you don't own your deposits at the bank they are not yours what you own is an IOU from the bank what this book shows is that all of everything on your brokerage platform it's the same story you know when you see that you've got so many shares of this stock and you believe that you own that what you own are IUS for shares of that stock from your brokerage house all of the shares have been taken and then they've been transferred to one entity that's a clearing house and it's all pulled so


your name is no longer on those shars this is just pulled and then it goes into an international Clearing House and uh you'll see with these quotes that the reason for a lot of this is to give them better insight into all of the collateral that they can then take and use in a crisis to keep from going under if you want to survive what is coming if if he is right you need to read this and uh see whether or not you think it's true and whether or not you need to take some [Music] action hi this is a review and


condensation sort of a cliffnotes if you will of a book called The Great taking by David Webb and this book is about how laws have been changed and the banking sector is basically ready the banking The Brokerage brokerage houses uh they it's been legalized for them to basically be able to take everything from you in a crisis and there is a crisis coming to me it feels like it's right around the corner with me to help explain this book and how the banks and the brokerage houses are going to be


able to take everything from you your property your retirement accounts your real estate uh your bank accounts is Alan Hibbert Alan how are you doing well I'm great Mike aside from the topic of the book but yeah I'm great thanks for having me yeah tell them uh the little blurb that you came up with for this book because it is about the end of property rights yeah exactly so when we think of the great taking people ask well what does that mean the great taking of what this is the end of property rights which is arguably why


governments exist which is to protect property rights of people and if property rights are over uh there's absolute chaos right and the great taking means the great taking of all your money or currency all your financial assets and all your real property and all the laws are currently in place to subvert property rights and legally take everything you own and move it into the hands of a very small number of people yes uh you know I believe that we're at this inflection point in the world right now that there is a crisis


coming at us and I don't know if it's going to be it feels like it's going to be 2024 like they're not going to be able to control this if you remember uh 2008 was also an election year and they were trying to uh hold everything together but they couldn't Leman Brothers happened uh while Bush was still president before Obama became president so uh it was an election year uh and uh they were uh they lost control over this now they're going to be trying to hold this together again uh through


this election year but will they be able to that is the big question so the great taking is about how the entire derivatives complex which is enormous is collateralized it's backed by all of your assets and uh you can get a copy of this book for free uh by going to the great tak.com and you just download it right here uh so uh because this is about how derivatives are backed by your assets uh and and you know he's got a lot of uh evidence in this book there's a lot of quotes that we're going to go through


some of them uh that are from Communications between the Federal Reserve and the and the uh European Central Bank it it's about it's quotes from The Universal Commercial Code uh it's quotes from uh uh laws and court cases and uh so he's got a lot of evidence here for his claims uh so it's mostly about derivatives so Alan could you define for the viewers what a derivative is sure so a derivative is called a derivative because its value is derived from something else okay that


sounds complicated but let's say Mike let's say I bet you what the weather is going to be and we come up with a little contract if it's sunny I'll pay you a dollar and if it's cloudy you pay me a dollar well the piece of paper itself isn't worth anything but once the weather is revealed it's either going to be worth a dollar or nothing so the value of the paper is derived from something else that happens in this case the weather but in the financial markets all these Financial derivatives are


based on the value of stocks and bonds and whether or not people pay their mortgages and a whole bunch of uh complicated things but the very base of it all the value comes from working people whether or not they go to work whether or not they pay taxes whether or not they pay their mortgage and their other loans that's a derivative okay um so this uh visualization that the it's from the visual capitalist uh was done back in 2022 and there's this Square here and each Square represents $100 billion and


you can see this first one Sam bankman freed is a very very small square so that's a fraction of a square but in order for you to see the scale of derivatives I've got to take this and minimize this as much as possible uh so that I can scroll through some of this let me put on my glasses here so I can see okay so this is the amount of currency in the US and CH that's China there this is the gold that exists and this is coins and bars so this is the investable gold this is all the billionaires in the world and that's


more than investable gold so you can see actually how little gold there is but then we go through central bank balance sheets S&P 500 This Is Us and China GDP the Global Currency Supply this is the stock markets this is global debt this is all of the real estate in the world then you've got Global wealth so all of the wealth in the world and then you have derivatives here and so this is the uh face value and notional value of the derivatives but you look at the scale of that versus the stock market so this is


the stock markets were all of the Securities so this little area here uh and then your deposits back you know and uh this is a a scale where this exceeds all of the wealth so the global wealth is much smaller than the derivatives complex have you got any comments on that before we get into the book yeah well that already should be a worrisome and a bit of a heads scratcher for people because um you know there's simply not enough to back all these all these bets that are being made like bets


on whether or not um the value of stocks are going to go up and down and bets on whether or not people are going to pay their mortgages so something bad kind of has to happen uh somebody is going to be on The Winning Side of each derivative and someone's going to be on the losing side so you've got to ask yourself well what happens to all the losers of all these positions do they just go bankrupt and that's kind of what this book is about yes and what happens when one person can't pay another person so uh


