strawman

and what happened then was that the bank would hand you the equivalent weight of
sterling silver in exchange for the notes.
Today, the currency in England is still "bank notes" which are
certainly easier to carry around, but there is one very important
difference. These notes are issued by the private company called
"The Bank of England" (which is as good a name for a company as
any other name). However, if you were to take one of their bank
notes to the premises of that company and ask for it to be cashed, all
that they would do is give you another note with the same number of
pounds written on it, or alternatively, some other notes with smaller
numbers printed on them. This is because, unlike the original bank notes, there is
nothing of any physical value backing up the bank notes of today - they are only worth
the physical paper on which they are printed.
It actually gets worse than that. What happens most commonly
nowadays is that they do not even bother printing those pieces of
paper. Now, they just tap some numbers into a computer record,
or if they are old-fashioned enough, they write the numbers into a
ledger. What do those numbers represent? Nothing at all - they
have no actual value, in other words, just as much value as if you
typed them into your own computer - quite meaningless. And
yet, a bank or other financial institution will merrily "lend" you
those numbers in return for years of your work - now isn't that
really generous of them?
Actually, this is not at all funny, because if you don't keep paying them money earned
by your very real work, then they will attempt to take your house and possessions away
from you. This won't happen if you understand that what they lent you was actually
valueless. Take the case of Jerome Daly of Minnesota in America. In court, Jerome
challenged the right of the bank to foreclose on his home which had been purchased
with a loan from the bank. Jerome argued that any mortgage contract required that
both parties (that is, himself and the bank), to put up a legitimate form of property for
the exchange. In legal language, that is called a legitimate "consideration" put forward
by both parties to the contract.
Jerome explained that the "money" was in fact, not the property of
the bank as it had been created out of nothing as soon as the loan
agreement was signed. That is, the money does not come out of the
bank's existing assets as the bank is simply inventing it and in
reality, the bank is putting up nothing of it's own, except for a
theoretical liability on paper. As the court case progressed, the
President of the bank, Mr Morgan, took the stand and admitted that
the bank, in combination with the (privately owned commercial
company called) “The Federal Reserve Bank”, created the entire amount of the loan in
credit in it's own books by means of a bookkeeping entry, the money and credit coming
into existence when they created it. Further, 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 must be tendered to support the loan agreement. The jury found that there
had been no lawful consideration put forward by the bank and so the court rejected the
bank's application for foreclosure and Jerome Daly kept his home.
That is exactly the situation with all British mortgages. When someone makes an
application for a mortgage or any other loan, the applicant's signature is required on the
11