debts were not cancelled

cash but their debts were not cancelled

cash but their debts were not cancelled
their debts were then Consolidated into

their debts were then Consolidated into

their debts were then Consolidated into
the Federal Reserve System and enforced

the Federal Reserve System and enforced

the Federal Reserve System and enforced
so people that were in debt were in

so people that were in debt were in

so people that were in debt were in
trouble even wealthy people lost

trouble even wealthy people lost

trouble even wealthy people lost
everything the difference this time

everything the difference this time

everything the difference this time
around is they're not going after just

around is they're not going after just

around is they're not going after just
property that is encumbered by debt

property that is encumbered by debt

property that is encumbered by debt
they've engineered this so they can take

they've engineered this so they can take

they've engineered this so they can take
things all Securities as collateral from

things all Securities as collateral from

things all Securities as collateral from
people and entities that have no

people and entities that have no

people and entities that have no
borrowings against them they own them

borrowings against them they own them

borrowings against them they own them
clear clear and outright now let me give

clear clear and outright now let me give

clear clear and outright now let me give
you an example as analogy to explain the

you an example as analogy to explain the

you an example as analogy to explain the
horror of this so you have bought a car

horror of this so you have bought a car

horror of this so you have bought a car
and you paid cash for it you think

and you paid cash for it you think

and you paid cash for it you think
you're being very conservative you have

you're being very conservative you have

you're being very conservative you have
no debt against the car but unbeknownst

no debt against the car but unbeknownst

no debt against the car but unbeknownst
to you the dealer continues to control

to you the dealer continues to control

to you the dealer continues to control
your car as collateral you're not told

your car as collateral you're not told

your car as collateral you're not told
this the dealer uses your car and all

this the dealer uses your car and all

this the dealer uses your car and all
the other cars sold by the dealer as

the other cars sold by the dealer as

the other cars sold by the dealer as
collateral for his borrowing in his

collateral for his borrowing in his

collateral for his borrowing in his
business now the dealer goes bust and

business now the dealer goes bust and

business now the dealer goes bust and
only certain secured creditors are

only certain secured creditors are

only certain secured creditors are
empowered to immediately take your car

empowered to immediately take your car

empowered to immediately take your car
and all the cars ever sold by the dealer

and all the cars ever sold by the dealer

and all the cars ever sold by the dealer
without any judicial review immediately

without any judicial review immediately

without any judicial review immediately
when I describe this to people they get

when I describe this to people they get

when I describe this to people they get
worried about their cars this is not

worried about their cars this is not

worried about their cars this is not
about your car this is an analogy for

about your car this is an analogy for

about your car this is an analogy for
what has been done it's much worse than

what has been done it's much worse than

what has been done it's much worse than
this being about your car because it is

this being about your car because it is

this being about your car because it is
literally about the entire Securities

literally about the entire Securities

literally about the entire Securities
complex globally so it is not about your

complex globally so it is not about your

complex globally so it is not about your
insolvency that causes the loss of your

insolvency that causes the loss of your

insolvency that causes the loss of your
assets it's the insolvency of the people

assets it's the insolvency of the people

assets it's the insolvency of the people
that secretly used your collateral as

that secretly used your collateral as

that secretly used your collateral as
their property without telling you that

their property without telling you that

their property without telling you that
or disclosing

or disclosing

or disclosing
[Music]

[Music]

[Music]
it

it

it
how could this happen legally it's a

how could this happen legally it's a

how could this happen legally it's a
good question and perhaps there is some

good question and perhaps there is some

good question and perhaps there is some
Hope For Humanity in avoiding this in

Hope For Humanity in avoiding this in

Hope For Humanity in avoiding this in
challenging this whole construct cuz it

challenging this whole construct cuz it

challenging this whole construct cuz it
is a construct none of this is real

is a construct none of this is real

is a construct none of this is real
there are real things in the world this

there are real things in the world this

there are real things in the world this
is not a real thing but they will try to

is not a real thing but they will try to

is not a real thing but they will try to
convince us that well I'm sorry you've

convince us that well I'm sorry you've

convince us that well I'm sorry you've
lost everything it's an elaborate story

lost everything it's an elaborate story

lost everything it's an elaborate story
so yes they have changed law can that be

so yes they have changed law can that be

so yes they have changed law can that be
challenged that's what has to happen so

challenged that's what has to happen so

challenged that's what has to happen so
this was the process they changed it in

this was the process they changed it in

this was the process they changed it in
the Uniform Commercial Code this was

the Uniform Commercial Code this was

the Uniform Commercial Code this was
beginning in

beginning in

beginning in
1994 the efforts to affect this actually

1994 the efforts to affect this actually

1994 the efforts to affect this actually
go back further than that into the 1960s

go back further than that into the 1960s

go back further than that into the 1960s
when they began the process of

when they began the process of

when they began the process of
dematerialization of Securities to hold

dematerialization of Securities to hold

dematerialization of Securities to hold
them all electronically which some

them all electronically which some

them all electronically which some
people were suspicious about then and

people were suspicious about then and

people were suspicious about then and
they were right to be suspicious it is

they were right to be suspicious it is

they were right to be suspicious it is
clear that that beginning process was

clear that that beginning process was

clear that that beginning process was
literally run by the CIA and this is not

literally run by the CIA and this is not

literally run by the CIA and this is not
Conspiracy Theory the man who was

Conspiracy Theory the man who was

Conspiracy Theory the man who was
charged with forming the depository

charged with forming the depository

charged with forming the depository
trust Corp to do this in his own Memoir

trust Corp to do this in his own Memoir

trust Corp to do this in his own Memoir
and in interviews discloses that he was

and in interviews discloses that he was

and in interviews discloses that he was
a career CIA operative from the time he

a career CIA operative from the time he

a career CIA operative from the time he
was a young man so there was a grand

was a young man so there was a grand

was a young man so there was a grand
strategic purpose behind this they've

strategic purpose behind this they've

strategic purpose behind this they've
been able to do it because it has been

been able to do it because it has been

been able to do it because it has been
run from the highest levels of the US

run from the highest levels of the US

run from the highest levels of the US
government so the involvement of the CIA

government so the involvement of the CIA

government so the involvement of the CIA
then when this construct of the

then when this construct of the

then when this construct of the
Securities entitlement was put into the

Securities entitlement was put into the

Securities entitlement was put into the
Uniform Commercial Code that was pushed

Uniform Commercial Code that was pushed

Uniform Commercial Code that was pushed
through all 50 states done quietly that

through all 50 states done quietly that

through all 50 states done quietly that
change was made in

change was made in

change was made in
1994 so it took maybe 10 years to get it

1994 so it took maybe 10 years to get it

1994 so it took maybe 10 years to get it
done in all the states then they changed

