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Rumor Mill News Reading Room, Current Archive

Chinese Copper Traders Use Legal Term To get Out of Contract Obligations - Are Global Banks Next?

Posted By: GeorgeEaton
Date: Saturday, 9-Jan-2021 07:27:41
www.rumormill.news/140284

A legal term called "Force Majeure", that is seldom used in business, is now being used by Chinese copper traders to get out of contact obligations. It is similar to the term used by attorneys known as "an act of god". They will often write up a contract in business dealings and add the the possibility of "an act of god", that they would not be responsible for and would not be held liable for, if it happened.

With the massive virus outbreak in China and the disruption of labor by the tens of millions, it was bound to slow down a broad variety of businesses. This would allow a company that is under contract to deliver services or products, to not be held liable for the disruption because of the "Force Majeure".

These are rare and unusual circumstances and a person can understand why such a clause would be necessary to avoid legal problems or to be sued for breach of contract.

However, if this same reasoning and excuse is used by the global banks and financial houses, it is very possible that banking and financial reversals in the $ billions could be swept away by exploiting the Coronavirus pandemic for financial gain. This outbreak then could be considered a "godsend" for failing banks and hedge fund financial houses. This concept may sweep the world and be utilized by major manufacturing corporations of all kinds, and who could refute their reasoning in court? This may be the "black swan" event that could be used to reverse their loses and stay in business through tough economic times. A black swan event is also being talked about as the virus outbreak started to spread across the globe. A black swan event is one that can not be predicted - but causes major changes, whether in business, politics or war.

As we see the pandemic spread across the world we will see if businesses and banks use "Force Majeure" as an excuse to get out of financial liabilities. And, more importantly, will the taxpayers end up being the victims that have to bail out those financial institutions? George Eaton




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AN EXPLANATION OF THE FACTIONS