Is your money REALLY yours?
Think again!
Discover the shocking truths about global securities in our latest episode, where experts David Webb and James Patrick reveal what’s really going on. Stay informed and protect your future!
The Great Taking movie link https://tube.bigpicture.watch/w/8GhLY3s8Ptf4qebztL5mcG
The Great Taking film website https://thegreattakingreport.com/
Tru North Public Policy https://trunorthpublicpolicy.com/
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TRANSCRIPT
the_taking_30_Jan_2025_restream
[00:00:00] [00:00:00] [00:01:00] Is your property really yours? Well, you’ve probably heard this before. You’ll own nothing and be happy. It’s the clarion call of the folks with the Great Reset. But just think about this. In reality, everything from your home to your savings, your stocks, your retirement fund, there’s growing evidence now that global elites, financial institutions, policy makers, Maybe quietly changing the rules. [00:01:32] They say you’ll own nothing and be happy, but what does that really mean for you, your family, and your financial future? In this episode, we’re gonna break it all down. The Great Taking. What’s happening behind the scenes while no one was paying attention? How laws have shifted control of investments away from individuals? [00:01:50] Why new land and environmental policies could restrict private property ownerships in the Great Reset? Agenda 2030. What it all means for you, your personal [00:02:00] wealth and your family. Most importantly, what you can do about it to protect yourself. And people already started to fight back. Today, our guests, James Patrick and David Webb, who are fighting tirelessly to wake people up to the story. [00:02:15] What’s happening behind the scenes, bring it to the forefront so that you can be empowered [00:02:21] and encouraged to take back control today. [00:02:25] Justin Barclay: Get ready to strap in. It’s going to be a heck of a ride. It’s like drinking from a fire hose. Never a dull moment, but yes, you’ll hear the stories you won’t hear anywhere else, and we appreciate you being here with us for them today. I’m Justin Barkley. [00:02:43] David Webb: For 400 years, securities were personal property. If your account provider, your broker, or your custodian became insolvent, you could take [00:03:00] immediate return of your securities. That is no longer the case. [00:03:05] Documentary Trailer: America is, is in trouble. The Federal Reserve can be summarized in three words. It’s a scam. I never realized it was the most Profoundly corrupt institution in the world. [00:03:21] Documentary Trailer: Pretending to be honorable. [00:03:23] Documentary Trailer (2): Mr. Webb came out with his book and people began to read it, and constituents started calling me and saying, what are you going to do about it? And I didn’t realize this, and I didn’t realize that, and I can lose everything that I own. [00:03:35] David Webb: So I’ve written this book, The Great Taking, to put on the table a very sophisticated structure designed to take essentially [00:03:45] Documentary Trailer (3): all financial collateral globally. [00:03:48] Documentary Trailer (3): In 1994, the UCC, which is the Uniform Commercial Code, changed wording regarding securities. What it meant that the stocks and that you and I purchase [00:04:00] can be used as collateral to guarantee loans for that investment firm. [00:04:06] Documentary Trailer (4): In 1994, Um, Article 8 revision, they created, conjured a new type of property ownership or property right called a securities entitlement, that’s, that’s a contract. [00:04:18] Documentary Trailer (4): So it isn’t um, a security in the sense that you thought you used to own something on paper. [00:04:24] Documentary Trailer (5): You own securities. You own, you know, the number that says on your brokerage statement, but securities, you know, can be, are more fungible in that, in that [00:04:35] Documentary Trailer (6): respect. I just want to regurgitate what I think I’m hearing. [00:04:38] Documentary Trailer (6): So, given the fact that these securities are in a pool, They are using the securities in the pool as collateral, but you don’t know necessarily if they’re using yours or somebody else’s. That’s, that’s my [00:04:51] Documentary Trailer (5): understanding. [00:04:52] David Webb: The financial system, the custodians, are empowered to borrow the securities out of the [00:05:00] pool without any, any [00:05:02] Documentary Trailer (3): limit at all. [00:05:04] Documentary Trailer (3): Taking that the next step, which would mean, potentially, if your investment firm went bankrupt, your assets could be pledged to that. [00:05:13] David Webb: The secured creditors have absolute assurance that they will keep the client collateral in the event of insolvency. And this is the shocker. Not your insolvency, but insolvency of the people that secretly used your securities as [00:05:32] Documentary Trailer (3): collateral. [00:05:33] Documentary Trailer (3): That’s insane. That’s ridiculous. We all own our own property. I pulled out the book and read the section of code he was talking about. I said, I’ll be damned. I read that the same way he does. So there is a legitimate