done in all the states then they changed

done in all the states then they changed
the bankruptcy law in 2005 and then it

the bankruptcy law in 2005 and then it

the bankruptcy law in 2005 and then it
was ready to go

was ready to go

was ready to go
with the testing of the Leman Brothers

with the testing of the Leman Brothers

with the testing of the Leman Brothers
case in 2008 so there's a plan that's

case in 2008 so there's a plan that's

case in 2008 so there's a plan that's
executed over decades to do this then

executed over decades to do this then

executed over decades to do this then
they began a process of harmonization

they began a process of harmonization

they began a process of harmonization
which was to force this model in law

which was to force this model in law

which was to force this model in law
globally and they did this through the

globally and they did this through the

globally and they did this through the
EU the first discussion in documents in

EU the first discussion in documents in

EU the first discussion in documents in
the EU is in 2002 so that's when the

the EU is in 2002 so that's when the

the EU is in 2002 so that's when the
process was beginning then in the

process was beginning then in the

process was beginning then in the
aftermath of the com bust and the EU

aftermath of the com bust and the EU

aftermath of the com bust and the EU
created something they called the legal

created something they called the legal

created something they called the legal
certainty group and again that sounds

certainty group and again that sounds

certainty group and again that sounds
like a good thing but what they mean is

like a good thing but what they mean is

like a good thing but what they mean is
legal certainty that the secured

legal certainty that the secured

legal certainty that the secured
creditors will take the client assets

creditors will take the client assets

creditors will take the client assets
and they worked at this for years

and they worked at this for years

and they worked at this for years
figuring out how to subvert local law

figuring out how to subvert local law

figuring out how to subvert local law
when you think about it rights to

when you think about it rights to

when you think about it rights to
property is kind of a sacred thing it's

property is kind of a sacred thing it's

property is kind of a sacred thing it's
something that all people should care

something that all people should care

something that all people should care
about and oddly enough even the people

about and oddly enough even the people

about and oddly enough even the people
participating in making this happen

participating in making this happen

participating in making this happen
should care about this in a big way so

should care about this in a big way so

should care about this in a big way so
there in lies the hope of addressing

there in lies the hope of addressing

there in lies the hope of addressing
this we can come back to that but the

this we can come back to that but the

this we can come back to that but the
legal certainty group identified the

legal certainty group identified the

legal certainty group identified the
problematic local law and then it took

problematic local law and then it took

problematic local law and then it took
maybe another 10 years to come up with

maybe another 10 years to come up with

maybe another 10 years to come up with
this csdr regulation Central Security

this csdr regulation Central Security

this csdr regulation Central Security
ities depository regulation in

ities depository regulation in

ities depository regulation in
2014 that mandated the transport of the

2014 that mandated the transport of the

2014 that mandated the transport of the
collateral from the local or the

collateral from the local or the

collateral from the local or the
national level Central Securities

national level Central Securities

national level Central Securities
depository where people think they own

depository where people think they own

depository where people think they own
their things out right their record of

their things out right their record of

their things out right their record of
ownership is there and the Securities

ownership is there and the Securities

ownership is there and the Securities
are transferred up to this International

are transferred up to this International

are transferred up to this International
Central Securities depository level and

Central Securities depository level and

Central Securities depository level and
then on to the central clearing

then on to the central clearing

then on to the central clearing
counterparties so it has been done in

counterparties so it has been done in

counterparties so it has been done in
law it's been done legally it must be

law it's been done legally it must be

law it's been done legally it must be
attacked legally it must be dismantled

attacked legally it must be dismantled

attacked legally it must be dismantled
legally the power behind all of this is

legally the power behind all of this is

legally the power behind all of this is
the private control of the central banks

the private control of the central banks

the private control of the central banks
and when you look around the world they

and when you look around the world they

and when you look around the world they
are all privately controlled you are not

are all privately controlled you are not

are all privately controlled you are not
allowed to know actually who controls

allowed to know actually who controls

allowed to know actually who controls
the Federal Reserve and how it is

the Federal Reserve and how it is

the Federal Reserve and how it is
controlled we know that it is controlled

controlled we know that it is controlled

controlled we know that it is controlled
some somehow by a set of banks so there

some somehow by a set of banks so there

some somehow by a set of banks so there
is some kind of an ownership structure

is some kind of an ownership structure

is some kind of an ownership structure
that extends through the banks that own

that extends through the banks that own

that extends through the banks that own
and control the FED but something like

and control the FED but something like

and control the FED but something like
this is done in all central banks around

this is done in all central banks around

this is done in all central banks around
the world if you notice any country that

the world if you notice any country that

the world if you notice any country that
has attempted to have a National Bank is

has attempted to have a National Bank is

has attempted to have a National Bank is
literally attacked and destroyed they're

literally attacked and destroyed they're

literally attacked and destroyed they're
not allowed to exist so it is linked

not allowed to exist so it is linked

not allowed to exist so it is linked
with the war machine this private

with the war machine this private

with the war machine this private
control of money the intelligence

control of money the intelligence

control of money the intelligence
agencies the militaries globally would

agencies the militaries globally would

agencies the militaries globally would
not be able to function as they are if

not be able to function as they are if

not be able to function as they are if
they weren't linked with this money

they weren't linked with this money

they weren't linked with this money
creation power we now know that when we

creation power we now know that when we

creation power we now know that when we
were kids perhaps we thought that the

were kids perhaps we thought that the

were kids perhaps we thought that the
money you borrow from the bank is

money you borrow from the bank is

money you borrow from the bank is
someone else's savings that they're

someone else's savings that they're

someone else's savings that they're
giving you it's a zero some game I think

giving you it's a zero some game I think

giving you it's a zero some game I think
we now know with the scale of the money

we now know with the scale of the money

we now know with the scale of the money
created during the covid period that

created during the covid period that

created during the covid period that
that is not the case the scale outstrips

that is not the case the scale outstrips

that is not the case the scale outstrips
any real world activity and it's just

any real world activity and it's just

any real world activity and it's just
created out of thin air so this is the

created out of thin air so this is the

created out of thin air so this is the
power that controls everything they

power that controls everything they

power that controls everything they
control all political parties all

control all political parties all

control all political parties all
governments all the major corporations

governments all the major corporations

governments all the major corporations
the media and this was the case leading

the media and this was the case leading

the media and this was the case leading
into the 20th century in this period

into the 20th century in this period

into the 20th century in this period
when the velocity of money was

when the velocity of money was

when the velocity of money was
collapsing that is basically a collapse

collapsing that is basically a collapse

collapsing that is basically a collapse
of their control system the money is a

of their control system the money is a

of their control system the money is a
very sophisticated control system system

very sophisticated control system system

very sophisticated control system system
because it requires almost no energy

because it requires almost no energy

because it requires almost no energy
input people are directed by chasing

input people are directed by chasing

input people are directed by chasing
money incentives but this power through

money incentives but this power through

money incentives but this power through
chronic overuse when it reaches this

chronic overuse when it reaches this

chronic overuse when it reaches this
point where no matter how much money is

point where no matter how much money is

point where no matter how much money is
created it's not translating into actual

created it's not translating into actual

created it's not translating into actual
economic growth then it goes into a

economic growth then it goes into a

economic growth then it goes into a
financial bubble and then you get the

financial bubble and then you get the

financial bubble and then you get the
major collapse of the whole system then

major collapse of the whole system then

major collapse of the whole system then
they must have a plan to stay in control

they must have a plan to stay in control

they must have a plan to stay in control
control through that collapse which will

