The Great Taking, by which he means the mechanism of immediate confiscation of your financial assets by the owners of the central banks.

Thank you to Sasha Latypova. 

Here is Ivor Cummins' Twitter page.  

David Rogers Webb.  This podcast actually created a summary of his PDF book, The Great Taking.

At what point in the past did all the people in the Western world have their ownership of equities and pensions, and what they own, did they really own those things?

David Webb:  They're called securities because they were secure, and that was the case for four centuries, from the beginning, from the invention of securities, 16th century.  There was definitely a design to sever ownership rights to Securities and this was beginning in the 1960s and then a process of dematerialization was had begun to get rid of paper certificates as a first step but then a new legal concept of 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 in 1994 or with the revision to the Uniform Commercial Code, UCC, in the United States so this began in the United States, yet it took many tears 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 any attention but it was . . . .  People in the US had property rights for some time even after the beginnings of this literally over decades.  But what really lit me up about this was in 2008.  I was expecting a wave of insolvencies to begin and there was a small broker-dealer in Florida that failed very early on in the financial crisis.  There was an article in Barron's showing that all the client securities were swept to the bankruptcy receiver.  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.. so this was the first time that it had actually happened that the Securities were not returned to the clients.  That was in 2008.  

It was still possible in other countries to have property rights to securities.  That's what sent me to Sweden during a financial crisis because it was still possible to have property rights to securities in Sweden.  Then over a period of 6 years, property rights in two Securities in Sweden were subverted.  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.

This was initiated at the top level in the United States.  So it's not coming from China.  It's not coming from "bad Russians." And as you stated twice, the other thing that really hit me was that Sweden and Finland have 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 in nature, but even those were in the system.

Well, the intention is that there will be no pocket of resistance anywhere.  This is a strategy to be implemented absolutely globally.  And it has been.  

The ICSA, or the CSAS, locally in Sweden and Finland have done workarounds in the legal structure that they are effectively now in the basket.  They are in. 

Yes.

The reality is now that if there is a massive collapse of the derivatives, which I think you said is a quadrillion of assets many times the world GDP, forms this enormous nuclear financial bomb that if it blows and we have contagion, all of the assets of people, your pensions, your securities, your Apple shares, all of it that you think is yours with your broker legally now worldwide in the west, will be collateral for a massive problem and will be taken by the favored or . . . 

7:37. Webb.  Lehman Brothers, 2008, was used to set the case law precedent for the secured creditors taking the client assets.  And it was a shocking example because just prior to this what had been done in the case of Lehman would have been a fraud, constructively fraud, but there were legal changes made essentially on the eve of the financial crisis to ensure that clients could not take back their assets 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. But they're acting as the custodians and so there was a decision an important decision made by the bankruptcy court in the southern district of New York in Manhattan finding in favor of JP Morgan for the client assets immediately even though they were the custodians.  This case rang every bell of having been constructively fraudulent but the court upheld this and they said in the decision if JP Morgan was eligible to take the client assets and stated that as a member of the protected class that's actually in the decision as a member of the protected class JP Morgan certainly was empowered to take the client assets the point of this is that it's not all secured creditors it's only selected entities that will take the collateral and that's essentially just a very largest banking firms.

Gonzalo Lira, Tom Luongo, & Alex Krainer

[Davos & WEF] have been trying to create the idea that the United States was turning into a clown world, that we had political instability, cultural instability, and crime was rampant  -- Tom Luongo 

I sat down for a fun podcast with Gonzalo Lira and Tom Luongo - it turned out way longer than planned as it got very interesting and rather intense.
The Roundtable #33: Alex Krainer, Tom Luongo https://t.co/6aHa6BL2o2 via @YouTube

— Alex (Sasha) Krainer (@NakedHedgie) November 10, 2022

10:05. The off-shore dollar markets are run by the old European banks.  They're the ones most vulnerable to rate shock.  The ECB has held interest rate or deposit rates at minus .06% for what, 8 years now?  They've destroyed the Euro as a potential reserve currency because of this.  They've punished savers.  And they forced upwards of 12, , 14, trillion dollars worth of European sovereign debt was trading at a negative yield. Then they wanted to keep it that way while they kept creating this international idea that the United States . . . 

10:48. Trying to create the idea that the United States was turning into a clown world, that we had political instability, cultural instability, and crime was rampant.  Oh, this just a typical PR operation. The reality is that something is happening behind the scenes here and that it's really powerful and really simple.  Davos' plan for the central bank digital currencies is to do away with commercial banking.  You can't have technocratic, European style communism without destroying the two-tiered monetary transmission system, which goes from the central banks to the commercial banks to the retail money users.  They want to collapse that unto central banks to retail.  Well, that cuts out the commercial banks. Who does the Fed work for?  The biggest commercial banks in the world: Goldman Sachs, JPMorgan, City Group, and the rest. 

11:44  Who is the most powerful political lobby in the world?  The same guys.  Who controls the southern district of New York?  Same guys. Who controls Fed policy?  Same guys.  

