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David Rogers Webb is a former hedge fund manager and author of The Great Taking. David states in his book that there is a global elite implementing a system to take everything from everyone. David emphasizes that this agenda is particularly evident in property rights and ownership of securities.
The Uniform Commercial Code (UCC) was changed in all states in 1994 and property rights were redefined. People no longer have property rights, but instead have an appearance of a property right.
Webb said that said that bankering elites are working to create conditions so dire that people will have no alternative or parallel system and will be forced to accept central bank digital currency (CBDC). Ultimately there is no place to hide from the destruction of property rights and economic ruin. It must simply be stopped. The UCC codes must be restored on a state level.
Summary by JW Williams
Mr. Webb explained that property rights have been severed from stocks and bonds that were considered private property. The new system utilizes “beneficial ownership” that is merely an appearance of ownership: you can buy and sell the security and have a gain or loss on that, but you are not the legal owner. The legal ownership is with the entity that controls it as collateral. The securities are held in pooled form and used regularly without restriction, without judicial review and without payment as collateral in the financial system by other interests.
This system has been applied across the West and in Japan. Central bankers aim to harmonize the system globally.
Webb said that Article 8 of the Uniform Commercial Code (UCC) was changed so that individuals are no longer a shareholder or owner, but an “entitlement owner” similar to beneficial owner. Entitlement is a contractual claim to your property and is weak in the event of insolvency and bankruptcy — it makes the individual an unsecured creditor. This allows another entity to have priority over you to your property. While the UCC says that entitlement owners have priority over secured creditors, at the end of the paragraph, it gives an exception that negates the prior assertions.
The exception is when the secured creditor has control, then the secured creditor has priority over the entitlement holders.
UCC Article 8.5
(c) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders.
https://www.law.cornell.edu/ucc/8/8-511
Derivative investments by banks can crash the economy and take control. Derivatives are not real things, but can be used to take real things. In 2007, derivatives that were five times the global GDP were in play; it is estimated that current derivative bets may be as much as 20 times the global GDP. Upon bankruptcy, secured creditors will be given superior priority to the customer collateral.
Webb is working with states to restore property rights under the UCC laws.
SOURCE:David Webb: How to Stop ‘The Great Taking’ and Protect Your Property from Bankers (needtoknow.news)
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