control through that collapse which will

control through that collapse which will
require physical control over people

require physical control over people

require physical control over people
through the reset because the money

through the reset because the money

through the reset because the money
control system has broken down so this

control system has broken down so this

control system has broken down so this
is why you have a period of terrible

is why you have a period of terrible

is why you have a period of terrible
instability so as we were entering the

instability so as we were entering the

instability so as we were entering the
20th century velocity money was

20th century velocity money was

20th century velocity money was
collapsing then the Ching Dynasty

collapsing then the Ching Dynasty

collapsing then the Ching Dynasty
collapsed it's a global phenomena that

collapsed it's a global phenomena that

collapsed it's a global phenomena that
ended dynastic rule in China then in the

ended dynastic rule in China then in the

ended dynastic rule in China then in the
period 1914 to 1918 The Turk Ottoman

period 1914 to 1918 The Turk Ottoman

period 1914 to 1918 The Turk Ottoman
Empire collapsed the austr Hungarian

Empire collapsed the austr Hungarian

Empire collapsed the austr Hungarian
Empire the Russian Empire Germany was

Empire the Russian Empire Germany was

Empire the Russian Empire Germany was
destroyed and the British Empire had

destroyed and the British Empire had

destroyed and the British Empire had
passed its enith and was really

passed its enith and was really

passed its enith and was really
collapsing at that point so it's a

collapsing at that point so it's a

collapsing at that point so it's a
global collapse and the people that

global collapse and the people that

global collapse and the people that
controlled the banking power through

controlled the banking power through

controlled the banking power through
that managed to stay in control and they

that managed to stay in control and they

that managed to stay in control and they
did it by subjugating populations it's

did it by subjugating populations it's

did it by subjugating populations it's
not about taking their money it's not

not about taking their money it's not

not about taking their money it's not
about taking their stuff which they

about taking their stuff which they

about taking their stuff which they
don't need it's about suppression and

don't need it's about suppression and

don't need it's about suppression and
subjugation and that's the lesson when

subjugation and that's the lesson when

subjugation and that's the lesson when
you look at this period in the

you look at this period in the

you look at this period in the
1930s and that is what they have planned

1930s and that is what they have planned

1930s and that is what they have planned
for this kind of a cycle again and

for this kind of a cycle again and

for this kind of a cycle again and
they've set up for it so this plan to

they've set up for it so this plan to

they've set up for it so this plan to
take all collateral globally and to

take all collateral globally and to

take all collateral globally and to
collapse the system in a kind of

collapse the system in a kind of

collapse the system in a kind of
controll demolition where they end up

controll demolition where they end up

controll demolition where they end up
controlling everything this design was

controlling everything this design was

controlling everything this design was
set in motion over 50 years ago it may

set in motion over 50 years ago it may

set in motion over 50 years ago it may
have had a longer planning Horizon than

have had a longer planning Horizon than

have had a longer planning Horizon than
that but we can see actual concrete

that but we can see actual concrete

that but we can see actual concrete
steps beginning in the 1960s with the

steps beginning in the 1960s with the

steps beginning in the 1960s with the
dematerialization so when this is

dematerialization so when this is

dematerialization so when this is
unfolding this wave of insolvencies and

unfolding this wave of insolvencies and

unfolding this wave of insolvencies and
it creates an urgency to take the

it creates an urgency to take the

it creates an urgency to take the
collateral people will be terrified they

collateral people will be terrified they

collateral people will be terrified they
will be panicked and we know that fear

will be panicked and we know that fear

will be panicked and we know that fear
shuts down critical thinking so people

shuts down critical thinking so people

shuts down critical thinking so people
people will be in panic mode I've always

people will be in panic mode I've always

people will be in panic mode I've always
been interested in what happened in the

been interested in what happened in the

been interested in what happened in the
30s because of talking about these

30s because of talking about these

30s because of talking about these
things with my father who lived through

things with my father who lived through

things with my father who lived through
that and what I saw happening in

that and what I saw happening in

that and what I saw happening in
Cleveland when I was a boy I'd try to

Cleveland when I was a boy I'd try to

Cleveland when I was a boy I'd try to
talk with anyone who would lived through

talk with anyone who would lived through

talk with anyone who would lived through
that time and I asked my aunt uh what

that time and I asked my aunt uh what

that time and I asked my aunt uh what
had happened in the 30s and she said

had happened in the 30s and she said

had happened in the 30s and she said
well suddenly no one had any money and I

well suddenly no one had any money and I

well suddenly no one had any money and I
said what do you mean how could that be

said what do you mean how could that be

said what do you mean how could that be
and she said well no one had any money

and she said well no one had any money

and she said well no one had any money
and even wealthy families didn't have

and even wealthy families didn't have

and even wealthy families didn't have
any money and she knew families in which

any money and she knew families in which

any money and she knew families in which
their daughters had been going to

their daughters had been going to

their daughters had been going to
private schools and they couldn't afford

private schools and they couldn't afford

private schools and they couldn't afford
to go back to school when you really

to go back to school when you really

to go back to school when you really
look at what happened there if you close

look at what happened there if you close

look at what happened there if you close
all the banks which is what FDR did he

all the banks which is what FDR did he

all the banks which is what FDR did he
suddenly literally closed all the banks

suddenly literally closed all the banks

suddenly literally closed all the banks
and then only certain Banks were allowed

and then only certain Banks were allowed

and then only certain Banks were allowed
to reopen which were the ones controlled

to reopen which were the ones controlled

to reopen which were the ones controlled
by the fed well then suddenly no one had

