The complexity of money is not apparent to us until we parent a child who asks about it. It doesn’t take long for us to get stuck, not knowing the answer to the child’s questions. What is money? Where does it come from? Where does it go? Where is our money? Does the bank have all our money? What does the bank do with it?

And then the question of why we keep our money at the bank — and how we squirm trying to explain safety to our child without scaring them half to death that a burglar is likely to come in and steal our property and even hurt us.

Now we have entered an era where the safety of banks is largely a myth. This is because the Banks have become our overlords. It is now commonplace for financial institutions to meddle in transactions that have nothing to do with them. Sure they have our money — and they are supposed to keep our money safe and have it available when we need it or want it.

When we want to buy a TV we use a card or check that is a demand on our bank to pay the merchant. It is unthinkable that our bank would demand delivery of the TV — and even worse suing for possession of the TV — showing the fact that they transferred money to the merchant’s bank. In fact, they might argue, you have no right to even bring up the matter in court because you were not part of the transaction between your bank and the merchant’s bank.

The result would be that your bank gets the TV and the merchant’s bank gets the money. The merchant is left with nothing and so are you. Ridiculous, isn’t it? But is it? Both banks can show the transaction between them. They would argue that the burden is on the stupid merchant and the deadbeat depositor who are trying to scam money and a TV out of the Banks. And the Banks, having established brand names and reputations for hundreds of years, might be believed because of their reputation for honesty and conservatism.

They would argue that this was a matter between them. And the merchant’s bank would agree, taking the position that the money they received was their own, so the merchant had no claim to it.

Right now, in court, both banks would be thrown out and sanctioned for making such a ridiculous claim.

The proof would show that you deposited the money in an account and that you bought the TV with a card or check that ordered the bank to pay the merchant. Your deposit contract with the bank clearly spells out those duties. And common sense would not have it any other way.

The merchant would easily prove that the bank’s claim was false. But both you and the merchant would be fighting an uphill battle caused by the false presumptions in the marketplace that Banks can be trusted — indeed many have the word “Trust” in their brand names.

It is hard to imagine how the banks would even dare to take your TV and take the merchant’s money. It is difficult to believe that if they made that claim you would need a lawyer to get what should have been automatic. It is shameful that bank regulators would stand by and let the banks make such claims.

But what would happen if the Courts, relying on the reputations and honesty of banks, actually prevented you from introducing evidence of the real transaction between you and the merchant?

You would have spent money on a TV that the bank now owns.

The merchant would have sold you the TV without any hope of receiving the money unless they sue you for the price of the TV and win.

You might not have enough money to pay for the TV again, since the money you had was already withdrawn from your account once. Too add insult to injury you might be portrayed as a deadbeat and forced into bankruptcy! You can see how this would spiral out of control based upon one simple wrongful assumption: trust in banks.

Yet all of that is true in the world of mortgages, student loans, car loans, credit card loans, health care etc.. The banks have taken the money of depositors and claimed it as their own. Then they have sold mortgage products as if they were the lender. And they bought insurance payable to the bank if there was ever a loss — even though they used the depositor’s money instead of their own money.

And now, after making wild promises to borrowers about the value of the property and the viability of the loans, they are claiming the TV — in this case the homestead of a family, leaving the buyers with nothing and giving the depositors nothing.

They call it foreclosure, but we all know it is outright theft by banks cashing in their reputations. They steal the deposits, they steal the investments made with the money on deposit, they steal the insurance they get when the investments fail, they steal the gains made from payments and trading with the depositor’s money, they steal homes, mortgages, debts of all kinds and leave the consumer without a voice and without money and property that was promised to them by the Banks. The buyer of fake loan products is left without a home and the depositor of money in the bank is left with no money at all or less — all while the banks gleefully report “profits” from trading.

