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DTCC Provides Update On Status Of Flooded Securities Vault

Tyler Durden's picture




 

As has been widely reported previously, while the NY Fed's deep underground gold vault remained dry during the Sandy flooding in downtown NY, one institution which got badly hurt was the DTCC, aka Cede & Co (profiled here in July of 2009 in " The Biggest Financial Company You Have Never Heard Of"), which is the entity serving as custodian of virtually every electronically traded security in the modern marketplace (equity, debt, derivative, synthetic, in fact anything which is not a physical asset in itself and is not in the hands, or safe, of the rightful owner). We put the emphasis on electronically, because DTCC is also the actual custodian of all physical proof of stock ownership, such as certificates, bond deeds, and the like. It is the largely irrelevant latter (because it has been several decades since anyone actually demanded a physical copy of the stock certificates backing their shares of company XYZ) that the DTCC got in trouble for when its securities vault got flooded, and in the process destroyed countless physical stock certificates. Note we did not use the word electronic because those are there and accounted for in numerous back up data sites, with full designation and attribution. In other words anyone who made a mountain out of this particular mole hill sadly has no idea how modern markets operate, since all that the DTCC needs to do to remedy the flooding damage is to notify transfer agents of this natural disaster, and then have duplicate stock certificates printed at a cost of 1 cent for every thousands or so print outs. Which is more or less what the DTCC also just said in its press release.

DTCC Statement on Condition of Securities Vault

 

NEW YORK--(BUSINESS WIRE)--The Depository Trust & Clearing Corporation (DTCC) has begun the initial phase of recovering the contents of its securities vault. Our analysis of the condition of the vault, once we were able to open it, was that significant flooding and water damage occurred throughout the facility. While it is premature to determine the full extent of the damage, it is essential to begin the restoration process to avoid further deterioration.

 

DTCC has retained highly-recognized, well-respected disaster recovery and expert restoration firms to work with on this important effort in order to carefully and diligently address the challenges resulting from the damage caused by Superstorm Sandy.

 

DTCC expects to have a more accurate assessment of the condition of the physical securities within a week’s time. It is too early to determine how many of the physical certificates can be restored. The restoration process will take some time, possibly months.

 

DTCC maintains a robust certificate inventory file with ownership information that can be replicated from our multiple data centers. The company’s computer records are fully intact, including detailed inventory files of the contents of the vault. This effort is more of an administrative and logistical challenge than an economic issue. DTCC is engaged in active discussions with representatives of various transfer agents for the purpose of establishing a protocol for the issuance of replacement certificates, without requiring the presentation of the original certificates.

Cataclysm averted.

Or maybe not. Because at the end of the day, it is not whether or not the physical stock certificate for a given holding was damaged in the flood. What is far more troubling, and has been since the advent of Cede & Co as master custodian, is that regardless of the content of its securities vault, it is the DTCC that is the rightful and ultimately legal owner of every security. Or would be in case Cede & Co decided to make it a legal matter of assigning ownership: good luck in a legal battle with a company that is owned by every major financial institution  in the US (including Goldman, JPM, the NYSE and of course, the Fed).

In other words, it was not DTCC's flooding that was the issue: that is largely irrelevant. It is the fact that DTCC, and its "partnership nominee" exist, and that they are in effect, the default custodians of every transaction. Because if the day comes when all securities-based property has to be "sequestered", all that would be needed is one quick phone call to DTCC and it's done and done.

 

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Thu, 11/15/2012 - 18:36 | 2985959 Freegolder
Freegolder's picture

Will anyone at ZeroHedge comment on this article that appeared yesterday?

http://www.zerohedge.com/news/2012-11-13/china-says-it-must-add-gold-res...

 

The post mentions a Bloomberg article and quotes from that article.

The Bloomberg post was purported to come from an article in the China Securities Journal.

 

Despite extensive searches, neither the Bloomberg article nor the China Securities article can be located. These seaches were performed within an hour of the post appearing on ZH.

What is the story here?

Why no link, why no articles.

The post has been picked up across the web (of course), but more and more people seem to be asking if the whole thing is fictitious.

Zerohedge, please could you offer an explanation?

Thu, 11/15/2012 - 18:38 | 2985967 blunderdog
blunderdog's picture

Entertainment purposes only, yo.  Nothing you read on the Internet can possibly be TRUE.  It can at best be VIRTUALLY true.

