Vive Le Canada

Class Action Accuses Banks of Illegal Creation of Money
Date: Sunday, April 24 2005
Topic: Canadian News


Class Action Accuses Banks of Illegal Creation of Money

John Ruiz Dempsey, criminologist and forensic litigation specialist filed a class action suit on behalf of the People of Canada alleging that financial institutions are engaged in illegal creation of money, reports Tom Kennedy, a Canadian activist for economic reform.

One of the best kept secrets is the mechanism of money creation in today's economic system. Although not really a secret at all, the fact that money is created not by and for the people who use it and not even by the government, but is issued by commercial banks when giving loans to private persons or government, is hidden by what could be described as thick clouds of smoke, put out by economists and government departments.

The complaint was filed Friday April 15, 2005 in the Supreme Court of British Columbia at New Westminster. It alleges that all financial institutions who are in the business of lending money have engaged in a deliberate scheme to defraud the borrowers by lending non-existent money which are illegally created by the financial institutions out of "thin air."

The legal action brings to the fore one of the major economic "drag factors" - the interest charged by banks for money that technically and legally is not theirs to lend, because even governments end up paying interest to banks lending money for public spending, and they in turn charge tax payers. A large part of every country's tax revenue goes first and foremost - before any "internal" spending - to payment of interest, largely because of the basic flaw in our way of creating money by the rich and for the rich.

Here is some more detail about the class action filed in Canada.

http://www.newmediaexplorer.org/sepp/2005/04/19/canada_class_action_accuses_banks_of_illegal_creation_of_money.htm





This article comes from Vive Le Canada
http://www.vivelecanada.ca

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http://www.vivelecanada.ca/article/111042181-class-action-accuses-banks-of-illegal-creation-of-money