The Great Taking: Are Bitcoin ETFs part of the evil plan?

Imagine a time when a developed world Government confiscated the assets of private citizens by force.

Most would scoff at the idea… “pfft, that would never happen”.

But memories can be short.

This outrageous scenario has been a reality in the United States.

In 1933, during The Great Depression the U.S. Government seized gold held by citizens under the Gold Confiscation Act of 1933. The gold bullion and gold coins confiscated were sent to the Central Bank in order to enable the Government to print more dollars to stimulate the economy, and to shore up the exchange rate.

The mood was probably understated in this excerpt from an article about the situation in The Conversation.

“Many gold owners were understandably unhappy about the gold seizure, and some fought it in the courts. Ultimately, however, the government could not be stopped, and gold ownership remained illegal in the US until the 1970s,” writes Chris Colvin, a Senior Lecturer at Queens University.

Could history repeat in our modern-day, digitalised world?

The Great Taking (in the 21st century)

Until recently, outside of Wall Street, David Rogers Webb was a relatively unknown hedge fund manager.

But that changed after he published The Great Taking documentary in December 2023. The documentary followed a book Rogers Webb self-published earlier in the year (you can watch the documentary and the bottom of this article).

Rogers Webb and his thoroughly researched evidence of a decades-long scheme to covertly transform the ownership structures of private assets held by private citizens, has since gained strong traction in the alternative media, and amongst concerned investors.

The crux of Rogers Webb’s revelations are:

  • In plain sight, laws surrounding the ownership of securities have been altered since the 2008 financial crisis.
  • The legal alterations, which have been made without any public alarm, have led to the individuals who own securities (such as the stocks in your brokerage account) being legally categorised as beneficiaries, as opposed to legal owners.
  • The invention of the Security Entitlement around 2006 was a key step in dissolving the centuries-long convention of tradable financial instruments being legally recognized as personal property.
  • This has led to securities bought by private citizens in custodial accounts, pension plans and investment funds, now serving as collateral to support the global financial system.
  • What this means is, in the case of a global financial meltdown, war, or even the bankruptcy of your securities’ custodian, the securities you thought you owned could be seized to sure up the global financial system – think 1993 all over again.

David Rogers Webb first started researching this theory in 2008 when he was working on Wall Street.

“In 2008 I noticed the first failure of a broker dealer. I was expecting there to be a lot of insolvencies. I was paying attention and the thing that shocked me was the client accounts in this broker dealer were encumbered in the bankruptcy estate of the broker.

“That never could have happened before. In all of the history of securities they were personal property and if the broker failed you would say ‘I’m sorry you’re out of business here’s where you can transfer my assets’. That did not happen in this case, so I started digging into what could possibly have changed and this was as serious as a heart attack given that we were going into this meltdown at that time.

“That’s when I discovered it had been done through changes to the uniform commercial code in the United States – this had been done in all 50 states, so it was something that could be done very quietly over a long period of time and did not have to be done at the Federal level, it didn’t draw attention.

“What they’ve done is create a new legal construct of a security entitlement. Now prior to this, securities for 400 years were personal property. This concept of a security entitlement severed that.”

He warns the reality is right now, our assets and even the assets held by institutional fund managers, are simply Entitlement Claims – a contractual claim designed to appear as ownership, however the legal owner is actually the entity that controls the security, with a secured interest.

To further illustrate his point, he says investors should look to see if they can find any ownership identification for the securities they own.

He reminds us that many years ago you received a printed ownership certificate when you bought stock. Not anymore.

“Securities are held in pooled form so you have no specific identification. It used to be that with paper certificates they were numbered you had a specific numbered bond or stock share certificate, so now they’re fungible – fungible bulk book entry form, pooled.

When will a major Great Taking event occur?

This is where it get’s interesting… and alarming.

In the view of David Rogers Webb, The Great Taking of the 21st century is imminent – the reason he decided to publish his book and documentary in 2023.

He says the rapid rise in interest rates and the scale of insolvencies being covered up are “most profound” indications that a collapse is being triggered.

“The financial system has not collapsed because there has been a big hand injecting lots of created money directly into the financial markets. That’s holding them up right now as well as allowing institutions to believe they have downside risk by buying protection in the derivatives market.

“The hidden hand can be withdrawn at the time of their choosing but we’re getting late in this process given what’s already happened to the interest rates.”

He also notes a major development in 2021 when documents of the Bank Resolution Authority in Europe mandated all of the globally systemically important banks be ready for solvent wind down at the end of 2022.

The Great Taking Bitcoin ETFs

“Solvent wind down is not wind down of the entire bank on a solvent basis, it will be parts of the bank that will remain solvent but they’ve literally mandated that they have to be ready for the biggest banks to go flat on all of their derivatives positions in a controlled way. Suddenly they’ve prepared.”

“Another idea of the seriousness of this – they’ve been running trilateral exercises with Britain and the EU and the US for six of the seven past years. In these exercises from the US side, the participants are the US Treasury Secretary the Chairman of the Federal Reserve, the chairman of the FDIC.

“The heads of all these entities in this exercise is something I’ve never seen before with anything, so they’re very very serious about this and these exercises are about assuring the cross-border transfer of the collateral when the banks are put into wind-down.

“You might have seen in the news there have been some failures of banks recently – the idea that this is a bank specific problem is not the case, these are the canaries in the coal mine this is absolutely systemic again looking.”

Prior to the 1933 gold confiscation, the first big bank failure was in 1930, followed by a trickle of more bank failures in the proceeding months.

Bitcoin ETFs part of The Great Taking plan?

The approval and launch of Bitcoin ETFs this year has been meet mostly with euphoric positivity by eager Bitcoin investors.

However, a groundswell of concern has mounted.

Bitcoin was widely seen as a currency, or store of value, that would be immune to a Great Taking scenario. But those investing in Bitcoin via ETFs now face the same ownership challenges as traditional securities holders.

Anthony Abel, a former British Army Capital turned prominent Blockchain application developer says the ETF move has effectively created a “Central Bank of Bitcoin” – referring to the large institutions approved to operate Bitcoin ETFs.

“As the US government did with the forced private central bank collection of gold by the Federal Reserve in 1933 and the privately owned Bank of England did in 1680-1900 via mercantilism and their aggregation and control of British gold, the SEC has now given their authority to a number of apex brand name US financial institutions to grab a globally recognised inflation resistant global asset for their own ultimate control,” he says.

“The effect of this for the global market is that the USA has now captured the most viable inflation resistant money in the world with the global liquidity of this asset is now being centrally concentrated in the USA, using the US dollar and under US regulatory authority in conjunction with their privately owned financial institutions for their own control.”

There is also skepticism about timing on the Bitcoin ETF approvals by the U.S. SEC.

The approvals came at a time when Bitcoin looked to be the best way to circumvent any suspected plans to weaken the legal ownerships of securities.

What can you do to protect yourself from The Great Taking?

The rising prominence of The Great Taking theory has been covered by the CIO of Glenorchy Capital and former Lehman Brother executive, Chris Macintosh.

In his popular Capitalist Exploits Insider investment research service, subscribers were recently sent a 20-minute video on the topic.

In the video seen by Asia Markets, investors were told that allocating a portion of investment portfolios to physical precious metals, profitable physical businesses, bitcoin held in ‘cold storage’, and ownership of debt-free land, could help individuals if David Rogers Webb’s Great Taking theory becomes reality.

Watch The Great Taking here.