Thu, 11/15/2012 - 23:23 | 2986665 Oh regional Indian
Oh regional Indian's picture

For the low down and the down low on the topic of DTCC, I would HIGHLY recommend this article.... DTCC laid bare..

http://ming.tv/flemming2.php/__show_article/_a000010-000923.htm

ori

Thu, 11/15/2012 - 23:33 | 2986683 Ident 7777 economy
Ident 7777 economy's picture

Oh, and I'm sure a web address with "ming.tv" in it is going to be complete, accurate and more than truthful ...

 

(If we were playing cards, I would 'see' your ming.tv and 'raise' with just about ANY .edu site)

Fri, 11/16/2012 - 00:03 | 2986734 Au Shucks
Au Shucks's picture

Riiiiiight.  Because .edu sites are known for being truthful, accurate and integral.... that is also why we should only watch teh major TV networks, believe only what we are told by our "elected" officials, and never question what we are told by our overlords.  Did I get it right? 

 

Square

Fri, 11/16/2012 - 01:39 | 2986842 chumbawamba
chumbawamba's picture

There is a rather larger elephant standing in the middle of this room that is being ignored: SHOW ME THE <insert original instrument here>!

You want to prove ownership?  I see you have a very nice CERTIFIED COPY.  Thank you, but I WANT TO SEE THE ORIGINAL.  No original, no ownership.

Sure, in court, DTCC might give evidence of the storm, the flooding, ergo the need to replace the damaged originals with a certified copy...BUT, who is to say the DTCC ever had the original?  Maybe they only ever had copies?

I'm not saying this is necessarily true, but it potentially is.

And if it potentially is, then potentially everyone just recovered their estate, contracted away at birth, because DTCC also holds all the original certificate of live birth applications.  For Everyone.  Globally (I believe).  If they no longer have the original, each and every one of us with a birth certificate can lay allodial claim of our person.  Meaning everything based on the birth certificate--which is everything that comes after, i.e. SSN, Selective Service, driver's license, etc.)--is null and void, because they are based on an instrument that no longer exists.

Anyway, it opens up some interesting potentialities.

I am Chumbawamba.

Fri, 11/16/2012 - 03:29 | 2986920 TerraHertz
TerraHertz's picture

So, if all the certificates of live birth applications are gone, that makes explaining the absense of one particular live birth application a lot easier, doesn't it, Mr Obama?

 

Next I expect the NY FED to claim their physical gold holdings are 'ruined and unrecoverable' due to flood damage. A boating accident, without the boat. Sorry Germany, etc, your gold is 'annnnd it's gone!'

 

 

Fri, 11/16/2012 - 05:32 | 2986971 Michaelwiseguy
Michaelwiseguy's picture

You're opening up a can of worms here Chwmba. Eventually the mountain of paperwork becomes unmanageable, especially when the exponential growth of the volume of it meets its critical mass.

Thu, 11/15/2012 - 18:40 | 2985973 Tyler Durden
Tyler Durden's picture

Perhaps if those "more and more" people did some diligence, they would be aware that the Bloomberg Terminal, which costs $2000/month has about 90% of its articles which never make it to the website and remain strictly within the paywall. Of course, if those "more and more" people had access to BBG terminal, they could check all of this on their own.

Thu, 11/15/2012 - 18:43 | 2985978 Freegolder
Freegolder's picture

Thanks for responding. Do you wonder why there is no article on the China Securities site?

Thu, 11/15/2012 - 18:53 | 2986010 sgt_doom
sgt_doom's picture

I suspect this didn't impede DTCC's SBP (stock borrow program), which allows for that stupendous amount of naked short selling taking place.

Also, is the Frank Gaffney at DTCC, the same neocon Frank Gaffney with Center for American Security, and with that former PNAC outfit?

Just curious.....

Thu, 11/15/2012 - 18:54 | 2986016 icanhasbailout
icanhasbailout's picture

Thankfully, we can trust them not to change any of that electronic verification data before re-printing all those certificates.

Thu, 11/15/2012 - 19:02 | 2986045 Tyler Durden
Tyler Durden's picture

The certificates that were in their possession before the flood anyway?

That's the whole point - the onus is not on them to verify what you believe you have possession over.

Thu, 11/15/2012 - 19:12 | 2986076 Rainman
Rainman's picture

all you paper sleeps with the fishes.

Thu, 11/15/2012 - 19:26 | 2986115 Enslavethechild...
EnslavethechildrenforBen's picture

Twin towers, Corzine, now a mildly damp basement is an excuse to steal other peoples Gold...

ancient relic, tradition, that's what I meant to say

Thu, 11/15/2012 - 19:29 | 2986124 Seer
Seer's picture

Fishing accidents... Weren't we warned to stay out of the water?

http://www.youtube.com/watch?feature=player_detailpage&v=rW23RsUTb2Y#t=46s

Thu, 11/15/2012 - 21:54 | 2986501 Beam Me Up Scotty
Beam Me Up Scotty's picture

"That's the whole point - the onus is not on them to verify what you believe you have possession over."

