- FIRST NATIONAL BANK OF MONTGOMERY V JEROME DALY PDF TRIAL
- FIRST NATIONAL BANK OF MONTGOMERY V JEROME DALY PDF FREE
For fractional reserve banking-now a system at the behest and direction of the Federal Reserve Banks-is, like fiat paper, legalized counterfeiting, the creation of claims which are invalid and impossible to redeem. In making this seemingly preposterous argument, Jerome Daly was being a far better economist-and libertarian-than anyone knew. Daly argued that he did not owe the bank anything. Not being genuine money, the credit was not a valid consideration, and therefore the contract was null and void. Why? Because, the bank, in lending him money, had loaned him not real money but bank credit which the bank had created out of thin air. Daly argued that he owed the bank nothing. Mahoney, a farmer and carpenter by trade, at which the bank tried to repossess the property, Mr. Jerome Daly) in December, 1968 before Justice of the Peace Martin V.
FIRST NATIONAL BANK OF MONTGOMERY V JEROME DALY PDF TRIAL
At his jury trial (First National Bank of Montgomery vs. Two years ago, Jerome Daly, a citizen of Savage, Minnesota, a suburban town just south of Minneapolis, refused to make any further payments on the mortgage which he had owed to his bank. In the midst of this monetary miasma, there has now come a voice from out of the past, from the Old Right, and it is one of the most heartwarming events of the year. Why? Presumably, because they have power and influence, and one never finds conservatives lacking these days when it comes to toadying to power. Numerous right-wingers who should know better yet continue to fawn upon Milton Friedman and his Chicagoites. The gold standard has died from desertion of its cause by the right-wing and its economists. But now the gold standard economists have almost all died out and been replaced by the glib, technically expert Chicagoites, to a man scoffers at gold and simple-minded endorsers of fiat paper. Twenty years ago, almost all conservative, or free-market oriented, economists, favored a return to the gold standard and the elimination of fiat paper. Not only is this system of the State’s having absolute control of our money been accepted by Establishment economists it has been just as warmly endorsed by the powerful “Chicago” branch of free-market economists. Yet this is the accepted monetary system of today. But if paper tickets are to be money, and the State is to have the sole power to issue these virtually costless tickets, then we are all at the mercy of this gang of legalized, sovereign counterfeiters. Gold cannot be produced very easily it must be dug laboriously out of the ground. Gold has been replaced, at the dictate of the State, by fiat paper-by pieces of paper issued and imprinted by the government.
FIRST NATIONAL BANK OF MONTGOMERY V JEROME DALY PDF FREE
For gold (as well as silver) is the People’s Money it is a valuable commodity that has developed, on the free market, as the monetary means of exchange. The idea prevails that to favor gold or silver money is to be a mossback reactionary nothing could be further from the truth.