Ownership Illusions in Modern Finance

This week Paul Kiker and I dive into an eye-opening discussion, sparked by David Rogers Webb’s insightful book, ‘The Great Taking.’

Remember the whole “you’ll own nothing (and be happy)” thing? Ever wonder how they planned to pull that off? Well, wonder no more.

“Ownership” used to be a really simple thing. You either owned something or you did not. Now? It’s not so easy. When it comes to financial assets you are usually merely a claimant with nebulous standing in a long chain of more senior claimants.

The revelation that owning a share in a company might not be as straightforward as it appears was both intriguing and unsettling. As I delved deeper, what I found was a gaping negative space in the conversation around ownership. Traditional understanding does not align with the legal reality. These shares, sitting in our brokerage accounts, are not quite ‘ours’ in the way we think. This disconnect between perception and legal truth is not just a trivial matter of wording; it’s a fundamental issue that affects how we manage and perceive our assets.

This week, find out what a financial professional thinks about the topic and what they are doing to responsibly ask the right questions and seek answers.


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This is a companion discussion topic for the original entry at https://peakprosperity.com/ownership-illusions-in-modern-finance/

Interesting Interview

As long as you have a criminal government that want to genocide its citizens and take their stuff I don’t think it matters what you do until that government is gone.

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Old Info But I Will Share It Anyway

Many years ago I asked TDameritrade if there was a way to take custody of the stock certificates of my shares. There was a way to do it but they charged very high fees to do it. This likely has changed by now because it seems like banks and other financial institutions are constantly sending updated terms of service.

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Senior Claims

It’s my understanding that senior claims are reserved for those deemed to be “a member of the protected class”. Kind of like too big to fail. The Lehman Brothers bankruptcy was used to establish case law precedent for the notion of “protected class”. Bank holding companies and their subsidiaries will likely be named. I suspect they will only be identified specifically as part of the court proceedings.

Judges

Fortunately in the US we still have a functioning judiciary, and in fact, historical case law is in the making right now; we’re living through it.
How many judges will be victimized by the fancy language in securities laws that somehow hoodwink the public into thinking they own some stocks or own the money in their money market account?
Will TPTB exempt the judiciary from these felonious laws like the police in Australia were exempted from the vaccine mandates? If yes, will the US judiciary go along with it?
Well this is one problem I don’t have to worry about. Not affluent enough to have any assets in the stock market. I’m living in a dichotomy where I have much abundance but no money!
And don’t get me started on the active piss poor public policies posing as interest rates and housing availability. That’s all we get: Piss Poor Public Policies. To understand this is so easy. All you have to do is “back out of it” to use a book-keeper’s term. Look at the statistic and you can easily identify the policy that got us that stat, and never forget the statistic is the desired result.
Janet Yellen = Post Turtle. hahahahha, hilarious … the glove fits.
Sound Money. Wouldn’t that be nice? The first time I was introduced to the concept of sound money was reading the books translated by His Divine Grace A.C. Bhaktivedanta Swami Prabhupada, during the years 1983-1987. He often railed against fiat currency claiming precious metals, gold and silver, were the only true money. He ridiculed the people who accepted paper money in exchange for manufactured goods and services. Called people asses and fools for accepting paper in exchange for sweat equity. I did not understand! My first thought reading this as a young, foolish and poorly educated woman who accepted paper currency in exchange for her sweat equity was: “But Prabhupada, we use credit cards now(!)”
True story. Not until 25 years later did I begin to understand what a cheating enterprise paper currency actually is. It is an invisible theft from every single citizen; it’s a stealth robbery where the victim does not even know he/she has been robbed. Piling on the extreme incentives to acquire more and more debt is another whole level of this cheating mentality.
Another great conversation. Can’t wait for the interview with the author of The Great Taking.
Not to lose focus on the gardening priorities: Yesterday on the homestead, just cleared the last bed of the Old Timer cowpeas, and those plants were still producing! We’re probably pushing a gallon and a quart of harvested cowpeas from just 3 beds - about 100 square feet; and we’re on our second quart of lima beans, for which the only lima bean plant that survived my premature culling is still going strong. We transplanted more seedlings, and just harvested a few first radishes. A neighbor/garden volunteer planted a couple of potatoes from the kitchen, and seeded another bed of carrots. Our first planting of carrot seeds did not germinate. Going to experiment with growing wheat this fall/winter and plan to seed 2 of the raised beds today with some winter wheat.
Post Script: I had an epiphamy recently. I think we have been misled to believe the presidential election is very important. It’s not. No way one person can turn this ship around. Does the Executive Branch of government belong to the People? Hell no. That’s the branch of government that prosecutes, investigates, and in the form of governors and presidents are the state’s spokesman or top most diplomat. Similarly, the People have little to zero control over the judiciary on the national scale, though state judges are elected it’s very hard to un-elect a sitting judge. And unless you have a whole bunch of money to appeal a lower court’s decision, the judge is god and has the final word. You could not describe the judiciary as the “people’s” branch of government.
The branch of government that belongs to the People is the Legislative Branch, which we have lost control over. Every Piss Poor Public Policy was birthed in the House, every single one. Congress is where it begins and Congress is where it ends. If a percentage of the People can coup the Congress, it’s game over and check mate. Talking about a stealth robbery, we need a stealth election take over in CONGRESS based on a pristinely simple American Manifesto - Ron Paul style. The best cover for such a Congressional stealth election would be a controversial presidential election … just saying …
Post-Post Script: Until recently my “dream” presidential ticket was RFK, Jr v. Desantis. Not anymore. Both of them did a 180 about face on censorship when it comes to their hard core beliefs and politics. See Israel v. Hamas. I think I’m going to boycott the Presidential election and see what can be done about the Congressional seat.