They don't have possession of my silver. That's at the bottom of the lake.

Thu, 11/15/2012 - 19:07 | 2986055 dark pools of soros
dark pools of soros's picture

Hmm new market segment:  Terminal Pooling

Zipcar for BBG Terminals??

Create pay per hour remote links and schedule reserved time

 offer 'Feel like Tyler for a Day' packages

 

 

 

Thu, 11/15/2012 - 19:49 | 2986182 Michaelwiseguy
Michaelwiseguy's picture

DTCC, aka Cede & Co (profiled here in July of 2009 in " The Biggest Financial Company You Have Never Heard Of"),

There is a reason the general public is not to know about this financial entity. Thanks for doing an article on it ZH.

Psychological warfare on the American people is alive and growing. We need to bring criminal charges against the MSM.

Move to change propaganda laws opens up Cold War argument http://legalinsurrection.com/2012/05/move-to-change-propaganda-laws-opens-up-cold-war-argumen/

Congress Reconsiders Domestic BBG Ban

http://rwonline.com/article/congress-reconsiders-domestic-bbg-ban-/215028

 

 

Thu, 11/15/2012 - 23:12 | 2986634 Ident 7777 economy
Ident 7777 economy's picture

 

 

 

MWG also formely known as "Michael":

 

 

" DTCC, aka Cede & Co (profiled here in July of 2009 in " The Biggest Financial Company You Have Never Heard Of"),

 

There is a reason the general public is not to know about this financial entity. ..."

 

THanks for the unsolicited CT (conspiracy theorist) view, but, Google has a ton of references/links on them when doing a search:

 

https://www.google.com/search?q=Cede+%26+Co&aq=f&oq=Cede+%26+Co&aqs=chro...

 

There are even LEGITIMATE discussions and papers to be found, as opposed to the nuttiness found across Youtube and other places on this subject, papers like this:

 

http://www.law.yale.edu/documents/pdf/cbl/Wilcox_streetname.pdf

 

which also discusses stock being owned (or held) in what is called a "street name".

 

SO MUCH for the big CONSPIRACY Michael.

 

 

Fri, 11/16/2012 - 05:32 | 2986976 Michaelwiseguy
Michaelwiseguy's picture

Are you always this quick witted I7e?

Fri, 11/16/2012 - 10:20 | 2987488 Ident 7777 economy
Ident 7777 economy's picture

Wit this quick, this cutting and this sharp is a developed TALENT. One can't be born with this stuff ... it's hard to turn off, too. ;-)

Fri, 11/16/2012 - 02:29 | 2986886 Machination
Machination's picture

Yo Freegolder, considering it is a China publication you probably want to do the searching in Chinese.  Many of China's English articles are often much different in content and context from the Mandarin versions (this I learned my first year in China, 20 years ago!).  Many times the English translation of an article is not even available from the publisher, and this is usually intentional.

China Securities Jornal's English search engine was not even working for me!  But, funny enough searching in Chinese for the quote from "Gao Wei" in Chinese I found a link to an article that was deleted from the server......hmmmm...interesting.

There are a lot of interesting articles on gold in that journal however, here is a link to search "Gold Reserves" in Mandarin, you might start there: http://search.cs.com.cn/newsQuickSearch.do?searchword=%E9%BB%84%E9%87%91...

And here are a couple of analysts calling for China to increase holdings, although it did not mention "Gao Wei": http://www.cs.com.cn/qhsc/gjs/201211/t20121114_3729785.html

 

Thu, 11/15/2012 - 18:38 | 2985962 blunderdog
blunderdog's picture

The flooding from "so-called" Hurricane Sandy was actually just a setup in advance to provide cover for a heist similar to the one in the movie Sexy Beast.

Thu, 11/15/2012 - 18:39 | 2985970 Winston Churchill
Winston Churchill's picture

Help wanted in NYC.

Temporary assignment ,pays $12-00 per hr., no benes.

Only ambidextrous females named Linda Green,need apply.

Thu, 11/15/2012 - 18:40 | 2985971 Bunga Bunga
Bunga Bunga's picture

Finally the MF Global problem got disolved into the Atlantic.

Thu, 11/15/2012 - 19:14 | 2986081 dark pools of soros
dark pools of soros's picture

vaporized!

Thu, 11/15/2012 - 21:38 | 2986463 Kali
Kali's picture

Moisturized.  Gold bitchez!

