Debt Elimination-understanding bank fraud 5
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What's wrong with a little debt? There is a kind of
fascinating appeal to this theory. It gives those who expound it an
aura of intellectualism, the appearance of being able to grasp a
complex economic principle that is beyond the comprehension of mere
mortals. And, for the less academically minded, it offers the
comfort of at least sounding moderate. After all, what's wrong
with a little debt, prudently used and intelligently managed? The
answer is nothing, provided the debt is based on an honest
transaction. There is plenty wrong with it if it is "based upon
fraud". People who will not turn a shovel of dirt on the project [Muscle Shoals] nor contribute a pound of materials will collect more money...than will the people who will supply all the materials and do all the work. Is that an exaggeration? Let us consider the purchase of a $100,000 home in which $30,000 represents the cost of the land, architect's fee, sales commissions, building permits, and that sort of thing and $70,000 is the cost of labor and building materials. If the home buyer puts up $30,000 as a down payment, then $70,000 must be borrowed. If the loan is issued at 11% over a 30-year period, the amount of interest paid will be $167,806. That means the amount paid to those who loan the money is about 2 1/2 times greater than paid to those who provide all the labor and all the materials. It is true that this figure represents the time-value of that money over thirty years and easily could be justified on the basis that a lender deserves to be compensated for surrendering the use of his capital for half a lifetime. But that assumes the lender actually had something to surrender, that he had earned the capital, saved it, and then loaned it for construction of someone else's house. What are we to think, however, about a lender who did nothing to earn the money, had not saved it, and, in fact, simply created it out of thin air? So how does the bank loan actually work?
And here's the part you're never supposed to know
If the promissory note is an asset, what funded the bank's ownership of the note?" Answer: They still don't really own it. They made an exchange - Your promissory note (asset to the bank) was exchanged for approximately the amount of the loan. You gave the bank an asset worth $100,000 and the bank returned $100,000 to you. Where was the loan? There wasn't one. But you really do have to admit, it's brilliant. As an honest, ethical person who believes that all loans should be repaid, do you agree that the bank should repay your loan to them? After all, they deposited your promissory note. Your promissory note is an asset that they exchanged for a check. Where's the loan? Factually, there isn't one. And since all lenders should be repaid, shouldn't the bank repay your loan to them? If so, you wouldn't have the "debt" and would live better. Quickly, when you deposit money in your checking account, does the bank now owe you that money when you want it? Yes. The bank has a new asset, the $100 you deposited into your checking account. The bank also has a new matching liability that says the bank owes you $100. Assets = Liabilities. The bookkeeping entries are nearly identical for a deposit into your checking account and for a new loan. By lending, the banks now have more assets and liabilities. If you were to lend me $500, your "pool of money" would be smaller. When a bank "loans" money, their "pool of money" increases. <back> Page 1 | 2 | 3 | 4 | 5... of 5 Secrets of the Federal Reserve by Eustace Mullins Your Country at War - Lindbergh Congressman Charles Lindbergh, Sr. had the Federal Reserve pegged 90 years ago and tried to warn us then. He noted how the wars led to economic disaster for the plain folks who did the work while the financial parasites enjoyed obscene profits on the blood of American troops and the poor.
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