Hamer, John

Behind the Curtain: A Chilling Exposé of the Banking Industry

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ISBN 13:
9781910757222
author:
Hamer, John
format:
Paperback
publisher:
Asys Publishing
language:
English
Publication Year:
2016
Pages:
568
Dimensions:
25.4 x 17.8 x 2.9 centimetres (0
Genre:
Business, Economic History, ,
Condition:
New
Availability:
Item usually sent within 7 working days
£33.20

Description

Behind the Curtain: A Chilling Exposé of the Banking Industry In 1968, a landmark court case in Credit River, Minnesota, USA, shed light on a shocking truth about the banking industry. First National Bank of Montgomery vs. Jerome Daly was a pivotal moment in which the bank's attempt to foreclose on a $14,000 mortgage was challenged on the grounds that there was no 'consideration' for the loan. Daly argued that the bank had 'created the money out of thin air' by bookkeeping entry, and that this was standard practice in all banks. The court proceedings revealed a surprising admission from the bank's president, Mr. Morgan, who stated that the bank routinely created money out of thin air for all its loans and mortgages. This revelation sparked a response from the presiding Justice, Martin Mahoney, who declared that the practice sounded like fraud. The court ultimately ruled that the bank had indeed created the entire $14,000 in money and credit upon its own books by bookkeeping entry. This case has significant implications for our understanding of the banking industry and the nature of money. Behind the Curtain offers a thought-provoking exposé of the inner workings of the banking system, and is a worthwhile read for anyone interested in economics and the law.

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