11:55. So you're telling me . . . all I did was ask some patrons of mine who are hedge fund managers, former Wall Street insiders who were literally bankrupted by Jaime Dimon and Lloyd Blankfein [his Twitter page], and the rest of them. I said, "Correct me if I'm wrong, but do you really see Jaime Dimon turning over the keys to JPMorgan to Klaus Schwab and a bunch of German eugenicists?"  German eugenicists, no less.  Jaime Dimon is Greek. There ain't no love lost between Germans and Greeks.  [Reference to the 2015 default on the Greek debt crisis building since 2009?]  It's like there ain't no love loss between Italians and Germans, BTW. 

12:35. Tame inflation, sure, but also stick it to the Europeans and blow their agenda off the table as it were?

12:48. The source of the World Economic Forum's real power is the ability to lever up off-shore dollars through the European and Swiss and, you know, the British off-shore Caymans, and the Hong Kong to lever those up and then to use those to buy political leverage Singapore, whatever, to buy governments, to buy budgets, and everything else. 

16:37. The energy crisis in Europe is completely self-inflicted. 

2:17:00.  Brett Harris arrives on the podcast.

2:17:30. Gonzalo points out that all these guys running the different countries from Trudeau to Biden to Olaf Schultz that they're all being run by someone else else.  Obviously and glad he said it. But this is rhetoric to direct the conversation.  He thinks of AIC's election--no political experience.  They're literally casting actors. 

Princess Diana was the daughter of Jimmy Goldsmith?  Odd.  Wikipedia says that her father was John Spencer, 8th Earl of Spencer.  

FED is going to realign FED policy with the needs of the United States. No longer going to be the Central Bank of the World the way we were under Bernanke and Yellen.

because there's no appetite for that $6.5 trillion dollars.   Tom Luongo

I just did @ThomasMullen's show. look for it soon.
Tomorrow I'm doing Mel K's show, i'll post these when they happen.@AroundTheEmpire dropped our latest chat as well   https://t.co/RxAas0okko

— Tom Luongo (#2ndAmendmentAir) (@TFL1728) July 13, 2022

33:00  They had to flood some money into the Repos.  This is 6 months before COVID, so September 2019?   JP Morgan started the Repo Crisis, I think, on purpose because it put a countdown timer on a sovereign debt crisis in Europe because Europe was deteriorating because they couldn't go get dollars because none of the New York banks wouldn't do business with them anymore.  It was the beginning of the split between Europe and American banks.  And that persisted.  None of the American banks would repo--to take as collateral--any American debt.  That meant that the ECB was forced to amplify all of its QE programs and shuffle deck chairs around the Titanic.  

This is Episode 263 from Around The Empire, dated 7/12/2022, hosted by Joanne Leon. 

For legit reasons, right . . . ?  

Yeah, who would want that stuff?  Remember, the ECB has been at negative interest rates.  For legitimate reasons, right, why would I want to buy a 5-year German bond at negative .05%?   Why would I want to buy some massively overpriced German bund?  Or some massively over-valued Italian bond or Greek debt?  Really?  This stuff is all trading at a premium to U.S. debt.  It's all garbage.  It's all toxic.  It's all worthless.  If it actually all hit the market at once it would go bidless.  The ECB is functionally bankrupt.  What we're living through right now is, that the TLDR on this is the ECB is functionally bankrupt.  The European banking system is functionally bankrupt.  And now the FED is going "Yeah, we're going to prove it to everybody that the ECB is functionally bankrupt.  And we're not going to allow them to take us down at the same time.  We're going to realign FED policy with the needs of the United States.  

35:11  We are no longer the Central Bank of the World the way we were under Bernanke and Yellen, bailing everybody out.  We are the Central Bank of the United States, which is exactly what Powell said a month before he raised . . . he started stealthy tightening a year ago today at a major central bankers' conference.  Where Christine Lagarde stood up there and announced to the world that "we were going to coordinate central bank policy to fight climate change," and Jerome Powell stood up and said, "I won't."  I have a dual mandate: stable prices and full employment.  I work for the United States people, and Lagarde lost her mind and yelled at him.  And he doesn't say that if he doesn't have the backing of his banking sector. 

36:09  If he doesn't have the shareholders and the New York Fed having his back, he doesn't say that.  That was a month before June 2021.  Now, in the interim, we have this COVID thing and all the governments got together and mandated through congress their various legislatures to print trillions of dollars, but notice, something that Peter Boockvar [Episode #96, February 11, 2022] brought up to me, well, yeah, the Fed printed up $6.5 trillion.  The ECB only printed $650 billion.  Again feeding this argument that the Euro is a better currency than the dollar because there's no appetite for that $6.5 trillion dollars that the FED was forced to monetize under COVID.  It's also the recipe for you're going to wind up with inflation a year after you open an economy back up.  So what Powell did very astutely, and I'm going to say, very skillfully, on the day that Biden and Putin are delaying WWIII for another year, I'm going to raise the rate on the payout rate on the standing reverse repo contracts to 5 basis points above the FED's fund rate.  So I'm creating a positive yield spread.  It's only .05%, but it's a positive yield spread, and markets are so frickin' starved for yield that they'll take that .05 basis points.  They were so starved for yield that the standing reverse repo facility balance went from $450 billion to $1.7 trillion by Jackson Hole in September, removing $1.3 trillion dollars of base money from the off-shore dollar system.  

38:50  What is the Reverse Repo?