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Re: Must Read: 11 Reasons Why The Federal Reserve Is Bad

The case of Jerome Daly - Banking & Foreclosure

In a 1968 case of Jerome Daly, a Minnesota man who fought his foreclosure in court using the bank’s own explanation of how they create money out of thin air to prove the point that the bank in fact had not lent him any of their own money and that the mortgage contract was therefore lacking the required “consideration” on the part of the bank... In other words, the bank had not put up something of real value as required by contract law. The bank’s “contribution” into this mortgage loan transaction was an illegitimate and illegal form of consideration. Both the jury and the judge in that case agreed, and the judge ruled in favor of Daly and against the bank, nullified the mortgage contract, and thereby leaving Jerome Daly in full possession of his home and with his home free and clear of any mortgage debt! The judge further added that "Only God can create something out of nothing". This case is highlighted early in the video called Zeitgeist Addendum. This video focuses on the monetary system, the creation of money and credit and how our corrupt and fraudulent banking system bleeds our economy and the American people of the true wealth that we have. Early in the video it introduces one of the sources relied on for the explanation of money creation through “fractional reserve” banking, and that source is the Federal Reserve Bank’s own publication entitled, Modern Money Mechanics, which is what Jerome Daly used as evidence to make his case in court.

When you sign the promissory note (a worthless piece of paper with ink on it) you convert it into a negotiable instrument. And it is this instrument that the bank uses to secure the credit that produces the money that is going to be lent to you. This money only comes into existence after placing your signature on that piece of paper. In reality, the bank is not lending you their money, they are lending you their credit which the bank secures by using your signed promissory note.

But besides their fraudulent mortgage lending with money created from nothing, banks also use the rule of 78 to calculate the interest on a loan which front end loads the loan such that in the early years almost the entire payment is interest expense. It is not until later in the loan term that more of the payment goes towards lowering the principal balance of the loan. And this is why banks are so eager to refinance your loan, as they get to begin a new cycle of loan amortization using the rule of 78 and again front end load your payments with all interest charges.

Furthermore, and this is the really cruel aspect of mortgage loans. The purpose of collateral is to guarantee the repayment of the loan amount. However, upon a default for whatever reason, the bank forecloses and takes the entire property. You might have only a $50,000 loan balance on a property worth $1,000,000 but when the bank forecloses and then sells the property at a sheriff's auction sale, and say it brings a $500,000 sales price, the bank at that time might have, with additional interest and other costs, an outstanding loan balance on your account for $100,000. However, that auction sale price of $500,000 is entirely kept by the bank and none of it is returned to the homeowner. The bank gets paid in full plus it also profits an additional $400,000. But, should the sale auction sale price be less than the outstanding loan balance, the bank has the legal right to continue to go after the homeowner and slap him with a "deficiency judgment" to collect any remaining unpaid balance of the loan that was not covered by the auction sales price.

All of our laws are written in the best interest of the banks and are in place to protect the banks. As a depositor, the money you put into your bank account is legally no longer your money. You are in fact an unsecured creditor, and furthermore, your claim position in case of a bank failure is subordinate to any holder of junk derivative paper, as they will be paid before you see one penny of your money. And then of course today banks get to gamble with the deposits and when they win they get to keep all of the profit, but when they lose big then the government bails them out with taxpayer dollars.

The once free American people have been made into slaves under a form of debt slavery which by virtue of not really ever being allowed to fully own anything, the people are forever in bondage. We do not own our homes or our automobiles as the proof of ownership that we are allowed to possess in never an allodial title obtained by bringing forth the land patent. And the true title to an automobile for example is the MSO (the manufacturer’s statement of origin) but which under most state laws is surrendered to the state with the requirement to “register” the automobile, and the owner is then given a receipt in the form of a “Certificate of Title” and thereby leaving the state with the higher form of ownership and the legal ability to impound the automobile for any number of reasons. Our real estate is transferred via a deed which according to Black’s Law Dictionary is only evidence of conveyance. And what is conveyed is listed in the deed as a “fee simple estate” which again Black’s Law Dictionary defines as a “form of tenancy stemming from the old feudal days”. And so in fact we are mere tenants of the home we believe we own, and as such we become forever obligated to pay a property tax which amount of said tax is solely determined by the state, and all of this also means that we can be removed from and lose our home for any number of reasons. Even the fruits of our labor are taken from us and it’s the government that gets to decide how much of our income we get to keep. Also, even our own children do not belong to us as Child Protective Services (without any proof of any valid crime) can remove them from our home and a judge can “legally” terminate all parental rights. And really, how free are we if we have to get the government's permission for almost everything we do in our daily lives as almost everything today requires a license? And what is a License? Black's Law Dictionary defines License as "permission to act or to do something which would otherwise be illegal or prohibited". So, there you have it. Everything that requires a license has been deemed illegal by the government. Even the once holy act of matrimony when a man and a woman engaged in a holy sacrament and made a sacred covenant that was just between man, woman and God has been deemed to be an illegal act unless you invite the state to be a party to your contract by first obtaining a marriage license.

Remember that the Constitution only list 18 enumerated grants of power and authority to the government. Everything else is unconstitutional. But today our government has ballooned so big in size that it has gone into so many areas for which there is no lawful grant of authority, and thus all of these other actions unlawfully taken by government have created a world for us in which we have become a people ruled by unelected bureaucrats.

If the Founding Fathers could somehow be made to see what America has evolved into and has become, they would surely be rolling over in their graves in seeing that we Americans are in fact today a conquered people!

Thomas Jefferson tried to warn us when he said the following:

“If the American people ever allow private banks to control the issue of their currency first by inflation then by deflation the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered... I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people to whom it properly belongs.”
― Thomas Jefferson