concern as individuals. These are our securities. We’re not pledging them for any institution, but by God, it’s ours. [00:05:55] Documentary Trailer (6): I’m glad that they’re bringing this bill and, and, you know, and hopefully we’ll make sure that at [00:06:00] least the citizens of Tennessee are, are. You know, the highest priority when it comes to their assets being protected. And, you know, and if anything happens, God forbid it does, that they’ll get their assets back. [00:06:12] David Webb: The derivatives complex, so it gone from a hundred to seven hundred trillion in five years. It’s now estimated to be maybe two [00:06:23] Documentary Trailer (6): quadrillion. I didn’t even know quadrillion was actually a real word. You know, I, I Thought it was something I made up when I was seven. [00:06:32] David Webb: They don’t need your money. They can create unlimited money. [00:06:35] David Webb: It is about subjugation of people. We’re in a hybrid war that is open ended. [00:06:44] Documentary Trailer (2): Kissinger said a long time ago, if you want to control people, you control food. If you want to control nations, you control oil. If you want to control the world, you control money. [00:06:53] Documentary Trailer: So if this, what you’re using as a monetary value is not your property, you have [00:07:00] none. [00:07:00] Documentary Trailer: You have nothing. You are a slave. The average person is doomed. They have to wake up. They have to learn a little bit about what the real world is about. They have to stop buying into the myth. This is, uh, this is [00:07:20] Justin Barclay: something that I think is going to put a lot of people up. They need to see it first. Uh, and that’s part of what we’re doing today. [00:07:27] Justin Barclay: Thank you for joining us, uh, in this conversation. You know, I look at this and I think to myself, you know, I was just having a conversation Uh about something similar a moment ago Somebody walked in the studio and I said, you know, nothing would surprise me these days. Uh, so is anything even yours at this point? [00:07:46] Justin Barclay: And can it just be taken from you as we have this conversation? Uh, as I think a lot of people are waking up to just the things that happened over the last several years and more and more. Uh, David Webb and James Patrick are with [00:08:00] us right now and they’ve got this. Fantastic film that is opening the eyes. [00:08:04] Justin Barclay: A lot of people, they’ve got a free book for you to check out as well. We’re going to go through these resources today, but gentlemen welcome and appreciate you taking the time to shine a light on this. Yeah. Thanks for having us. [00:08:16] David Webb: Thank you. [00:08:18] Justin Barclay: So, so walk me through this. Um, this is, this is, this is pretty powerful. [00:08:24] Justin Barclay: We were, you know, we’re talking about in Michigan right now, property specifically, uh, property taxes. And there’s a big movement here to get rid of property taxes, because one of the things that, uh, What we’re looking at is, is gosh, you know, if the government or anybody can take your, your property, if you don’t pay your taxes, et cetera, do you ever really own it? [00:08:46] Justin Barclay: And gosh, every, after you have everything paid off, you know, and there’s still a tax, do you ever really own anything? So these are, these are some of the things that I think a lot of people, and then maybe it ties in with a little bit of what you’re talking about where people. May have one [00:09:00] idea of the way things work in the world, but it’s it’s it’s completely a opposite [00:09:07] David Webb: Well, you know what I what I’m exposing in the book Well, as I would describe it the the Great Depression is it was a good example This is how this has been done before and The way, uh, property has been taken in the past is through debt. [00:09:29] David Webb: It’s the age old way of doing it for centuries. If you’re indebted, you can lose your property. But it’s also done by raising tax levels. And the Brits were very good at that. That’s been done taxing, taxing people off their estates. So those are Two of the old fashioned ways, tried and true, of doing it. [00:09:47] David Webb: What’s different here, as I call this the Great Taking 2. 0, the Great Depression was 1. 0, is to take even property that you own free and clear, [00:10:00] without debt, without barring against it. Now, to be clear, that is specifically securities, global, globally. What are securities? Stocks and bonds. But these are held. [00:10:14] David Webb: In your retirement accounts, your IRA, your 401k, but more importantly, in all institutions, you know, the finances of the states, the pension funds, um, all institutional investment funds are all exposed to this. Now, how do you know, I was asked at a meeting of representatives, state representatives in the U. [00:10:39] David Webb: S., what is the simple point to make about this? Two things. Number one, if you question people in the financial system, if there is an insolvency of an intermediary or a broker, do you have the right to take back your own property out of the insolvency? [00:11:00] The simple answer is no, you no longer have the