Funny Money III

Did you know that back in the 1960's, the president of a national bank testified, under oath, that banks don't really lend money... and that they have no legal authority to do what they currently do? That is, create money out of thin air:

"Mr. Morgan admitted that all of the money or credit which was used as a consideration was created upon their books that this was standard banking practice exercised by their bank in combination with the Federal Reserve Bank of Minneapolis, another private Bank, further that he knew of no United States Statute or Law that gave Plaintiff the authority to do this." Quoted from the courts decision in First National Bank of Montgomery v. Jerome Daly, December 9, 1968.

Just imagine, every time you make that credit card or loan payment you are making a payment for a loan that was made illegally and was funded by you. And, as an added incentive, they charge you interest.

Are bankers just real smart businessmen or are we just real stupid borrowers?

Enjoy.

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