Bank of Canada

The creation of money is called most astounding sleight of hand ever invented. The creation of money is now privatized, as it is now being hold by a private banking cartel instead of congress. Most people think that government is the authority behind the issuance of money, but actually this is not the case. Except of the coins, the banks create all money, not the government. Federal Reserve Notes are issued by a private banking cooperation named the Federal Reserve, and lent to the government. Moreover Federal Reserve Notes and coins together compose less then 3% of the money supply. The other 97% is created by the commercial banks as loans.

This seems unbelievable that banks create money, they lend. Same was the feeling of jury in Landmark Minnesota case, until they heard the evidence. First national bank of Montgomery vs. Daly (1969) was a courtroom drama worthy of a movie script. Defendant Jerome Daly opposed the bank’s foreclosure on his $14,000 home mortgage loan on the ground that there was no consideration for the loan. Daly, an attorney representing himself, argued that the bank had put up no real money for his loan. Associate Justice Bill Drexler recorded the courtroom proceedings; he said his role was to keep order in the courtroom. Drexler had not given much mental acceptance for defense and watching this The Bank President Mr. Morgan took a stand and admitted that the banks routinely created money for loans and that this was standard banking practice. Presiding Justice Martin Mahoney and the jurors all agreed that it seems like a fraud.

[click to continue…]

Tagged as: America, Atlanta, attorney, bank, Bank of Canada, Bank of England, banking, Bill Drexler, Bill Still, Board of Governors, Britain, Chatto Ltd., CHICAGO, Committee on Banking and Currency, create money, creating money by lending, creation of money, Credit Manager, depression, dollar deception, Ellen Brown, energy sources, Federal Reserve Bank of Atlanta, Federal Reserve Bank of Chicago, Federal Reserve Bank of Minneapolis, Federal Reserve System, fedral reserve notes, Franklin Roosevelt, G. Edward Griffin, Government Printing Office, government printing press, Graham Towers, House of Representatives, how banks create money, How money is created, Illinois, Irving Fisher, issuance of money, James Robertson, Jerome Daly, John Bunzl, John Williams, Josiah Stamp, Martin Mahoney, Minneapolis, Minnesota, Morgan, Patrick Carmack, private banking, Public Information Center, reserve banking, Robert B. Anderson, Robert H. Hemphill, Secretary of the Treasury, Texas, The Bank President, U.S. government, united states, University of Texas, Victoria Times

{ 0 comments }