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(0:00:00) It was still possible in other countries to have property rights to securities. That's what sent me to Sweden during the financial crisis because it was still possible to have property rights to securities in Sweden. Oh my god!
(0:00:17) Just got back from Sweden from a conference and got some fantastic interviews. And the first one I'm releasing is this meta guy, David Webb, a hedge fund manager and financial expert. And he has a book out that you simply must get hold of. It's a free book to get the message out. It's at thegreattaking.com.
(0:00:38) free download and i got to interview him after his fantastic talk and you know the you will own nothing and be happy well he has gone through the 50 year history of all the legal constructs that have been put in place to technically enable that to happen so
(0:00:56) Fantastic conversation. Please do share. Go to thegreattaking.com, get the book and share it, particularly with high net worth individuals who think they're pretty much safe from everything, but they're wrong. So enjoy. I'm here in beautiful Sweden at a fantastic conference talking about all the challenges that I've covered many times for you guys in the past. But last night I met someone I was not aware of with some fascinating material and a fascinating new free.
(0:01:25) PDF book, David Webb. Great to see you again. And last night you went through obviously a lot of detail over maybe an hour. It went past midnight. I was transfixed. My wife was transfixed. And a lot of the material is new to me. And it's the legal structures over the last 20 years that have gone into place in terms of global finance. So we can't cover it all here, but I might ask the first question.
(0:01:51) At what point in the past did all the people in the Western world, their ownership of equities and pensions and what they own, did they really own those things? They're called securities because they were secure. And that was the case for four centuries from the beginning, from the invention of securities.
(0:02:19) And there was definitely a design to sever ownership rights to securities. And this was beginning in the 1960s. So people certainly had property rights to their securities through the 1960s. And then a process of dematerialization was begun.
(0:02:48) to get rid of paper certificates as a first step, but then a new legal concept of an entitlement was created which is really the legal concept that severs your property rights to the securities. And that was the beginnings of the implementation of that was in 1994.
(0:03:17) with the revision to the Uniform Commercial Code in the United States. So this began in the United States. It took many years to implement that in all 50 states. So they were able to do this quietly. It didn't require any action at the federal level. It was done in state law. So it didn't draw attention.
(0:03:46) People in the U.S. had property rights for some time, even after the beginnings of this. So it's been planned and executed literally over decades. But we know the first thing I saw that really lit me up about this was in 2008. I was expecting a wave of insolvencies to begin.
(0:04:15) And there was a small broker-dealer in Florida that failed very early on in the financial crisis. And there was an article in Barron's showing that all of the client's securities were swept to the bankruptcy receiver. So prior to this point, if your broker had gone bust, you'd say, well, I'm sorry that happened. Here's where you can transfer my securities.
(0:04:44) So this was the first time that it actually happened, that the securities were not returned to the clients. So that was in 2008. But it was still possible in other countries to have property rights to securities. That's what sent me to Sweden.
(0:05:07) during the financial crisis because it was still possible to have property rights to securities in Sweden. So then over a period of six years, property rights to securities in Sweden was subverted. So it's been a long process over decades. It depends on what country you're talking about as to when the rights to securities were lost.
(0:05:37) Yeah, no, an excellent summary, David. And there's just so much in this. And that's why the book, the link is below, is just fascinating for the detail. But, you know, one thing that struck me, many things struck me last night. But one thing that struck me was initiated at the top level in the USA. So it's not coming from China. It's not coming from bad Russians. So that's key. It's rolled out over many decades. And as you stated twice, the people who set this in motion are dead.
(0:06:04) But it still remorselessly continues. And the other thing that really hit me was Sweden and Finland had local laws that were problematic for this system where you lose your rights. And they specifically went to Sweden and Finland to hoover up the last two countries. They should be irrelevant. But they made sure even those were in the system. That's stunning. Well, the intention is that there will be no...
