Astoundingly, tens of millions of properties are in limbo with no one knowing or able to prove who really holds title. We have seen in the news an increasing number of outrageous incidents where banks have tried to foreclose on homes whose mortgages have already been paid off or homes that were originally bought for cash, full price down. We also have had cases of two or more banks trying to foreclose on the very same property at the same time. It is a national scandal.
The banks screwed up big time. The holders of the trillions of dollars of securities are entitled to present them to the originating banks and demand their money back. This could bring the whole banking industry down with a gigantic crash. But some cynics believe the banksters will do what they've always done - buy off Congress to pass new laws to save their corrupt, greedy asses.
Government Borrowing
Governments borrow in much the same way as individuals and corporations. In the United States, the Treasury Department gives the banksters at the Federal Reserve their promissory notes, i.e., government bonds. The Fed lodges these valuable documents as assets and, in exchange, gives the government credit. The government now owes the Fed, a private corporation, a whopping pile of money plus interest which must be paid by the long suffering U.S. taxpayer.
This is another crazy situation where the borrower is actually the lender. It is utter madness to give money to a private corporation like the Fed who then returns it to the government as a debt and then has the gall to demand that it be repaid with interest. Wright Patman, who served as chairman of the House of Representatives Committee on Banking and Currency for 40 years until the time of his death in 1976, tried for 20 years to repeal the Federal Reserve Banking Act of 1913. Patman once said in Congress:
"When our Federal Government, that has the exclusive power to create money, creates that money and then goes into the open market and borrows it and pays interest for the use of its own money, it occurs to me that that is going too far. I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money...
"I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with this Congress for sitting idly by and permitting such an idiotic system to continue."
A predecessor of Patman's, Louis McFadden, was also chairman of the House Committee on Banking and Currency, from 1920 to 1931. McFadden used stronger language than Patman when talking about the Federal Reserve. He said:
"We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the nation's debt. The depredations and iniquities of the Fed has cost enough money to pay the national debt several times over."
McFadden once tried to impeach the Secretary of the Treasury, two assistant Secretaries of the Treasury, and the Board of Governors of the Federal Reserve. Although a banker himself, he was a thorn in the side of the Fed and spoke out about their criminality at every opportunity. McFadden died in mysterious circumstances in 1936 after surviving two previous attempts on his life.
One of the most concise and eloquent speeches showing up the absurdity and corruption between the Fed and the U.S. Government and exposing their collusion in money creation, comes from the inventor, Thomas A. Edison:
"If our Nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good also. It is absurd to say that our country can issue $30 million in bonds, and not $30 million in currency. Both are promises to pay: but one promise fattens the usurer, and the other helps the people."
That is the whole problem and solution in a nutshell!
When a government issues bonds, its "promises to pay" are very valuable documents. What makes them valuable is that they are backed by the "full faith and credit" of the people. In other words, the people are promising their future labor and are pledging the value of their property and all the public property and natural resources of the nation.
All a bank does is to take these valuable bonds and exchange them for bank credit, at no cost to the bank. Furthermore, it charges interest on the full amount. It actively and willingly conspires to steal the property and labor of an entire nation, past labor, present labor, and future labor. These banksters are nothing but contemptible criminals.
What this really means is that a country's national debt is owed not to the banksters who stole it, but it is owed to the people, from whom all credit arises. Banks cannot create credit. They steal it from the people and pretend that it came from them. Therefore, most governments on the globe should pay back the national debt to their people, the rightful originators of the nation's money.
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