right to take back what you believe is your own property. [00:11:08] David Webb: out of the insolvency. Now, the second thing is how do we know that? We know that irrefutably because this was implemented first in the U. S. by changing what’s called the Uniform Commercial Code in all 50 states, but then the U. S. State Department forced this on the rest of the world, was pressuring Europe to conform to the same system, subverting centuries. [00:11:41] David Webb: Of, uh, property rights and law in Europe and they did it. And, you know, uh, uh, we have this document during that process. Uh, there was something for form called the legal certainty group. Now that sounds nice legal [00:12:00] certainty, but what that means legal certainty for the secured creditors of the intermediaries keep the client assets. [00:12:10] David Webb: the pooled assets in the event of insolvency. So they sent this questionnaire, the Legal Certainty Group. Who did they send it to? They sent it to the New York Fed. So we have a detailed legal response prepared by lawyers at the New York Fed explaining exactly how this works. So this is not conjecture, this isn’t, you know, something I’ve, you know, made up. [00:12:41] David Webb: This is, this is an irrefutable primary source document. Um, and the Fed made it clear that, um, the investor is always vulnerable. They use those words. Always vulnerable in the event of [00:13:00] insolvency. And entitled to only a pro rata share of what remains in the pools after the secured creditors take out of the pool. [00:13:10] David Webb: They also make it clear that segregation has no effect. Institutional, um, players want to believe and they want to believe that they’re telling their clients the truth when they say your account is segregated. That segregation is only in the books and records at the broker. It has no effect at the higher level. [00:13:37] David Webb: in the system. Um, maybe I’ll stop there for now. [00:13:44] Justin Barclay: It’s a wake up call because I think if people are, they’re specifically investing retirement, things like this, they’re, they’re expecting it’s going to be there when they need it. And from all intents and purposes, what you’re saying is that just may not be the [00:14:00] case. [00:14:02] David Webb: Well, it’s absolutely not the case in the event of, uh, major insolvency in the system. Um. And how does that happen? [00:14:09] Justin Barclay: How, how could that happen? How can that happen? I mean, we’re in a, we’re in a very. I think Rocky tumultuous situation where anything could happen at any moment, uh, and we just saw that the other day. [00:14:20] Justin Barclay: There was another big sort of move in the, in the markets. So how does that happen? [00:14:25] David Webb: Well, there are, um, for example, there was, um, there’s something called the financial stability board. There’s often an inversion in the names of these things. I would call it the Financial Instability Board, but it’s, this is, this is part of the Bank for International Settlements, and they put out a document, um, a year ago, really around the time the first documentary was being seen in December of 23, 1980. [00:14:57] David Webb: And this document is [00:15:00] discussing margin spirals and what that the effect of margin spirals and what they mean by that is that a decline in price level is triggered somehow begins and what that does is it forces a call. for more collateral behind the derivatives complex to be swept to these central clearing counterparties. [00:15:27] David Webb: And we’ll talk about that. This is, this is the point of failure. This is where all the derivatives are, are cleared. Um, so they’re discussing how the margin spiral could begin. As prices fall, it forces more liquidation, which drives prices lower, and they contemplate That there will not be enough what is called initial margin. [00:15:57] David Webb: The initial margin is cash and [00:16:00] high quality government bonds like U. S. Treasuries. They’re saying there will not be enough government bonds in this scenario. They’re specifically contemplating, and so what will kick in then? Then they will automatically Um, draw on a collateral fund, which includes everything else, including all equities. [00:16:26] David Webb: Um, and this kind of scenario has been contemplated for a long time. There’s a BIS document from 2014 that I discussed in the book with flowcharts showing how this with an automated collateral management system that will operate Particularly in a crisis to sweep. all forms of collateral to these central clearing counterparties. [00:16:55] David Webb: Now, people in the industry have over the last few [00:17:00] years been very pointedly discussing the failure of the central clearing counterparties, and they’re concerned about that. Um, and uh, that will happen if one major member, one ma, which is basically one big broker or intermediary fails, begin this. And, um, uh, they discuss that, um, they will not put more capital behind the Central Clearing Counterparties. [00:17:35] David Webb: This is Depository Trust Corp in the U. S., where all the, the entire securities complex of the United States is pooled, much of the world. And in their