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All contracts need an offer, acceptance and consideration to be valid.ĭaly, an attorney representing himself, argued that the bank had put up no real money for his loan. “Consideration” (“the thing exchanged”) is an essential element of a contract. Every American that is facing a housing crisis should take note.ĭefendant Jerome Daly opposed the bank’s foreclosure on his $14,000 home mortgage loan on the ground that there was no consideration for the loan.
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#First national bank of montgomery v jerome daly movie#
Daly (1969) was a courtroom drama worthy of a movie script.
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You don’t believe banks create the money they lend? Neither did the jury in a landmark Minnesota case, until they heard the evidence. The other 97 percent is created by commercial banks as loans, and backed by nothing. Moreover, Federal Reserve Notes and coins together compose less than 3 percent of the money supply. A debt the nation can never get out of unless the Federal Reserve Act of 1913 is abolished. Federal Reserve Notes (dollar bills) are issued by the Federal Reserve, a private banking corporation, and lent to the government at interest, creating a huge debt to the nation. money supply, all of our money is created by private banks. Except for coins, which compose only about one one-thousandth of the total U.S. Most people think money is issued by fiat through the government, but that is not the case. The creation of money privatized, and usurped from Congress by a private banking cartel. It’s been called the most astounding sleight of hand ever devised.