Why "they" want to keep things going for a while

[messianicdruid]

Ponce's Maxim is definately justified.

from Jeff Nielson's article . . .

"If one wants to understand how bankers can “sell paper gold” while not actually selling gold, they only need to read the GLD prospectus. This was previously dissected in an older commentary (“The Seven Sins of GLD”), and a particularly significant technicality was noted.

In the event of “willful default” by the custodian of GLD bullion (primarily HSBC bank), the custodian has no obligation to deliver gold to unit-holders – even if unit-holders demand delivery of what (they undoubtedly believe) is “their gold”. What is a “willful default”? It’s where the custodian actually possesses abundant gold to satisfy “legal claims” against that gold, but simply chooses not to deliver that gold."

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Almost identically, JPM holds the same custodial position in SLV. They, too, according to the prospectus, cannot be held liable for fraud if they choose to take for themselves all the silver in SLV. All they have to do is pay for it with currency.

As I have said many times, SLV and GLD were created to help the bankers perpetuate the paper game. These entities allow the bankers to use investors' money to buy gold and silver--for themselves. The little-guy investor gets his currency back. The bankers get the real gold and silver.

IOW = SLV and GLD are vacuum cleaners!

http://www.bullionbullscanada.com/gold-commentary/13341-the-seven-sins-of-gld

[midnight rambler]

Very much like the Wall St. Casino, which is setting new records despite the financial resources of everyone vaporizing.

[Horn]

Much the same way they suck all the Saud's and world's oil while keeping their own on a shelf.

[Ponce]

Horn? if you are talking about the US you are then right..........I did say three or four years ago that......we are paying $80.00 for their oil but they will pay $500.00 for ours...........and also.........when every oil producing country has only X ammount of oil in the ground they will stop selling it in order to keep what is left over for their own people.

V

[Twisted Titan]

Willful Default.


Remember to envoke that when creditors coming looking for you to fufill your obligation

Tell em where you got it.

[Twisted Titan]

I was so impressed I had to look up the legal defination.



Willful Default: Willful default is a conscious abstention by an obligor from doing that which reasonably and under the terms of the obligation he should have done. The words "willful default" imply more than negligence or carelessness. The word willful means intentional and the word default means transgression

.Willful default, as the term is used in a trust instrument means more than involuntary, inadvertent, negligent, mistaken, careless, or accidental default.

It means an intentional designing failure to do or not to do something required, an affirmative wrong. Willful default means intentionally making away with the trust property and a willful neglect means such reckless indifference to true interests of the trust as to amount to or partake of a willful violation of duty. [Thompson v. Hays, 11 F.2d 244 (8th Cir. Mo. 1926)].

[mick silver]

dam . hell thats a new way of looking at it , they take it all as the people buy it for them .... These entities allow the bankers to use investors' money to buy gold and silver--for themselves.

[mamboni]

I was so impressed I had to look up the legal defination.



Willful Default: Willful default is a conscious abstention by an obligor from doing that which reasonably and under the terms of the obligation he should have done. The words "willful default" imply more than negligence or carelessness. The word willful means intentional and the word default means transgression

.Willful default, as the term is used in a trust instrument means more than involuntary, inadvertent, negligent, mistaken, careless, or accidental default.

It means an intentional designing failure to do or not to do something required, an affirmative wrong. Willful default means intentionally making away with the trust property and a willful neglect means such reckless indifference to true interests of the trust as to amount to or partake of a willful violation of duty. [Thompson v. Hays, 11 F.2d 244 (8th Cir. Mo. 1926)].

It sounds an aweful lot like stealing or swindling to me. It's rather similar to being Corzined.

[govcheetos]

Willful default means you just got fucked and there is no recourse available because you signed up for it.