Comments on: Beware the Banksters: Three Banking Syndicates Want to Enslave You https://aim4truth.org/2017/02/18/beware-the-banksters-three-banking-syndicates-want-to-enslave-you/ Christians Addicted to Truth Sat, 27 Feb 2021 21:08:09 +0000 hourly 1 By: Vigilant https://aim4truth.org/2017/02/18/beware-the-banksters-three-banking-syndicates-want-to-enslave-you/comment-page-1/#comment-40545 Sat, 27 Feb 2021 21:08:09 +0000 http://aim4truth.org/?p=435#comment-40545 Vigilant checking in. Homework assignment completed Miss Betsy. Hopefully I can remember more of the details this time around. I’d hate to not pass the test (wink).

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By: Dwain Dibley https://aim4truth.org/2017/02/18/beware-the-banksters-three-banking-syndicates-want-to-enslave-you/comment-page-1/#comment-4105 Wed, 20 Dec 2017 16:09:07 +0000 http://aim4truth.org/?p=435#comment-4105 Fiat money: inconvertible paper money made legal tender by a government decree.

Section 31 U.S.C. 5103: United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

There is no U.S. law that grants to either the Federal Reserve or the banks the authority to create U.S. money/currency, and they don’t. What they do create is asset-backed, debt-based, private credit denominated and payable in legal tender dollars. There is no U.S. law that designates or even acknowledges the debt/credit they generate as being a money, or a currency, or a medium of exchange. The only laws associated with their private debt/credit resides in the debts incurred with its use.

Bank deposit accounts are nothing more than bank managed records of legal claims held by account holders against the legal tender money (checkable deposits) that is supposed to be in the bank’s vault. That’s why deposit account holders are designated as “the creditor” and banks are designated as “the debtor” in all deposit account contracts. A deposit account (a.k.a. record of bank debt) is not, and cannot be money in and of itself.

You utilize your deposit account as a line of bank credit, which merely transfers the obligation to pay from bank to bank with deposit accounts debited and credited accordingly. Payment is never made unless or until you go to your bank or ATM and take possession of payment in the form of legal tender notes and U.S. coin, property. It is the assumption that legal tender is readily available for withdrawal that allows bank generated debt/credit to be priced at par.

People are confusing/conflating a means of payment, the transfer of a debt obligation (credit), for the medium of exchange, what is owed as payment (an asset). Checks as well as debit cards, credit cards, money orders, etc., are a means of payment, referred to as a generally accepted (institutional) arrangement or method that facilitates delivery of money from one to another. Actual payment has not been made unless or until actual money proper has changed hands. This necessarily infers that: ‘Crediting your account with the amount’ and ‘Payment’, are two different things. Bank-managed private credit is the accounting for the legal tender money, the asset owed in payment.

The notion that we’re using ‘digital money’ or ‘digital currency’ or ‘digital dollars’ or ‘credit dollars’ or ‘credit money’ as a medium of exchange is nothing more than a trick of the mind, a figment of our overactive imaginations, a deception, it’s how we rationalize the transaction, and it’s how the banksters get away with stealing our labor and wealth.

Currently, there are a total of $1.53-Trillion in U.S. legal tender money in circulation around the globe. Of that, $280-Billion is in circulation within the U.S.. Of that, $72-Billion is held in bank vaults.

That $72-Billion held in bank vaults backs the $1.9-Trillion in demand deposit accounts, it also backs the $9.3-Trillion in savings accounts, it also backs the billions in credit transactions that occur daily, it also backs Wall Street and all the listed corporations, it also backs all government expenditures.

And that, is the stark reality of Fractional Reserve Banking.

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By: ofir https://aim4truth.org/2017/02/18/beware-the-banksters-three-banking-syndicates-want-to-enslave-you/comment-page-1/#comment-646 Fri, 12 May 2017 06:37:26 +0000 http://aim4truth.org/?p=435#comment-646 Very informative article thanks!

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