Credit Cards and Money Creation. . .When a credit card application is approved and a consumer is issued an account with a line of credit what actually occurs is that new money is added into the money supply & economy. The credit card companies are not using their own assets or money for you to access, they are creating new money by monetizing your signature, thus they are never at risk and violate contract law. There are many cases that have already been decided on when it comes to the issues of “money”, “credit”, and “banking”. The collection of interest on credit issued by a bank or a credit card company is in direct violation of all usury laws. The laws are very specific concerning the corporate authority of banks and credit institutions. Contract law states: Two Parties Must Be At Risk; your bank enters into a contract with you and don’t take on any risk because they don't lend you depositor' money, they create it out of thin air. You are the only one at risk. This violates contract law. They charge you interest on an alleged loan which is against Usury laws. They don't provide Full Disclosure in their contract explaining how they create a promissory note using your signature. We base the DRES process on Federal Laws, U.S. Supreme Court decisions, Title 15 of the United States Code section 1692, the Fair Debt Collections Practices Act – section 1601, the Fair Credit Billing Act, the Uniform Commercial Code – section 203, and numerous Banking and Lending laws. Banks are breaking the laws as stated in the US Codes Title 15, Section 1666 and 1692, Truth in Lending Laws, Usury Law, the FTC’s Fair Credit Billing and Reporting Acts. Perhaps another "parable" to illustrate this truth would be helpful except this time this it's not fiction. . . Get started with CLIENT APPLICATION now...receive FREE report! |
