Decades ago, at roughly the same time as Nixon took the dollar off the gold standard, ownership of securities was altered, with the effect of depriving investors in financial assets of their direct ownership rights and confering instead a beneficial interest under trust law. The actual legal ownership resides with the Depository Trust Company (DTC), which legally owns $100trillion of securities and keeps track of which investors are associated with which financial assets. DTC is part of the Federal Reserve system, and was initially run by a CIA operative. This is what allowed for the creation of today’s quadrillion dollar derivatives complex, the mortgage backed securities debacle and other financial ‘creativity’, where creativity essentially means fraud. Securities can be used without the knowledge of the beneficial owner. In a crisis, these assets could be confiscated and used to prop up failing financial institutions, and a crisis is coming. Casino capitalism is reaching its maximum extent and a crash is inevitable at some point. Considering the consequences to come from the war in the Gulf, that crash might not be too far off.
