Unchecked creation of new fiat money backed by no assets is at the core of this ongoing planned slide into debt slavery. While on the surface one might assume that a house is a reasonable asset to “back” the creation of this new money, this is not how it works.
For one thing, there isn’t just one mortgage for each new house built. A single house could have dozens of mortgages on it over the existence of the house, each time creating new fiat money and resulting in this new money + interest being paid back to the bank over the term of each mortgage. A $100k house could be foreclosed after $90k has already been paid, giving the bank both the house AND the majority of the money they created initially (out of nothing). They will then turn around and create yet another new mortgage and thus new money. This in no way represents the real expansion of the economy and is obviously not a reasonable asset to back our currency.
What’s shocking is that someone actually got a banker to admit to this, and I do know for a fact this is authentic…
“The short answer would be yes (promissory notes are the backing for new money) if you look at it that way we do loan money out of “thin air”. We are able to loan money just like any other bank is able to.”
– Ryan S. Loan Administration Manager, Wells Fargo Home Mortgage
So, the very root of what a mortgage is and how it works is based on fraud. It is unconstitutional and cannot hold up in court if one reads the Constitution, even a strict constructionist view point.
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