11 Jun 2013
This interview followed the creation of the 5min video Bancorruptcy. It discussed the documentation available that describes the creation of money and when it takes place... that is, when a 'borrower' gives their promise to pay.
Some of the pertinent statements in banking publications include:
“Banks create money when they lend it” (Money Banking & Monetary Policy... Federal Reserve Bank of Dallas, May 2007)
“... banks extend credit by creating money.” (Quarterly Bulletin, Q1 Vol 48. No. 1. Bank of England, 2008)
“Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars to accounts on their books in exchange for a borrower's IOU.” (I Bet You Thought... Friedman, David H. Federal Reserve Bank of New York, Dec 1977)
“What they do when they make loans is to accept promissory notes in exchange for credits to the borrowers' transaction accounts.” (Modern Money Mechanics... Dorothy M. Nichols - Federal Reserve Bank of Chicago, May 1961)
“...bankers discovered that they could make loans merely by giving their promises to pay, or bank notes, to borrowers. In this way, banks began to create money...” (Modern Money Mechanics... Dorothy M. Nichols - Federal Reserve Bank of Chicago, May 1961)
“...credit of promissory notes (money of account) become money when banks deposit promissory notes with the intent of treating them as cash.” (Walker F. Todd. Affidavit, Chagrin Falls, Ohio, USA, 05 Dec 2003 - 20yrs as attorney & legal officer of Federal Reserve Bank of New York & Cleveland)
“It was a small step from printing notes to making book entries crediting deposits of borrowers, which the borrowers in turn could "spend" by writing checks, thereby "printing" their own money.” (Modern Money Mechanics... Dorothy M. Nichols - Federal Reserve Bank of Chicago, May 1961)
This final statement makes it very clear of the practise that is going on. When questions go unanswered by banks and courts refuse to engage in discovery and actively deny closer inspection of the underlying process, it is clear the 'borrower' is deliberately enslaved into an unjust repayment contract.
“... under the present system banks do not have to wait for depositors to appear and make funds available before they can on-lend, or intermediate, those funds. Rather, they create their own funds, deposits, in the act of lending. This fact can be verified in the description of the money creation system in many central bank statements, and it is obvious to anyone who has lent money and created the resulting book entries.” The Chicago Plan Revisited, Jaromir Benes and Michael Kumhof, IMF Working Paper August 2012
Listen to the audio Archive interview here (Starts at timecode 46:50). See the Bancorruptcy video here:
A classic quote from Thomas Jefferson:
“I believe that banking institutions are more dangerous to our liberties than standing armies.” –Thomas Jefferson
Who Is Vinny Eastwood And What Does He Do?
Vincent Eastwood (AKA MR. NEWS) was born in the ominous year of 1984. The same year set out in Orwell's masterpiece and the year of New Zealand's neo-liberal economic reforms.
"It's on the points we agree that we should come together and collaborate, those we disagree upon, we can argue about infinitely, so let's leave those aside for another time, perhaps a time when we're no longer under the threat of enslavement and subsequent extermination by a bunch of ruthless, criminal, sociopathic, scumbaggery." - Vinny Eastwood 2007
Vinny Eastwood's entire YouTube channel was deleted by YouTube. Please see his website http://www.thevinnyeastwoodshow.com and new channel.