Thu, 11/15/2012 - 18:45 | 2985986 buzzsaw99
buzzsaw99's picture

...and then have duplicate stock certificates printed at a cost of 1 cent for every thousands or so print outs.

I found thousands of paper stock certificates once upon a time and that's about what they were worth too.

Thu, 11/15/2012 - 18:47 | 2985995 kaiserhoff
kaiserhoff's picture

No bearer bonds have been issued since 1982, so it's hard to see what the fuss is about.

Still, some firms might be missing an opportunity.  Many moons ago, the firm I worked for did a stock issue for Barnum & Bailey Circus.  The earnings were crap, but the shares sold just fine.  The stock certificates had clowns and tigers on them, and plenty of grandparents bought a few shares, so their grand kids could have a nicely framed certificate.  Sell the sizzle, not the steak.

Thu, 11/15/2012 - 19:04 | 2986051 WAMO556
WAMO556's picture

Does the DTCC reside in the Nakatomi Tower???

Thu, 11/15/2012 - 19:33 | 2986132 chump666
chump666's picture

haha yes bearer bonds! 

Point is, hold the physical, what ever it may be.  I would never trust complete electronic transactions.

Die Hard story line was awesome, the Japanese (now poor) but when they were wealthy (mid 80's) companies bought physical assets.  Remember that scene when they blew open the vault?  Art, collectibles (probably precious metals) and of course bearer bonds.

We all should be mini corporations that hold physical illiquid assets.  The electronic exchange trade and black pool/derivative/HFT mess will self destruct one day.  Hell, maybe a full scale cyber war will break out soon.

Thu, 11/15/2012 - 19:17 | 2986096 dark pools of soros
dark pools of soros's picture

they still have that,.,.  many places like oneshare, giveashare,  etc

we all feel like the Professor inventing a Frisbee once he got off that island..  just because you weren't first doesn't make you less special

Thu, 11/15/2012 - 19:20 | 2986099 cbaba
cbaba's picture

Its hard to see whats the Fuss about ?

If nobody use these certificate originals then why do they want a copy of original without showing the physical damaged original ? you tell me please ?

That is exact wording from the link above :

"DTCC is engaged in active discussions with representatives of various transfer agents for the purpose of establishing a protocol for the issuance of replacement certificates, without requiring the presentation of the original certificates."

Thu, 11/15/2012 - 18:49 | 2986002 Killer the Buzzard
Killer the Buzzard's picture

"Cede"... he he... I get the joke.

Thu, 11/15/2012 - 20:04 | 2986234 Bullionaire
Bullionaire's picture

I asked a Fidelity phone rep to issue certs for my remaining buy-and-hold mining shares (SLW & AUY) 4 years ago.  He was incredulous.  But for a whopping fee I got them.  No worries here.

 

 

Phyzz bitchezzzzzzzzzzz.

Thu, 11/15/2012 - 20:36 | 2986308 Papasmurf
Papasmurf's picture

Try again.  Not available these days.

Thu, 11/15/2012 - 18:54 | 2986019 Rainman
Rainman's picture

It has been my experience that anybody or anything describing itself as robust should never be trusted.

Thu, 11/15/2012 - 19:01 | 2986037 Marco
Marco's picture

"it is the DTCC that is the rightful and ultimately legal owner of every security."

I like a bit of polemic every now and then, but this is just retarded ...

The biggest problem with the DTCC is that they create so much phantom stock out of thin air, but I guess the "anyone who says something bad about shorting is a statist stooge" prejudice on this site makes it very unlikely that point will ever be made in a post by Tyler ... even with the parallels to fiat printing.

Thu, 11/15/2012 - 19:05 | 2986059 kaiserhoff
kaiserhoff's picture

Good point Marco.  I wouldn't give a rat's ass what the rules are, if they were the same for everyone.

Thu, 11/15/2012 - 19:03 | 2986052 Everybodys All ...
Everybodys All American's picture

Does the DTCC also contain all the counterfeit stock certificates for all the naked shorts? Just don't answer. I already know.

Thu, 11/15/2012 - 20:38 | 2986313 Papasmurf
Papasmurf's picture

They print them up for a penney or so per thousands.

Thu, 11/15/2012 - 19:11 | 2986074 DriveByLurker
DriveByLurker's picture

Serious question:  how common is it for an NYSE/NASDAQ listed company to even still offer the option of getting a paper certificate in the name of the shareholder?  Does anyone know roughly what percentage offer this versus issuers that only offer electronic registration?

Thu, 11/15/2012 - 19:40 | 2986155 NotApplicable
NotApplicable's picture

IANAL, but from what I've read on Jim Sinclair's site, they are supposed to provide you them upon request.