by the fed well then suddenly no one had

by the fed well then suddenly no one had
any money it's not hard to imagine when

any money it's not hard to imagine when

any money it's not hard to imagine when
when it's all just shut down suddenly

when it's all just shut down suddenly

when it's all just shut down suddenly
and then you have the problem that there

and then you have the problem that there

and then you have the problem that there
was a drop in price level drop in

was a drop in price level drop in

was a drop in price level drop in
activity and they kept the economic

activity and they kept the economic

activity and they kept the economic
activity very suppressed for years and I

activity very suppressed for years and I

activity very suppressed for years and I
know that from family history through

know that from family history through

know that from family history through
the 30s my grandfather's engineering

the 30s my grandfather's engineering

the 30s my grandfather's engineering
business I know from a family letter by

business I know from a family letter by

business I know from a family letter by
1936 which was 3 years after the banks

1936 which was 3 years after the banks

1936 which was 3 years after the banks
had reopened there was still no business

had reopened there was still no business

had reopened there was still no business
3 years later they managed to get

3 years later they managed to get

3 years later they managed to get
through this both sides of my family

through this both sides of my family

through this both sides of my family
because they had no debt people were

because they had no debt people were

because they had no debt people were
more conservative then but it was very

difficult now the other thing that

difficult now the other thing that
happened was the Federal Reserve was set

happened was the Federal Reserve was set

happened was the Federal Reserve was set
up with a kind of inevitable logic that

up with a kind of inevitable logic that

up with a kind of inevitable logic that
they would have to take the gold from

they would have to take the gold from

they would have to take the gold from
the public which was of course the

the public which was of course the

the public which was of course the
monetary asset backing everything then

monetary asset backing everything then

monetary asset backing everything then
so the go gold of the public was

so the go gold of the public was

so the go gold of the public was
confiscated under the complaint that the

confiscated under the complaint that the

confiscated under the complaint that the
public was hoarding the gold but then

public was hoarding the gold but then

public was hoarding the gold but then
what did the FED do with it the FED

what did the FED do with it the FED

what did the FED do with it the FED
hoarded the gold and did not use it to

hoarded the gold and did not use it to

hoarded the gold and did not use it to
expand credit they kept the conditions

expand credit they kept the conditions

expand credit they kept the conditions
tight so what do we have this time

tight so what do we have this time

tight so what do we have this time
around gold is not the underlying

around gold is not the underlying

around gold is not the underlying
collateral in this system it's all

collateral in this system it's all

collateral in this system it's all
Securities globally so they will be

Securities globally so they will be

Securities globally so they will be
taken under the argument that well we

taken under the argument that well we

taken under the argument that well we
have to save these systemically vital

have to save these systemically vital

have to save these systemically vital
institutions so that we can restart the

institutions so that we can restart the

institutions so that we can restart the
economy again how could we restart the

economy again how could we restart the

economy again how could we restart the
economy if they are not protected so

economy if they are not protected so

economy if they are not protected so
that will be the reason given and it's

that will be the reason given and it's

that will be the reason given and it's
like a game of Monopoly where all of the

like a game of Monopoly where all of the

like a game of Monopoly where all of the
pieces all of the money on the board are

pieces all of the money on the board are

pieces all of the money on the board are
pulled back to the bank and then they

pulled back to the bank and then they

pulled back to the bank and then they
say let's start a new game and we'll

say let's start a new game and we'll

say let's start a new game and we'll
start over from the basis that we have

start over from the basis that we have

start over from the basis that we have
everything and you don't so would you

everything and you don't so would you

everything and you don't so would you
like to borrow something and this is

like to borrow something and this is

like to borrow something and this is
what the CBD C the Central Bank digital

what the CBD C the Central Bank digital

what the CBD C the Central Bank digital
currency will be it will be very

currency will be it will be very

currency will be it will be very
difficult for people to refuse to use it

difficult for people to refuse to use it

difficult for people to refuse to use it
because they literally won't be able to

because they literally won't be able to

because they literally won't be able to
eat they will have an app they can

eat they will have an app they can

eat they will have an app they can
download this will be the help this will

download this will be the help this will

download this will be the help this will
be the calvary riding to the rescue just

be the calvary riding to the rescue just

be the calvary riding to the rescue just
download this app and you can load your

download this app and you can load your

download this app and you can load your
phone with some currency to allow you to

phone with some currency to allow you to

phone with some currency to allow you to
go buy milk but every time you use that

go buy milk but every time you use that

go buy milk but every time you use that
you actually borrowing money from them

you actually borrowing money from them

you actually borrowing money from them
they had have you again it will happen

they had have you again it will happen

they had have you again it will happen
very fast this will unfold in a very

very fast this will unfold in a very

very fast this will unfold in a very
frightening crisis kind of environment

frightening crisis kind of environment

frightening crisis kind of environment
and people will have difficulty refusing

and people will have difficulty refusing

and people will have difficulty refusing
that's why it's so important to spread

that's why it's so important to spread

that's why it's so important to spread
this awareness of this beforehand so

this awareness of this beforehand so

this awareness of this beforehand so
that people understand what is happening

that people understand what is happening

that people understand what is happening
and so that people can become engaged in

