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LARGEST PORK BELLY BILL EVER GRANTED IN US HISTORY
Derivatives are complex tools and sometimes, I admit that my brain doesnt always grasp their full mecanism. However, I do believe what GOLD ADVOCATES say about them... are there other gold specialists out there who can elaborate so RMN readers will understand better [me included] the full horror explained below?
"The $3.5 Trillion Dollar Sure Thing"
An Issue to Watch
by James Sinclair
We in the gold community have a sticky decision to make. There is legislation presently in process, which would prevent a meltdown of the over-the-counter derivatives as it pertains to the granting entities, thereby removing from the financial perpetrators the risk of their miscalculated deeds or misdeeds. After all the legalese and flowered words are removed, what this bill intends is simple. It would prevent auditors, attorneys and bankruptcy judges from securing the assets of the profitable legs (offsetting transactions) of a derivative spread and protecting under chapter 11 those seeking to collect from the losing side (offsetting transaction). The only way these computer falsehoods (OTC derivatives) can go bust is if the transactions are split apart in bankruptcy proceedings (the profitable side seen as money and the loss side bankrupt), as would be the present effect of the now standing laws concerning bankruptcy. The new law would make the netting of the profit and loss to zero in the transaction in case of financial failure by the grantor.
The real sin in this situation is that the law is akin to a giant erasure that will run through the majority of 74 trillion dollars of transactions that stand now as special performance requirements that in truth cannot perform. The constructors of these will walk away with all their commissions and spread profits intact. It will be the largest pork belly bill ever granted for anyone in US history, particularly now for the banking and investment industry. It is a gift of no less than $3.5 trillion in revenue that these transactions have produced over the past 12 years of their ascendancy.
On the pro side of this legislation, no one in their right mind, myself included, wants to experience the downfall of this mountain of worthless paper. Its economic, social and political impact is simply too awful to consider.
Serving Freedom
and Liberty
