The following form letter was recently created by the New Economic Rights Alliance in South Africa www.newera.org.za but can be used by bank patrons anywhere in the world
I have recently discovered three extraordinary pieces of information about my [credit card / home loan / vehicle finance / personal loan / business loan / overdraft facility].
1. You did not loan me money
advertising led me to believe that you "lend" money in the ordinary and
everyday sense of the word. However, it turns out that I have been
misled. In actual fact, the money you pretended to loan me was created
"out of thin air" using a computer generated accounting system. I
honestly believed that you were lending me real money which you had
rightfully earned as part of your ordinary course of
business. You did not tell me the truth up front and I am disturbed by
your lack of disclosure and perpetuating what is clearly a false belief
in the market.
have learned that, in all likelihood, my promise to make monthly
payments (called a promissory note) was on-sold to a third party in a
securitisation scheme. I have also learned that in our law, once a
promissory note is sold, the bank who sold it loses all their rights and has no legal standing to the asset thereafter. If this is true, then quite possibly you are unlawfully
seizing people's homes, cars, businesses, furniture, equipment, etc.
am disturbed by the implications of securitisation, which I have now
learned forms part of a secret "shadow banking" and derivatives industry
which is 20-30 times larger
than the GDP of the entire planet. This is outrageous. I did not ask to
be responsible for the pension funds of my fellow working class
citizens. I do not want to be the "surety" that
supports an industry where bankers make hundreds of trillions of
dollars. And I had no idea that I was putting small businesses under
huge pressure because they cannot compete with large retailers and
corporations who sell shop card debt for an immediate lump sum of money.
3. If you can do it, so can I
bank is a limited liability corporation. I am a human being of
unlimited potential. If it was not for me, you would have no power.
Stephen Goodson is a director of the South African Reserve bank and he
confirmed publicly that commercial banks create money "out of nothing."
Therefore, I must have this same power as you do. I am currently
learning how to apply the Bills of Exchange Act to settle any bank
"debt" with a negotiable instrument instead of using ordinary
"debt-money." Debt-money is not backed by any natural resource. It can
only be created when it is borrowed into existence and the interest that
is charged on top of that is called usury which is hugely unfair to the
vast majority of people. The interest in our money system cannot, and
will not ever be paid back.
that I have learned the above three points, it would seem that I have
immediate power over your institution. I do not have to wait for the
next election, committee decision or majority vote.
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it is not my intention to enforce my rights and cause chaos. You are
doing a wonderful job of creating havoc all by yourselves. In fact, it
must be said that your bank and the banking industry in general are
conducting yourselves in a way that does not create the kind of society
that my family and I wish to live in. We can see this first hand in
Italy, Greece, Iceland and the US, as well as Ireland, Portugal,
Spain and a host of other countries around the world.
the interests of a better future for this country, I hereby ask you, on
this auspicious day of 11.11.11, to please initiate the following
- I ask you to not to forcibly take money out of a person's bank account ever again.
- I ask you to NOT intimidate your customers with threatening or harassing phone calls or SMS messages.
- If a
customer is struggling to repay what you call a "loan," I ask that you
allow them a fair opportunity to negotiate new terms directly with you.
ensure long-term food security for the people of this great country, I
ask that you immediately begin planting organic food gardens on every
property that you own. This food will be handed out freely to your
employees and to any hungry or homeless person that is in need. You will
not use any artificial fertilizer, chemicals or genetically modified
- [add your own here]
In order to monitor the progress of
the above, I ask that you please put up a website that will be updated
weekly to publish the following:
searchable list of all court summons that have been served for that
week, ensuring that people have ample notice to defend any legal action
- A facility that will disclose to a customer the full details with any securitisation that occurred on their promissory note.
progress of all changes you have undertaken and implemented to create a
better planet and society for mankind and future generations.
- [add your own here]
look forward to a future where banks and people work together instead of
fighting each other. I look forward to giving people the opportunity to
break free of financial slavery. More importantly, I look forward to a
future where new and sustainable thinking is embraced and adopted for a
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