Personal Finance and Investing

The ONLY way to take back America from the bankers:

CIVIL DISOBEDIENCE

Ann Minch has guts and she doesn’t hold back:

“You are evil, thieving bastards….  Stick that in your bailout pipe and smoke it.”

A reporter sent me the link to the Huffington post article, thanks! 

Debtor’s Revolt: Woman Refuses To Pay Off Bank Of America Credit Card (VIDEO)

… Minch said she hadn’t been paying much attention to her account—she didn’t even notice when her interest rate went from 12.99 percent to 25.49 percent in January—but that the more she read about the $700 billion bank bailout, the angrier she got. Still, the decision to stage her one-woman revolt wasn’t easy.

“When I finally made my decision about what I needed to do, it was scary,” she said. “I knew I was probably going to ruin my credit.” …

I defaulted on my credit cards for the same reason.  After many years in the courts, I was so happy to have “perfect” credit without any derogatory accounts and it was very difficult to decide to default.

When I first noticed that WaMu raised my interest rate to 26%, I thought I could pay the account off when I got a mortgage.  I had used my credit cards to build my house and planned on refinancing once the house was finished and to pay off the credit cards. 

Then I realized that I had no chance of getting a decent mortgage because my FICO scores with my “flawless” credit were lower than the FICO scores of clients with bankruptcies, collections and charge-offs because I owed so much and due to FICO-score-lowering credit inquiries.  In fact, WaMu had increased my interest rate due to my Trans Union credit report.

So I called WaMu and requested a lower rate and they declined.  I spoke to the supervisor and she explained that they made a business decision.  Just like Ann, I told her I would make MY business decision and never pay another penny unless they gave me my old rate back. 

And they never did get another penny from me.

My 12/10/07 OPEN LETTER to Washington Mutual:

Open Letter to WaMu: My refusal to pay my $8,000 WaMu (Providian) VISA card due to the 26% interest rate

Of course all my other creditors raised their rates after WaMu reported the account as delinquent to the credit bureaus and I ended up defaulting on all my credit cards.  I was going to continue to pay on my Advanta card because they also only charged 8% interest, but just like WaMu, they chose to triple my rate.

Ann is EXACTLY the right person to default.  As she explains in the video, she has NOTHING they can take.  And while it does NOT necessarily take years for creditors to get judgments and most judgments are issued within a few months, not all wages can be garnished.  The amount protected varies by state and, of course, the number of dependants—and in some states like Texas, wages can’t be garnished by the bankers.

And what Ann apparently does not know yet is that the bankers pay NO interest at all on the money they lend out.  In fact, the money is CREATED by the bankers.

When a collector calls me, I’ll often say:  “I’ll pay off the entire balance in full as soon as I can create money the way the banks created the money.”

For details, please watch the FREE 3.5 hour documentary The Money Masters and read Ellen Brown’s Web of Debt.

While many Americans are hoarding guns and preparing for a “revolution”, I don’t believe that this is the best way to bring about changes.  After all, we don’t live in the 19th century and the military and police have weapons that we don’t even know about!  They only have to send a drone to your home and that’s most likely the MAIN reason why the census people will be taking the GPS reading at your front door.

CIVIL DISOBEDIENCE

Ann definitely has the right idea.  While the banks create the money out of thin air to fund LOANS, they cannot create the money to pay their employees, operating costs, bonuses, etc. 

If enough people stop paying the banks AND they publicly state WHY they STOP paying the banks, the politicians will have to address the issues.

Only STATE and FEDERAL banks should be allowed to create money.

The money should be used for GRANTS to students, family farms and small businesses. 

The Federal Reserve is about as federal as Federal Express and it ONLY represents the interests of its shareholders, the BANKERS.

Ellen Brown and Richard C. Cook have written extensively on this subject, but they have been widely IGNORED.  With the exception of Ron Paul, Dennis Kucinich and a few other legislators, our representatives have completely sold out to the bankers and industrialists.

There is NO need for ANY national debt.

The government COULD create the money just like the bankers and simply cut out the middlemen—if the Federal Reserve Act were repealed.

Income taxes and most loans could be eliminated if we abolished the Federal Reserve.

What YOU can do

If you are (near) judgment-proof, please consider standing up to the banks and refusing to pay.  If you are over-mortgaged, consider walking away from your home.

Yes, you may get judgments against you, but if you have nothing they can take, the bankers have only wasted more money on the litigation.

If you own your home and you have equity, consult with a bankruptcy attorney to find out whether you qualify for bankruptcy. 

You can also challenge the creditors and maybe you’ll find a judge like judge Mahoney, who ruled in 1969 in First National Bank of Montgomery v. Jerome Daly:

… Plaintiff admitted that it, in combination with the Federal Reserve Bank of Minneapolis, which are for all practical purposes, because of their interlocking activity and practices, and both being Banking Institutions Incorporated under the laws of the United States, are in law to be treated as one and the same bank, did create the entire $14,000 in money or credit upon its own books by bookkeeping entry. That this was the Consideration used to support the Note dated May 8, 1964 and the Mortgage of the same date. The money and credit first came into existence when they created It. Mr. Morgan admitted that no United States Law or Statute existed which gave him the right to do this. A lawful consideration must exist and be tendered to support the Note . . .

… The Federal Reserve and National Banks exercise an exclusive monopoly and privilege of creating credit and issuing their notes at the expense of the public, which does not receive a fair equivalent. This scheme is obliquely designed for the benefit of an idle monopoly to rob, blackmail and oppress the producers of wealth. . . It has defied the lawfully Constituted Government . . .

… Slavery and all its incidents, including Peonage, thralldom and debt created by fraud is universally prohibited in the United States. This case represents but another form of Slavery by the Bankers. …

JUDGMENT AND DETERMINATION

1. That the Federal Reserve Banking Corporation is a United States Corporation with twelve banks throughout the United States. That the First National Bank of Montgomery is also a United States Corporation, incorporated and existing under the laws of the United States and is a member of the Federal Reserve System.

2. That because of the interlocking control activities, transactions and practices, the Federal Reserve Banks and the National Banks are for all practical purposes, in the law, one and the same.

3. As is evidenced from the book “The Federal Reserve System; Its purpose and Function”, put out by the Board of Governors of the Federal Reserve System and other evidence adduced herein, the Federal Reserve Banks and National Banks create money and credit upon their books and exercise the ultimate of expanding and reducing the supply of money or credit in these United States.

This creation of money or credit upon the Books of the Banks constitutes the creation of fiat money by bookkeeping entry.

Ninety percent or more of the credit never leaves the books of the Banks so they need produce no specie as backing.

When the Federal Reserve Banks and National Banks acquire United States Bonds and Securities, State Bonds and Securities, State Subdivision Bonds and Securities, mortgages on private Real property and mortgages on private personal property, the said banks create the money and credit upon their books by bookkeeping entry. The first time that the money comes into existence is when they create it. The banks create it out of nothing. No substantial fund of gold or silver is back of it, or any fund at all . . .

So there you have it. 

Can we find another judge like judge Mahoney?

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