(((By only subverting the nature of currency, the central bank ultimately makes itself the real owner of all the chairs.)))

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~Any paid principal payed down on a promissory obligation is the property of NO ONE. That obligation has been fullfilled. It is retired from circulation.

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~Economists regurgitate assumptions that were taught to them as fact without qualification.

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When was the last time you lent money to a friend... and suddenly found you had more funds available than before the loan?

"What they [banks] do when they make loans is to accept promissory notes in exchange for credits to the borrowers' transaction accounts. Loans (assets) and deposits (liabilities) both rise by [the amount of the "loan"]."
~Modern Money Mechanics, A Workbook on Bank Reserves and Deposit Expansion, by the Federal Reserve Bank of Chicago, Page 6.

So the "lending" institutions (including credit card companies) "accept promissory notes in exchange for credits to the borrowers' transaction accounts."

What exactly does that mean?

Accepting Your Promissory Note...

Now, when the lending institution "accepts" your promissory note in exchange for credit to your transaction accounts, that means that they add money (they credit money) to your checking account(s), but not the one(s) that you know you have. The funds for the addition to the "secret" account(s) came from depositing your promissory note. (Except the credit card companies actually deposit your application/agreement - and monetize it even if you are not approved. Again, you provide the source of the funds).

A "note," according to The Dictionary of Banking Terms, 4th Edition, by Thomas P. Fitch, is "legal evidence of a debt or obligation."

That means that a "note" is "owing money." That means that what we call "money" or "cash" today is really owing money.

Since "money" nowdays means "owing money," and your promissory note is "legal evidence of a debt or obligation," (owing money) counts as "money" and can be deposited.

If you have any "loan" agreements or a copy of any of your promissory notes, read it. Nowhere in your agreement does it tell you that the lending institution who provided the "funds" was going to not loan you money, but use your own note to fund the "loan" back to you. Nowhere does it tell you that, according to their own bookkeeping entries, the bank was going to make you provide the value for your own "loan" first.

???

The First National Bank of Montgomery v. Jerome Daly, December 7, 1968:
(See 17 Am. Jur. 85, 215, and 1 Mer. Jur. 2nd on Actions, Section 550)

"There is no lawful consideration for these Federal Reserve Notes to circulate as money. The banks actually obtained these notes for the cost of printing. A lawful consideration must exist for a note...

"The activity of the Federal Reserve Banks...and the First National Bank of Montgomery, is contrary to public policy and contrary to the Constitution of the United States, and constitutes an unlawful creation of money and credit for no valuable consideration. Activity of said banks in creating money and credit is not warranted by the Constitution of the United States.

"The Federal Reserve Banks and National Banks exercise an exclusive monopoly and privilege of creating credit and issuing notes at the expense of the public, which does not receive a fair equivalent. This scheme is obliquely designed for the benefit of an idle monopoly to rob, blackmail, and oppress the producers of wealth [you and me and our ability to work and be productive].

"The Federal Reserve Act and the National Bank Act are, in their operation and effect, contrary to the whole letter and spirit of the Constitution of the United States, for they confer an unlawful and unnecessary power on private parties; they hold all of our fellow citizens in dependence; they are subversive to the rights and liberation of the people.

"These Acts have defied the lawfully constituted Government of the United States. The Federal Reserve Act and National Banking Act are not necessary and proper for carrying into execution the legislative powers granted to Congress [See Article 1, Section 8, Clause 5 of the Constitution of the United States] or any other powers vested in the government of the United States, but on the contrary, are subversive to the rights of the People in their rights to life, liberty, and property...

"No rights can be acquired by fraud. The Federal Reserve Notes are acquired through the use of unconstitutional statutes and fraud. The law leaves wrongdoers where it finds them. Slavery and all its incidents, including peonage, thralldom, and the debt created by fraud is universally prohibited in the United States. This case represents but another refined form of slavery by the bankers. Their position is not supported by the Constitution of the United States."

""Money plays the largest part in determining the course of history."
~Karl Marx, 1848.

"Give me control of a nation's money and I care not who makes it's laws."
~Meyer Amschel Bauer Rothschild, (1744-1812), founder of the House of Rothschild.

"Rothschild, a family of financial magnates... Apart from their very extensive banking business these houses were deeply concerned in negotiating many of the large government loans of the 19th century."
~Funk and Wagnalls Standard Reference Encyclopedia, Volume 21-RHOD/SHAK (Page 7,664), 1967.

"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes... Money has no motherland; financiers are without patriotism and without decency; their sole object is gain."
~Napoleon Bonaparte, Emperor of France, 1815.

"The (((BANKERS OWN THE EARTH))), take it away from them but leave them with the power to create credit; and, with a flick of a pen, they will create enough money to buy it back again... If you want to be slaves of bankers and pay the cost of your own slavery, then let the bankers control money and control credit."
~Sir Josiah Stamp, Director of the Bank of England, 1920's.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
~Henry Ford.

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~Falsification of indebtedness to a (((purported banking system which gives up no lawful consideration))) inherently engenders terminal failure.
perfecteconomy.com

PROMISSORY?
http://legal-dictionary.the...
CONSIDERATION?
http://en.wikipedia.org/wik...
OBLIGOR?
http://www.nolo.com/diction...
CREDITOR?
http://www.thefreedictionar...
OBFUSCATION?
http://dictionary.reference...
DEBT INSTRUMENT?
http://www.investopedia.com...
PARASITE?
http://en.wikipedia.org/wik...

~All the present problems descend from (((obfuscation of the role of creditor))) for the unbending purpose of exploitation.
perfecteconomy.com

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"Whenever the legislators endeavor to take away and destroy the property of the people, or to reduce them to slavery under arbitrary power, they put themselves into a state of war with the people, who are thereupon absolved from any further obedience."
~John Locke.

"Whenever destroyers appear among men, they start by destroying money, for money is men's protection, and the base of a moral existence."
~Ayn Rand.

"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."
~Frédéric Bastiat.

"The study of "money," above all other fields, is one in which complexity is used to disguise truth or to evade truth, not to reveal it."
~John Kenneth Galbraith.

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ECONOMICS:
"Its study is not even a study as much as it is a broad, concerted, conspiratorial evasion, because the most useful questions are purposely not asked, and because its obvious faults and solution are ignored to use what they call economy as a tool to deprive the many of all these things."
~Mike Montagne.
((( http://www.perfecteconomy.com )))

USURY:
~The practice of lending money and charging the borrower interest, especially at an exorbitant or illegally high rate. Usury is not only terminal; its perpetuation requires usurpation, and that usurpation largely explains the undesirable world as it is.

Whenever anything is taken from the pool of wealth therefore but by equal production, the producers of wealth are deprived of their rightful reward for production.
((( http://www.perfecteconomy.com )))

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"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks."
~Lord Acton.

"Its just a madeup contract with themselves, which they are inflicting on other people at the point of a gun."
~Stefan Molynuex.

"The world is a dangerous place not because of those who do evil but because of those who look on and do nothing."
~Albert Einstein.

"There are a thousand hacking at the branches of evil to one who is striking at the root."
~Henry David Thoreau.

"Wanting people to listen, you can't just tap them on the shoulder anymore. You have to hit them with a sledgehammer, and then you'll notice you've got their strict attention."
~John Doe, Se7en.

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