and so that people can become engaged in

and so that people can become engaged in
this all the way to the top of the

this all the way to the top of the

this all the way to the top of the
system it has the potential to activate

system it has the potential to activate

system it has the potential to activate
very capable people all the way to the

very capable people all the way to the

very capable people all the way to the
the top of the system it has the

the top of the system it has the

the top of the system it has the
potential to unify people against

this what I tried to do with this book

this what I tried to do with this book
was to stick with things I absolutely

was to stick with things I absolutely

was to stick with things I absolutely
know and to make it a kind of ho in

know and to make it a kind of ho in

know and to make it a kind of ho in
terms of allowing one to see a ear

terms of allowing one to see a ear

terms of allowing one to see a ear
reputably the whole thing with the aim

reputably the whole thing with the aim

reputably the whole thing with the aim
of pulling it out on the table so that

of pulling it out on the table so that

of pulling it out on the table so that
everyone can have a good look at it

everyone can have a good look at it

everyone can have a good look at it
including the participants including the

including the participants including the

including the participants including the
people that are making it happen I have

people that are making it happen I have

people that are making it happen I have
the premise that this is largely being

the premise that this is largely being

the premise that this is largely being
done

done

done
unconsciously that the end result of

unconsciously that the end result of

unconsciously that the end result of
this has not really been fully

this has not really been fully

this has not really been fully
understood by the participants and that

understood by the participants and that

understood by the participants and that
her perhaps even the people at the very

her perhaps even the people at the very

her perhaps even the people at the very
top of this do not understand what is

top of this do not understand what is

top of this do not understand what is
about to happen and that they will be

about to happen and that they will be

about to happen and that they will be
destroyed by their own hand if they do

destroyed by their own hand if they do

destroyed by their own hand if they do
this so it's the result of a kind of

this so it's the result of a kind of

this so it's the result of a kind of
inevitable logic that they have that

inevitable logic that they have that

inevitable logic that they have that
they have to control everything that has

they have to control everything that has

they have to control everything that has
now been taken to the ultimate degree

now been taken to the ultimate degree

now been taken to the ultimate degree
where one can see while it's an

where one can see while it's an

where one can see while it's an
intelligent design it is Liv literally

intelligent design it is Liv literally

intelligent design it is Liv literally
insane to actually do this because no

insane to actually do this because no

insane to actually do this because no
one wants this and that the people that

one wants this and that the people that

one wants this and that the people that
have inherited this ownership layer at

have inherited this ownership layer at

have inherited this ownership layer at
the very top they did not Design This

the very top they did not Design This

the very top they did not Design This
they did not put it in motion they have

they did not put it in motion they have

they did not put it in motion they have
allowed the Juggernaut to continue there

allowed the Juggernaut to continue there

allowed the Juggernaut to continue there
has been no pruning in the garden

has been no pruning in the garden

has been no pruning in the garden
there's been no oversight it's literally

there's been no oversight it's literally

there's been no oversight it's literally
never been looked at never been checked

never been looked at never been checked

never been looked at never been checked
it is basically run out of control

it is basically run out of control

it is basically run out of control
unconscious ly so we have to make it

unconscious ly so we have to make it

unconscious ly so we have to make it
conscious all the way to the top of the

conscious all the way to the top of the

conscious all the way to the top of the
system now another way I think about

system now another way I think about

system now another way I think about
this is they study us we have to try to

this is they study us we have to try to

this is they study us we have to try to
imagine who we're dealing with here so

imagine who we're dealing with here so

imagine who we're dealing with here so
I'm getting into conjecture about this I

I'm getting into conjecture about this I

I'm getting into conjecture about this I
have known people pretty high in the

have known people pretty high in the

have known people pretty high in the
system I have this idea that people are

system I have this idea that people are

system I have this idea that people are
intimidating if you have not met them

intimidating if you have not met them

intimidating if you have not met them
but once You' met them you see that they

but once You' met them you see that they

but once You' met them you see that they
are just people and I think we have to

are just people and I think we have to

are just people and I think we have to
understand these are just people they

understand these are just people they

understand these are just people they
are not lizards eating babies like

are not lizards eating babies like

are not lizards eating babies like
potato chips that is not helpful to

potato chips that is not helpful to

potato chips that is not helpful to
think of it that way so they are

think of it that way so they are

think of it that way so they are
actually not particularly capable people

actually not particularly capable people

actually not particularly capable people
so there is a head of the snake but it

so there is a head of the snake but it

so there is a head of the snake but it
can't do anything alone it is ryant on

can't do anything alone it is ryant on

can't do anything alone it is ryant on
the muscle beneath the head of the snake

the muscle beneath the head of the snake

the muscle beneath the head of the snake
to do everything for it and that part of

to do everything for it and that part of

to do everything for it and that part of
the purpose of this is to push this

the purpose of this is to push this

the purpose of this is to push this
awareness up to that muscle now what

awareness up to that muscle now what

awareness up to that muscle now what
what would that look like it might look

what would that look like it might look

what would that look like it might look
like people that control corporations

like people that control corporations

like people that control corporations
that are doing all the work to implement

that are doing all the work to implement

that are doing all the work to implement
this that would realize when they see

this that would realize when they see

this that would realize when they see
this that they didn't know anything

this that they didn't know anything

this that they didn't know anything
about this which means they do not

about this which means they do not

about this which means they do not
actually have a place at the table how

actually have a place at the table how

actually have a place at the table how
might that affect their thinking could

might that affect their thinking could

might that affect their thinking could
they have some interesting conversations

they have some interesting conversations

they have some interesting conversations
with someone when they're asked to do

with someone when they're asked to do

with someone when they're asked to do
something could they perhaps decide to

something could they perhaps decide to

something could they perhaps decide to
withdraw participation that kind of

withdraw participation that kind of

withdraw participation that kind of
thing we need to happen so we have to

thing we need to happen so we have to

thing we need to happen so we have to
reach people at high levels in this

reach people at high levels in this

reach people at high levels in this
system another principle is that there's

system another principle is that there's

system another principle is that there's
not just one head of the snake it's like

not just one head of the snake it's like

not just one head of the snake it's like
a Hydra there are lots of heads and if

a Hydra there are lots of heads and if

a Hydra there are lots of heads and if
you cut one off another one grows back

you cut one off another one grows back

you cut one off another one grows back
so you have to be able to show the

so you have to be able to show the

so you have to be able to show the
entirety of this because they only

entirety of this because they only

entirety of this because they only
understand one piece of it so this is

understand one piece of it so this is

understand one piece of it so this is
like a mirror to be able to see

like a mirror to be able to see

like a mirror to be able to see
concisely ly the hole of where this is

concisely ly the hole of where this is

concisely ly the hole of where this is
going so that you can address the many

going so that you can address the many

going so that you can address the many
headed Hydra you know people consider

headed Hydra you know people consider

headed Hydra you know people consider
that the CIA and all the intelligence

that the CIA and all the intelligence

that the CIA and all the intelligence
organizations are much like that as I

organizations are much like that as I

organizations are much like that as I
said the garden has not been pruned

said the garden has not been pruned

said the garden has not been pruned
there's been no oversight here so

there's been no oversight here so

there's been no oversight here so
they're all running within their

they're all running within their

they're all running within their
missions essentially out of control

missions essentially out of control

missions essentially out of control
those people also need to be aware of

those people also need to be aware of

those people also need to be aware of
where this is going now there are people

where this is going now there are people

where this is going now there are people
that are actually criminals that are

that are actually criminals that are

that are actually criminals that are
killers in this but they are not the

killers in this but they are not the

killers in this but they are not the
people running things actually if the

people running things actually if the

people running things actually if the
money is just cut off to these entities

money is just cut off to these entities

money is just cut off to these entities
it

it

it
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stops I think that we're very close to

stops I think that we're very close to

stops I think that we're very close to
this collapse being triggered what are

this collapse being triggered what are

this collapse being triggered what are
the indications for that well most

the indications for that well most

the indications for that well most
profoundly what has been done to

profoundly what has been done to

profoundly what has been done to
interest rates and where they are now in

interest rates and where they are now in

interest rates and where they are now in
the scale of the insolvencies that are

the scale of the insolvencies that are

the scale of the insolvencies that are
out there they're not being discussed

out there they're not being discussed

out there they're not being discussed
they're being covered up the only way

they're being covered up the only way

they're being covered up the only way
that the financial system has not

that the financial system has not

that the financial system has not
collapsed is that there is a big Hidden

collapsed is that there is a big Hidden

collapsed is that there is a big Hidden
Hand injecting lots of created money

Hand injecting lots of created money

Hand injecting lots of created money
directly into the financial markets

directly into the financial markets

directly into the financial markets
holding them up right now as well as

holding them up right now as well as

holding them up right now as well as
allowing institutions to believe they

allowing institutions to believe they

allowing institutions to believe they
have downside Risk by buying protection

have downside Risk by buying protection

have downside Risk by buying protection
in the derivatives Market the

in the derivatives Market the

in the derivatives Market the
combination of those things so this

combination of those things so this

combination of those things so this
support The Hidden Hand as I call it can

support The Hidden Hand as I call it can

support The Hidden Hand as I call it can
be withdrawn at the time of their

be withdrawn at the time of their

be withdrawn at the time of their
choosing but we're getting late in this

choosing but we're getting late in this

choosing but we're getting late in this
process given what's already happened to

process given what's already happened to

process given what's already happened to
the interest rates the other indication

the interest rates the other indication

the interest rates the other indication
of timing is the bank resolution the

of timing is the bank resolution the

of timing is the bank resolution the
documents of the bank resolution

documents of the bank resolution

documents of the bank resolution
Authority in Europe their planning cycle

Authority in Europe their planning cycle

Authority in Europe their planning cycle
documents were mandating all of the

documents were mandating all of the

documents were mandating all of the
globally systemically important Banks to

globally systemically important Banks to

globally systemically important Banks to
be ready for solvent wind down at the

be ready for solvent wind down at the

be ready for solvent wind down at the
end of last year 2022 now what they mean

end of last year 2022 now what they mean

end of last year 2022 now what they mean
by solvent wind down is not wind down of

