HOW THE ARGUMENT THAT MONEY IS PRINTED OUT OF THIN AIR CAN WIN A COURT CASE
Central to Daly’s argument was the fact that banks create money out of thin air using the fractional reserve banking system. As a result, he argued that any loan which banks make does not consist of real capital or collateral. It is, in fact, just an entry in their book keeping system.Therefore, Daly argued the contract he made with the bank was invalid in as far as the bank never fulfilled its side of the contract by putting up something of value, any capital or collateral in return for the mortgage in the first place. All the banks put up as their side of the contract was fiat money created out of thin air by an accounting entry.
Greece can use the same argument today when rejecting repayments of its debts as illegal. Greece never received any money from the IMF, the ECB or any private bank. The loan only existed as an accounting entry. There is nothing in the European Constitution which says money can be created in this way.
Read the judgement in the Daly case where the bank manager was forced to admit that the bank’s money was created out of thin air with the help of the Federal Reserve and this was an unconstitutional way of creating money here:
http://mn.gov/lawlib/CreditRiver/1968-12-09judgmentanddecree.pdf
http://mn.gov/lawlib/CreditRiver/1969-01-23findingsoffactconclusionsoflawandjudgment.pdf
The German central bank, the Bundesbank, admitted that money is created out of thin air and has even explained it in a text book for school children.
In the meantime, even the Bank of England has admitted they create money out of thin air as an IOU or debt on its books in a report in 2014.
ht/ SALVE
Ooooh! Golf course anyone? How about a nice high end marina? You want a loan payment? Talk to the hand!
Daly was an attorney (later disbarred) who won his case in a Minnesota Justice of the Peace court, but it was a short-lived victory.
From Wikipedia: “The immediate effect of the decision was that Daly did not have to repay the mortgage or relinquish the property. However, the bank appealed the next day, and the decision was ultimately nullified on the grounds that a Justice of the Peace did not have the power to make such a ruling.”
https://en.wikipedia.org/wiki/First_National_Bank_of_Montgomery_v._Daly
So much for that argument, huh?
: )
A Justice Court sets legal precedence about, oh, never. Be skeptical, no, run away from, any attorney who will take your money and tell you the case means you can avoid paying a mortgage or any other debt.
Maybe we should call it fictional reserve banking?
Judges will only challenge or shake up the social status quo. Think abortion and same-sex marriage. Never forget that the judiciary is a part of the govt, and as such they will never challenge or shake up the system of which they are beneficiaries – power, prestige, and in many cases wealth.
Sure, there may be the occasional rebel. Do you remember any? I mean, any whose rebelliousness didn’t expand govt power and wealth? I don’t.
This all came about due to the case of Juilliard v Greenman 110 US 421. (The Legal Tender Cases). In this case, the Supreme Court ruled that congress does have to power to emit a bill of credit (print paper money) and therefore, that bill is lawful money. Bullshit. The power to emit a bill of credit was denied to congress, through omission, during the Constitutional Convention. The original text of the Article 1, Section 8, Clause 2 was: Congress shall of the power to borrow money and emit bills on the credit of the United States. A motion was forwarded to remove the words and emit bills, it was seconded and discussions ensued.
When the final vote was taken, it was 9 to 2 in favor of the motion. (The convention voted by states and 11 was sufficient for a quorum.) Which means, the convention considered giving congress the power to print paper money but refused to grant that power. Therefore, in Juilliard v Greenman, the Supreme Court unconstitutionally amended the constitution by asserting a power IT did not have (alteration of the constitution through judicial review), by giving congress a power the framers refused to give congress.
This eventually led to the Federal Reserve Act and the century of fiat money that has zero intrinsic value.
Same goes for your mortgage.
Pull my finger!
No, really.
Pull my finger!
The fact is that if Greece doesn’t want to pay back the money, they won’t pay it back. They’ll tell the EU to fuck themselves, and the EU will wimper and cry, but do nothing further.
The world is a house of cards right now, and not too many people want to risk continental war over some paltry funds. After some snotty falderal everybody will hug and Obola will promise to bail them out with the Chink’s money.