The Torah, Bible and other writings speak of a Jubilee in which every 50 years the deck is reshuffled, everyone gives back what they have accumulated and we start over again. This is what Thomas Jefferson wrote about as well for this country, only he said it should happen every 20 years. He recognized what the sages from long ago understood — that as the rich get entrenched, they get to control the levers of power. That means they make the rules so they can keep their gains whether ill gotten or justly earned.

The Jubilee is intended to be a joyful time for everyone. It is long overdue. Let’s start with the reputation of banks — with all of the lies they have been telling for the last 20 years, their account in the court of public opinion is overdrawn. Being in NSF status they should welcome a return to normalcy and honesty as it would give them a new opportunity to become trusted.

16 Responses

  1. Rico, you hit the nail on the head there is no common sense or even business sense. We were made the scapegoats as they lined their pockets. Wall St is against healthy capitalism and entrepreneurship for the good of people and our country. They’re just a giant Hoover sucking up whatever they can. Worse yet I met with a lawyer group today and they told me Los Angeles judges are basically ignoring the laws and will only make sure the banks get paid. Either that or they are so stressed out since Wall St did an end around on taxes with MERS and demonizing OUR government that they’re overworked. 300 people were laid off today by the LA courts.

  2. Max Keiser talks about money out of nothing and the Bank of England’s admission here:

  3. Banks create money out of nothing, out of thin air and then sell that nothing to us (i.e., charge us interest). Banks do not lend depositor’s money. Banks take no risk at all in “lending” because the money thye pretend to “lend” us is created by our promissory notes.

    The Bank of England recently explained all of that in a press release. Steve Keen was right. L. Randall Wray was right. The “Living Lie” is money itself–it’s not real. That is why there must be an immediate Jubilee, and after that, a new system.

    I have argued on Living Lies before that money is created out of thin air and have been taken to task for it, with people saying that a judge will never acknowledge that and that “vapor money” theory has been rejected time and again. Can’t argue that judges have rejected the truth; doesn’t make it any less true.


  4. The Bible also speaks of wickedness in high places. The banks had their opportunity for normalcy with the settlements and countless judgments against them in return for preserving their wealth in the guise of saving our economy and not be charged as criminals. These settlements themselves are corrupted with ADMITTED breaking of laws where both parties are manipulating “aid” money for their own agendas. The call for normalcy has gone by.

    Not only homeowners but everyone who is working for the American Dream and a democratic, humane way of life is being abused by the banks and those in every level of government.

    I believe my case reflects this as Chase piles lies on top of lies but still I am being deprived of any legal aid and even the means for my subsistence by local government. The mayor of my city claimed that he would address mortgage fraud and keep people in their homes. When I called the latest helpline I met with a non profit lawyer who ignored parts of the Homeowner Bill of Rights and twisted others. The City is holding thousands of dollars that I could use to survive and defend myself while ignoring blatant fraud not only against me but against the City which could have resulted in tens of thousands of dollars on my case alone. Yet they claim there is a budget crisis and no money.

    Fortunately, the CFPB and possibly complaints to local officials has allowed me to attain evidence (from over 6 years) that lawyers have said is impossible or too expensive to obtain as they push their worthless modifications even after advertising their expertise in the HOBR etc. Whether this means anything in the end may be only a matter of principle as the threats to take my home continue. Even so we must fight for our principles and not just our material well being.

    The universal values you refer to that our nation is based on needs to be present in us when our institutions fail us. I thank you for your efforts and would ask in the spirit of jubilee to review my case and other possibly extreme cases on a message board I am hoping to work with. Any damages I gain I hope to contribute to help other homeowners and I will provide all the time and effort to help others build their case. Others have shared this spirit as well. If we can work together, with homeowners directly, we can build a truly democratic force we need to stop the abuse and corruption. In CA there are upcoming elections for county supervisors and county recorders that must address the homeowner rights crisis as well as the financial/foreclosure crisis. Some of these representatives had been entrenched for decades and turned a blind eye to the destruction of our property records and economy. This is an opportunity we can not let slip by either at an individual level or for the good of our country.