by solvent wind down is not wind down of

by solvent wind down is not wind down of
the entire Bank on a solvent basis it

the entire Bank on a solvent basis it

the entire Bank on a solvent basis it
will be parts of the bank that will

will be parts of the bank that will

will be parts of the bank that will
remain solvent but they've literally

remain solvent but they've literally

remain solvent but they've literally
mandated that they have to be ready the

mandated that they have to be ready the

mandated that they have to be ready the
biggest banks to go flat on all of their

biggest banks to go flat on all of their

biggest banks to go flat on all of their
derivatives positions in a controlled

derivatives positions in a controlled

derivatives positions in a controlled
way suddenly so they've prepared for

way suddenly so they've prepared for

way suddenly so they've prepared for
that that is operational as at the end

that that is operational as at the end

that that is operational as at the end
of last year now in this year's planning

of last year now in this year's planning

of last year now in this year's planning
cycle document they are saying that they

cycle document they are saying that they

cycle document they are saying that they
are on track to have completed all their

are on track to have completed all their

are on track to have completed all their
work by the end of this year 2023 so

work by the end of this year 2023 so

work by the end of this year 2023 so
these are indications to give you

these are indications to give you

these are indications to give you
another idea of the seriousness of this

another idea of the seriousness of this

another idea of the seriousness of this
they've been running these trilateral

they've been running these trilateral

they've been running these trilateral
exercises with Britain and the EU and

exercises with Britain and the EU and

exercises with Britain and the EU and
the US for six of the seven past years I

the US for six of the seven past years I

the US for six of the seven past years I
think they may have missed a year during

think they may have missed a year during

think they may have missed a year during
Co but in these exercises from the US

Co but in these exercises from the US

Co but in these exercises from the US
side the participants are the US

side the participants are the US

side the participants are the US
Treasury secretary the chairman of the

Treasury secretary the chairman of the

Treasury secretary the chairman of the
Federal Reserve the chairman of the FDIC

Federal Reserve the chairman of the FDIC

Federal Reserve the chairman of the FDIC
the heads of all these entities in this

the heads of all these entities in this

the heads of all these entities in this
exercise which I've never seen before

exercise which I've never seen before

exercise which I've never seen before
with anything so they're very very

with anything so they're very very

with anything so they're very very
serious about this and these exercises

serious about this and these exercises

serious about this and these exercises
are about assuring the crossborder

are about assuring the crossborder

are about assuring the crossborder
transfer of the collateral when the

transfer of the collateral when the

transfer of the collateral when the
banks are put into wind

down so you've noticed in the news that

down so you've noticed in the news that
there have been some failures of banks

there have been some failures of banks

there have been some failures of banks
in the last year and that is due to this

in the last year and that is due to this

in the last year and that is due to this
increase this backup in interest rates

increase this backup in interest rates

increase this backup in interest rates
and the idea that this is a bank

and the idea that this is a bank

and the idea that this is a bank
specific problem is not the case these

specific problem is not the case these

specific problem is not the case these
are the canaries in the coal mine this

are the canaries in the coal mine this

are the canaries in the coal mine this
is absolutely systemic again looking

is absolutely systemic again looking

is absolutely systemic again looking
back at the 1930s for guidance here the

back at the 1930s for guidance here the

back at the 1930s for guidance here the
first big bank failure was in 1930 it

first big bank failure was in 1930 it

first big bank failure was in 1930 it
was allowed to happen and there was a

was allowed to happen and there was a

was allowed to happen and there was a
kind of trickle of bank failures so the

kind of trickle of bank failures so the

kind of trickle of bank failures so the
bank holiday when they closed everything

bank holiday when they closed everything

bank holiday when they closed everything
was until 1933 so it was an unfolding

was until 1933 so it was an unfolding

was until 1933 so it was an unfolding
banking crisis for 3 years so it's not

banking crisis for 3 years so it's not

banking crisis for 3 years so it's not
unusual that you would have an opening

unusual that you would have an opening

unusual that you would have an opening
stage here of a number of banks that

stage here of a number of banks that

stage here of a number of banks that
have failed but it doesn't all let loose

have failed but it doesn't all let loose

have failed but it doesn't all let loose
immediately it unfolds over months and

immediately it unfolds over months and

immediately it unfolds over months and
perhaps a couple of years before you hit

perhaps a couple of years before you hit

perhaps a couple of years before you hit
the point where everything's in fre

the point where everything's in fre

the point where everything's in fre
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fall well how could things be better

fall well how could things be better

fall well how could things be better
here how could this go well we have to

here how could this go well we have to

here how could this go well we have to
imagine that it seems to be overwhelming

imagine that it seems to be overwhelming

imagine that it seems to be overwhelming
but the first step is to get this

but the first step is to get this

but the first step is to get this
awareness up to the highest levels so

awareness up to the highest levels so

awareness up to the highest levels so
that people realize we don't want this

that people realize we don't want this

that people realize we don't want this
to happen it's been taken to an insane

to happen it's been taken to an insane

to happen it's been taken to an insane
extreme and it's not going to go well

extreme and it's not going to go well

extreme and it's not going to go well
for anyone then people are left with

for anyone then people are left with

for anyone then people are left with
this idea that well everything will just

this idea that well everything will just

this idea that well everything will just
collapse and I don't believe that at all

collapse and I don't believe that at all

collapse and I don't believe that at all
there is a real world with real economic

there is a real world with real economic

there is a real world with real economic
activity that goes on despite this

activity that goes on despite this

activity that goes on despite this
system that extracts resources from

system that extracts resources from

system that extracts resources from
people and places enormous stress on

people and places enormous stress on

people and places enormous stress on
them that funds psychological operations

them that funds psychological operations

them that funds psychological operations
that are of course public facing they're

that are of course public facing they're

that are of course public facing they're
used against the population so the the

used against the population so the the

used against the population so the the
resources of the public are extracted

resources of the public are extracted

resources of the public are extracted
tremendous burdens are placed on people

tremendous burdens are placed on people

tremendous burdens are placed on people
stresses it's a system that subjugates

stresses it's a system that subjugates

stresses it's a system that subjugates
people and if that simply stops

people and if that simply stops

people and if that simply stops
everything gets better immediately now

everything gets better immediately now

everything gets better immediately now
how could things be different Central

how could things be different Central

how could things be different Central
Banking should be a public utility the

Banking should be a public utility the

Banking should be a public utility the
very idea that it should be controlled

very idea that it should be controlled

very idea that it should be controlled
by private interests that is the source

by private interests that is the source

by private interests that is the source
of all the problems for Humanity that

of all the problems for Humanity that

of all the problems for Humanity that
must stop as a public utility you know

must stop as a public utility you know

must stop as a public utility you know
of course banking is a useful thing to

of course banking is a useful thing to

of course banking is a useful thing to
have we have to realize we don't have to

have we have to realize we don't have to

have we have to realize we don't have to
go back to Sticks and Stones we don't

go back to Sticks and Stones we don't

go back to Sticks and Stones we don't
want everything burned to the ground we

want everything burned to the ground we

want everything burned to the ground we
have to take back control of our society

have to take back control of our society

have to take back control of our society
which has largely been created by good

which has largely been created by good

which has largely been created by good
people all the Innovations and usurped

people all the Innovations and usurped

people all the Innovations and usurped
so we don't owe them anything we have

so we don't owe them anything we have

so we don't owe them anything we have
good things that have been created we

good things that have been created we

good things that have been created we
just have to not allow them to control

just have to not allow them to control

just have to not allow them to control
these things any

these things any

these things any
longer

longer

longer
so public banking would be like a

so public banking would be like a

so public banking would be like a
utility any profits would be returned to

utility any profits would be returned to

utility any profits would be returned to
the public or used to support government

