A very thorough explanation of the emerging irrelevance of the COMEX due to the permanent beach of trust highlighted in the MF Global fiasco.
Essentially the claim is that JP Morgan, in its rush to seize collateral, stole the precious metals held in COMEX vaults which rightfully belong to MF Global clients.
This is what is generally referred to as theft. However, the banking elites, who reserve the right to steal for themselves, prefer to call it “rehypothetication,” which simply means that something is pledged as collateral a second time. In this case, MF Global pledged the same collateral to their clients and JP Morgan.
When push came to shove, guess who MF Global and the CME Group (the owner of the soon to be defunct COMEX) threw under the bus?
It is becoming painfully obvious that the degree of fraud and theft required to keep the bankrupt financial system running is reaching a crescendo. What will December 31 bring?
Readers are advised to convert their paper assets to something tangible before their account becomes the victim of another bankrupt Wall Street firm’s margin call.
Click the link below to see the gory details rehashed at goldseek.com: