Real Estate Investments

[BUDDIEE18]

DEBT??? ...WHAT....debt ???
by: buddiebuddiee
Long-Term Sentiment: Strong Buy 10/05/05 10:53 am
Msg: 731510 of 731656

As I explained last night, the process whereby the banks defraud their clients, the People is very simple. It starts with a simple loan application, a transaction intended to solicit the people's signature on a piece of paper. The banks would like to call this transaction a contract, an agreement, but we all know that such a transaction can never be a valid contract because there are several things missing. Firstly, there is only one signature in this piece of paper - yours. Secondly, there is no disclosure; third, no valuable consideration, no meeting of the minds.

Anyways, to cut to the chase, money is created at the instant you put your signature on that piece of paper. That paper becomes a promissory note because it has all the elements of a valid bill of exchange; it has the amount, to whom it is payable to, and when it must paid. That piece of paper becomes a receivable to the bank which they then deposit into their account and that's what they do. They deposit your promissory note as an asset. Pursuant to the Bills of Exchange Act, the banks are supposed to keep your promissory note as collateral in case you default, but as I have already explained it, they don't. Instead of keeping them, they sell them.

These promissory notes then becomes commercial paper which are pooled together to form asset-backed securities or derivatives. These securities are then sold in the open market. Further on, these securities are again pooled once more and they turn them into bonds which are then sold in the bond market. More interests and profits are artificially generated each time these securities and bonds, which are really nothing but IOUs are circulated.

So out of that piece of paper with your signature on it, the banks multiply their profits many many times. They have in essence been paid many many times for the purported loans which they fraudulently create by virtue of that piece of paper created by you when the fact is, as we all know it, you did not receive a single penny out of the "loan". All you got was a bunch of numbers and zeros created by computer entry which they call a loan that now obligates you to pay interests.

However, as I explained too, the fact that the banks no longer have the paper that you signed, all that remains are badly smudged photocopies of the original "contract", the banks really do not have any contract with you. Pursuant to the Bills of Exchhange Act, the bill, or the contract, which is the promissory note must be presented to the maker once it's due by the holder in due course. But there is no holder in due course after these IOUs have been converted to securities and bonds. The banks have nothing to present because they have already sold these notes; they have been prepaid. And this is good for those who are fighting the banks and their collection agencies. All we need to do is demand a certified, verifiable copy of the contract, bill of exchange, promissory note, or what have you, and they will fail to produce these notes. Therefore, no contract, no debt. They're screwed. Well, not really, because they have already made a lot of money and they are not going to lose anything. The only reason why they go after us is so they can perpetuate the fraud. They act as though they are losing money when the truth is, they have already made lots of money by selling and buying these securities, derivatives, bonds, etc. to each other.

Technically, there is really no debt. There is no money and therefore how can there be any debtor or creditor when no loan ever took place?

I hope all these will be revealed to the people when the time comes.

John-R: Dempsey
The People vs The Banks
http://www.theclassactionsuit.com/

[NOTE the DATE of the post.lol...also NOTE Mr Dempsey's wrong in asserting: "All we need to do is demand a certified, verifiable copy of the contract, bill of exchange, promissory note, or what have you, and they will fail to produce these notes. -- ONLY the O.R.I.G.I.N.A.L. mortgage document/contract, etc MUST BE PRODUCED -- a copy/CERTIFIED copy is NOT acceptable!!!