IS MONEY REALLY CREATED OUT OF NOTHING?
2015 Sep 4 from James Mayton
I hope that someone (maybe Mr. Griffin?) can give me a more detailed explanation about something from “THE CREATURE” book about “people making up money out of nothing”? I’m still unclear on that concept? Is it a case of no gold / silver backing our paper currency or does it mean something else? Please help me here?
1. Almost 50 years ago, in 1968, in Credit River Township, Minnesota, the finding commonly referred to as the “Credit River Decision” of the landmark court case, First National Bank of Montgomery, Minnesota, vs. Jerome Daly, held the Federal Reserve Act to be Unconstitutional and void. This decision, which is legally sound, declared in effect, that all private mortgages on real and personal property, and all U.S. and State bonds held by Federal Reserve National and State Banks to be null and void.
2. This amounts to the emancipation of all Americans from personal, national and state debt, purportedly owed to the Federal Reserve Bank. Every American owes it to himself, his country, and to the people of the world, to study and understand this decision, for upon this decision hangs the question of freedom or slavery for the world.
3. On May 8, 1964, Mr. Jerome Daly executed a Note and Mortgage to the First National Bank of Montgomery, Minnesota, which is a member of the Federal Reserve Bank of Minneapolis. Both banks are privately owned and are a part of the Federal Reserve Banking System.
4. In the spring of 1967, Mr. Jerome Daly was in arrears $476.00 in the payments on this Note and Mortgage. The Note was secured by a Mortgage on real property in Spring Lake Township in Scott County, Minnesota. The Bank foreclosed by advertisement and bought the property at a Sheriff’s Sale held on June 26, 1967. Mr. Jerome Daly made no further payments after June 26, 1967 and did not redeem within the 12 month period of time alloted by law after the Sheriff’s Sale.
5. The bank brought an action to recover possession of the property to the Justice of the Peace Court at Savage, Minnesota. The first 2 Justices were disqualified by Affidavit of Prejudice; the first by Mr. Daly, the second by the bank, and a third judge refused to handle the case. It was then sent, pursuant to law, to Martin V. Mahoney, Justice of the peace, Credit River Township, Scott County, Minnesota, who presided at a Jury trial on December 7, 1968.
6. The Jury found the Note and Mortgage to be void for failure to give any validity to the Sheriff’s Sale. The Verdict was for Mr. Daly with costs in the amount of $75.00.
7. The acting President of the Bank, Mr. Lawrence V. Morgan, admitted that the Bank created the money and credit upon its books which it aquired and supposedly gave as consideration for the Note; that this was standard banking practice; that the credit first came into existence when they created it; that he knew of no United States Statute which gave them the right to do this, and that this is the universal practice of these banks.
8. Mr. Lawrence V. Morgan appeared at the trial on December 7, 1968 and was perceived to be candid, open, direct, experienced, and truthful. He testified to 20 years of experience with the Bank of America in Los Angeles, the Marquette National Bank of Minneapolis, and as the Plainfiff in this case. He seemed to be familiar with the operations of the Federal Reserve System.
9. The banker testified about the mortgage loan given to Mr. Jerome Daly, and then Mr. Jerome Daly cross examined the banker about the creating of money “out of thin air”.
10. Mr. Jerome Daly asked the Bank President, “If you were just opening up your bank and no one had yet made a deposit, and I came into your bank and wanted to take out a loan of $18,000.00, could you loan me that money?”
11. When the Bank President said, “YES”, Mr. Jerome Daly then asked, “Does this mean that you can create money out of thin air?” And the Bank President said, “YES, we can create money out of thin air.”
12. He freely admitted that his Bank created all of the Money or Credit upon its books with which it acquired the Note and Mortgage of May 8, 1964. The credit first came into existence when the Bank created it upon its books by ledger entry. Further, he freely admitted that no U.S. Law gave the bank the authority to do this. There was obviously no lawful consideration for the Note. The Bank parted with absolutely nothing except paper and a bit of ink.
13. Justice Martin V. Mahoney then said, “IT SOUNDS LIKE FRAUD TO ME” and everybody in the court room nodded their heads indicating that they agreed with Jusice Martin V. Mahney.
14. No complaint was made by the banker that the bank did not receive a fair trial. From the admissions made by Mr. Lawrence V. Morgan, the path of duty was clearly made and very direct and clear for the jury. Their verdict could not reasonably have been otherwise. Justice was rendered completely, and without denial, promptly, and without delay, freely, and without purchase, comfortable to the laws in this Court on December 7, 1968.
15. This was the first time the question had been passed upon in the United States. This decision is one of the great documents of American history. It is a huge cornerstone wrenched from the Temple of Imperialism — one of the solid foundation stones of true Liberty today.
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16. The “Credit River Decision”, as it is known, was and still is the most important legal decision ever decided by a Trial Jury of 12 women and men!
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BUT PLEASE NOTE
17. Could it be that the Bank President intentionally lied when he said in effect, “Yes, we create money out of thin air.” Could he have had some alterier motive for lying?
18. Could he have been reaffirming a Myth: “that Banks create money out of thin air” in order to over-ride the truth, that Banks actually do something else?
19. Could it be that the Federal Reserve System forbids Lenders of Credit from loaning out their other Depositors’ money for some hidden reason?
20. Could it be that the Bank President lied, and that we are all fooled?
21. Suppose that Lenders of Credit simply and secretly Monetize through the Federal Reserve System the alleged “borrower’s” SIGNATURE on his Promissory Note that promises the Lender of Credit that the Lender of Credit will be repaid with interest according to the Lender’s Unilateral, “take it or leave it” terms that guarantee him Ownership Title to the Collateral that secures the alleged “Loan” until the alleged “Loan” is re-paid? — For this is the actual case!
THE BANKERS SECRET
22. Banks sell Promissory Notes to themselves (The Federal Reserve) for cash because Promissory Notes are the equivalent of cash. Because of the alleged “borrowers” signature on them.
23. The Monetary System of the Federal Reserve System today functions on a Promissory Note Standard by establishing Liens based upon the Future Labor of the alleged “borrowers” without their full knowledge or Consent.
24. Federal Reserve Bank of Chicago publication Public Debt: Private Assets (p.2) explains that, “The bank owes us the money that is in our [bank] account.” I enter this publication and statement into evidence as the truth.
25. The bank creates a new deposit in exchange for the Promissory Note it gets from the borrower for free. This is like depositing cash or exchanging cash for a new deposit. The bank owes us back for the money in that new deposit account.
26. Taking money from the depositor, in the form of a signed and witnessed Promissory Note, writing a check off the deposit and returning the money back to the Depositor, is a return of the money earlier deposited and is not a loan to the depositor. It is a return of earlier deposited funds to be later earned by the alleged borrower’s future payroll checks.
27. A Lien is The right to someone’s property or assets as a result of money they owe or are in default of paying. The bank receives a lien on your property when you take out a loan. If you do not repay the loan, the lien allows the lender to foreclose and obtain your property.
28. So the Name of the Game is to Create as many Liens as you can and hope to foreclose.
29. We loan as much money as we can to other nations so we can foreclose of their loans and take all of our wealth stolen from them to the Bank.
30. Wealth is anything that can be sold. Promissory Notes can be sold. Promissory Notes are like cash!
31. The Economy of the United States Inc. operates on a “promissory note Lien Standard” — instead of upon faith — or gold.
32. It is YOU, with your signature, who create CREDIT out of thin air, each time you sign or endorse a negotiable instrument!