“’You&#;ll own nothing and be happy’? David Webb has gone through the year history of all the legal constructs that have been put in place to technically enable that to happen.” [Oct 2 interview titled “The Great Taking: Who Really Owns Your Assets?”]
The derivatives bubble has been estimated to exceed one quadrillion dollars (a quadrillion is 1, trillion). The entire GDP of the world is estimated at $ trillion, or 10% of one quadrillion; and the collective wealth of the world is an estimated $ trillion. Clearly, there is not enough collateral anywhere to satisfy all the derivative claims. The majority of derivatives now involve interest rate swaps, and interest rates have shot up. The bubble looks ready to pop.
Who were the intrepid counterparties signing up to take the other side of these risky derivative bets? Initially, it seems, they were banks –led by four mega-banks, JP Morgan Chase, Citibank, Goldman Sachs and Bank of America. But according to a book called The Great Taking by veteran hedge fund manager David Rogers Webb, counterparty risk on all of these bets is ultimately assumed by an entity called the Depository Trust & Clearing Corporation (DTCC), thr
Ellen Brown
Ellen Hodgson Brown (born September 15, ) is an American author, attorney, public speaker, and advocate of alternative medicine and financial reform, most prominently public banking. Brown is the founder and president of the Public Banking Institute, a nonpartisan think tank devoted to the creation of publicly run banks. She has appeared on several cable and network television, radio, and internet podcasts & programs.
Quotes
[edit]- The money issued by governments to finance public projects has a long and successful history dating back at least to the beginning of the 18th century, when the American colony of Pennsylvania issued a currency that was both lent and spent by the government local in the local economy. The result was a period of unprecedented prosperity achieved without inflation or taxes.
- Révolte contre l'UE et le FMI: La Grèce, l'Islande et la Lettonie pourraient montrer la voie'(Revolt against the EU and the IMF: Greece, Iceland and Latvia could lead the way)" Horizons and Debates (ISSN ) , No. 5, February 8, , p. 2
- The brief visit of then-Secretary of State Hillary Clinton to Libya in October was referred to by the media as
The Web of Debt
November 8,We have put the fox in charge of the hen-house and the time to end it before complete collapse of our economic system is short.
Here are some basic facts.
The government of this country can, under the Constitution, issue money without going into debt to do so. It did so during the Revolutionary War and the Civil War. However, under pressure from wealth, the government has given up this power to the banks in what is called a fractional reserve lending system.
The Federal Reserve (the central bank of the United States) is not a government agency but a corporation of the banks who hold its shares.
When the government needs money to pay for the goods and services needed, instead of directly buying these goods and services from providers by paying in money that it can issue free of interest, it issues debt (bills and bonds) which it sells to the banks for bank-issued money, allowing the banks to make money on interest. This is allowing private profit out of thin air at public expense.
If you doubt that the dollar bills in your wallet are bank money, take one out and look at what it says on the face at the top - FEDERAL RESERVE NOTE - which means yBooks by Ellen Hodgson Brown
Web of Debt: The Shocking Truth about Our Money System and How We Can Break Free
byavg rating — ratings — published — 16 editionsThe Public Bank Solution: From Austerity to Prosperity
byavg rating — 56 ratings — published — 4 editionsForbidden Medicine: Is Effective Non-toxic Cancer Treatment Being Suppressed?
byavg rating — 16 ratings — published — 4 editionsNature's Pharmacy for Children: Drug Free Alternatives for More Than Childhood Ailments
byavg rating — 6 ratings — publishedHealing Joint Pain Naturally: Safe and Effective Ways to Treat Arthritis, Fibromyalgia, and Other Joint Diseases
byreally liked it avg rating — 6 ratings — published — 3 editionsCreating a Real Wealth Economy: From Phantom Wealth to a Wiser Future for All Humanity
byavg rating — 6 ratings — published — 4 editionsNatures Pharmacy: Break the Drug Cycle With Safe Natural Alternative Treatments for Everyday Ailments
byreally liked it avg rating — 5 ratings — published — 15 editions
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