Otherwise... POOF!

All your stawks belong to DTCC.

Thu, 11/15/2012 - 22:47 | 2986601 Eternal Complainer
Eternal Complainer's picture

I thought i read somewhere that cash accounts couldn't take delivery of their certificates. The small retailer is SOL as always. But he's supposed to be the one that always takes the hit when the shit gets real.

Thu, 11/15/2012 - 19:16 | 2986087 sitenine
sitenine's picture

Does it matter?  All assets belong to the central banks.  All others are renters.

Thu, 11/15/2012 - 19:41 | 2986163 NotApplicable
NotApplicable's picture

Magic checkbooks, bitchez!

Thu, 11/15/2012 - 19:31 | 2986129 Seer
Seer's picture

Dog ate my homework...

Thu, 11/15/2012 - 19:37 | 2986147 TN Jed
TN Jed's picture

Now we can chalk up "securities" with "homeowner" and "income tax."

Thu, 11/15/2012 - 19:40 | 2986156 knukles
knukles's picture

Not to dampen your enthusiasm, but this whole thing is a rather sticky subject that can't just be papered over with some wet brained ideas due to the water damage to the pooled interest otherwise we could get mired off the deep end and virtually drown. 

Thu, 11/15/2012 - 20:24 | 2986284 RMolineaux
RMolineaux's picture

I am sure that I am not the only one who insists on receiving paper certificates for stock purchases.  In this way, the broker is prevented from using my stocks for collateral or short selling.

Thu, 11/15/2012 - 21:03 | 2986297 Apocalypse Now
Apocalypse Now's picture

*

Fri, 11/16/2012 - 03:04 | 2986899 helping_friendl...
helping_friendly_book's picture

The Mother and enabler of Fail to Delivers.

The enemy of any, honest, investor.

Fuck stocks. 

I'll save cash, even at negative interest rates, than trust the DTCCs chicanery

I withdrawal cash every time I get paid. 

I won't be a player but, at least I'll have cash!

Fri, 11/16/2012 - 08:37 | 2987106 tip e. canoe
tip e. canoe's picture

**

Thu, 11/15/2012 - 20:40 | 2986315 adeptus
adeptus's picture

1 cent for 1,000 print outs ?! Please do tell, where do I get me one of those magical near-zero-cost-to-operate printers ?!

Thu, 11/15/2012 - 21:32 | 2986437 ThisIsBob
ThisIsBob's picture
  1. They are not using HP printers, thats for sure.  Maybe the Fed is lending them one.
Thu, 11/15/2012 - 21:31 | 2986434 Radical Marijuana
Radical Marijuana's picture

http://www.youtube.com/watch?v=Xj2x6WXocAI

THE $36 Trillion DTCC FRAUD:

It's Owned By The Banks! [Part 1 of 2] Rob Kirby

http://www.youtube.com/watch?v=N8QeZpgEFfw

THE $36 Trillion DTCC FRAUD:

It's Owned By The Banks! [Part 2 of 2] Rob Kirby

Nothing new, just the criminals taking more advantage of crises! ... The "ownership" of stocks is recorded by a private company. Mass media made a big deal about that place being drowned by the hurricane Sandy inundation of parts of New York City. WHY, when everything was backed up electronically, off site? Possibly setting up the excuses to explain away how more of that wealth ends up disappearing? It is easy to alter electronic records, and if the paper that backs those electronic records up can be said to have been lost, then what is left but a photoshopped version of what anyone "owns?"

It is a cliche that everyone must be enslaved to the banksters' fiat money, with no other loyalties allowed. This half hour audio recording linked above discusses some of the connections between the financial power and 9/11.  The "owership" of the DTCC is maybe setting people up for more contrived crises to wipe them out. Whatever somebody believes they "own" could be deleted by the powerful pushing a button. 

Another standing cliche these days is that High Frequence Trading has attempted to program its ALGOs to not be taken down by black swan events. However, that paradoxically means that when there is a sufficient black swan event, and all the ALGOS shut down their HFT, almost the entire market would just suddenly stop. In that context, I have nothing left but a macabre sense of humour, which is getting a fantastic work-out attempting to understand how electronic, automated frauds are taking control of everything, more and more, in ways that are absolutely guaranteed to go out of control, in one way or another, sooner or later.

Since we are more and more controlled by the monopolization of power, centralizing its stupendous stupidities, OF COURSE, everything we are doing is backwards, and insanely designed to achieve the opposite of what those doing that said it was supposed to do, on level after level, after level!!! The ability of the monopolizing powers to achieve their short-term goals absolutely guarantees that their "success" will result in some spectacular future failures!