Warren Buffett once said that derivatives are Financial weapons of mass destruction carrying dangers that while L latent and they have been so far I mean we got a taste in 2008 of what derivatives can do are potentially lethal and I think that we are approach this book is about approaching that lethal point and so I just want to point out real quickly that we are at a peak right now this is the inflection point right now the markets are rallying uh and what we're seeing is very very typical of a market Peak just before a


crash uh recently there was 35 billion in the last six trading days uh flowing into the S&P 500 ETF the spiders uh Santa Claus rally is an understatement this has never happened in the history of the uh the spiders the S&P 500 ETF it's never been this big in history and then you look at the uh fear and greed index and it's in the extreme greed area which is where it is always at the very peak of a market just before a crash any comments on that well yeah I mean we're seeing a bunch of things coming together


at once but let's not lose sight of the main idea here which is that eventually someone's going to lose on each of these bets right and so what happens when what happens when someone loses on all these derivatives even if they own the entire stock market and the entire bond market and the entire real estate State Market it's not as big as all those derivative positions so how could that possibly end well well it can't and that's what this book is about you know it's the the


derivatives are collateralized or backed by all of the Securities that are in the brokerage houses all the stocks all the bonds and all of the mortgage back Securities and so the the I I remember um several years ago right after Cyprus did the bailin where they took the any any account over $100,000 you got a haircut you lost a a very large percentage of your deposits and uh and so the banks were legally authorized to just take the depositor's currency and use that to recapitalize the bank and keep the bank's solvent uh


and so anyway let's dig into this book and look at some of the quotes that I've taken out of this uh what is this book about is about the taking of collateral all of it the endgame of this globally synchronous debt accumulation super cycle and that is what we have been on since the establishment of the Federal Reserve this uh synchronous debt accumulation super cycle included are all Financial assets all money on dep deposit at Banks all stocks and bonds and hence all underlying property of all


public corporations including all inventories plant and Equipment land mineral deposits inventions and intellectual Pro property privately owned personal and real property financed with any amount of debt will be similarly taken as will the assets of privately owned businesses which have been financed with debt and so uh he's making this claim that laws have been every everything has been slowly and almost very very quietly almost sec L put in place to where uh it has it is this theft that Heath believes is about


to take place has all been legalized that this is now the law any any comments on that yeah exactly um you know I I used to be a portfolio manager uh about nine or 10 years ago and one there's a very large portfolio it was over a billion dollars billion with a B me and another guy anyways very early in the job he asked me how do you know if you actually own something this was one of the most important questions he asked me how do you know if you actually own something we're managing a lot of money


and I thought about it I thought about it I had never considered it before and I said well I guess the law right I guess the law will tell you if you own something and he's like yeah basically the law and that's when I learned about ultimate beneficial ownership and when you and I really anybody when we put our money in the bank we no longer own it and the bank does not legally have to give it back to us and people have a really hard time understanding that those laws are on the book you're loaning them your currency


and they have a contract with you that they're supposed to repay it but they get to use that currency for other things and uh so yes you don't own your uh deposits at the bank they are not yours what you own is an IOU from the bank yeah and that's if they have enough money to repay all the people who want money right or currency what this book shows is that all of everything on your brokerage platform it's the same story uh those are just you know when you see that you've got so many shares of


this stock and you believe that you own that what you own are IUS for shares of that stock from your brokerage house that all of that stock all of the shares have been taken and then they've been uh uh transferred to a clear to one entity that's a clearing house uh in a and it's all pooled so your name is no longer on those shares this is just pooled and then it goes into an international Clearing House and uh you'll see with these quotes that the reason uh for a lot of this is to give them better uh


insight into all of the collateral that they can then take and use in a crisis to keep from going under uh so uh anyway uh money is an extremely efficient control system he's talking about currency People Order themselves upon uh money incentives so people uh do things upon money incentives and thus difficult dangerous and energy intensive overt physical control need not be employed broadly so this is about controlling Society but the money control system breaks down at the end of a monetary


