Jerome Daly, The Federal Reserve, & The Credit River Decision, page 1

Ok so I was doing a lot of research on the Federal Reserve and our monetary system as a whole. What I found out, which confirmed my already existing beliefs, was that our system really is a giant hoax. I am referring to after the creation of the Federal Reserve. I also discovered, although I can’t remember where I found the chart, that there basically was no such thing as inflation prior to 1913 (which was when the Federal Reserve was created).

But….this is what I found out last week. This is monumental but only a handful of people know about it. I found out about an old court case (from 1968) that blew the doors open on this whole fraudulent system. I was blown away by the court documents. And yes, I found the actual documents. They are on the law library of Minnesota website. I've seen two brief mentions of this case but there has not been the proper discussion about it and it's significance.

www.lawlibrary.state.mn.us...

those are where the files are located.

I’ll give you a brief summary. Jerome Daly (the Defendant) was an attorney whose house was being foreclosed upon because he stopped paying his mortgage of 14,000 dollars. The Plaintiff, the First National Bank of Montgomery brought him to court for the foreclosure process. Daly decided to defend himself since he was a lawyer (and also happened to be a bit of a political activist). Daly’s argument was that he owed the bank nothing because the “consideration” (their monetary fulfillment of their part of the contract) that they put forth to purchase the house was not actually money because the bank created it out of thin air. Now here’s the real kicker. Not only did Daly make this argument but his only witness was the bank manager from the bank. He got the manger on the stand and got the bank manager to fully and completely admit that they did in fact create the money out of thin air for the mortgage and that this was standard banking practice, not just by their branch or their bank, but by all banks in general.

Now….I strongly suggest that you at least read the Judgement and Decree which is the first link of that site above. Here are the truly stunning excerpts from it (which BTW, I want to remind you are in the Judge’s own words and again this is on a government site so the source is definitely legitimate):

“Mr. Morgan admitted that all of the money or credit which was used as a consideration was created upon their books, that this was standard banking practice exercised by their bank in combination with the Federal Reserve Bank of Minneapolis, another private bank, further that he knew of no United States Statute or Law that gave the Plaintiff the authority to do this.”

“Plaintiff admitted that it, in combination with the Federal Reserve Bank of Minneapolis, which are for all practical purposes, because of their interlocking activity and practices, and both being Banking Institutions Incorporated under the Laws of the United States, are in the Law to be treated as on and the same Bank, did create the entire $14,0000 in money and credit upon it’s own books by bookkeeping entry. That this was the Consideration used to support the Note dated May 8, 1964 and the Mortgage of the same date. The money and credit first came into existence when they created it. Mr. Morgan admitted that no Untied States Law or Statute existed which gave him the right to do this.”

“Plaintiff’s act of creating credit is not authorized by the Constitution and Laws of the United States, is unconstitutional and void, and is not lawful consideration in the eyes of the Law to support any thing or upon which any lawful right can be built.”

I did a little digging around to try to find out (besides the obvious reason) why this isn’t well known. Apparently, since this court was a “justice of the peace” court – these cases are not precedent-setting and are therefore not published. Hence, only a tiny number of people know about the case.

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[edit on 18-8-2008 by Jerome_Daly]

Yep, the banks do create money out of thin air. Before I even read your link, I'd bet that the defendant also had to subpoena the bank's bookkeeping records so that they could be used as evidence in court...That's the only way he could prove it. But he's right.

Thanks for the link...It shows an actual court citation that can be used when needed.

I think it was ATS Member swingarm who first linked to here, which is a Adobe PDF file of 96 pages where a woman accounts her battle to separate herself from the PTB. In there she describes the same thing you've talked about here.

Another thing to remember is that, if presented with an actual bill, you have to pay it...But any "notice to pay" or "statement" can be legally challenged. If they can't legally create an actual bill, you owe them nothing.

You may also find this thread to be particularly enlightening too. It deals with all sorts of laws, yes, including taxes & other financial matters.

[edit on 18-8-2008 by MidnightDStroyer]

Going one step further than just the "created money" used for a mortgage loan...Since this is the same way that the Federal Reserve Bank operates in order to loan to the US government, that means the entire federal deficit is also invalid & therefore the government has no business taxing us into the abyss simply to try paying it back!

In fact, since the Constitution delegates Congress with the power "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;" (Article 1, Section 8, Clause 5) but the Fed Res is not directly controlled by Congress at all, this means that the Fed Res is nothing less than an illegal "loan sharking" criminal organization...

And it also follows that, since Federal Reserve Notes are not legal as money in the USA (Article 1, Section 10, Clause 1: No State shall...make any Thing but gold and silver Coin a Tender in Payment of Debts then the Federal Reserve Bank is also into criminal counterfeiting...

And Congress is also delegated "To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;" (Article 1, Section 8, Clause 6)...

Then Congress has every right and lawful duty to void the federal deficit & arrest the entire Executive Board of the Federal Reserve Bank for indictment. As long as they put off performing this lawful duty, Congress commits Treason! As defined by the Constitution: "Treason against the United States, shall consist only in levying War against them, or in adhering to their Enemies, giving them Aid and Comfort. No Person shall be convicted of Treason unless on the Testimony of two Witnesses to the same overt Act, or on Confession in open Court." (Article 3, Section 3, Clause 1). Take close note of the phrase I emphasized in bold text...As the Federal Reserve Bank acts as a destructive influence on our country, they are the Enemy of the People & the current US Government continues to "aid & abet" with them.

[edit on 12-12-2008 by MidnightDStroyer]

reply to post by mybigunit

---

As I see it, since the Fed Res is, in reality, a foreign-originated, foreign controlled privately-owned & operated cartel of banks, then they alone are responsible for paying back those foreign debts...The People of this country, if we kick the Fed Res out completely, will have no "equity interest" in paying those foreign debts. It's the corporation that bears the responsibility, not the Citizens of this nation.

The federal deficit is not what the People owe to the government...It's what the government owes to the People, since they "borrowed" the entire deficit based upon the "credit" of the People in the first place.

[edit on 12-12-2008 by MidnightDStroyer]

reply to post by Jerome_Daly

---

I don't know if anyone will revisit this thread after so long to read my question or to answer it, but here goes:

I spent several hours reading the documents listed from the link in your o.p. and am somewhat confused, especially by the last 2 or 3 documents on the list.

Although the defendant fights a good fight and says some very encouraging things at the Justice of the Peace court, he appears to be taking quite a bit on the chin from the bank's lawyers as the story progresses through the documents. In the end, it appears that the Justice of the Peace court's decision is nullified by the state Supreme Court, and that Mr. Daly is sanctioned for contempt and prohibited from practicing as a lawyer in Minnesota. Also, there appears to be some willful chicanery regarding the original court transcripts and records, and even the hopeful reader is left with the suspicion that Mr. Daley committed some impropriety vis a vis those records.

But I am completely confused by the last two documents: the Stipulation of Dismissal and the letter from TRM to HPH. Was the case ultimately dismissed by agreement of both attorneys? Why does the letter from the banks attorney dated in 1971 request notation of the court calender in 1969? And what happened to the contempt charges against Mr. Daley?

Can anyone shine a little light on these matters? Thank you.

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