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I can understand some of the legal basis for the case - simply put, that one must possess that which one loans. Banks, according to the applicants, are unable to meet the fundamental criteria for a valid borrower/lender contract. The argument is that banks don't create loans at all - basically they have been legally allowed to issue new money as an interest bearing loan without the backing of real goods and or services....
One commentator on thebigcase.co.za calls it a "fundamentally dishonest practice that is built in to the very foundations of our current money system. It is nothing but counterfeiting and if ordinary citizens were found guilty of doing such a thing they would rightly be goaled - rightly because to issue new money without the backing of real goods and/or services of equivalent value is fraudulent and it debases the currency, we know it as inflation."
respondent's persistent and continuing attacks on our national monetary system can hardly be regarded as zealous advocacy or a good-faith effort to test the validity of repeated decisions of courts of record. For, as found by the referee, up to the time of his findings and recommendations respondent had avoided payment of any Federal income tax for 1965 and subsequent years on the asserted ground that he has not received gold and silver coin and, therefore, had no earnings that were taxable. Also, he has taken personal advantage of the system he attacks by borrowing money from a bank to purchase lakeside property, only to subsequently defeat the bank's repossession after mortgage foreclosure by taking the position that the bank's extension of credit was unlawful, obligating him neither to pay the debt nor to surrender possession following expiration of the time to redeem. As detailed in the referee's finding, we regard the tactics employed by respondent in the unlawful detainer proceedings before the justice of the peace as not only unprofessional but reprehensible.
Furthermore, the Minnesota cases cited by Plaintiff are not only unreported, but they have been vacated by the Minnesota Supreme Court in reported decisions. See In re Daly, 284 Minn. 567, 171 N.W.2d 818; Zurn v. Northwestern Nat. Bank of Minneapolis, 170 N.W.2d 600, 284 Minn. 573 (Minn. 1969); Daly v. Savage State Bank, 171 N.W.2d 218, 218, 285 Minn. 503, 503 (Minn. 1969). Plaintiff is hereby admonished she must not cite any decision under which Justice Martin Mahoney purported to question the validity of federal currency or the Constitutionality of the Federal Reserve Act, nor may she cite any opinion or decision as authoritative which no longer has authoritative status. (Emphasis added)