Here is a review of “The Great Taking”. Very concise and understandable to non financial folks.
“The book contends the powers that control the financial system (Central Banks, et al) are preparing for a "global heist" of the assets held in all the banks by regular people. The argument is well-backed with quotes from the General Counsel of the New York Federal Reserve, the factual subversion of property rights by the changing of UCC Code Article 8 and 9 in all 50 states in the 1990's, the "Safe Harbor" provisions to the US Bankruptcy Code made in 2005 which basically instated the "too big to fail clause", and the alignment between Central Security Depositories (CSDs) and International Central Security Depositories (ICDS) - to make global transferring of assets easy - all backed by Central Clearing Parties (CCPs) that assume counter party credit risk for all these deals, and whom are legally obligated to prioritize secured creditors (Central Banks like The Fed and The Bank of England) in the event of any financial organziations’ insolvencies.
While that may be a little too detailed for some, let's look at an easy anectode that illustrates this process, a pivotal moment that enabled financial theft. Webb contends in 2008 the Central Banks allowed Lehman brothers to fail, to see what would happen when JP Morgan Chase (JPMC) — their custodan — seized the assets of its depositors in order to protect itself, claiming the right to do so as secured creditors. The depositors sued saying you took our **** and it went to Bankruptcy court for the Southern District of New York.
The legal counsel for JP Morgan argued that their seizure of depositor funds was in the best interest of the financial system and was protected by the revised "Safe Harbor" laws establshed in 2005. The court agreed and issued this statement, "The transactions in question are precisely the sort of contractual arrangements that should be exempt from being upset by a bankruptcy court under the more lenient standards of constructive fraudulent transfer or preference liability."
JPMC got away with seizing their customers assets to protect themselves, and established a much needed legal precedent in the event of future insolvenices. The bankruptcy court said, “Hey, you’re all good you don't owe your depositors anything because you are systemically important, and therefore protected by the "Safe Harbor" clause, and had the right to take those assets as "protected persons", aka secured creditors with a priority interest in the collateral. “Protected persons” is an annointed status given by the government to certain corporations. Think big banks, “too big to fail”, etc.
David Rogers Webb contends the same type of heist that happened in 2008 is being prepared for on a global level — as per meetings convened in 2022 — but this time the Central Clearing Parties will go belly up, declare bankruptcy, and only pay out the secured creditors at the top of the pyramid (the Central Banks that back them such as The Fed, The Bank of England, and a few others), which means the vast array of non-central banks that work beneath them, and the coterie of financial institutions that work with them, will all be second and third in line at the soup kitchen, and receive no payout as non-priority security interest holders, ergo major Central Banks will lawfully steal all of the assets on the international books (in particular the derivatives market) arguing the same case precedent established by JP Morgan Chase after the 2008 heist.
Existent Central Clearing Parties will be sacrified to the bankruptcy gods, and new ones immediately spun up in their place to "save the system" from total collapse. After that, CBDC's and complete financial oversight and purchase control will ensue. Regrettably, Webb does not mention bitcoin which appears to be a ghastly oversight as it provides self-sovereign ownership and a method of retaliation to this madness.”