the public or used to support government

the public or used to support government
we have to have government we have to

we have to have government we have to

we have to have government we have to
have some way to operate society and

have some way to operate society and

have some way to operate society and
have roads and do things that work for

have roads and do things that work for

have roads and do things that work for
society so Anarchy and Chaos we can't

society so Anarchy and Chaos we can't

society so Anarchy and Chaos we can't
have that so this has to be done

have that so this has to be done

have that so this has to be done
peacefully it has to be done legally

peacefully it has to be done legally

peacefully it has to be done legally
another concept and these are not my IDE

another concept and these are not my IDE

another concept and these are not my IDE
is on borrowing these things in terms of

is on borrowing these things in terms of

is on borrowing these things in terms of
public banking but also something like

public banking but also something like

public banking but also something like
the tax system which is really a way of

the tax system which is really a way of

the tax system which is really a way of
harassing and again subjugating people

harassing and again subjugating people

harassing and again subjugating people
we know with the scale of money creation

we know with the scale of money creation

we know with the scale of money creation
things are not being funded from our tax

things are not being funded from our tax

things are not being funded from our tax
dollars but if we had a stable system

dollars but if we had a stable system

dollars but if we had a stable system
some kind of share of economic resources

some kind of share of economic resources

some kind of share of economic resources
are needed to operate the government a

are needed to operate the government a

are needed to operate the government a
very simple way to do that is to place a

very simple way to do that is to place a

very simple way to do that is to place a
simple fee on every electronic money

simple fee on every electronic money

simple fee on every electronic money
transfer wouldn't be needed for paper

transfer wouldn't be needed for paper

transfer wouldn't be needed for paper
currency just every electronic money

currency just every electronic money

currency just every electronic money
transfer we know today that the major

transfer we know today that the major

transfer we know today that the major
corporations don't pay any taxes they

corporations don't pay any taxes they

corporations don't pay any taxes they
aren't supporting anything so money

aren't supporting anything so money

aren't supporting anything so money
flows it could be a fraction of a

flows it could be a fraction of a

flows it could be a fraction of a
percent and especially if you end all of

percent and especially if you end all of

percent and especially if you end all of
the wars if you wind down the military

the wars if you wind down the military

the wars if you wind down the military
bases if you stop all the covert actions

bases if you stop all the covert actions

bases if you stop all the covert actions
which are criminal the scale of

which are criminal the scale of

which are criminal the scale of
government can be right sized to what is

government can be right sized to what is

government can be right sized to what is
actually beneficial to

humanity as I say we're being governed

humanity as I say we're being governed
by constructs they aren't even real and

by constructs they aren't even real and

by constructs they aren't even real and
if they don't serve Humanity they must

if they don't serve Humanity they must

if they don't serve Humanity they must
be stopped and if we're going to have

be stopped and if we're going to have

be stopped and if we're going to have
artificial constructs they must serve

artificial constructs they must serve

artificial constructs they must serve
Humanity so imagine how people would

Humanity so imagine how people would

Humanity so imagine how people would
feel if they were told you don't have to

feel if they were told you don't have to

feel if they were told you don't have to
file taxes in anymore that's all going

file taxes in anymore that's all going

file taxes in anymore that's all going
to be handled just pay a tenth of a

to be handled just pay a tenth of a

to be handled just pay a tenth of a
percent on whatever electronic transfer

percent on whatever electronic transfer

percent on whatever electronic transfer
you're doing but the people that run

you're doing but the people that run

you're doing but the people that run
this system don't want those kinds of

this system don't want those kinds of

this system don't want those kinds of
solutions because it would eliminate

solutions because it would eliminate

solutions because it would eliminate
their

control so my purpose with this book is

control so my purpose with this book is
to create something that will show the

to create something that will show the

to create something that will show the
entirety of what this is and where it's

entirety of what this is and where it's

entirety of what this is and where it's
going to do it with an economy of

going to do it with an economy of

going to do it with an economy of
information

information

information
and just hard irrefutable information

and just hard irrefutable information

and just hard irrefutable information
and put this in something that can

and put this in something that can

and put this in something that can
travel and that is happening and I know

travel and that is happening and I know

travel and that is happening and I know
already that it has reached billionaires

already that it has reached billionaires

already that it has reached billionaires
it's reached people all over the world

it's reached people all over the world

it's reached people all over the world
it's Reach people that manage a lot of

it's Reach people that manage a lot of

it's Reach people that manage a lot of
money have responsibility for that

money have responsibility for that

money have responsibility for that
people in weris and Vancouver and New

people in weris and Vancouver and New

people in weris and Vancouver and New
Zealand and Monaco London so it is

Zealand and Monaco London so it is

Zealand and Monaco London so it is
happening that's what we have to have

happening that's what we have to have

happening that's what we have to have
happen and we need people at the top of

happen and we need people at the top of

happen and we need people at the top of
the system that are not 6° separation

the system that are not 6° separation

the system that are not 6° separation
from the head of the snake but are more

from the head of the snake but are more

from the head of the snake but are more
like one or two degrees from the head of

like one or two degrees from the head of

like one or two degrees from the head of
the snake to become aware of this and

the snake to become aware of this and

the snake to become aware of this and
start to say something about it and

start to say something about it and

start to say something about it and
start to do something about it because

start to do something about it because

start to do something about it because
they realize that they are not going to

they realize that they are not going to

they realize that they are not going to
be protected as I say toward the end of

be protected as I say toward the end of

be protected as I say toward the end of
the book wealthy people think they're

the book wealthy people think they're

the book wealthy people think they're
special you are special they're saving

special you are special they're saving

special you are special they're saving
you for

you for

you for
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dessert and you let that sink in so

