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5 months ago

This was a good find Tim. I just read the whole book. It’s a quick read. This is another big truth I was not aware of. The essence of the book is that all our 401Ks, and pensions are backed by securities, stocks. The securities are held by counterparties. The counterparties have these securities, but they also have collateralized debt obligations (CDOs) that are worthless. In a financial crisis our securities will be used as collateral to pay secured creditors. The main end point is that in recent years laws have been changed so that securities are no longer our… Read more »

Last edited 5 months ago by Gabriel