The reason nature evolves diversity is that that works in the longer term. The adaptable survive. Those who maximize their short-term advantage get wiped out, eventually. Everything we are doing tends towards maximizing the short-term advantage of a few, by forcing everyone else to go along with that, which, all together, MUST finally result in the most spectacular collapses into chaos there have ever been.

The tremendous centralization of "ownership" in something like the DTCC is but another of the endless series of human intelligence being applied in the stupidest ways possible, since what works best in the short-term is lies, backed by violence, BUT, in the longer term, that must destroy itself with it own madness. Over and over, that social spiral spins through. The only differences appear to be where one is inside of that spiral ... Everything spins around to become its opposite, and that appears to be happening faster and faster. Once upon a time, the established systems of frauds and robberies still had a period of time where they could grow. However, it is hard to imagine how much larger the triumphant HUGE LIES that are controlling the world now can continue to grow ...

I am not sure of the degree to which history appears to conspire to create ominous symbols ... However, the drowning of the DTCC appears to me to be one of those symbols. That is to say, the symbolic significance of an event like that happening is greater than the meaning of the literal event in itself. Metaphorically, it may be foreshadowing the ways in which there is a coming deluge that will submerge "ownership" under a great flood. Metaphorically, it may be foreshadowing electronic records being doused, and so, short-circuiting.

Literally, we are living in a REAL system of global electronic fiat money frauds, backed by atomic bombs. Within that system, which manages to BOTH be REAL and SURREAL, at the same time, we have organizations like the DTCC being vulernable to flooding, in ways that some people will probably find an advantage to be taken from.

Thu, 11/15/2012 - 23:06 | 2986642 Ident 7777 economy
Ident 7777 economy's picture

 

 

 

" This half hour audio recording linked above discusses some of the connections between the financial power and 9/11.  "

 

OH BOY!

 

More CT (conspiracy theory) stuff!

 

OH BOY!

 


Fri, 11/16/2012 - 00:05 | 2986740 Au Shucks
Au Shucks's picture

Your schtick is old and boring.  Played out and lame.  I suspect you resemble your schtick more than you care to admit in private.

Fri, 11/16/2012 - 01:52 | 2986834 Radical Marijuana
Radical Marijuana's picture

Dear I7E, you appear to be a mainstream moron, unable to do anything else than repeat the same inane catch phrases. I guess I should just stop bothering to respond to your taunts. INDEED, IN FUTURE I WILL JUST IGNORE YOUR REPETITIVE STUPID COMMENTS. However, THIS TIME, I will repost what I wrote in another thread on Zero Hedge, just to repeat my own bla, bla, blah ...

Dear Trolls, like Ident7777economy, thank you for tickling my macabre sense of humour!

Failure to understand that most of history has been due to conspiracies of frauds backed by force is a clear sign of having a "weak mind." The whole of human history has been a grand conspiracy of lies, backed by violence. I tend to regard that the same ways as I do arguing about evolution based on "intelligent design." One does not need any master designer to see that that energy always goes down the local paths of least resistance, which is that fraud and robbery are the easiest way to make money, and accumulate wealth, especially the bigger a scale that is done on. No other gang of criminals does that better than the biggest gangsters, the banksters! It is plainly obvious that those who gained the power to control the money supply were then able to buy up control over the mass media, in order to make sure that their puppet politicians would continue to be their puppets. It IS all one integrated system, although there never had to be any one Supreme Puppet Master, there is no doubt that there were level after level of puppet masters, pulling the strings that went through and through the social system.

It does NOT matter who they are, or what labels one gives them, the obvious social facts are that there is a tiny minority of the population who get to legally counterfeit money, while the overwhelming vast majority are not allowed to do that! It is relatively easy to study the history of how that situation gradually developed.

Every single aspect of our social system is an expression of that. Since science and technology did things like understand atomic energy, and crack the DNA code, etc., all of those trends have been astronomically amplified. Therefore, in every possible way, there has been runaway triumph of lies, backed by violence, taking control of everything. In the USA, the most clear paradoxical turning point, due to the reality of atomic bombs going BOOM, was the 1947 National Security laws, which enabled every other possible conspiracy to have a much freer hand to advance itself, under the cloak of "national security."

Indeed, it is hard to imagine any other concept that has become more manifestly psychotic than "national security!" For those whose minds are strong enough, it is clear that that was a master stroke of the master puppeteers, in creating their platform from which they could secretly pull strings more effectively. In that context, it amuses me to read the posts of Ident7777economy repeat his favourite phrase that conspiracy theories are the sign of a weak mind, since the truth is that failure to face the fact that conspiracies were quite real, and so, almost totally in control of the world, is the surest sign of a weak mind, that refuses to face the actual social facts!