dessert and you let that sink in so

dessert and you let that sink in so
everybody has to get busy with this

everybody has to get busy with this

everybody has to get busy with this
including people who believe that they

including people who believe that they

including people who believe that they
are powerful and they can make a

are powerful and they can make a

are powerful and they can make a
difference and it needs to be done

difference and it needs to be done

difference and it needs to be done
legally needs to be opposed through

legally needs to be opposed through

legally needs to be opposed through
legal means I mean imagine what would

legal means I mean imagine what would

legal means I mean imagine what would
happen if judges in important position

happen if judges in important position

happen if judges in important position
Ians become aware of this prosecutors

Ians become aware of this prosecutors

Ians become aware of this prosecutors
this has never really been examined in

this has never really been examined in

this has never really been examined in
terms of how it can be dismantled and

terms of how it can be dismantled and

terms of how it can be dismantled and
there will be ways to do this because it

there will be ways to do this because it

there will be ways to do this because it
is just a

construct so in terms of advice to

construct so in terms of advice to
people and again I can't give you a

people and again I can't give you a

people and again I can't give you a
financial advice I don't know your

financial advice I don't know your

financial advice I don't know your
personal situation I would start by

personal situation I would start by

personal situation I would start by
saying that your happiness is important

saying that your happiness is important

saying that your happiness is important
and the happiness of your family and you

and the happiness of your family and you

and the happiness of your family and you
should not let Financial considerations

should not let Financial considerations

should not let Financial considerations
cause you to do something that will

cause you to do something that will

cause you to do something that will
drive your family into despair you have

drive your family into despair you have

drive your family into despair you have
to be able to get through these years

to be able to get through these years

to be able to get through these years
but if there are things you can do that

but if there are things you can do that

but if there are things you can do that
might actually give you a relief of

might actually give you a relief of

might actually give you a relief of
stress you should consider doing those

stress you should consider doing those

stress you should consider doing those
things and one of those might be to

things and one of those might be to

things and one of those might be to
eliminate all debt so you have to get

eliminate all debt so you have to get

eliminate all debt so you have to get
over this notion that you should use

over this notion that you should use

over this notion that you should use
borrowed money to control more stuff

borrowed money to control more stuff

borrowed money to control more stuff
they want you to do that because when

they want you to do that because when

they want you to do that because when
the price level Falls you won't be able

the price level Falls you won't be able

the price level Falls you won't be able
to service that debt so you take

to service that debt so you take

to service that debt so you take
advantage of this time remaining to sell

advantage of this time remaining to sell

advantage of this time remaining to sell
things to pay off your debts it doesn't

things to pay off your debts it doesn't

things to pay off your debts it doesn't
make sense to have money in the

make sense to have money in the

make sense to have money in the
financial markets when you also have

financial markets when you also have

financial markets when you also have
debt there are people I know who have

debt there are people I know who have

debt there are people I know who have
sold their homes which is a tough

sold their homes which is a tough

sold their homes which is a tough
decision to make and are simply renting

decision to make and are simply renting

decision to make and are simply renting
to make sure that they're not in debt at

to make sure that they're not in debt at

to make sure that they're not in debt at
all so you have to ask yourself these

all so you have to ask yourself these

all so you have to ask yourself these
are personal decisions how that feels

are personal decisions how that feels

are personal decisions how that feels
for you to do that another principle is

for you to do that another principle is

for you to do that another principle is
to get real so to speak to invest in

to get real so to speak to invest in

to get real so to speak to invest in
real things avoid constructs and

real things avoid constructs and

real things avoid constructs and
intermediaries you want to hold things

intermediaries you want to hold things

intermediaries you want to hold things
directly have good title to them things

directly have good title to them things

directly have good title to them things
that you can hold like that such as land

that you can hold like that such as land

that you can hold like that such as land
buildings in land and you want to think

buildings in land and you want to think

buildings in land and you want to think
about if this goes into a difficult

about if this goes into a difficult

about if this goes into a difficult
period of years and this can be a

period of years and this can be a

period of years and this can be a
positive thing is to have an ability to

positive thing is to have an ability to

positive thing is to have an ability to
produce food in the 30s for both sides

produce food in the 30s for both sides

produce food in the 30s for both sides
of my family they weren't Farmers but

of my family they weren't Farmers but

of my family they weren't Farmers but
they had to have recourse to family that

they had to have recourse to family that

they had to have recourse to family that
had farms in order to supplement their

had farms in order to supplement their

had farms in order to supplement their
food it was important so again that can

food it was important so again that can

food it was important so again that can
be done in a positive way you put money

be done in a positive way you put money

be done in a positive way you put money
into building a green House have a big

into building a green House have a big

into building a green House have a big
garden and Orchard might choose to live

garden and Orchard might choose to live

garden and Orchard might choose to live
in a more rural area talking with people

in a more rural area talking with people

in a more rural area talking with people
who went through the depression there

who went through the depression there

who went through the depression there
was one friend of mine much older than

was one friend of mine much older than

was one friend of mine much older than
me I knew he had lived through the

me I knew he had lived through the

me I knew he had lived through the
depression and I asked him about it and

depression and I asked him about it and

depression and I asked him about it and
he said well you know both my parents

he said well you know both my parents

he said well you know both my parents
were killed in an automobile accident so

were killed in an automobile accident so

were killed in an automobile accident so
I was on my grandfather's farm and I was

I was on my grandfather's farm and I was

I was on my grandfather's farm and I was
not aware that there was a depression so

not aware that there was a depression so

not aware that there was a depression so
he was on this farm with his cousins

he was on this farm with his cousins

he was on this farm with his cousins
that tells tells you something as a

that tells tells you something as a

that tells tells you something as a
child they were just

child they were just

child they were just
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fine the book I've written is called the

fine the book I've written is called the

fine the book I've written is called the
Great taking and you can find it on a

Great taking and you can find it on a

Great taking and you can find it on a
landing page at the great tak.com there

landing page at the great tak.com there

landing page at the great tak.com there
is a free pdf you can download I've done

is a free pdf you can download I've done

is a free pdf you can download I've done
it this way because it will make it

it this way because it will make it

it this way because it will make it
close to zero friction so it can spread

close to zero friction so it can spread

close to zero friction so it can spread
globally and that is really happening

globally and that is really happening

globally and that is really happening
some people would say well surely you

some people would say well surely you

some people would say well surely you
must be paid something for this and I

must be paid something for this and I

must be paid something for this and I
know that if I had been paid anything I

know that if I had been paid anything I

know that if I had been paid anything I
would just use it to spread the book so

would just use it to spread the book so

would just use it to spread the book so
why do that make it zero friction this

why do that make it zero friction this

why do that make it zero friction this
is the most important thing I can do

is the most important thing I can do

is the most important thing I can do
right now there are hard copy books you

right now there are hard copy books you

right now there are hard copy books you
can get through Lulu and those cost

can get through Lulu and those cost

can get through Lulu and those cost
something because it cost something to

something because it cost something to

something because it cost something to
produce them and they can be delivered

produce them and they can be delivered

produce them and they can be delivered
globally there is some small profit in

globally there is some small profit in

globally there is some small profit in
that but I am directing that to another

that but I am directing that to another

that but I am directing that to another
person who is a scientist and has done

person who is a scientist and has done

person who is a scientist and has done
very important

very important

very important
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work