Biblical Law and Government

Lesson Nine - Page 16

What About Your Home? (58) While an individual can only lend something he actually has, banks create substance to lend and hide behind a mountain of words and terms which only they understand so as to conceal their illegal “con game.” (See pink page “h”)

( ) True.

( ) False.

(59) Unlike a Credit Union, the bank’s lending power depends primarily on the bank’s power to create money.

( ) True.

( ) False.

(60) Commercial banks loan and collect inter est on credit, not interest on legal tender money.

( ) True.

( ) False.

(61) A bank materially misrepresents a fact and commits fraud when it loans “money” it doesn’t have.

( ) True.

( ) False.

(62) What does the customer think that he receives from a bank when he borrows “money?”

( ) a. Money.

( ) b. An I.O.U. (A promise to pay)

(63) What does the customer actually receive from a bank when he borrows “money?”

( ) a Money. ( ) b. The bank’s promise to pay money.

(64) When a bank loans money for a home-loan, the banking system creates its “money” by bookkeeping entry and obtains it without work for the cost of ink and paper. In contrast, the home-buyer has to work hard to earn “legal tender” money to make payments on that home loan.

( ) True. ( ) False.

(65) Suppose that you purchased a home with the help of a $47,000 - 30 year loan from a commercial bank. Over ten years you make payments of $404 a month at 9.75% for ten years. That would amount to $48,480. You still owe the bank $42,818 on the principal. Now, due to hard times brought on by Federal Reserve Bank policies, you are out of work and a memberbank is foreclosing on your home. What would you like to do if you could? ( ) a. Give your home to the bank and have nothing. The Bank gets the home. The bank keeps your hard earned $48,480 dollars. The bank pays nothing for the landscaping and other improvements that you added over the years.

( ) b. Look into suing the bankers for fraud.

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Ten Commandments Bible Law Course Sovereignty Education and Defense Ministry (SEDM), http://sedm.org