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 !!!
This is why banks hate it when you pay off all your debt - this means that you don't work for them anymore !!!
 
 
No comments:
Post a Comment