THE CREDIT RIVER CASE

Banks will and do create credit (money) out of thin air like a magician pulling a rabbit out of a hat.

The Credit River Case was conducted in the township of Credit River, Minnesota, USA, on 12^th December 1968.Before a jury of 12 and Justice Mahoney, it was established that the money we are loaned by banks is created out of thin air with nothing of value behind it. The case, between the First National Bank of Montgomery (plaintiff) vs Jerome Daly - the defendant, established a monumental precedent in law that put the cat amongst the pigeons. This precedent has become the Achilles heel of all credit creation banks around the world.

In a case similar to ours, the plaintiff sought Common Law action for the recovery of the defendant’s home due to default of mortgage payments. The defendant, acting as a self-litigant, stated that the plaintiff created the money and credit upon its own books (meaning out of thin air), by bookkeeping entry as the consideration for the Note and Mortgage, and alleged failure of consideration for the Mortgage Deed. (Gold or Silver is the consideration the defendant speaks of, i.e. he is saying that the bank had no Gold or Silver to back the loan in the first instance). He also stated that the Sheriff’s sale, passed no title to plaintiff.

The president of the bank Lawrence V. Morgan, appearing as the plaintiff’s only witness, admitted that all of the money or credit which was used as a consideration was created upon their books and that ‘this was standard banking practice exercised by their bank in combination with the Federal Reserve Bank of Minneapolis, another private bank, further that he knew of no United States Statute or law that gave the plaintiff the authority to do this.”  The bank manager admitted that the bank had created the money (credit) out of thin air and loaned it to the defendant, without first explaining to the defendant, where the money came from.

Even though it was not challenged or determined in this court case, we believe that the bank had conducted fraud. There was no money for the bank to loan in the first instance and yet the bank cheated the defendant by lying to him that they had loaned him money. 

The jury returned a unanimous verdict for the defendant and Justice Mahoney carried out the will of the jury. The judge ordered the return of the defendant’s home as his rightful and lawful property and the mortgage contract was made null and void. Jerome Daly got to keep his home with no debt hanging over him and the bank walked away with nothing because they loaned nothing in the first place.

Two weeks later Justice Mahoney was murdered. Who would have benefited from such an attack? Obviously the bank and those who benefit from the credit creation/debt finance system.

The case was buried for a long time to ensure there wasn’t a flood of cases using the precedent set.

Applying Credit River to OUR case

As with our court case, the banking and legal system was attempting to say that a piece of paper (our mortgage), issued by a private corporation, is more powerful and higher in standing than a real flesh and blood human being. This also means that a corporation that issues pieces of paper (bills, fines, fees, penalties, rate, etc.) sits higher in standing than man or women. We don’t agree.

Just as a baby cannot be conceived without the exchange of sperm and egg, naturally, medically or scientifically, a contract cannot come into existence without an agreement with full disclosure. We made no agreement to have the contract we were issued with and yet the legal system is acting as a totalitarian, ruthless dictatorship at the behest of the bank and insisting we accept it.

They are saying that private corporations have the power to contract any man or women and bind any man or women to their contract without an agreement. Is this not slavery? The banks alone cannot enforce this without the backing and involvement of bureaucrats, politicians and the judiciary, as a crime syndicate.

We wonder what an impartial jury of our peers would have decided about our court case, rather than one man who is biased towards the bank. It has become clear to us that trial by jury is dying out because the outcomes of court cases like ours can be controlled more easily with just one judge. Many times throughout the case we have asked who is benefiting from the decisions being made; a multi-billion dollar private banking corporation or a suburban housewife?  We have never received a reply but it is obvious who would stand to lose the most if we won our court case - The Banks!

The banks cannot afford to see our court case establish a legal precedent that will damage, if not destroy, the power and control they currently have over our nation.

1 - 2 - 3 - 4 - 5 - 6 - 7 - 8 - 9 - 10 - 11 - 12 - 13 - 14 - 15

Check our beach house website at www.theelements.cc

Please email us at action@loveforlife.com.au  or phone us 0418 203204 and let us know if you are coming and what information you require. We hope for at least 30 permanent campers + hundreds of visitors coming & going most days. Would you like to get involved? We need help with contacting activist, labour council & freedom groups, mainstream press and Aboriginal Communities.

Contact: - Richard Gass: 0267 225 580 or otnsw@northnet.com.au 
John Wilson: 0401 413 650 or jhwilson@acay.com.au
Phil Atkinson: 0438 166 191 or phillipatkinson@optusnet.com.au
A Cristian: 0418 203204 or action@loveforlife.com.au
Contact: Arthur Cristian: 0418 203204 - af@theelements.cc