The worldwide economic system is corrupt. “The Entire System Has Been Utterly Destroyed”; Recommends “ALL customers Withdraw From All of the Markets”
warns Ann Barnhardt of Barnhardt Capital management. She shut down her company after the bankruptcy of MF Global. Corzine the ex government regulator/ friend of Obama and top guy at MF Global illegally used customers money held in trust to gamble with. Its like you having your money in the bank and the bank president takes your money to Vegas and loses it. The money in the segregated accounts was supposed to be safe as a bank.
“ CME Trust was established in 1969 to provide financial assistance to customers if a brokerage became insolvent. Federal rules requiring brokers to keep client money separate from their own made the prospect of customers actually losing money in a broker default seem so remote that the CME's board in 2005 voted to turn the Trust into a charitable foundation.”
Corzine as top man at Goldman Sachs, New Jersey Governor, US Senator to head of MF Global typifies what is wrong with both our financial and political system. The corruption and revolving door shows the cronyism practiced. When government and corporations work together that form of government is called Fascism. In another shocking turn of events the bankruptcy filing of MF Global was filed under the wrong type of bankruptcy so the creditors get paid off and the depositors get ripped off. This is the same MO as the housing collapse. Where the politically connected get bailed out and the middle class gets eliminated. All of the below quotes are from Ms Barnhardt's blog she has been in the business and knows far more than I about what is going on. http://barnhardt.biz/
“Aside: I had a great conversation with a trader out of Hong Kong operating in Seattle earlier this week, and he confirmed that the Asian trade is now viewing the U.S. markets as POISON because of this. I told him to pack his bags and go home to Hong Kong and set up shop there, because - and brace yourselves for this - the Chinese markets and regulatory oversight bodies have more integrity than their U.S. counterparts, and there will be a flight to quality with regards to the rule of law into the Chinese financial markets.”
I have a friend that moved to China to “enjoy more freedom and provide more opportunity for his children” I speak with him on whats in the news in China. He says nothing we hear about China in the MSM is accurate.
“ First, all notions of personal property rights were essentially destroyed when the MF Global “trustee” began seizing customers’ gold and silver bullion held in storage if that bullion was purchased through contracts brokered by MF Global. In case you’re not following, let me restate. MF Global customers who traded in precious metals and actually took delivery and OWNED bullion, as in outright, free and clear OWNERSHIP, complete with a warehouse receipt (aka title) with SERIAL NUMBERS designating exactly which physical bars they OWNED, and were PAYING RENT to STORE their own property in a “secure” VAULT, complete with statements indicating that these storage fees were paid in full, are having THEIR PROPERTY THAT THEY OWN AND ARE PAYING RENT TO STORE CONFISCATED by the MF Global trustee in order to feed the gaping maw that is the MF Global “estate”.
Wow this is frightening the rule of law is truly dead in this nation.
“Also announced over the weekend was the jaw-dropping, yet illuminating fact that the MF Global bankruptcy was fraudulently, nefariously and illegally drawn up as a Chapter 7 BK for a SECURITIES DEALER and NOT a commodity brokerage as it should have been. Look, MF Global was the second-largest non-bank FCM in the United States next to NewEdge which is the old FIMAT. If MF Global wasn’t an FCM, then there are no FCMs. Of course it was an FCM. It had $7.2 billion in customer seg funds as of August 31, 2011. And yet MF Global was immediately, from the get-go, put into Chapter 7 BK as a SECURITIES FIRM. This is fraud. MF Global’s BK should have OBVIOUSLY been established under Subchapter IV of the Chapter 7 code as a COMMODITY BROKERAGE.
Why wasn’t this done? Because in a Subchapter IV liquidation of a commodity brokerage firm, guess who is absolutely and unequivocally at the front of the line? You guessed it: the CUSTOMERS. In the Chapter 7 liquidation of a securities firm, guess who goes to the front of the line? Uh-huh. The “creditors”, aka the counterparties on the firm’s proprietary positions. As in . . . J.P. Morgan, et al.
Now we know why"
“ we now have both Soros AND J.P. Morgan getting uber-sweetheart deals on buying up the remnants of MF, specifically Italian sovereign paper. ZeroHedge posted a story today showing that JPM bought some of MF's Italian paper at fully 5% below market price at the time - 89 vs 94. That difference is a HELL of a lot of money that could have and SHOULD HAVE gone back into the MF estate and then out to the MF customers. Oh, and it is also wicked illegal. MF sold $2 billion in this same Italian junk paper to none other than Soros. I'm telling you, it does not require any sort of tinfoil hat to see what is going on here. Corzine scuttled the company with the blessing of the Obama regime and Holder Justice Department in order to effectively launder money to Soros and J.P. Morgan. This is why Corzine is testifying before Congress. He knows that he will never be prosecuted, so he isn't worried about "self-incrimination" or perjury. I also expect the Squid (that's Goldman Sachs, y'all) to make a similar appearance as a beneficiary before it is all said and done. “
This is absolutely criminal. None of these things could have happened without the assistance of the government we created to secure our rights. So they filed the paperwork so they could continue to rob the depositors! They sold JP Morgan and George Soros the customers money at a discount! Hey buddy I'll give you a dollar for eighty nine cents, stolen money. Pawn shop owners caught with stolen property have it taken from them by police without compensation. If the law were in effect the money would be seized and returned to the customers and all of those connected would be in jail. After the S & L crisis over 1,000 people went to jail. Martha Stewart went to jail for inside trading, why aren't most of our congressmen in jail as well?
The Boston tea party was as much a protest against the East India Tea company as the British Crown that backed them. We the American people must understand it is crony capitalism, which is not capitalism, that is allowing our government to aid and abet the crooks. We must join together and restore our Republic and the rule of law. The tea party was about overbearing excessive corrupt government, Occupy Wall Street is about corrupt corporations running our government. Quite honestly it is hard to tell who runs who?
Look up the definition of fascism. We are there.