super cycle with the collapse in velocity of money uh this is a multi-decade process and you've come up with some charts that we're going to go over in another video that's separate from this because this video is already going to be long and intense and we we have to sort of separate that but velocity of money uh has been collapsing especially since the uh covid crisis uh and uh this is one of the things that he is seeing as the alarm Bells uh in the next Global Financial Panic what are the


chances that there will be much of anything remaining in these pools of Securities after the secured creditors have helped themselves there will be a game of musical chairs When the Music Stops you will not have a seat and it is designed to work that way so what did you get from reading the book when you were uh when you came across all of this yeah um well exactly so you got got to remember that like at the end of the day like the the true economy is actually producing things you can't just like create pieces of paper


that like extract wealth from one place and move it somewhere else there's there's no value add to that so if you're running a printing press you're not you can't print Prosperity uh so all you can do is is funnel wealth you know through financial engineering from one place to another and so if there's the working class that's actually producing and then there's the fincial engineering class that's just extracting wealth it can only go in One Direction and and


that's like the basic thing in this book The Great taking is about not just leaking it slowly over time but finally moving the entire pile from one group to the other right and it's done so through debt so you have to uh grow debt and get everybody into debt to be able to to do this um you know back I think it was back in the 70s my father was doing some import export he was T he was on this uh uh he was a liaison and on this delegation to Japan and somebody in Japan told him in Japan we build things


in the United States you guys play with money we've got this financialization of the entire global economy and it keeps on getting more and more and more complex and thus more fragile and uh and it's all Voodoo at this point it is you know you you the the deeper you dive into the way the global economy works the more you realize that it is all just a bunch of voodoo so moving on now anything in italics is not David web's writing these are quotes that he has taken uh from some law or regulation or


a court case or a conversation between the fed and the European Central Bank uh things like that so you're going to have to uh download the book it's free and read it uh there is also a a video on it that's much easier uh it's not quite as in-depth and you really should uh take it I mean it's like if you want to survive what is coming if if he is right you need to read this and uh see whether or not you think it's true and whether or not you need to take some action in the unlikely event of a short fall of


Securities the client in question that you if you own stocks bonds or uh mortgage back Securities or any other type of Security will not be able to claim a right of Separation but will likely be considered as an unsecured creditor without priority to the assets uh of the bankruptcy estate so that's basically the same as your deposits at at the bank uh and that is the reason you know the FDIC EX for banks there's the FDIC insurance so that your deposits uh supposedly aren't at risk but there isn't enough Insurance


available to cover all of this if it's massive in times of Market stress rapid deployment of available Securities so they're talking about the rapid deployment of your securities because they're available because they've been pooled in these Clearing Houses may be crucial in mitigating systemic issues for instance with better visib visibility of available Securities and better access to them so they can take them from you firms may be able be may be better positioned to rapidly deploy


Securities to meet margin needs so these institutes just like Leman were are are margined they're working on Leverage it's dangerous in fact uh some of the Leverage is like uh you know the the actual um Equity that the these Clearing Houses have is like 2% uh so to meet margin needs at ccps now I have inserted Central clearing counterparties that that's what ccps means in times of increased Market volatility or to pledge to central banks in emergency situations to gain in increase access to the lender of Last


Resort which means that they're going to take your stock pledge it to the Federal Reserve the Federal Reserve creates currency and Loans it to not to you but to this uh Central clearing counterparty that might be on the verge of banks bankruptcy that is holding all of our shares of stock uh in pulled accounts without our names on them they're not attached to and basically the that would mean that the brokerage house that you're with has IUS for stocks from the uh Central clearing counterparty and


then we have IUS from the so it's IUS for IUS and all of the real shares of stock are in this pool that can be accessed and used as collateral to back all of these derivatives that uh these entities have been doing so the purpose of the safe harbors from their Inception has been to promote stability in large and I bolded this inherently unstable financial markets so they're they're inherently unstable by protecting transactions in those markets from being dis Disturbed during a bankruptcy uh as and remember be Sterns