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Liquidity?

Chris, George Gammon did a video on Druckenmiller’s comments. George explains why possibly short financing of government debt was chosen over longer term debt: to provide liquidity to the system. Here is a link to the video. I would like you to listen to it and discuss his analysis.
https://www.youtube.com/live/Pz8tl-gdiCg?si=mvnefSnh4Vaxcnpj

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I doubt that the judges would rule against the powerful people, even if they themselves lost their financial assets. I would expect that serious threats would be made against them and their families.

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In The System Or Out?

Chris, I’m surprised you and Paul are discussing studying The Great Taking and then finding a way or ways to keep wealth in The System in a way that the laws and regulations will protect it from The Great Taking. That seems doomed from the beginning. First, The Great Taking is being designed to overwhelm all legal protections you thought you had. Second, even if you do find a niche where law and regulation protect your assets, who’s to say they won’t take it anyway AND THE LAW AND REGULATIONS WON’T BE ENFORCED (like the fraudulent robo-signing of foreclosure documents you referred to). We know of too many recent illegal thefts by the Big Boys (eg. MFGlobal) that were not prosecuted or not prosecuted successfully for me to think there is a little port somewhere where I can moor my little boat and it will be safe. It seems to me the only reasonable choices I have are: 1) get ALL my assets OUT of the system or 2) become a systemically important financial institution myself and become a co-conspirator with The Great Takers. If someone could discover WHO exactly are The Great Takers and exactly HOW they’re protecting their own wealth and could show me how to do the same thing then I might be interested. Of course these are the three most closely guarded secrets on the planet, the discovery of which would definitely get you suicided. Color me pessimistic about the whole exercise of looking for safe harbors for little people within the system. The clock is ticking for me: come January when the tax consequences will be slightly less, I’m getting the last of my wealth out of The System (Charles Schwab first and foremost). I was already on a glide path to have this done in the next 4 years but now I have accelerated the process.
So I have a couple of months: knock yourself out. I’m very interested but even more skeptical. My investing finger is on the trigger and I have even taken the slack out of it.
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Cure For ‘you Will Own Nothing’

Self custody of all assets. Gold in your hand, crypto in your own wallet, and bullets in your magazine.

