Behind The Curtain: Volume 1 December 1968 saw a landmark court case in the appropriately named township of Credit River, Minnesota, USA.
Morgan admitted that no United States Law or Statute exi.
The money and credit first came into existence when they created it.
That this was the consideration used to support the Note dated May 8, 1964 and the Mortgage of the same date. 00 in money and credit upon its own books by bookkeeping entry. "Plaintiff (the bank) admitted that it, in combination with the Federal Reserve Bank of Minneapolis, did create the entire $14, 000.
In his summation of the case, Justice Mahoney reported that...
Presiding Justice, Martin Mahoney declared that, "It sounds exactly like fraud to me," accompanied by nods and murmurs of assent from all around the courtroom.
To Drexler\'s and indeed everyone else present\'s great surprise, Morgan casually admitted under questioning from Daly\'s lawyer, that the bank routinely \'created money out of thin air\' for all its loans and mortgages and that this indeed was standard practice in all banks.
Morgan, the bank\'s president, took to the witness stand.
The proceedings were recorded by Justice William Drexler, who had given no credence whatsoever to the defence, until Mr.
Daly contended that the bank offered \'no consideration\' for his loan on the grounds that they had \'created the money out of thin air\' by bookkeeping entry and had therefore not suffered a loss (another relevant point of law) by his refusal or inability to pay back the money. \'Consideration\' in legalese, refers to \'the item exchanged\' and is an essential element of any legal contract.
Jerome Daly a lawyer by profession, defended himself against the bank\'s attempted foreclosure on his $14, 000 mortgage on the grounds that there was no \'consideration\' for the loan.
Daly was an epic courtroom drama and although unsurprisingly, not widely reported either at the time or subsequently, is actually extremely significant.
First National Bank of Montgomery vs.
Behind The Curtain: Volume 1 December 1968 saw a landmark court case in the appropriately named township of Credit River, Minnesota, USA
