The Banking Scam - Money from Nothing - What did your bank loan you?
In 1968 Jerome Daly was a homeowner living in Minnesota who stopped paying his mortgage. The lender, First National Bank of Montgomery, sued the man for foreclosure.
Daly presented his argument before a jury as to why he did not owe the bank anything. Essentially, he argued that the bank had not provided any consideration for Daly's promise to pay back the loan.
Consideration is one of the requirements for a valid contract, and without it, a contract is void. Daly was arguing that the mortgage contract was void and did not need to be repaid because the bank had not actually given him any money.
The lender had created the money out of thin air in response to the promise to repay the loan. This credit, argued Daly, was not real money that counted as consideration and therefore did not need to be paid back. Without valid consideration, the mortgage contract was null and void and nothing was owed to the bank.
Astoundingly enough, the jury agreed with him and declared that the mortgage was not a valid contract. The judge and a representative testifying on behalf of the bank also agreed with Daly's argument. The bank's president, Mr. Morgan, admitted that the money did not exist until Daly was given the mortgage, and the money was created out of thin air. The judge wrote a supporting decision in the case agreeing with Daly, writing "The money and credit first came into existence when they created it. Mr. Morgan [the bank's president] admitted that no United States Law or Statute existed which gave him the right to do this." Thus, the lending of the money to Daly in the form of a mortgage did not constitute valid consideration. The bank did not even have the authority to create money out of thin air according to any known law or statute.
The Web of Debt Zeitgeist Movie - Free The Money Masters Rights and Wrong
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