Liquidation Of Customer Stored Gold And Silver Bullion From MF Global

TMO ^ | 12-17-2011 | Jesse

[nkycincinnatikid]

And so...
Do you have a whole lot of freeze dried shrimp in your safety deposit box?

[EternalVigilance]

Nope.

[redgolum]

If you don't have physical possession, you have a reduced claim of ownership.

And even if you do have it, it can be taken away if the place you bought it from goes bankrupt?

Is there any private property anymore?

[redgolum]

Yes, but there is another issue.

How much physical gold was there, compared to how much paper was sold? In other words, how many times did one pound of gold get sold to different people?

I suspect that is the problem. There are more claims than there are real gold.

[aNYCguy]

They do it all the time.

You think that large financial institutions routinely steal from the safe-deposit boxes of customers? This is one of the weirder things I've read recently.

[aNYCguy]

Most of our wealth in this society exists as zeroes and ones on a computer server... if you can stand in front of it with an assault rifle and physically protect it, then it's real—it's a real commodity."

Yeah, man. Ones and zeroes. Trippy.

It's amazing to me that there's a strong contingent in modern conservativism of anarcho-primitivists, and they're represented on FR.

Of course, the anarcho-primitivists that call themselves "anarchists" consider the anarcho-primitivists that call themselves "conservatives" their most hated enemy, and vice versa. But I am consistently fascinated by how similar the platforms of the two groups actually are.

[FreedomPoster]

So you don’t really realize what when on here with MF Global, the CME, and how the customers were treated. OK.

If the bit about having your wealth local so you can guard it with an assault rifle is all you took away from this, you aren’t paying attention. The real issue is the lack of integrity in the system. The rest falls out from that, and is the reason Ann made that comment. Do you have anything substantive to say on the underlying issues, or are you just trying to gin up an online argument with the stupid rubes out in the sticks? By the way, do you have one of these on your wall?: http://strangemaps.files.wordpress.com/2007/02/newyorker2.JPG

You can go back to your sparring with other FReepers on various issues now (some of which I agree with you on).

[FreedomPoster]

/when/went/

Need coffee now.

[palmer]

anarcho-primitivists

International trust was broken in 1971. Back in 2008 AP's like me noted the deeper breakdown of financial trust. It was partly papered over by sending TARP money to European banks and by central bank lending. The next bust will break it down further with more hard asset confiscation closer to home. Think about what Saudi will want for their oil, or China for their products. Paper IOUs?

[Red Badger]

Or, maybe the gold was never bought in the first place. They just took the money and used it to cover other losses until the holes were to big to hide anymore....................

[aNYCguy]

So you don’t really realize what when on here with MF Global, the CME, and how the customers were treated. OK.

No, actually, from what I've read it appears that these failed institutions are conspiring with the bankruptcy trustees to steal property from the depositors who trusted them. It is repugnant, and it is the sort of event responsible for Americans' dismally low faith in the financial sector.

So yes, I also think that the real issue is the lack of integrity in the system. It's apparent that private financial institution can steal public and private funds with the assistance of government without anyone being held accountable.

Unlike you, I think that talking about burying gold and standing over it with an assault rifle is a distraction. And if it's not the real issue for you, that's great, but it sure seems to rise to the top in many of these discussions.

[FreedomPoster]

And I think that obtaining a little specie is something a prudent person might do, as well as having the capability to protect it and other close by physical assets. Of course, I live in a relatively free state, and you apparently live in a rather famously un-free area of a problematic, borderline un-free state.

[nkycincinnatikid]

What do you consider “routine”.
That it happens at all, and when it does there is simply NO, NANA, ZIPPO criminally responsibile party involved since the theft was committed by an arm of the FEDERAL RESERVE, well son once is “routine” enough to convince me that it must happen a whole lot.
Where would you hear of it except from friends, since there is no crime?
CBS, ABC, NBC?
Either you are naive beyond tolerance, or you are one of the guys with the keys.

[aNYCguy]

Where would you hear of it except from friends, since there is no crime? CBS, ABC, NBC?

Yeah, that's where I'd expect to hear about a massive conspiracy to steal gold from individual customers' safe-deposit boxes. Newspapers, also. And magazines. Radio, too. You know, the media in general.

But I guess I should take your friends' word for it?

[nkycincinnatikid]

Your trust in the media is a clue.
Even with your attitude you must have some aquaintances, if not friends, do you talk to them?
For a bank, raiding a safety deposit box has no more consequence than lending a half million dollars to Donald Duck and Minnie Mouse for a one bedroom shack.

[aNYCguy]

Okay, crazy man. I hope the banks don’t steal food from your fridge in the middle of the night.

[wastoute]

All of yuor banks are belong to us!

[blam]

"All of your banks are belong to us! "

You too!!

Make Your Time.