Friday 1 July 2011

Banks are the biggest evil !!!

Money is human labor transferred to a store of value, like dollars, euros, gold or silver. For example, when someone pays $30 for a kilo of fish, they are not paying for the fish in the ocean, they are paying for it on their plate. The difference between a happy fish swimming in the deep blue sea and a grilled halibut glistening before you is human effort. All other businesses that want to get a return on an asset must first buy the asset with money earned through work. 

This is not the case for banks. They earn interest on something they don't create.

In fact, a Minnesota Judge, Martin V. Mahoney, and a jury threw out a foreclosure on defendant Jerome Daly for just that reason. Daly argued that the there was no consideration in the contract between himself and the First National Bank of Montgomery. Consideration means both parties must give up something for there to be a contract. For example, if Jack offers to paint Jill’s apartment for free, there is no contract between them. If Jack bails on his offer to paint, Jill cannot sue him. Judge Mahoney ruled the bank gave up nothing in the contract.  They created the money out of thin air hence they did not commit anything to the contract; there was no consideration and the bank could not foreclose.

For everyone except banks, money is an expression of human labor, creativitity, or even luck.  But for banks, money is something they simply 'create' in exchange for IOU's. 

See the full article here

This is why banks hate it when you pay off all your debt - this means that you don't work for them anymore !!!

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