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Debt Or No Debt.

My wife and I made the decision to completely get out of debt over 20 years ago. I consulted with my CPA at the time as well as my banker, both highly recommended keeping the mortgage on our home and investing that money vs paying off the mortgage.
I have been self employed since 1981, my son was starting college that fall which was part of our decision to pay off the mortgage. The biggest reason was in a small business, cash flow is often out of our control, I never borrowed a dime to float my businesses, everything was out of pocket. Being debt free and not having to worry about loosing our home or ruining our credit rating due to a downturn in the economy and our business ended up winning the day. In hind site it was the best decision we could have ever made. Peace of mind is very important to the both of us.
We put our three children through college and simply wrote out the check each month vs strapping them with debt starting out in their adult lives. Our business(s) thrived, having started 3 of them in the past 42 years, each ran a minimum of 20 years, one I shut down to run the third, the second I sold and the buyer rents the building from me. With no debt, my savings skyrocketed, especially after the last college check was written. We made the decision 10 years ago to get out of the city and move at least an hour out into the country, we were able to pay cash for our 160 acre ranch and over the past 10 years we have added all of the equipment and machinery we could ever need and paid cash for it all. I drive a 15 year old F250, my wife drives an 8 year old Nissan, both bought with cash.
My wife and I just celebrated out 50th wedding anniversary and looking back over our lives together, getting completely out of debt was the single most important financial decision we ever made, zero regrets.

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crypto is intrinsically worthless and you don’t control the infastructure

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Indeed, how do “they” protect their assets? I recently found a couple of helpful books about offshore banking + The Fraud Examiner manual online. The latter looks particularly useful.

Indeed. The “plandemic” was eye opening.

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Bearer Assets

  • gold
  • bitcoin
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Ownership Of Securities

I have moved stocks from my brokerage account to their respective transfer agents ( for DRS). Who actually has ownership title to the stocks, me or DTC?

paper money is instrinsically worthless; and as a crypto miner, I actually DO own the insfrastructure. open your mind; educate yourself

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Ownership

Ownership of stocks
Chris! It seems strange that one is shocked that in some form ownership of securities or stocks might not belong to the person who bought them. Almost every day day one learns of fraud and corruption in government, the justice department, banks and financial institutions, the military, medical and pharmaceutical branches and so on. Are stocks based on real value? Are they a form of the Renter Economy? One needs only to look at IPO’s and stock buy backs. Is this not a form largely based on speculation and financial gain and not production? Is it not mostly based on the creation of newly printed fiat currency? Is it not this incessant worship of money the root and driving force behind this deception? Hard for me to find it shocking.

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Possession (according To Archie Bunker)

No matter what the Meat-Head might think,
Possession really is 9/10 of the law.
If you don’t have it, you most likely don’t own it.
You can play their game as long as you’re comfortable with it.
Go right ahead, knock yourself out.
These recent conversations have been both highly sobering and very enlightening.
Please keep them up. Time grows short.
I do try to remember, though, some of the Sayings of my youth, like …
“What doth it profit a man, should he gain the whole world, but lose his own soul ?”
That’s important, too. I want to keep my focus on things that Matter, and stop agonizing over things I can’t possibly control. I think I’ve learned the meaning of “Enough.”
I don’t have a lot … but I have enough.
As always – I treasure this Community for its people and its ideas.
Those things Matter. Very little else, actually does.
– Chuck

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Easy-to-trade assets that work after a week long internet outage:

  • gold
  • silver
  • paper money
  • 40% brand-name alcohol
  • fuel in jerry cans
Easy-to-trade assets that don't work:
  • bitcoin, ethereum, monero, dash, etc.
  • online payments
  • credit/debit cards
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Bus Wreck

The baby boomers have thrown the younger generations under the bus.
-must keep stocks high
-must keep house prices high
-get vaxed and boosted to save granny

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