documents, their planning documents, they’re saying, well, our interests are aligned with our members. They’re owned by their members, which are like J. P. [00:17:55] David Webb: Morgan. And they’re saying, well, we don’t think it’s in the interest of our members to put more [00:18:00] capital into what they call the Lost Waterfall. So you see, you see where this is going. And so they specifically, they mentioned it more than once, their plan is to pre fund a new central clearing counterparty. [00:18:16] David Webb: When one of the existing ones fails, [00:18:19] James Patrick: just to maybe explain it, there’s when you buy a stock or a bond from your broker, they have a custodian, but they don’t, they just have a bookkeeping entry of, of, of your ownership, but the real legal title is kept at the central securities depositories in the U. S. [00:18:36] James Patrick: It’s the deposit trust in New York and in Europe, it’s Euroclear. And so from there, they’re all, everyone’s stocks and bonds are played with. And pledged on, on, on contracts, derivatives contracts, and then re pledged and re pledged, re hypothecated again and again and again, many times. And it creates a, what they call collateral [00:19:00] chains. [00:19:00] James Patrick: And um, the risk is, then after the 2008 Lehman Brothers, Failure. They crisis. They instituted that all the jurors concert, uh, contracts need to be cleared through the central clearing counterparties entities that are, there’s several owned by DTCC. They sit above the central clearing houses and then from, but it appears from these planning documents and the way they’re structured, they’re underfunded. [00:19:28] James Patrick: Um, these things really institutionally concentrate the risk in these entities. And they look like a clean entity. You could fold the system, collapse the system in a kind of clean controlled demolition type way that, um, the fact they’re running these, uh, simulations on that, on the collapse occurring, they’re underfunding the central clearing counterparties. [00:19:49] James Patrick: There’s a lot of planning around them failing, but not, not around them not failing. And the whole thing is just looks a little shady. Well, [00:19:56] David Webb: and then you go back, um, there, there’s a [00:20:00] very significant document, um, written by the man who was the drafter, it’s called the reporter, the drafter of the amendments to change the UCC in 1994, a man named James S. [00:20:17] David Webb: Rogers, and he, he, uh, felt it was historically important to document what they had done. So he wrote a a lengthy memoir about this that was published in the UCLA Law Review in 1996. And he makes it clear in that, that this was about, this wasn’t about modernizing the system. It was about Armageddon planning. [00:20:44] David Webb: He uses that term. Now what is Armageddon planning? It means sweeping the collateral. banks. So they knew, they knew that at the time they were doing it. They were not informing legislators [00:21:00] of that when they were doing it. Um, so it, this, this has been planned for a long time. It’s no accident. [00:21:11] Justin Barclay: So I think we’re dancing around sort of the obvious here, but we talking about planning, everything that we’ve just been talking about discussing isn’t. [00:21:21] Justin Barclay: something that is sort of incompetence or a mistake. This is intentional and this is what it sounds like. What you’re saying is this is this is something that’s designed. [00:21:34] James Patrick: Well, it’s like, I mean, you know, have you heard of fractional reserve banking? How when the bankers would take, would take people’s deposits and lend them out and the interest was the profit. [00:21:46] James Patrick: Then they would keep lending it out, lending it out. Well, in this case, the last 40 years. The financial services industry started dipping into everyone’s securities, everyone’s stocks and bonds and using them for their own gain without telling the client, you know, and then [00:22:00] in, in the U S in 1994, they revised article eight of the UCC to legalize it, to formalize it. [00:22:05] James Patrick: But in this James S Rogers report, David’s mentioning, he, he says very clearly we were conforming. the law to industry practice. So they were like, you know, papering over legalizing the industry practice, which was a fraud. And, and, you know, predictably when they get all this free use of everyone’s savings, they, you see this corresponding bubble in the derivatives contracts. [00:22:29] James Patrick: And this, this whole derivatives complex can risk. Collapsing when it, when it basically will because they’re just playing with other people’s money and that thing pops, it’ll have reverberatory effects through every, through the whole economy. So the [00:22:43] David Webb: scale, [00:22:45] James Patrick: you know, people [00:22:45] David Webb: should understand, uh, you know, when I was, I was becoming aware of the, the derivatives phenomena in the early two thousands and the aftermath of the dot com bust and worried [00:23:00] about it then. [00:23:00] David Webb: And at that point. Derivatives, uh, um, the, the notional amount was, uh, maybe 110 trillion, which was about twice global GDP. Um, so it had already inflated quite a bit from the early nineties when this was beginning, but then between, uh, 2001, 2002, and 2007, when you’re going into the next crisis, you’ve gone to 700 trillion. [00:23:31] David Webb: So from 100 to 700 trillion in five years, and now it’s estimated to be. perhaps 2 quadrillion, uh, which would put it at about 20 times global GDP. So, my contention is that, you know, it, it doesn’t take a genius to see what was happening here. And they certainly, people like Alan Greenspan, Ben [00:24:00] Bernanke, all these people certainly knew. [00:24:02] David Webb: That this was being done, how it was being done, and um, I think a very, another very simple point is there, there, there’s no way that this could be backed by the capital of the banks or the, uh, or the brokers. There, there’s, there’s, that’s, those are tiny numbers. Compared to the scale of the derivatives complex. [00:24:33] David Webb: So the only way they’re doing it is using All of the public’s collateral globally, and even then it’s fractional backing for, for the complex. Mm-hmm . Um, so PE people must understand what, what happens is your broker, where you have your contract with them, they have an account at Depository trust. [00:25:00] Where all of their client assets are pooled there and they, because it’s fuzzy as to who owns what there, they utilize all of that. [00:25:12] David Webb: they have, they have the possibility of doing that. And, um, the, the, the artistry behind this is that even if they use it wrongfully, that, they’re, they’re, the public has no recourse. Now, they contemplated that. Again, in James S. Rogers document, it’s called Policy Perspectives. They talked about that explicitly, that, um, this could be used wrongfully. [00:25:41] David Webb: And that’s the way it had to be done that way, or the banks would collapse if they couldn’t use all the collateral wrongfully, that would be a problem. Um, and the Fed response in 2006, the legal certainty group says the same thing. Even in the event of [00:26:00] fault, fraud or negligence, the secured creditors keep the property. [00:26:06] David Webb: This is, um, so it’s done on this premise that they can’t protect the public, but they can protect the biggest banks. And that’s what they do. [00:26:17] Justin Barclay: So I will kind of run through this and see what your take is on this. So I’ve asked. ChatGPT, right? AI to summarize the situation, but like I’m a five year old. [00:26:32] Justin Barclay: Explained it to me like a, like I’m a kid. And here’s what they’ve come up with. I think it’s kind of interesting. Okay, imagine you have a toy car and you put it in a special toy box at your friend’s house. You still think the car is yours, but the rules say that because it’s in your friend’s box, They actually own it now. [00:26:52] Justin Barclay: You just get to play with it. Now, if your friend gets into trouble and needs to give away toys to fix their problem, [00:27:00] they might give away your toy car, too, because, by the rule, it’s theirs, not yours anymore. Uh, so That’s, that’s pretty [00:27:09] James Patrick: accurate. [00:27:11] Justin Barclay: I’m trying to understand this because I think, you know, when we start talking about stocks and securities and things like that, you know, it gets a little, it gets a little heady and, and, and I mean, the way you think about a stock or a bond or security and things like that, you think kind of almost like monopoly and I own this thing and I get a certificate and those were the old days, but because the way that the, The Uniform Code was changed, as you mentioned. [00:27:36] Justin Barclay: Things don’t work that way anymore, and most people don’t realize it. So, we’re in for a world of hurt, should things, or let’s say, maybe win things. [00:27:46] David Webb: Well, Justin, I want to make this an important point that they, the banking lobby will want to make people think that, well, it just has to be this way. This is the modern, [00:27:57] Justin Barclay: this is [00:27:58] David Webb: modernization. [00:27:59] Justin Barclay: And you don’t [00:28:00] understand this kind of thing. [00:28:03] David Webb: So, and people think. We’re in many things in our society, people accept them because they can’t imagine it would be otherwise. But when, when they were, when they were moving toward this in the early planning. They mandated dematerialization, getting rid of stock certificates in all G30 countries. [00:28:25] David Webb: And Sweden, um, did this, um, but they would never have imagined that the purpose was to sever people’s property rights to securities. So they dematerialized, but they used computers to keep track of who owned what. with specific identification of every person, every owner, every institution to their securities. [00:28:56] David Webb: So it absolutely can be done. This was [00:29:00] a choice that was made to set up [00:29:03] James Patrick: to clarify, like in this, in the seventies, they, they dematerialize, meaning got rid of the paper certificates, made it all a digital entry. But, um, they, they, in DTCC and Euroclear, they said, Oh, we need to keep them in pooled form in these just aggregates every day, clear everything every day in these just aggregates where the, the link to the customer is no longer kept. [00:29:24] James Patrick: It just says, Oh, it came from this broker. So they completely severed the individual’s security to the client completely and have them just kept in pooled aggregate form. They argued, Oh, it has to be this way if we want to deal with such big. Numbers of freights, but that’s nonsense. You could just have it programmed and have a sophisticated program like Sweden did for how long was it, David, like 10 years or decades. [00:29:48] David Webb: But now, now it gets even more shocking because they specifically targeted Sweden because Sweden was making them look bad. Also, they wanted to loot. All of the property in [00:30:00] Sweden and Finland as well. So they forced Sweden and Finland. They went through a process of 10 years of subverting the system in Sweden and Finland. [00:30:11] David Webb: So people will say, well, if this wasn’t a problem for 30 years, why is it a problem now? It’s because it took them that long to subvert everything globally and also To we haven’t talked about this, but they use the last financial crisis to as an imperative to force central clearing of all the derivative instruments, which create the creates the monolithic vulnerability for the final taking of the collateral. [00:30:46] David Webb: So that took more time. to implement as well. But they’re done now. That’s where we are now. They have they have finished the task. [00:30:55] Justin Barclay: How do we stop this? And I think your warning comes at a [00:31:00] time that’s very pivotal because we were in a moment where things are getting shaken up quite a bit. People are opening their eyes and there’s massive transformation that appears that that could happen. [00:31:12] Justin Barclay: That could go either way. But how do we stop it? What are the things that need to be done in order to stop it? This type of thing from happening and, and people losing everything. [00:31:23] David Webb: The, um, I have some good news, . I think that we’re, we’re doing it. So, and that’s really what the film is about. Um, so the thing when the documentary, the first documentary was done and, and the great taking in December last year, I knew. [00:31:42] David Webb: Okay, people feel like slitting their wrists. Now, we’re going to have to figure out what what are we going to do about this? And I started thinking, well, it was subverted by changing the local law in all the states. And they did the same thing in [00:32:00] Europe when they subverted Europe. They followed the U. S. [00:32:03] David Webb: Model of changing the local law. So it’s not top down. It’s done bottom up. So the way you reverse it is the way it was done. You changed the local law. [00:32:13] Justin Barclay: Yeah. [00:32:13] David Webb: And um, so I was thinking about that and, you know, we had decided to start the year by going to see, uh, g Edward Griffin, and James and I went and did that. [00:32:26] David Webb: We were, and, and just before we left. We learned that the first bill in the U. S. in a state in the U. S. had been introduced in South Dakota. And, um, the thrilling thing about this is, first of all, it happened at light speed. Because the lawyer who drafted the bill had just learned about it in December, and they just immediately did it. [00:32:51] David Webb: And they did it without my involvement. And this, this is the power of the truth, the power [00:33:00] of ideas. This is how we will prevail. is that people make those ideas their own and they act on them. The other, the other thing is recovering our individual agency, personal agency. We, we can’t sit around waiting for someone at the federal level to save you. [00:33:23] David Webb: We have to, this is how we recover our constitutional republic is from the state level, not the other way around. So the first bill was, was brought February, like second, it was very early in February. And then, um, another bill was brought in Tennessee. in March, and James and I were there for that. James was filming and, uh, um, um, these were now this was, it’s important how quickly that happened. [00:33:57] David Webb: Um, and, you [00:34:00] know, those, those, um, the, the legislation was stopped, was prevented from proceeding. Now that sounds like news, but it was actually very important exposition because the banking lobby showed. You know, who they are. That [00:34:18] James Patrick: was quite a, quite a shock. They admitted on the stand that they were using all the collateral, that everyone’s stocks and bonds were used as collateral. [00:34:27] James Patrick: I mean, so they were saying, no, no, no, it doesn’t. Andy Guggenheim came in from the Guggenheim family to testify in Tennessee to oppose the bill. And he said, no, no, you have property rights. You have property rights. No, no, we don’t play with the money. And then upon questioning, he says, well, Is it, are my stocks being used as collateral? [00:34:43] James Patrick: And Antonio Parkinson and the Black Caucus was like, are you guys making money on that? Are we ? Are you, are, are you using the money? And, um, he said, oh yeah, well, uh, yeah. Well all, all, all securities are, are in a fungible form and they are, they are [00:35:00] used as collateral and you know, we just don’t know which. [00:35:03] James Patrick: So it was quite revealing. I mean, just to have that on in a testimony. [00:35:08] Justin Barclay: So people are Becoming aware. It sounds like the state by state. This is a movement that’s Continuing to sweep across the country if somebody’s watching this and listening to it right now thinking This this really resonates. What’s the best way for them to get involved and maybe Ring the alarm at the state level [00:35:29] James Patrick: to call their local state representative and tell them they, their property rights to stocks and bonds needs to be, um, secured and, and, uh, you know, there’s revision of article eight and then we have a legal team in place and put them in touch with Bob, um, with Don and Betty Grande and, uh, true north and they can, they can guide the representative through it, write the bill for them. [00:35:51] James Patrick: So this is really a very feasible exercise here. [00:35:57] Justin Barclay: I just mentioned True North. So tell us a little bit [00:36:00] about who a True North public policy, who those folks are. [00:36:03] David Webb: Okay. So this is Don and Betty Grandy. So Don is the attorney in North Dakota. He saw a zero hedge article on this when the first documentary came out and, um, he went to the. [00:36:19] David Webb: the website, the great taking dot com. That’s where the free pdf is. He downloaded the book now done to be clear. He has a background in the U. C. C. because he was an attorney at banks. So he was familiar with this, but he he read the book and as he said, and you’ll see this clip in the film, his first reaction was David’s crazy. [00:36:43] David Webb: And, uh, but then he ran down all the references in the book. He looked up his own, and he spent two weeks doing that, and he decided, we have to do something about this. So, that’s how it began. [00:37:00] And he wrote, he wrote the, he’s written the bills, and, um, uh, they are, Um, very elegant and actually conservative in terms of how this can be surgically changed. [00:37:18] David Webb: So the banking lobby would have you believe that this frogs will fall from the sky. If you change this, but, um, the, the way, because they don’t want to give up, they’re not going to give up the use of this property. So, but, but the way the bill works, the way, so, so the value of doing this, um, bringing these bills. [00:37:42] David Webb: First of all, it makes it real for people that when they see the bill, then it focuses people on the language in the code as to how easily this was done in the code, but also how easily it can be reversed. So the way that works is in the [00:38:00] first instance, the language says that we’ve talked about the entitlement holder. [00:38:04] David Webb: You’re now an entitlement holder to your property. The entitlement holder has priority. over the secured creditor of the intermediary, which is what you want to hear. So they tell you what you want to hear. And that’s what was in the accompanying signing statement for all the legislatures that enacted this. [00:38:24] David Webb: They said that what they neglected to say was there were two exceptions. And the first one is If the secured creditor of the intermediary has control, the secured creditor has priority. And what you know in this indirect system is you do not have control. It is always resides elsewhere all the time in the system. [00:38:49] David Webb: The second exception is the secured creditor of a clearing entity always has priority. What are clearing entities? Every broker is a clearing entity. [00:39:00] The, the depository trust is, is, is, uh, the, the central clearing counterparties there are clearing entities. Lehman Brothers was a clearing entity. So, so these, that is how the property is used. [00:39:16] David Webb: creditors. So, so by brin actually see that the leg it. Then the banking lobb Andrew Guggenheim, they c They, they say two things up under any scrutiny. Th The first is that there’s been no change in property rights. They actually asserted that. There’s been no change in property rights. The second thing they say is that this is about margin loans that clients have. [00:39:53] David Webb: Um, and clearly in the code, it’s not about a [00:40:00] creditor of the client. It’s not about a debt of the client. It’s about creditors of the intermediaries. So you see in the code itself that couldn’t be the case. Also, clearly, margin debt is a pittance in the system. It could not possibly be backing the derivatives complex. [00:40:19] David Webb: You know, so they, they cannot refute it. The important thing is, um, in, in Tennessee, for example, the first committee hearing, uh, they passed the bill defying the banking lobby. That may be the first time that has ever happened in the country. that a committee has defied the banking lobby. Um, and then they accelerated the Senate hearing to the next day. [00:40:53] David Webb: So Don Grandy and I could be there to testify. And then the bill was passed unanimously. [00:41:00] in the Senate committee the next day. So this was the banking lobby knew they, their testimony had no weight at all. So what did they do? They threat, literally threatened the state with withdrawal of financial services from the state. [00:41:22] David Webb: if the bill was passed. So they did that quietly to begin with. They went to the treasurer of the state and we got the word that the fix was in and they were going to stop the bill. And then in testimony, um, they actually said this. In testimony that [00:41:44] James Patrick: they’re threatening the state and then they’re saying, it’s really, it’s really egregious doing that, you know? [00:41:52] Justin Barclay: Oh, yeah. [00:41:53] James Patrick: So [00:41:54] David Webb: this is so what, what has happened as a result of that? People would ask me, well, what, what’s going to [00:42:00] happen now that they stopped the bill? And I said, well, people, people are going to have to decide if they like being threatened. So it once, once they start doing that. lost. So then there was a Banking and Finance Commi [00:42:22] David Webb: Don and I were there for that and, um, you know, I went through a presentation about this and they understood it and, um, the, um, I had an opportunity under questioning to say that to the chairman of the Banking and Finance Committee, you will be threatened by the banking lobby. You have to be mentally prepared for that. [00:42:46] David Webb: And what did he do? He turned to the representative that had brought the, brought the study and he said, all right, so you will prepare the bill and have everyone on this committee see the recording of this proceeding. So it did [00:43:00] not deter him at all. And that’s what’s happening. So now this is the good news. [00:43:07] David Webb: Um, bills are being discussed in 16 states now. It’s up from two last year, 16 states. Bills have now been filed. So this is January. The legislative season is just beginning. Bills have been filed in New Hampshire. North Dakota, South Dakota, Tennessee, Mississippi, Connecticut and Wyoming. I’ve already been to New Hampshire testifying. [00:43:43] David Webb: It’s, so this is, this is not stopping. Now back to True North. So Don Grandy is the lawyer supporting all of this. You know, I go and testify as well, but, um, his, his wife, Betty Grandy, [00:44:00] is an experienced state legislator who, uh, for 18 years in North Dakota. And so she has worked for many years advising. [00:44:13] David Webb: state legislators. Um, and she is in touch with over 400 state legislators. So they are the support team, Don and Betty Grandy. And that’s why when you say, what can we do? So James’s film, there’s discussion of this and you’ll see Betty Grandy, you’ll meet these people and see who they are. And, uh, Betty is explaining how easy it is really to meet with your state representatives and you really can get meetings and, um, it’s important to know that all of these bills are coming. [00:44:57] David Webb: Because of the actions of [00:45:00] citizens in these states, it really is possible to have personal agency and make this happen in your state when you’re really, you really have no ability to affect things at the federal level. Good luck trying to meet with your senator at the federal level. Uh, so this, so the message is, this is actionable right now. [00:45:28] David Webb: It is happening right now. These changes can be done very simply. They cannot refute this. Um, and it, it focuses on the, um, control by this banking cabal. That is really, it is the central banks that control the government, it’s not the other way around. [00:45:53] Justin Barclay: Well, it’s fantastic news that this is not only, you’re bringing an alarm on this, but it is that people are waking [00:46:00] up and there’s action, uh, and, and that, in fact, it looks like we’re on the way to get some progress done in, in quite a few states. [00:46:08] Justin Barclay: People want to, want to dig in and find out more. We’re definitely going to put the links up, obviously the film. Uh, check that out. The great taking report dot com. You’ve also got the book up as well, and that’s the great taking dot com and the website we just mentioned for the organization. True north. [00:46:27] Justin Barclay: That’s T. R. U. No E. True north public policy dot com and we’ll make sure that links are up for all of these so that folks have resources to get into this. But this is a tough conversation and I think a topic that When people, once they really understand, they probably are furious about, and one that they’re willing to take great lengths of action to, to actually change these things. [00:46:51] Justin Barclay: So I think, uh, I think it’s great that you guys are doing this, and I really appreciate it. Will you come back and tell us more in the future about your progress on this and keep us posted and [00:47:00] updated on it? [00:47:01] James Patrick: Yeah, absolutely. Sure. It’d be great. [00:47:05] Justin Barclay: David Webb and James Patrick, thank you so much for taking the time to be here with us today. [00:47:09] James Patrick: Yeah, thank you for having us. Well said. Thank you so much. [00:47:12] [00:47:59] The response [00:48:00] has been amazing. Use promo code month to get a month free. 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