(0:06:34) pocket of resistance anywhere this is a strategy to be implemented absolutely globally and it has been so sweden and finland i think through the mechanisms we won't get into here but the icsa or the csa is locally sweden and finland they've done workarounds in the legal structure that they're effectively now in in the in the basket they're in yes
(0:06:59) So the reality is now that if there was a massive collapse of the derivatives, which I think you said is a quadrillion of assets, many times the world GDP, there's this enormous nuclear, financial nuclear bomb. If that blew and we had contagion, ultimately all of the assets of people, your pension, your securities, your Apple shares, all of it that you think is yours with your broker legally now worldwide in the West.
(0:07:29) will be collateral for a massive problem and will be taken by, I think you said, the favored? Well, in the Lehman Brothers was used to set the case law precedent for the secured creditors taking the client assets in an insolvency.
(0:07:53) And it was a shocking example because just prior to this, what had been done in the case of Lehman would have been fraud, constructively fraud. But there were legal changes made essentially on the eve of the financial crisis to assure that clients could not take back their assets.
(0:08:18) out of the insolvency estate. So in the case of Lehman Brothers, JP Morgan was both the custodian for the client assets, there used to be a fiduciary duty to the clients, they're acting as the custodian, but they were also the secured creditor that took the client assets out of Lehman Brothers. And so there was a
(0:08:46) very important decision made by the bankruptcy court in the Southern District of New York, which is Manhattan, finding in favor of J.P. Morgan that they absolutely had the power to take the client assets immediately, even though they were the custodian. This case rang
(0:09:13) every bell for this having been constructively fraudulent but the court upheld this and they said in the decision that they first had to determine if JP Morgan was eligible to take the client assets and stated that as a member of the protected class
(0:09:41) That's actually in the decision. As a member of the protected class, J.P. Morgan certainly was empowered to take the client assets. So the point of this is that it's not all secured creditors. It's only selected entities that will take the creditors.
(0:10:00) collateral. And that's essentially just the very largest banking entities. JP Morgan is certainly one that has been involved in setting up this infrastructure. Yeah, exactly. And that is one of the terms I was trying to recall. Protected class. And there's a few terms like that. Maybe run through some of the analogous terms for the special people. Protected class.
(0:10:26) secured creditors. Well, the secured creditors have in this structure secured creditors. The key is that the property right has been severed by this concept of an entitlement, and that is associated, you may hear the term beneficial ownership, which sounds nice. I like to be...
(0:10:51) But what is meant by that, and you can find this in these documents, is that is distinct from legal ownership.
(0:11:00) Beneficial ownership means that you have the benefit of receiving a proxy, being able to vote, which no one ever does. You've got a claim on the asset that you think you own. And I know from the W8BEN form that I fill as a non-American, the beneficial owner, blah, blah, blah. So I've seen it. But what that means is, well, you really kind of are the owner in principle.
(0:11:26) But it's an appearance of ownership. And the legal ownership is actually with the entity that controls it as collateral. That's what matters in the event of insolvency. That's exactly it. Well, I know your time is short this morning. I have a couple more questions. One of them, I think, will be of interest to the audience as they're exposed to this new knowledge.
(0:11:52) Again, the PDF is below. You've got to read this book. The prologue alone is a fascinating story with your history. And you've been a hedge fund manager at a high level and so much more, just so people know, you know all this stuff big time. But all of this work over 50 years, and I'm kind of almost making it a rhetorical question.
(0:12:12) This work has gone on with huge effort from the top in the U.S. It has been foisted on Europe and the European Commission and all have put all the legal structures to do the same crazy system, etc. Is it directly with an intention when things go bang to hoover up all the people's assets in the biggest takeover in history? Or is it kind of a hedge from these people just in case things go wrong?
(0:12:42) and the derivatives market implodes mega bang that it'd be nice to have this in so it's us who are protected rather than the ordinary ants yes intentionality it's a tough one yes well i agree with you there were for some period of time when i was studying this i thought the latter perhaps that well it's kind of like the monopoly game with the all the
(0:13:10) the pieces on the board and, well, the game's over, and we'll just take all the pieces back over here, and then we'll start another game. And so there's a lot of truth in that, but I have to say there's an intelligent design behind this that has, I think, was conceived of
(0:13:39) over 50 years ago and was set in motion at that time and the deliberateness of this, the persistence decade after decade of executing on this and then forcing it globally which was literally led by the US Department of State which is the most powerful
(0:14:09) executive power globally. And it has worked because it has been imposed globally now. And as you were saying, any pocket of resistance, little Sweden and Finland weren't allowed to keep their rights to securities. So it's, and as it's laid out in the book, you can see that it is definitely on a timeline.
