South Dakota Starts Movement To Save Your Retirement Funds, Stocks, Etc.

South Dakota is moving to fix a bad rule and other states are gearing up to join. A little-known law from the 1990s would transfer your financial investments to Big Finance when the economy collapses. The law was sold as a way to shore up the financial system. In reality, it was a way to bail out Big Financial Institutions by allowing them to use your investments as collateral. You lose everything. It takes the insane ‘you will own nothing’ promise to a whole new level.

The 1990s changes in state UCC codes were justified by Big Bank and other financial institutions by claiming it would shore up the financial system by moving away from the heavy use of paper, such as paper stock certificates. In reality it was designed to bail out Big Finance, especially Big Bank, in the event of a future financial crisis, all at your expense.

BIG FINANCE FORESAW THE FUTURE

It works this way: All 50 states changed Article Eight of the Uniform Commercial Code so investment intermediaries, such as Merrill Lynch, Edward Jones, Fidelity or anybody who you buy your stocks from, actually hold the stock on your behalf. You paid for the stocks, but they own them and can mortgage them for their benefit, not for yours. This rule applies to stocks, to bonds, to mutual funds, to exchange traded funds, and other common forms of investment. This includes investments held in retirement accounts such as 401(k)s, and IRAs.

As we move toward a Marxist, Globalist economy, this takes the insane, “you'll own nothing” threat, to a whole new level. The UCC allows stock brokers and other intermediaries, holding your investments, to use them as collateral in their own financial agreements without your knowledge or permission. You don't own the stock you purchased. The stockbroker or other intermediary does. Everything that you've worked so hard for can disappear overnight if the intermediary or stock broker makes a reckless investment and goes bankrupt.

If your intermediary goes bankrupt, the stock you think you own will be taken by another Big Financial Institution, who is owed money by your bankrupt stock broker or intermediary. You are too small to matter. Notice that Big Business, who made this bad investment, is bailed out at your expense.

AGAIN, SOUTH DAKOTA COMES TO THE RESCUE

The first state to fight back against this is South Dakota. On January 29th, South Dakota lawmakers introduced House Bill 1199. This will rewrite the Uniform Commercial Code in South Dakota so that you keep ownership of what you purchased regardless of whether you used an intermediary like Fidelity, Edward Jones or Merrill Lynch to purchase your investments.

The bank lobbyists and financial institutions hate this, and they're pushing hard in South Dakota. Governor Kristi Noem is still looking at the issue. If the bill passes in South Dakota and the governor signs it, it will be the first step towards fixing this nightmare of a system in all 50 states.

All Americans should watch what's happening in South Dakota closely. We need all states to make these changes now. Thanks to Bidenomics, America’s financial system is not the picture of health, regardless the gaslighting coming from the White House and the DC Swamp. If a Democrat is elected to the presidency this year, the likelihood of the economy collapsing will increase. With the current UCC in place, that would mean that millions of American families would be impoverished overnight, to protect Big Bank and billion-dollar institutions.

Pensions and government funds would be caught in this crisis as well. Now is the time to stop it. In South Dakota, call your lawmakers: House Bill 1199. Check that bill out, give it to your lawmakers in your state. Americans must protect their own investments before they are transferred to companies who did not earn them.

What is it about South Dakotans and their lust for freedom? Last year they were one of the first states to change the UCC to prevent the DC Swamp from converting South Dakotans’ money into digital currency controlled by federal bureaucrats: