“There’s sleight of hand that has been implemented over decades to subvert property rights through securities and to allow collateral – stocks and bonds – to be taken on a large scale basis, globally.
“So, for 400 years, securities were personal property and this has now been subverted, this has been replaced with a new legal concept of a ‘security entitlement’.
“And what that has done is to convert the property right into a contractual claim, which gives it a very weak position in the event of insolvency, in the event of bankruptcy.
“And then, things that were not property, things that were contractual claims; derivative instruments, which are contracts that would not have had a strong position in bankruptcy. The secured creditors behind these derivative contracts have been given a superpriority claim to the underlying collateral…It’s a very sophisticated subterfuge that has been put in place.
“This began in the 1960s, with steps to dematerialize securities; to do away with paper securities and that was a precondition for severing the property rights.
“Then, the Securities Entitlement was created; this concept was created in 1994 and implemented in the Uniform Commercial Code in the United States in all 50 states. It took some time for that to be put into state law in all 50 states and what this does is – we know about this irrefutably through a response the Federal Reserve gave to something called the Legal Certainty Group, which was operating in Europe.
“So, this structure was first put in place in the US, then Europe was pressured to conform to this. This was happening essentially after the Dot Com Bust.”
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