Credit Cards Economy Stimulus Banks Federal Reserve

Credit is leading to the downfall of society.when bankers loan their credit , collect fees and a few payments and  sell  uncollectible accounts to secondary markets.  The $700  billion taxpayer  bailout  money, with billions paid to bankers, did little to stop job loss, retirement savings, loss, loss  of homes , loss of businesses and the continuing bankruptcy of small banks who  purchased  toxic loan accounts at discount prices.

Constituents who opposed the bailout relieved 40 congressmen of their jobs who voted for the bailout, which was called a stimulus when it has stimulated nothing significant, leaving two more bubbles to burst with more devastating affects on the economy.  The credit card debt bubble is over $800 Billion and and student loan debt  bubble is over $800 Billion, while the dollar has lost 67% of its value since 2002.and will be devalued even further with the national debtt over 13.7 Trillion.

 Bankers give you credit, they create out of nothing with a bookkeeping entry), which you use for money and for which they charge you fees and interest. When this “created-from-nothing” purchasing power floods the market, there is not enough people to produce the goods and services purchased, so the price goes up and the value of wages, savings and investments go down.

Bankers’ credit has caused devaluation of middle-class savings and caused millions of middle-class job losses in a banker-generated, subprime loan market.. Millions of job losses resulted, leading to a  desperate search for life-sustaining jobs that has reduced wages, so corporations can reduce labor costs and increase profits.

This allows the rich to get richer by investing in a  manipulated stock market, while joblessness, poverty and homelessness increases. The credit crisis is caused by bankers unlawful creation of credit out of nothing which they use as a means of payment.. Sir Ralph Hawtry, secretary of the British Treasury, states: “Banks loan by creating credit. They create the means of payment out of nothing” http://www.harmlesswise.com/conspiracy/quotes/39 Court cases have established “beyond controversy” that a bank can loan its money but not its credit. Courts have also determined bank-credit-loan contracts are ultra vires and cannot be made or acted upon by either party. In Howard & Foster Co. V. Citizen’s Nat. Bank Of Union ,133 S.C. 202, 130 S. E. 750 , it was said: “it has been settled beyond controversy that a national bank, under federal law, being limited in its power and capacity, cannot lend its credit *all such contracts entered into by its officers, are ultra vires and are not binding as such *it is not necessary to buttress it with elaborate citations .*banks are not eleemosynary institutions. they may lend their money but not their credit.”

In American Express Company Co. V. Citizen’s State Bank 194 Nw 427 “neither, as included in the powers or incidental to them, is it a part of a bank’s business to lend its credit. if a bank could lend its credit as well as its money , *it might make a great deal more than lawful interest on its money would amount to. if not careful, the power would be the mother of panics*”.

 The “Mother of panics” predicted by the Court has happened, decreasing middle class retirement funds and leaving many families homeless and subject to bankruptcy caused by banker repossession and court-enforced debt collection when banks can prove no money loss (debt) as they pay with bank credit created with a bookkeeping entry, based on an unlawful fractional reserve banking “money-creation” policy of the banker-owned Federal Reserve. This process is exposed in the free internet movie, Zeitgeist Addendum. http://video.google.com/videoplay?docid=7065205277695921912

Bankers cannot prove a money loss (debt). If the debt is disputed the bank must prove the debt (which they cannot) before continuing collection or they are in violation of The Fair Debt Collection Practices Act, subjecting the bank to a suit. http://video.google.com/videoplay?docid=7065205277695921912 Furthermore, if the bank reports the unproved debt to a Credit Reporting Company, they are in violation of The Fair Credit Reporting Act. http://www.yale.edu/hronline/careers/screening/documents/FairCreditReportingAct.pdf .

The free internet movie, Zeitgeist Addendum, also reveals how unlawful bank loaning of credit generates ongoing inflation that continually decreases the purchasing power of wages and savings. The banks pay the seller with bank credit (created from nothing) the seller uses as money and the buyer pays the bank the the same amount (principle plus interest and fees) which more than doubles the purchasing power of every loan of credit or credit card transaction.

 Doubling the money supply for every transaction increases purchasing power without an equal increase of goods and services, causing inflation in the same manner as passing counterfeit money. In fact, it is passing counterfeit money and the borrower, by taking bank loans, is unjustly enriching the bank and aiding banker-caused inflation!

Taking a bank loan is literally shooting oneself in the financial foot by aiding and abetting banker-caused inflation that systematically reduces the value of their wages and savings. If the loan (created out of nothng) is not paid, the banker charges it off as a “bad debt”, turning an unproved debt into an income tax deduction of 35% of the charge off..

To make it clearer, a banker can issue a credit card to a congressman with a $100,000 limit (as a bribe which is used but not paid off ), charge it off as a “bad debt” and then deduct $35,000 from the banker’s income tax. January 2006 Statistics reveal Total credit card debt in the United States had reached about $665 billion on bank credit cards and about $105 billion on store or gas credit cards. According to the Fed’s G19 release, the total is roughly $800 billion, that if charged off would result in a $280 Billion tax deduction for bankers! Holders of bank stock also suffer reduced dividends due to deduction of charge-offs from net profits. This is tax fraud and stock fraud!

Passing a $700 Billion, taxpayer-funded, “bailout” bill only enables bankers to continue their unlawful and fraudulent actions that are ALLOWED ONLY when we the people choose to take out bank loans for puchases and busness investments because the money supply is depleted by high taxes.

Money is turned over seven time annually in the private sector, causing the same money it to be taxed seven times each year. This depletes the money supply in less than three years, creating the need for unlawful, bank-credit loans that are systematically destroying the economy, which is allowed ONLY when We the People CHOOSE to do business with banks. What fools we mortals be!