Exactly, AC!! ..
Thanks for the additional info. Oh, and btw, I did not make this video:-) My purpose for posting it, on RMN, was to introduce this info to our readers who don't know.

Lynda

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Re: Revealed: The Real Reason Behind America’s Adoption of Central Banki....

In the matter of Central Bank fiat money creation and the national debt liability created.

You state correctly that Central banks create fake money out of thin air and then loan this “money” to governments at interest and that this is what has created the US national debt which has now ballooned past $38 Trillion Dollars and on which we are now paying the staggering amount of more than one trillion dollars annually just to cover the interest due.

In reality, this was all done via an agreement, a contract between the US government and the bankers. However, is this debt liability created under such an agreement truly a legitimate debt that the US government or that we the American people are all obligated to pay?

Consider that under contract law, in order for a contract to be valid it must meet these requirements.
(1) The parties must be of legal age and of sound mind to enter into the agreement.

(2) There must not be any coercion, both parties must enter into the agreement voluntarily.
(3) There must be consideration on the part of each party - meaning that each party must put up something of value.

Let us just consider point number 3.
In the case of a central bank printing money out of thin air, what actual value is the central bank contributing towards this arrangement in this agreement? The answer of course is nothing. The printed Federal Reserve dollars in fact have no value whatsoever outside of this agreement with the government. It is in fact only because of what the government does that these pieces of paper have any value. It is only by virtue of this arrangement that these printed pieces of paper have any perceived value, and this is only because of the government accepting them and then putting them into circulation as "legal tender" to be used as the country's currency. And please understand that the government can do all of this strictly on its own without involving a central bank and that in the past, the US government has in fact done so. The United States Treasury under Abraham Lincoln's administration printed currency known as "Green Backs". And under Executive Order 11110 signed by President John F. Kennedy, the US Treasury issued US currency backed by silver which were NOT Federal Reserve Notes and which created NO interest liability! And during those times in US history when the US had no central bank, the money in circulation was created and put there by the United States Treasury.

Thus, in this current arrangement with the central bank, it is only the government which is putting up something of value in this transaction between these two parties. And without ever putting up anything of value, the central bank is reaping huge rewards by collecting interest payments on this ever-growing amount of national debt. This arrangement and its outcome under contract law nullifies the agreement and thus the debt created under such an agreement becomes an odious debt which is not binding, and the debtor is under no legal obligation to repay. There is no need to default on odious debt.

And to drive this point home on a smaller scale, allow me to share this real-life example for you:

There is the case of Jerome Daly from Minnesota who fought his bank foreclosure by arguing that the bank had no skin in the game as they had put up nothing of value. By creating money as the banks do, the central banks printing these dollars and the smaller banks leveraging the collateral that the borrower pledges to secure credit at the Fed window, all of the money in a loan transaction is created by virtue of the loan being taken out. This money in truth did not exist prior to the loan and only comes into existence as a result of the loan. Just look at the "money" in your wallet and you will see that it is a debt instrument because as a "note" it is in fact evidence of debt. This system of money creation and lending is described in a publication put out by the Federal Reserve Bank in a booklet called, Modern Money Mechanics. And in short, and by their own words, the banks under this system fail to meet the required criteria for a valid contract wherein both parties must have "consideration" - requiring each party to put up something of value. Jerome Daly in fighting the foreclosure of his home used this information contained in the Fed's own publication and won his case and was able to walk out of that courthouse with a home that was free and clear of any and all mortgage debt! Furthermore, the judge in closing that 1969 Minnesota case had this to say, "Only God can create something of value out of nothing!"

A detailed examination of Jerome Daly's case can be found in the documentary, Zeitgeist Addendum on YouTube.
https://www.youtube.com/watch?v=AttPOn1ZOfk - (Jerome Daly foreclosure case found at about the 18 min point)

If the people only knew the truth!!!

"My people are destroyed for lack of knowledge" - Hosea 4:6

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