THE 'FICTION' IS NOT A MAN
By Kevin E. Abrams
July
29, 2008
NewsWithViews.com
In
a credit card transaction, one does not "borrow" any money,
rather, by slight-of-hand the applicant becomes the originator/creator
of his/her own currency. A Credit Card Trust is licensed to monetize
the signature of the applicant, which is why for purposes of further
borrowing and credit worthiness - mortgages etc., the credit limit total
of all cards in the possession of the applicant is already considered
to be money in existence and on deposit, albeit held on account by a
Credit Card Trust. For many people, their credit limit - money in existence
to the benefit of the Credit Card Trust, is never fully drawn upon,
or, the amount withdrawn from the Trust (debits) repaid monthly. The
assigned credit limit is held in trust as a type of "floating"
asset BY the Trust. The fungibility of a Credit Card Trust is dependent
upon the quality of the pool of applicants who fund the Trust through
the monetization of their signatures. The Credit Card Trust derives
value whether the applicant uses his credit card or not, by one, using
or taking advantage of the applicants signature as collateral capital
of the Trust, or two, through the assessing of extortionist or usurious
interest rates each time the applicant decides to use his money and
exceeds specified time limits for "repayment."
In an up-side-down world, today's credit card applicant functions much
the same as the original gold smyth or banker who accepted gold for
deposit in his vault, thereupon issuing a "promise to pay"
for the amount of gold so deposited. The "promise to pay"
was originally backed by real wealth (that of the depositor held in
trust by the bank) until the banker embarked upon the practice of fractionalized
banking, i.e., the practice of inflating the circulation of promissory
notes representing real money, to a fraction of the gold on deposit,
thus compromising and "fracturing" the liquidity and depreciating
the intrinsic value of the original depositors money. Those who had
deposited real wealth - gold or silver for safe keeping, had their wealth
diminished by the inflationary "lending" practices of bankers
(represented as full value but progessively only a fraction of the total
gold on deposit). Eventually someone would smell a rat, the ponsi scheme
would collapse after a "run on the bank," and leave many if
not most of the original depositors of gold and silver holding an empty
bag of promises. Those having acquired real wealth - property and commodities
of intrinsic value using borrowed promissory notes, contributed to an
increase in an inflation of promissory notes in circulation.
A
"safe" ratio of seven notes for each ounce of gold deposited
"safely" in the Bankers vault caused a corresponding seven
fold DEFLATION in the purchasing power of promissory notes already "loaned"
into circulation. Thus, through the use of fractionalized banking, in
which the enterprising "investor" had little or no gold, one
could still become wealthy on the backs of those who did have gold,
often leaving the original depositors of their life's savings destitute.
Inflation, in effect, functions as an insidious form of theft. Today,
because they lack a due date and a payee, neither American nor Canadian
currency are legal notes. They promise to pay nothing. Finance capital,
representing a claim upon energy into the future, drives out or out
bids organic capital which is a store of energy or labor from the past.
The earning and purchasing power of labor is pushed to the margins.
Corporate finance, the CORPORATE FICTION and ITS illegitimate offspring,
destroy organic capitalism, ultimately placing the people into the servitude
of their own plundered wealth and labor.
For decades, and since the founding of the Federal Reserve, credit finance
has been the illicit engine of the American and much of the global economy.
Thus today, those who have access to and employ credit capital, whether
in the form of mortgages, credit cards or any other vehicle of finance
capital, are the unsung or defacto heroes of the modern economy, even,
and often especially if they do overextend themselves. In the instance
of early American Colonial script, this was not issued by a private
bank, but by the Colonial administration to facilitate trade and commerce
among the colonies, maintaining honest weights and measures without
interest, contributing vitally to a robust and balanced Colonial economy.
That the British Crown forced a suspension of Colonial script and the
imposition of the inflationary/deflationary coin of the realm, is largely
deemed to have led to the American revolution against Britain in 1776.
Credit Card Trusts that monetize, or take advantage of the originator
of finance capital, in this case the applicant for the credit card limit,
become the largely unidentified beneficiaries of collateral for further
CORPORATE borrowing and finance. The applicant essentially provides
"money" to the Trust by his signature which is deposited for
the full value of the applicants credit limit into one of the many Credit
Card Trusts, thereupon serving as CORPORATE equity or collateral capital.
The assets or financial strength of a Credit Card Trust is deemed to
be the signature value of the applications, adjusted for performance
factors like non-payment and "default." The credit card applicant
is penalized for drawing upon this (his monetized signature) capital
by way of interest under the guise or false pretense of it being an
actual loan. Of special note is, there is never any interest paid to
the applicant for capitalizing upon, or taking advantage of, his/her
signature in the first place. This is probably why Credit Card CORPORATIONS
have been so fast and easy with applications. The credit limits of each
application are the amount of capital made available to the Credit Card
Trust, which it uses as an asset/collateral for further CORPORATE borrowing
and finance. Some refer to these as "derivatives." In effect,
the "borrower" has surreptitiously been cast in the role of
financing CORPORATE ventures interest free.
Essentially, the credit card Trust "loans" nothing. IT covers charges against credit cards with payment from the currency (in trust) previously provided to the Trust by the original monetization of the signature of each applicant. The applicant and his/her signature is the originator of the credit capital. Such is the alchemy of credit finance and the good guy, bad guy ponsi scheme of the present fiat banking system. In the case of mortgages, the applicant also finances his/her own purchase through the monetization of the mortgage application. As with credit card limits, the bank "loans" nothing. It's all smoke and mirrors and largely discordant with honest weights and measures.
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As
the CORPORATE FICTION has no capacity to act either morally or ethically
of independent volition, or have an innate capacity to respond to the
moral and ethical concerns of free will men and women, neither do the
people owe a moral or ethical obligation TO the FICTION. Indeed, if
one DOES feel morally or ethically bound, then this is wielded as a
psychological weapon against those so predisposed. One's moral and ethical
will or conscience is NOT BOUND by the legal FICTION, but only by ones
obligation to uphold and guard the dignity of our fellow man, and the
FICTION is not a man.
Related Reference:
1.
A New Shakedown? Debt collectors
resort to new tactics
2. The
Coming Battle, first published in 1899
3. Faith
Based Currency by Senator Ron Paul
� 2008 - Kevin E. Abrams - All Rights Reserved