In American history, the phrase "conspiracy theory" became popularized by the mass media, as directed by government agencies, to respond to theories about the assassination of President Kennedy. The amusing FACT is that those government documents have since be declassified. Therefore, we can NOW KNOW that the way that Ident7777economy responds was originally a deliberately designed strategy of the psychotic "national security" system, to cover itself. ...

Given that those who specialize in being dishonest, can and will back their lies up with violence, when they believe it is necessary to do that ... advancing more truth about any real conspiracy tends to get people killed, if those people get too good at that. ... It is only because I think that that the collective social insanity, of too much success, from too much criminal conspiracy, for too long, has already destroyed the future too much, that I no longer care about how dangerous those evils are, but rather have developed a macabre sense to humour to laugh at those evils. Which is why somebody like Ident7777economy amuses me with such ludicrous posts, as to deny that the mass media are owned by a handful of corporations, whose control is interlocked with all of the other megacorporations. Those are  social facts, which have been proven beyond reasonable doubt! Furthermore, it is possible to do simple research about which particular people have been their Chief Executive Officers, and to easily demonstrate the pattern of what kinds of people they tended to be.  However, like I said, it is not who they are that matters, but rather, what they do. ...

Of course, to understand particular events, like those on 9/11/2001, it is necessary to understand the historical background with respect to political power, from the perspectives of WHO controls the SOURCE of our money supply, and which groups of people are most effectively able to dominate the handful of enormous mass media corporations, from which the vast majority of Americans get their "news."  That there has been a very long historical process, whereby those who were the best at being dishonest, and backing that up with violence, also became the most wealthy and powerful people, (although those may well be acting behind the scenes, with puppet politicians out in front.) In that context, people are rewarded for agreeing with lies, while punished if they do not agree. Thus, working for the major corporations requires participation in their corporate culture.

From my point of view, it is a plainly obvious physical impossibility that a steel frame building could suddenly and symmetrically collapse at near free fall speed, unless there was a controlled demolition. The official story about 9/11 violates the common sense understanding of the properties of the substance steel, such as that ordinary fires never cause a barbecue grill to melt and collapse. The three buildings in New York on 9/11/2001 were the only three steel frame buildings in the world that have ever done that! It is possible to watch videos about how those buildings were built, and then watch videos about how they suddenly collapsed. The Architects and Engineers for 9/11 Truth have produced lots of material with respect to that, as well as many other independent researchers. THE OBVIOUS COMMON SENSE CONCLUSION, BASED ON PHYSICS, IS THAT 9/11 WAS AN INSIDE JOB, FALSE FLAG ATTACK.

Also, after coming to that obvious logical conclusion that the three buildings that collapsed on 9/11 MUST have been caused by controlled demolitions, and therefore, 9/11 MUST have been an inside job, false flag attack, it is then readily possible to do research to discover who had the power to make sure that most of that mass murder crime scene evidence was destroyed as quickly as possible, and who had the power to obstruct proper crime scene investigations! All of that evidence points in the same directions, if one bothers to look at it enough!

An army of independent researchers have done tons of work to provide plenty of information to substantiate the view that the official story about what happened on 9/11/2001 was a pack of absurd lies. To NOT believe the official story is the only sane thing to do. To continue to believe the official story about those events is to believe in the most absurd of all the possible conspiracy theories surrounding those events.

And so, I say again, Welcome to the Bizarro Mirror World, IE7!  You need to look in that mirror to see that everything you are accusing me and others of, with respect to conspiracy theories, applies much more to you, than to anyone else.

Of course, there are profound political problems that ripple out from understanding that 9/11 must have been a false flag attack, just like so many other events before it. But nevertheless, the basic theory of war, throughout all of history, for thousands of years, was that success in war was based on deceits, and that spies were the most important soldiers. Therefore, the belief that 9/11 was an inside job fits very well with the best understanding of militarism, throughout all of human history.

One of the profound ramifications of discovering that 9/11 was a false flag attack, is that then has direct bearing upon the real history of the financial crises in 2008. Furthermore, within that context, the current article above in this thread becomes much more profoundly disturbing!

After one accepts the social facts that the best organized gangs of criminals have effectively taken control of the government of the USA, because they have been able to take control of the money supply, and the mass media, and by dominating the funding of the political processes, as well as other dirty tricks, they have been able to take control of the government, because almost all the politicians have become their puppets, then one should worry about the existence and nature of institutions such as the DTCC:

... the DTCC that is the rightful and ultimately legal owner of every security ... they are in effect, the default custodians of every transaction. ... if the day comes when all securities-based property has to be "sequestered", all that would be needed is one quick phone call to DTCC and it's done and done.