Leman these were bankruptcies uh as explained in the legislative uh history of the original Safe Harbor Financial the financial stability of the Clearing Houses would be severely threatened by exposure to avoidance claims as well as and then I bolded this actions to avoid margin payments made by Clearing Houses could set off a chain react action of insolvencies among other Market P participants threatening the entire industry so threatening the entire industry means all stock markets globally falling like dominoes this


would be every brokerage house uh every um uh Investment Bank this would threatening the entire industry uh so what he's talking about is something really big and so they've changed all of the laws so that they can grab they can back stop everything by grabbing all of your stocks bonds and and the collateral uh and using that as the collateral to back all of these derivatives so in this part he's quoting a some of a decision that was made by the courts and I believe this is after the Leman Brothers


crisis and so Leman Brothers triggered uh this these hearings and here it says that the court agrees with JP Morgan Chase that the Safe Harbor applies that safe harbors apply here and it is appropriate for these Provisions to be enforced as written and applied literally to the uh in the interest of Market stability JP Morgan Chase as one of the leading financial institutions in the world quite obviously is a member of the protected class and so this lays out these these special organizations that


are the protected class and moving on uh now remember whenever it's not italicized this is David web speaking so and and so only a member of the protected class is empowered to take customer Assets in this way in the aftermath of the 20072 2008 Global financial crisis no executive was convicted of a crime for the use and sub subsequent loss of of client assets and you know that's like in Lan Brothers uh they were using client assets and they and a lot of Leverage uh and then they went under and people lost uh quite to


the contrary the bankruptcy of Leman Brothers was used to establish case law precedent uh that the protected class of secured creditors have an absolute priority claim to client assets and that potentially and practically only they will end up with the assets super priority is only for the protected class the public can only be allowed the appearance of protection it's it's a very very interesting book and it is notated so uh these quotes you know he's he's pieced together all of these pieces


of a pubble of a of a puzzle that could add up to something very very very dangerous you know as as Warren Buffett said uh lethal uh financially to all of us now he digresses and goes back to how uh the during the Great Depression this happened uh on a smaller scale than what he is talking about but the banking collapse and everything uh the banks ended up with all of the property so this thing of of deflation and uh currency velocity falling off of a cliff uh was used back in the 30s uh and so on


a small scale this has already been done now I added this bold type here regarding the gold nationalization of 1933 but then the rest is him people who were simply protecting themselves and their families from the actions of the Federal Reserve System were accused of hoarding gold and literally criminal criminalized if they persisted in doing so the rationale is incredible you are hoarding gold so we will take it and do what with it ho it that is exactly what they have done since 19 1933 they've been sitting on


all of the gold that was turned over all of the US's gold is being sat on uh and hoarded by the Federal Reserve uh you know if you look at the Federal Reserves balance sheet which we're going to do in an upcoming video uh you will see that all of the US Gold uh is has been loaned to the Federal Reserve and uh the Federal Reserve has it and it actually backs the currency and circulation to the tune of uh 0.4 cents for each dollar that the Federal Reserve has printed uh and so the srbs and then I added single


resolution board that's what an SRB uh 2023 working program is set against a backdrop of great un certainty while the start of 2022 saw economies begin to emerge from the pandemic 2023 will see added challenges now more than ever it is important we fi that we finalize the work on the banking on banking um resolvability uh and ensure that all of the goals set out in the S I'm dyslexic for everybody out there if you haven't seen me before I had to rehearse this a couple of times so sometimes I have difficulty reading


I'm sorry uh uh to ensure that all of the goals set out in the srbs expectations for banks that's uh the thing they're referring to in in this uh broader thing um are met before the year is out this was the initial Target date and we are on track to meet it the year 2023 will be the last of a transitional period for the establishment of the main elements of the resolution framework uh in the banking Union and then David web says here it seems that we are getting very close to Showtime so they the the


uh sing the single resolution board their working program is trying to get this done by the end of this year just a just a few weeks from now this is all going to be in place to be able to do the great taking during the next great financial crisis uh so I want to remind everybody of this quote from the great ludvic Von mises there is no means of avoiding a a final collapse of a boom brought about by credit expansion the alternative is only whether the crisis should come sooner as a result of voluntary abandonment of further credit


expansion or later as a final and total catastrophe of the currency system involved and what David Webb is talking about here is big deflation uh uh causing this and it lines up with my first book and episode six of hidden secrets of money is exactly about this that there would be little inflation followed by deflation followed by real inflation which we have now seen the real inflation came and now followed by a real deflation a contraction of the currency Supply which we are seeing right now uh and the of


