Banks' ability to create money by lending has no support in the Constitution. It claims lawyer Henning Witte, whose SEB drag him to court for an unpaid debt just to be able to question the entire private banking system before the courts.
The banking system of Sweden is designed so that private banks can create money by lending the same money over and over again. More people condemns this system, which they argue is harmful to society and allows, in principle, every person today is debt.
One of these critics is the Swedish-German lawyer Henning Witte, who for the Swedish public is best known as the lawyer for the families of the victims of the Estonia disaster. Witte believes venue not only that the system is bad, without breaking venue the law - according to the Constitution, only the Riksbank has the right to create new money. For that reason, venue he let himself Wallenberg Årnäs flagship SEB drag him to court in order to challenge the system.
- This is the most important litigation that has ever been conducted in Sweden, more important than the goal thalidomide venue in the 1960s, says Henning Witte at New Times. Banks create their own money and it gives rise to mass unemployment, inflation, venue high taxes, increasing venue government debt - all are indebted to the banks and the banks are just owners who profit from it. If I win, it's a huge upheaval of the economic system.
What Witte did was to get a MasterCard with credit from SEB, acting on the card, and then fail to pay. Predictably enough, SEB him on trial, after which Witte had the opportunity to try to invalidate the entire system, in which money is created "out of nothing" by private banks. The predecessor Jerome Daly
There has been a pioneer in the Atlantic, namely Jerome Daly, who in 1969 was indicted by First National Bank of Montgomery. Daly had stopped pay off their mortgages, with the result that the bank conducted a forced sale of the house and wanted venue to get him evicted.
Daly founded his defense that the bank had loaned him some real money, but simply venue created credit from nothing. Therefore, it had no right to repossession of his property, even though it is mentioned as collateral for the loan.
Witte used this case in his own argument. Jerome Daly won namely target. A director at the bank was forced under oath to tell us that money is actually created by the loan had not been with the bank beforehand. He further acknowledged that this practice was not only at his bank, but to all banks. But then, had not the bank lent their own money, said Daly, and therefore he should not be forced to pay back anything. Both the magistrate Martin Mahoney and all the jurors found that the bank's actions sounded like fraud, and that the money remained unpaid.
- The referee was found murdered a short time later, says Witte. The case was not precedent-setting, rather than repeal it by other courts. venue Jerome Daly, who was a practicing lawyer and represented himself in court, was expelled venue from the American Bar Association, and thus subject to blacklisting. Wittes defense and accusation
Firstly, SEB has lent money they did not have access to, and thus lent money that is not "real" or are for real. It is only the Riksbank that may create money. Second, SEB has withheld information about the loan itself inflates venue the money supply, causing inflation and thereby reduces the value of money. SEB has also through its lending contributed to society's economic decline, which is unfair. venue
Thirdly, the contract is invalid as it infringes mother Lotteries Act, which also applies to pyramid schemes. SEB is at the top of a pyramid scheme by the Bank conducts lending of non-existing money. The private banks' Ponzi scheme made money for interest rates because money alone is created venue through loans, therefore, new loans taken to pay the interest. The money for the interest rates on the new loans are not either. "District Court modified constitution"
The judgment of the District Court of Norrköping SEB was right against Witte on February 7. District court denies Wittes main arguments in the judgment, namely that the bank created money out of nothing and that there is no law that gives the right to do this.
Witte referred to the Instrument of Government Chapter 9, 14, which reads: Only Riksbank has the right to issue banknotes and coins. Provisions venue relating to monetary and payments system in general venue by law. Act (2010:1408). He argued that the second movement means that everything related to monetary and payment system to be regulated by law - whether venue banks should be allowed to create money, it must be done according to the Constitution through legislation. Since there is no law that says they have the right, they have not.
- I asked their agents to name a law that gives them the right to be