AFTER ONE FACES THE SOCIAL FACTS, IT BECOMES PAINFULLY OBVIOUS THAT THE GOVERNMENT OF THE USA IS CONTROLLED BY CRIMINALS, WHO HAVE GIVEN OTHER CRIMINALS A FREE HAND TO TAKE CONTROL OF THE AMERICAN ECONOMY.

That is NOT a conspiracy theory. That is the central social fact. Therefore, again, welcome to the Bizarro Mirror World, where everything is proportionately backwards and distorted, because everything is controlled by huge lies, because the people who were the best at being dishonest, and backing that up with violence, ARE ACTUALLY IN CONTROL.

Those who refuse to face those obvious social facts are the ones that are crazy! Those who are willing to face those social facts are the ones that are sane. The chances that IE7 could persuade me that I am wrong to believe that 9/11 was an inside job, false flag attack, are the same as the ability to show me a barbecue grill that melts and collapses while being used. The official story about 9/11 is ridiculously absurd! It only worked because practically everything else in America is being controlled by huge lies, backed up by violence, and very few people are able and willing to take a stand against that overwhelming runaway situation.

The amount of power that an institution like the DTCC has is extremely troubling not merely because it could be abused, but rather, because, given the real social context and actual political circumstances in America today, it appears only a question of time until the power of the DTCC IS ABUSED!

To NOT understand the true symbolic significance of the 9/11 events means one does NOT understand anything else about the financial affairs in the REAL WORLD! After understanding the actual symbolic significance of the collapse of the World Trade Towers, then, the meaning of the threat posed by the centralized power of institutions like the DTCC becomes clearer!

I WISH that I did not believe what I believe! However, I find that impossible to do, because it would require me to believe in utterly absurd things about the substance steel, used in the construction of steel frame buildings, and which substance I am familiar with, through common sense, like in things such as barbecue grills. Since I have a direct understanding of the substance steel, it is plainly obvious to me that 9/11 MUST have been done through a controlled demolition, and was therefore an inside job. Being forced to come to that common sense conclusion means that I suddenly see the Bizarro Mirror World for what it really IS, namely an overwhelmingly dominant system of huge lies, backed by violence, controlling almost everything.

That is the REAL WORLD, not a conspiracy theory! Therefore, that is the REAL WORLD in which the DTCC actually IS operating! That is why the power of the DTCC is a serious threat, as this article outlined is possible, if, or rather when, that power was abused!

Thu, 11/15/2012 - 21:35 | 2986455 tradewithdave
tradewithdave's picture

Transforming the paper documents into solely electronic documents is essentially the same initiative as eliminating paper federal reserve notes and replacing them with solely electronic money. With triple entry accounting, you can effectively measure the velocity of money and resolve Irving Fisher's dilemma with MV = PQ.  The ramifications for a divorced currency model whereby you separate the double coincindence of needs from the store of value component of money are not insignificant.  Although the documents under custody of Cede & Co. are securities the parallels with promissory notes (FRN's) are telling.

 

http://tradewithdave.com/?p=13199

http://tradewithdave.com/?p=12776

 

Thu, 11/15/2012 - 23:47 | 2986709 UP4Liberty
UP4Liberty's picture

CA$HLE$$ $OCIETY - GOAL OF GLOBALISTS.  PLEASE PAY ATTENTION TO YOUR MONETARY & POLITICAL SYSTEM, SHEEPLE!

 

Fri, 11/16/2012 - 02:11 | 2986872 indio007
indio007's picture

 

cede (v.) 
1630s, from L. cedere "to yield; to give up some right or property," originally "to go, proceed, leave," from PIE root *ked- "to go, yield" (cf. Skt. a-sad- "to go, approach;" Avestan apa-had- "turn aside, step aside;" Gk. hodos"way," hodites "wanderer, wayfarer;" O.C.S. chodu "a walking, going," choditi "to go"). Related: Cededceding. The sense evolution in Latin is via the notion of "to go away, withdraw, give ground."  
Now why would they call themselves that? hmmmm...?
They are rubbing it in our face.

 

Fri, 11/16/2012 - 03:32 | 2986923 CCanuck
CCanuck's picture

Might not be wet...but still underwater.

 

Fri, 11/16/2012 - 08:23 | 2987068 f16hoser
f16hoser's picture

"All right, which one of you dumb fuckers deleted my World Equities file off my computer?"

(Tomorrow's Headline)

 

 

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