    I hope to show the lies in my case and invite others to join me. I am just starting out but if even one homeowner or person/family is helped we can make a real push toward normalcy.

    Anyone who has information they want to share or Mr. Garfield or any lawyers want to get in touch with me can send an email here. http://bit.ly/Si8EL5

  5. Your first mistake is that you think they care. They don’t.

    And nobody stuffs judges retirement plans with mortgage backed securities other than the judges themselves.

  6. lauren,

    I know nothing and if I think I know something I know nothing.
    I do not give legal advice because I don’t know legal things.

    talkshoe my private audio
    Call ID: 39904
    episode 264

    I don’t know anyone that has been helped, but I also don’t know anyone who has claimed they were not helped by them, even those chatting at the time of the call. No one in the chat said anything that would make you think they don’t help people nor gave negative comment on them.

    12 minutes in they explain they aren’t attorneys and don’t provide legal advice but may be able to lend a helping hand to those facing foreclosure, any branch of govt, incl .. i-r-es
    email is brip66(At)gmail(Dot)com

    Trespass Unwanted, Creator, Corporeal, Life, Free, Independent, State, People, In Jure Proprio, Jure Divino

  7. Oh yes credit unions invested their shareholders money in mbs – they should be suing on behalf of their shareholders. I would be happy to pay my share towards that.

  8. diosark. They crushed the working class – the backbone of society

  9. Fact- HSBC prosecuted for money laundering for terrorist organizations and the drug cartels AkA trading with the enemy. Now who could trust after THAT settlement joke. Read Matt Tiabbi take on that one.

  10. Credit Unions are Just as Guilty, There is no community when everyone just watches a small group of people get crushed.
    No Justice Until Our Government is Cleaned UP.

  11. Yup I Concur!
    Stop The Banks or Else
    find it on Youtube

  12. Nope I don’t either – local credit union where the shareholders are the community folks that put their paycheck in there. Mass exodus to community banks would fix it, vote of no confidence in banks doing the right thing – they will not unless there is a consequence to the price they made the American taxpayer carry. There’s no way we should be on the hook for their lying cheating asses.( sorry for the verbage)

  13. If anyone on this site can refer me to a maryland lawyer who can help a homeowner facing foreclosure, I would SOOOOO appreciate it as the stress is so overwhelming and I feel as I have nowhere to turn. Please anyone……….email laure8929@gmail.com. Thank you.

  14. I don’t.

  15. Jubilee would be nice.
    If no jubilee, a rapture and judgment day is even better.

    No one can say, they didn’t know.

    Trespass Unwanted, Creator, Corporeal, Life, People, Free, Independent, State, In Jure Proprio, Jure Divino

  16. I am also one who think that the banks are a fraud. It should be pointed out that when I say banks are a fraud I am not talking about the local small town banks and credit unions. Up until the recession I had forty years of AAA credit, never late, never defaulting. My mistake was not seeing that the wall street banks are a very differ animal than small local banks. One of the reason that I feel points to fraud is the way the local banks will work with me on terms in order to prevent a default. Local banks made loans with their own funds and deposits. They have no scheme with credit ins that pays them in the event of a default. They make a profit only if you pay back the loan with interest. Wall street is pushing very hard for more govt rules to shut down the small banks. They want it all. Their business plan was to take money from investors or other third parties and then loan it out to people like myself with great credit but high debt levels. They knew that by giving out unlimited loans it was just a matter of time before defaults came to be. When they were unwilling to work with you on terms it caused lower credit scores and more defaults. They did not care since it was not their money going down the drain and they were cashing in on the credit ins. This is the fraud in a nut shell. How our courts are giving them standing to claim they have suffered from damages just shows how far off course we are. Where is common sense? If they were the true party of interest they would have done just like the small local banks did. Work with the customer over repayment so that he/she would still be in business. Saving small businesses, helping forks stay in their homes is what the local banks do. Fraud is what the wall street banks do. We could do without them in my view.

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