velocity um and so this is potentially an endgame for the currency system in involved and I've been warning about the death of the global dollar standard since I believe it was 2011 2012 I did a big presentation on it in Singapore but I've been giving presentations on it since 2009 and it has been slowly evolving but the thing about these kind of things is they go slow at first and then they suddenly start speeding up and I think we might be getting closer to that point if you are wealthy David says


you might assume that because the system has allowed them to accumulate wealth they will be protected in some way that they are special that you are special they're just saving you for dessert I'm sorry I shouldn't be laughing uh but uh you know I believe that unless you are among that protected class that he uh could be right here now this may or may not be true and correct but you have to read the book and decide this for yourself because if he's right we are in for something big and then


he's got some final final comments that a public that can no longer distinguish between truth and fiction is left to interpret reality through illusion random facts or obscured bits of data and trivia are used to either bolster illusion or give it credibility or discard it if they interfere interfere with the message when opinions cannot be distinguished from Facts when there is no Universal standard to determine truth in law in science in scholarship or in reporting the events of the day when


most valued when the most valued skill is the ability to entertain the world becomes a place where lies become true where people can believe what they want to believe globally we have witnessed overt media control and propaganda campaigns censorship including arrests of people speaking in public and monitoring of all electronic communications governments dropped all pretense of democracy and were emboldened to PR practice open despotism uh there were no functioning checks on this power the courts provided


no effective recourse to the public government broadly abused fundamental human rights and so I I want to this is actually a misquote uh this it's just this first paragraph and it's attributed to Thomas Jefferson I have no idea who made this up but it is actually appropriate in this case if the American people ever allow private Banks which includes the central banks uh to control the issue of their currency first by inflation which we have already seen then by deflation which I predicted in my book and episode


six of hidden secrets of money the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered uh so this is the great taking taking everything and so we've got a little Meme here it's a hedge fund specializing in highly complex derivatives and exotic financial instruments for discriminating investors and he's saying buy gold got any comments on that Alan buy gold I already


got it I know some very wealthy people including fund managers who only owe only own digital Things No Gold no real property uh they could potentially go to zero like literally zero everything could be taken the whole thing the whole financial system the monetary system is all a bunch of uh very bizarre uh Voodoo it's just a bunch of voodoo it doesn't really exist it's a fugazi it's a fugazi so uh I urge everybody to go and download the great taking there is also a video available that you can watch


that's condensed like this and then also you know I I I never make make recommendations what I do is I tell people what I am doing and uh you know I intend this week to try and take delivery of some of my stock certificates that I want to keep the rest of it I'm going to sell but I actually uh am uh this book worries me enough to take more action and then I'm going to be uh buying some more gold so um anything uh you want to say in closing Ellen well I also can't give anyone advice but I can tell them what


I'm doing and I have a couple ounces here mostly for props on videos the rest of what I have is not here uh and I got rid of all my stocks and bonds I sold out of both my IAS a couple years ago when I saw these things happening and I took a massive penalty 30% or 40% just to just to exit those positions but I'd rather lose 30 or 40% than 100% so that's what I chose to do I know it's very drastic I'm not recommending that anyone does it but that's what I did and I own in my own possession every single


thing I've ever worked for nothing is digital nothing can be taken by a government a bank or Corporation it's all in my hands wow yes uh you know that's what I'm doing more of and uh even though uh the dollar is a fiat currency that is going through inflation and a loss of purchasing power every single month uh for me I thought it prudent to have some cash on hand that I can get to in an emergency because they are talking of this book is talking about a an extreme crisis and if you've


watched some of my recent videos uh and and read the book the scale of the bubbles that they have created since 2008 is just absolutely enormous and uh when this unravels uh this should be the thing that causes all these derivatives to start cascading as falling dominoes and thus the big brokerage houses uh that that have the legal Authority now to grab all of your assets and use them along and the banks to be able to grab property that uh you know you have loans on because in a deflation the value of


the property falls below the value of the loan you can't sell it to get out of debt you're you're really stuck so I would urge people to read that book and uh you may want to pick up a copy of my book as well just so you can see where we are actually at today and uh the main thing is comparing this to what happened in the precious metals bull market of the 70s because uh you may come out even though the world comes out uh the much worse for this financial crisis that is coming at us uh you may personally come


out better off so anything else Alan no that's it I would just encourage people to uh prepare educate themselves it's better to be 5 years too early early than 5 minutes too late exactly so I want to thank everybody for watching if you enjoyed this please like subscribe and smash that thumbs up and the notification Bell and we will see you all next time thanks for watching