In the past week our Congress has passed legislation (and Obama signed) that permits the US Military to detain whomever they wish indefinitely including US citizens on US soil; provided they think you may have terrorist ties. In one fell swoop, they have effectively eliminated HALF the Bill of Rights for US citizens. Bagholder can't be the only person who sees the National Defense Authorization Act (NDAA) as a game changer.
4th amendment is now Gone - no more judges signature required to detain people, invade their homes & and seize them or their property. Of course, they are required to think you have terrorist ties - before they do any of this.
5th amendment, Due process is now gone. In fact, how about NO process. They can deprive you of liberty and property as they wish. Of course, they are required to think you have terrorist ties - before they do any of this.
6th & 7th amendments, your right to a speedy jury trial is now Gone. Nothing ambiguous about the word "indefinite", which is how long the new law allows them to detain you before you see the inside of a court room. Of course, they are required to think you have terrorist ties - before they do any of this.
8th amendment, restrictions on cruel and unusual punishments are now gone. We can be whisked off to Guantanamo for Big Bob's cockmeat sandwiches whenever Gman decides we need it. Of course, they are required to think you have terrorist ties - before they do any of this.
The puppeteers have grown weary of having the masses enjoy sanctuary within their homes. They no longer want to be compelled to provide us with our day in court. Thats all been replaced with the NDAA. While many of you are thinking Gman has no intention of abusing their new powers, Google Jose Padilla. Gman was a wee bit upset about the people pointing out his illegal treatment of Padilla - so they have simply legalized the treatment.
Ther NDAA is arguably the single most important piece of legislation passed (as they have gutted the bill of rights) in the history of this nation, and there is irony in that it merits 20 seconds on the ten O'clock news in between a story on an old couple who got mugged at their ATM - and doctors who scammed medicare for non existent procedures totaling 21 million dollars before finally getting caught. The decision by the local news to sandwich the reporting of NDAA between 2 other crimes on humanity, is very telling.
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The second Game changer we will discuss is MF Global. For those living in caves, MF Global was a futures trading firm. They had approximately 140,000 clients with futures accounts. The futures market is not like the stock market. When you buy a stock for $10 and it goes to $20, you make $10 and nobody loses. Futures are different in that every dollar made comes directly out of someone else's pocket. Thanks to lousy management investment decisions, MF Global was forced to claim bankruptcy.
In a normal corporate Bankruptcy, clients are made whole first - then creditors & bond holders - then stock holders. What makes the MF Global story a game changer is they are effectively altering the order of who gets made whole first. The bank (JP Morgue) which was on the other side on MF Globals losing bets, has arbitrarily decided to seize the assets inside the accounts of MF Global Clients. In effect, they are cutting to the front of the line.
Jim Willie, aka the "golden jackass" theorizes the Morgue gobbled up MF Global to avoid having to deliver physical on their precious metal paper shorts - which was slated to begin the next day. The timing IS impeccable. There are other incriminating facts as well which support his theory. Many of the clients with accounts at MF Global were among those who were in line at the comex window looking to take delivery of their Gold & Silver, when MF collapsed. JP was the bank who was going to have to deliver physical metal to those MF clients. Instead, those MF clients have been locked out of their accounts - many with existing open positions they can't access (in the futures world, that means unlimited potential losses). Even more disturbing, is JP registered deposits of physical metal into their vaults equivalent to the amount of metal missing from MF global client accounts. If I'm on a jury - thats enough to convict.
One of the primary reasons the US is the global power it is today, is because of the rule of Law. We have rules in place designed to protect the masses from the predatory behavior of the JP's of the world. There are really only two possible scenarios from here. The powers that be will make those clients whole - or the system is broken. Either we have rule of Law here, or we don't. If they can seize 140,000 futures accounts, why not 1/2 million mutual fund accounts, or a couple million brokerage accounts?
This is a very dangerous fork in the road we stand at today. Bagholder is optimistic in that he believes those clients will eventually be made whole, those running MF Global will be Perp-walked, and JP will cough up the Silver (or default officially). Stay tuned.
I agree, at this point the US Constitution is worth less than toilet paper to the vast majority of politicians AND the public, who has no clue whatsoever what it contains and what this new law means, and the law is obviously unconstitutional but respected as the real law.
ReplyDeleteThis also reminds me of what happened with the GM bankruptcy where bond holders were also told to go to the back of the bus, and this too with little to no mention in the press.
Ignorance of the Constitution by the masses is a major if not THE major reason for 95% of the problems in the US.