Loan Kiting via the Fed
Put an end to it, plus say no to phony Fed audit
by Dean Hazel
More sage input from Mr. Hazel who seems to have an uncanny eye for what is legitimate and nonlegitimate "money."
He is bringing up again, somewhat in response to a Campaign for Liberty forum note that we must not let the Fed off the hook by emasculating the Ron Paul Audit the Fed bill now scaring the hell out of the Insiders. — bw
I ran across a term in a Detroit Free Press story this Sunday about people who traded in their old RV on a new one, where the dealer was supposed to pay off their old RV that they still owed money on. Just like the ads that we have heard, trade in your old car on a new one and the dealer will pay off the unpaid balance that you owe on your old car. In this case the dealer went out of business and the credit company is trying to collect from the people who traded the RV into the dealer.
They now owe on both RVs! The term that they are using in reference to this type of trade in deal is "car kiting"!!!
It gave me an idea that perhaps more people would realize what the monetary fraud was, that was and still is being perpetrated by the Federal Reserve Banks and their member banks, if we were to refer to their loan process as "Mortgage Kiting" and/or "Loan Kiting," as bank float is being loaned not money, while each transaction generates even more bank float, which is explained in the first two chapters of G. Edward Griffin's book, The Creature from Jekyll Island.
My sincere disappointment is that Griffin fails to distinguish the true difference between coin, currency and money by correctly referring to the use of that bank float as "Fictions to Cover Usury!" The process of loaning credit for money, or even US currency that doesn't exist! Instead he refers to the process as printing money as if the notes for money are really money in themselves! As if a bank can lawfully create money out of thin air by merely writing a check and kiting it as a loan on funds that really do not exist!
What do you think?
Wouldn't the use of the term "Loan Kiting" make the right to a rescission of contract clearer to law enforcement for people suckered into these type of fraudulent debt situations, who are now being evicted from their homes and losing their possessions?
In regard to those who are now losing their homes, they should be able to keep their properties through a rescission of contract as there was no lawful consideration on the part of the so-called lending institutions. Until the “lending institutions” can prove that they had actually loaned money, e.g., specie or even US currency and not just the mere shadow of money, bank float through loan kiting, the institutions have not performed contractually at law and are not entitled to the property or any payment thereon, let alone interest, because of that breach of contract as a matter of law.
The bankers should be jailed for the fraud and usury that they are committing and only bailed out by their families and friends, if and when the bail can be set for their release. The use of tax dollars in the so-called Bailout to cover their fraud and usury is purely outrageous!
Check kiting is a systematic pattern of depositing nonsufficient funds (NSF), checks or notes between two or more banks, resulting in the books and records of those banks showing inflated balances that permit these NSF checks and their Federal Reserve Notes to be honored rather than returned unpaid. In addition, other checks, Federal Reserve Notes and withdrawals may be honored against these inflated balances, resulting in actual negative balances (so-called National Debt), to the extent that banks allow withdrawal of uncollected funds, the inflation, and so-called National Debt.
Put simply, check kiting and loan kiting are accomplished by taking advantage of the float—that is, the time required for a check or note deposited in one bank to be physically presented for payment at the bank on which it was drawn, or, respectively, the time that it takes the borrower to discover that they are only borrowing from their own mortgage note or loan security and not from the bank that has made it merely a deposit upon their own books and then loaned them the float by kiting them a check as a loan, falsely and knowingly claiming to have loaned money for interest.
Check kiting and loan kiting go beyond check swapping, which involves merely exchanging checks between two or more bank accounts. When individuals devise check-swapping schemes in order to create bragging rights to large account balances, they usually need not fear prosecution because the potential loss from one bank is offset by a matching inflated balance in another. Upon discovery, cooperating banks resolve the problem by returning the checks unpaid and eliminating artificially inflated balances among themselves. Noncooperating banks however never eliminate the artificial balances caused by their loan kiting, as that would require them to admit to both their fraud and usury.
However, when individuals and banks knowingly write checks against these balances to pay for purchases, make expenditures or loans to third parties, they are committing a prosecutable offense known as check kiting or loan kiting, fraud and/or usury respectfully.
Who besides me would arrest and prosecute the Federal Reserve Banks, their member banks, all of the owners, officers and employees of all of these banks and seize all of their assets, real and personal property?! Who else would be man enough, and have enough sense to do so for the sake of the American people? Unfortunately I am not in any position to do it or see that it gets done. Are you?
Mortgage Relief with a Vengeance:
A bold perspective on what's behind the curtain of the Great Oz (the Illegal Federal Reserve and its Cartel) and what the people should do with them
by Dean Hazel, American Federation of Whiggs
Here is a message I got from Tony DeMott a few days ago. If you haven't already acted on this, now would still be a good time.
Stop Phony Audit
Hi folks,
I need you to send the email below to all lists. We must coordinate an immediate response to this.
Yesterday, a bill was introduced in the Senate called the Federal Reserve Accountability Act. It was introduced by Sen. Jeff Merkley (D., Ore.) and Sen. Bob Corker (R., Tenn.). This is a blatant attempt to water down our Audit the Fed effort
Lets be clear, this bill will not produce a valuable audit of the most secretive quasi-governmental agency in America.
The Federal Reserve is the reason why our politicians can spend so much of OUR hard earned money without considering the consequences. If the Federal Reserve is allowed to conduct business as usual we can look forward to more spending and more taxes here in Michigan.
Today, the Campaign for Liberty will launch an all out phone blitz to end this distraction and stop this bill in it's tracks. The actions of the Federal Reserve effect the pocketbooks of everyone here in Michigan. Please join us in calling our Senators and letting them know:
Supporting this bill will not garner our support. They will be unable to use this later to show that they have acted in our interest. Supporting this legislation is just like not supporting an audit of the Federal Reserve at all.
This bill does not look at critical aspects of the Federal Reserves behavior. It doesn't look at what deals they have made with foreign countries or foreign banks
The bill would permit an audit of the Fed's actions in the Troubled Asset Relief Program (TARP) and similar high profile bailouts, but would not allow Congress to review the Fed's inflation of the money supply.
The Federal Reserve Accountability Act does not audit the monetary policy functions which have been responsible for our deteriorating dollar and so many of our current economic problems, and it is not an acceptable piece of legislation. Campaign for Liberty will continue to push for a full audit of the Fed.
This bill supports secrecy in government and does not support transparency.
Senator Debbie Stabenow - (202) 224-4822
Senator Carl Levin - (202) 224-6221
Thank you your support,
Tony DeMott
Interim Michigan State Coordinator
Campaign for Liberty
