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Original Content at https://www.opednews.com/articles/Homeowners-Need-Zealous-Ad-by-David-Snieckus-110808-669.html (Note: You can view every article as one long page if you sign up as an Advocate Member, or higher). |
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August 14, 2011
Homeowners Need Zealous Advocates
By David Snieckus
A short article on NO consideration, that is, no money, was given by banks making the loan contract illegal.
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Mark Harmon, in my opinion, is technically incorrect as quoted, in the Boston Globe, August 7, 2011 page A14, "They (banks and other lenders) loaned people money. It is not being paid back, and they need to be represented, and it is required that we represent them zealously."
First, there was no real money loaned to people. Credit was loaned. The homeowner's credit as a signed promise to pay, not the bank's, was loaned. Also, usually, over time the original lender sold or securitized the loan, clouding the title and creating a foreclosing "lender" that is not the originating lender. Second, it doesn't have to be paid back. Since no real money or depositor's money or actual consideration was loaned and since consideration is part of a legal contract, the original contract is illegal and unenforceable from the start. According to RICO, (Racketeer Influenced and Corruption Organization Act), there is no legal obligation to pay back money that was provided illegally! Third, bankers do not need to be represented by outside law firms; they already have the best lawyers. Try suing a bank for discovery! And fourth, as a warning to Harmon Law, don't be too zealous. Fraudulent statements brought into a court, according to the laws of Massachusetts, will be subject to huge fines.
Building an empire by conquest or stealing other people's homes and property has been going on for centuries. Harmon Law perpetuates that practice! You can stop them in their tracks by stopping your mortgage payment now and challenging these bankers and lenders in their fraudulent practices.
David Snieckus
Advocate for Public Banking
p.s.
Most of us do not understand the difference between money and credit and we have trusted bankers and lawyers and judges to be honest. Credit and money are different. Every homeowner, whether in foreclosure or not, needs to learn this, study this, and apply this if they want a home, free and clear. It's the American Dream!
Furthermore, the current lending system is unsustainable. Typically, the homeowners thought that they could repay the loan over time because of the continued growth of the economy as more people receive loans. Only when the economy is fueled by more and more loans, more and more jobs, more and more and more consumption of goods and services is there enough money to go around for these individual homeowners to repay the mortgage loan. What the homeowner doesn't know is that the economy is rigged for the inevitable foreclosure on some unlucky few due to: the contraction of the money supply when loans are called in or when loans are not easily made by banks or other lenders to creditworthy borrowers.
More information and references:
Reference:
First National Bank of Montgomery vs. Daly
For Consideration in contracts see: Taking it to Court in Web of Debt, by Ellen Brown, J.D. page 28-29
All below is from Understanding Money, by John Root Jr.
All the perplexities, confusion and distress in America arise not from defects in their Constitution or Confederation, nor from want of honor or virtue, so much as downright ignorance of the nature of coin, credit, and circulation."
John Adams (from a 1787 letter to Thomas Jefferson) i
This quote is the theme of this campaign. We need to understand money!
"And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." ii "Bank-paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs."
Thomas Jefferson
"The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent."
John Kenneth Galbraith
WHERE DO THE BANKS GET THE MONEY THEY LEND YOU?
Banks do not have money to lend. When we borrow money from a bank we assume that the money we are borrowing comes from what the banks have, or the deposits others have, in the bank. This is natural, because when you lend someone money, you have to lend them some of your own money. Banks do not lend us their own assets, or money they earned, the way we do when we make a loan to someone, rather, banks issue, or create, the money they lend you when you promise to pay it back. Banks monetize your promise to pay! Your debt, your promise to pay, becomes their asset. Your promise to pay is valuable. When your promise to pay is backed by a mortgage or collateral your promise to pay is more valuable because the mortgage is easier to enforce than an IOU. In banking circles this is a well known fact, but it is not the way it is usually represented. However, describing it this way makes it clear that you provide everything of value when you borrow from the bank and the bank provides nothing of its own. Put differently, when you borrow from the bank your promise to pay becomes their asset and your liability and the money they create with an accounting entry, and deposit in your account, is their liability and your asset. And you have to pay them interest, which for a typical mortgage will be more than the principle, so twice as much as you borrowed; and, if you default on the loan, they get the valuable things you acquired with the loan!
IS THIS LEGAL?
Yes, it is legal. The whole financial system is based on it. It is called Fractional Reserve Banking and it became legal with the Federal Reserve Act of 1913. The Federal Reserve issues the currency - our legal tender - to the Federal Government on the basis of the Federal Government's promise to pay! The member banks which own the Federal Reserve use their deposits with the Fed as the basis for their right to create the money they lend you. They keep a fractional reserve, a fraction of their deposits, as a reserve and create money as loans to whatever multiple of their deposits the Fed has decreed (usually between 6 and 30 times as much as they have on deposit) The courts have been enforcing this system ever since.
IS IT CONSTITUTIONAL?
No! The Constitution gives Congress the authority to issue the currency, debt free and interest free, and to regulate its value. Since the Federal Reserve was established by an act of Congress and not by an amendment to the constitution, it is still an unconstitutional law. Understanding money will help us remedy such acts of treason by Congress. Our constitutional rights are not granted to us by the Constitution, they are inalienable rights. We institute government to secure our inalienable rights. When we understand money we will know that we have the inalienable right to issue the currency as a common good.
IS IT A SECRET?
Yes! It is the "banking secret". As Henry Ford and Andrew Jackson before him, said: "It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." and Marshall McLuhan: "Only the small secrets need to be protected. The big ones are kept secret by public incredulity."