Did Hurricane Sandy Cause $36.5 Trillion In Damage?
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Lee Angle Fort Worth Flood 1949 7th Street Theatre in Fort Worth Texas, corner of 7th Street and University, known locally as "Six Points" .
[See the full post at: Did Hurricane Sandy Cause $36.5 Trillion In Damage?]This could easily become a Black Swan event that takes the entire financial system down if it is not handled properly.
Their idiocy in storing this amount of asset documents in the basement of a flood prone area does little to instill confidence.
One can only assume the worst when wondering what is going on in the minds of those with assets at the location.
Ilargi, This was a most revealing article, one of your best, the MSM has buried it from view, and I thank you for bringing it to the attention of TAE readers.
Golden Oxen post=6006 wrote: This could easily become a Black Swan event that takes the entire financial system down if it is not handled properly.
Their idiocy in storing this amount of asset documents in the basement of a flood prone area does little to instill confidence.
One can only assume the worst when wondering what is going on in the minds of those with assets at the location.
Ilargi, This was a most revealing article, one of your best, the MSM has buried it from view, and I thank you for bringing it to the attention of TAE readers.
Agreed. Great find.
Widely quoted, and deservedly so:
“The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title.” — Anonymous
To which can now be added:
“…of which nobody is sure who holds title, and even if they think they’re sure, the actual documents are likely to now exist only as a soggy moldy illegible mess in the basement of the DTCC”.
Ilargi,
I suggest that relatively little of the cost of reissuing the certificates is related to their value: It’s just paying for paperwork and Fedex. Also, because DTCC closed normally on Friday afternoon, with a valid inventory stored offsite, There should be little to no effort to reconstruct what needs to be done. I doubt there were many such inventories after 9/11.
Unless I’ve misread something in this post, this task essentially amounts to reprinting documents from digital files.
Obviously recreating documents of this value requires considerable security and oversight. So I can certainly imagine a per document cost more than the eight cents or so it costs me to produce a color print from my inkjet printer — especially considering they’ll undoubtedly want to use fancy paper. 😉
Nevertheless, this post might have benefited from some speculation regarding why these certificates will cost nearly $200,000 per page to recreate ($248 billion / 1.3 million documents = $190,769).
John,
I know it looks funny. I based my number on this FT line:
In a white paper earlier this year, it said that it cost the financial industry almost $300 million to replace $16 billion of certificates that disappeared in the collapse of the World Trade Center in 2001.
And that leads you to $248 billion once you substitute $16 billion with $13.2 trillion.
It all depends on what certificates are concerned, obviously, but since we don’t know that, it’s not possible to go for different numbers and still be logical. Along the same lines, it’s weird that DTCC’s total of 3.6 million certificates represent a $36.5 trillion “value”, which gives every certificate a $10+ million value on average (which makes $200,000 per doc in replacement costs look much more acceptable).
I hope and trust that my readers understand that I only have the numbers I have, and that any conclusions from there come, as I said, with a caveat or two.
I guess what irks me most is that there is no way to find out much of anything solid about this, and all we can do is play around with numbers.
Very interesting. Thank you.
My first thought on reading this article was “is this the best of what the brightest of the bright can come up with?”
I mean, it is amazing to store all this stuff in such a location when the “Global Warming”/”Rising Sea-level” mantra has been in the news from many years.
My second thought was that this was a very good advertisement for physical gold.
Please study this potential and post any information confirming or denying.
Wall Street was the number one causality of the Sand Man or Sandy the Hurricane. By holding the high winds over Manhattan so long a two day shut down of the Markets allowed the Galactics with computers from their Ships to dismantle the trading of Birth Certificate Bonds. Wall Street and specifically 55 Water Street were dismantled from the inside. Maritime Law which holds your Birth Certificate Bonds as the Gross National Product and you as a slave from your moment of Birth into the Maritime system was wiped off their screens. All of their records are gone. All of their bank accounts balance to Zero.
It is good to see that so many are taking back their sovereignty.
Second message. Soon, you will be able to get a Universal Birth Certificate. That will free you from all religious control. Then you will no longer be slaves. You will become free spirits having an experience on Planet Earth. Many of you are aware that you have a purpose. It is time to fulfill your purpose. You will be guided. It is all in your hands. Together, you have the power to change your world completely from dark to light.Theater of the Absurd. But I guess soggy paper doesn’t blow out the window.
Not to worry. Bloomberg reports the next President will preside over an improving economy. The head winds have become tail winds now. It’s all better. The clouds are gone. Rejoice.
If this Sandy deal isn’t the Swan, is it wise to wait around for one?
Max Keiser is featuring this story on his show.
https://rt.com/programs/keiser-report/episode-364-max-keiser/Detonation Of The Dome – Deflation Nation And The DJIA https://chartistfriendfrompittsburgh.blogspot.com/2012/11/detonation-of-dome-deflation-nation-and.html
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