Posted on 12/21/2011 7:04:01 AM PST by sayuncledave
I have received a few emails asking if I was still content with my decision to shut down my brokerage. Not only am I content, but after seeing the news that broke over the weekend, I am of the considered opinion that the entire financial blogging community should formally call for a general financial market strike. And I’m not kidding. A couple of things have happened regarding the MF Global mess that I don’t think got the attention they should have because they broke over the weekend. So let me fill you all in. 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”.
(Excerpt) Read more at barnhardt.biz ...
I never saw the point of owning gold that was stored in a vault somewhere. If things have gotten so bad that you need gold, if it’s not in your posession, how would you get hold of it in that crisis?
There is no reason to excerpt barnhardt.biz. Ann clearly states that her writings can be reposted in their entirety.
I never read her blog before today.
Now I am going to read it everyday. I love it.
To be completely honest, I used an excerpt due to my sucky html skills. Sorry, I should have been more clear. ;)
I have many copies of The Law that I pass out. It is a classic.
Likewise. Thanks, sand88. BUMP for Ann! Good 1st step. Possession is 9/10ths...and all that. When it comes to your stuff possession is 10/10ths with the 2nd amendment backing you up. As we see today, anything else is confiscable by TPTB.
Placemark
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