AS GREEKS FACE FORECLOSURE, THEY CAN LEARN FROM IRELAND’S SUCCESSFUL ANTI REPOSSESSION MOVEMENT

AS GREEKS FACE FORECLOSURE, THEY CAN LEARN FROM IRELAND’S SUCCESSFUL ANTI REPOSSESSION MOVEMENT

https://birdflu666.wordpress.com/2015/10/24/as-greeks-face-foreclosure-they-can-learn-from-irelands-successful-anti-repossession-movement/

EU plans to make it easier for homes in Greece to be foreclosed by banks as part of a third bailout need to be blocked.

Greek Prime Minister Alexis Tsipras refusal to consent to changes in the law to allow for mass foreclosures is right, and French President Francoise Hollande is right to oppose easier foreclosures in Greece too.

http://uk.reuters.com/article/2015/10/24/uk-eurozone-greece-tsipras-hollande-idUKKCN0SH0YV20151024

It is unacceptable for banks to be allowed to foreclose on any property when those same banks, operating on the fractional reserve banking system, never lent any money in the first place, never put up any collateral or capital in return for the property.

In 1969, a US lawyer Jerome Daly stopped the foreclosure of his home by making just this argument. The bank manager Lawrence Morgan took the stand and was forced to admit that money he had lent Daly was created as a book keeping entry and nothing of value had been advanced by the bank.

“To everyone’s surprise, Morgan admitted that the bank routinely created money “out of thin air” for its loans, and that this was standard banking practice. “It sounds like fraud to me,” intoned Presiding Justice Martin Mahoney amid nods from the jurors. In his court memorandum, Justice Mahoney stated:

Plaintiff admitted that it, in combination with the Federal Reserve Bank of Minneapolis, did create the entire $14,000.00 in money and credit upon its 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 United States Law or Statute existed which gave him the right to do this. A lawful consideration must exist and be tendered to support the Note.”

https://criminalbankingmonopoly.wordpress.com/montgomery-vs-daly/

The judge decided that the bank, therefore, had no right to the property that had been given as security for the loan.

In Ireland, this argument is increasingly being used in foreclosure cases. At first judges in Ireland ignored the issue, but defendants are insisting on answers. If bank managers are forced to take the stand like Lawrence Morgan they will have to admit they create money out o thin air.

This is the internet era of 2015, not 1969.

There has been a tremendous fight back in Ireland against the repossessions organized with growing success by people like Brian McCarthy in Kerry.

https://www.facebook.com/Distressed-Mortgage-Holders-Kerry-1584186461860623/

http://www.limerickpost.ie/2015/05/08/limerick-repossessions-court-disrupted-by-group-of-30-protestors/

So, if the foreclosures do start in Greece, be warned banks! There is a huge amount of experience now gathred in Ireland on how to successfully fight repossessions which can be used in courts in Greece too.

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