(0:14:37) for a massive collapse which is also being made to happen because this financialization bubble did not have to happen. It has been made to happen. It's an integral part of the strategy as will be the bust.
(0:15:02) that happens after this because as in the 1930s it's the period of years of low price level in which people are not able to service their debts so they're not able to maintain control of their property and you go into a period of deprivation really.
(0:15:29) So ultimately, we are in a hybrid war. And it's a war of conquest. But it's to be done subtly, up to a point. It's to be done with low energy input, not kinetically. It's to be done through these constructs, a subterfuge. Yeah, and as we say, as part of this...
(0:15:58) Great and secret show to use a title of a book I read once. You can have kinetic wars, but they're always quite managed. They're proxy wars. They're local, Syria, Ukraine, Iraq, but not the big one because all the parties worldwide are not interested in a big kinetic war because people will be affected at a high level. So it's managed. It's managed exquisitely. I just thought they're never explained by malice what may be just stupidity.
(0:16:27) But I think in this case, there is no stupidity in a 50-year, highly exotic, legal infrastructure expansion. It's not stupid, but it may be insane. Because it is pursuing a certain logic that will ultimately lead to the destruction of the people who are behind this. And that's what we must help them to understand.
(0:16:55) The people that set this in motion are gone. So we have to reach the consciousness of the inheritors of this situation. They are, in a sense, as trapped in this as we are. Yeah, and I love that point you stress many times. It's not like big, bad, you know, white cat guys. They're almost...
(0:17:25) almost trapped in this this program that's unstoppable but the people at the high level could still do something to at least negate its worst potential implications which are quite horrific because if there's a big grab as per the title of your book the great taking yeah and it's gonna get hyper messy and it's it's gonna be dreadful for everyone
(0:17:47) Yes. So if we lay it all out and expose this, it's literally never been taken out, unpackaged, and looked at. So if we all do this, especially up to the very wealthy on the planet...
(0:18:04) that they're not going to be protected. They believe they will be protected because they benefited from the system. But if they read this book and they realize they are not aware that this is planned, they will realize that they must help to expose this as well and say, we're not going to allow this to happen.
(0:18:24) Yeah, really important. And that's a final message. If you know someone of great net worth or even the financial and investment guys, hedge fund managers don't actually know about what we're talking about, you know, let them know because they are not like JP Morgan or the BIS in the protected class. They are not. Yes. Yeah. Thanks so much, David. Thank you so much. Thank you. So there you have it, folks. Pretty fascinating, eh? And concerning.
(0:18:51) But in any case, please do share the great taking dot com. Share the book, especially with high net worth individuals, as David pointed out. And of course, I'll just mention again, discussing things with David and Professor Werner and many more financial experts there. Actual gold, physical gold, preferably in your own possession, is a great hedge against a lot of the madness that we have been discussing lately.
(0:19:20) So I have a link to Pure Gold Company in London. They have vaults in New York and London and elsewhere. And of course, they will send gold to yourself for your own physical possession.
(0:19:34) Pensions or percentages of pension or other assets can be converted into something really, really safe. And it's not a speculative asset. I have hedged with a considerable percentage in physical gold, but it's not to speculate or to make money. This is about preserving and guarding any wealth you have for your family's future and your pension, etc. So you got to make your own.
(0:20:00) decisions based on financial advice from a financial advisor ideally but pure gold if you
(0:20:06) connect with them will run through the realities around this whole space so the links are down
(0:20:12) below should you wish to explore that option as i and many others in my network certainly have
(0:20:20) so that's it folks thanks so much for listening and please help david get that important message
(0:20:27) out there thank you
