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By Kevin E. Abrams

July 29, 2008

In a credit card transaction, one does not "borrow" any money, rather, by slight-of-hand the applicant becomes the originator/creator of his/her own currency. A Credit Card Trust is licensed to monetize the signature of the applicant, which is why for purposes of further borrowing and credit worthiness - mortgages etc., the credit limit total of all cards in the possession of the applicant is already considered to be money in existence and on deposit, albeit held on account by a Credit Card Trust. For many people, their credit limit - money in existence to the benefit of the Credit Card Trust, is never fully drawn upon, or, the amount withdrawn from the Trust (debits) repaid monthly. The assigned credit limit is held in trust as a type of "floating" asset BY the Trust. The fungibility of a Credit Card Trust is dependent upon the quality of the pool of applicants who fund the Trust through the monetization of their signatures. The Credit Card Trust derives value whether the applicant uses his credit card or not, by one, using or taking advantage of the applicants signature as collateral capital of the Trust, or two, through the assessing of extortionist or usurious interest rates each time the applicant decides to use his money and exceeds specified time limits for "repayment."

In an up-side-down world, today's credit card applicant functions much the same as the original gold smyth or banker who accepted gold for deposit in his vault, thereupon issuing a "promise to pay" for the amount of gold so deposited. The "promise to pay" was originally backed by real wealth (that of the depositor held in trust by the bank) until the banker embarked upon the practice of fractionalized banking, i.e., the practice of inflating the circulation of promissory notes representing real money, to a fraction of the gold on deposit, thus compromising and "fracturing" the liquidity and depreciating the intrinsic value of the original depositors money. Those who had deposited real wealth - gold or silver for safe keeping, had their wealth diminished by the inflationary "lending" practices of bankers (represented as full value but progessively only a fraction of the total gold on deposit). Eventually someone would smell a rat, the ponsi scheme would collapse after a "run on the bank," and leave many if not most of the original depositors of gold and silver holding an empty bag of promises. Those having acquired real wealth - property and commodities of intrinsic value using borrowed promissory notes, contributed to an increase in an inflation of promissory notes in circulation.

A "safe" ratio of seven notes for each ounce of gold deposited "safely" in the Bankers vault caused a corresponding seven fold DEFLATION in the purchasing power of promissory notes already "loaned" into circulation. Thus, through the use of fractionalized banking, in which the enterprising "investor" had little or no gold, one could still become wealthy on the backs of those who did have gold, often leaving the original depositors of their life's savings destitute. Inflation, in effect, functions as an insidious form of theft. Today, because they lack a due date and a payee, neither American nor Canadian currency are legal notes. They promise to pay nothing. Finance capital, representing a claim upon energy into the future, drives out or out bids organic capital which is a store of energy or labor from the past. The earning and purchasing power of labor is pushed to the margins. Corporate finance, the CORPORATE FICTION and ITS illegitimate offspring, destroy organic capitalism, ultimately placing the people into the servitude of their own plundered wealth and labor.

For decades, and since the founding of the Federal Reserve, credit finance has been the illicit engine of the American and much of the global economy. Thus today, those who have access to and employ credit capital, whether in the form of mortgages, credit cards or any other vehicle of finance capital, are the unsung or defacto heroes of the modern economy, even, and often especially if they do overextend themselves. In the instance of early American Colonial script, this was not issued by a private bank, but by the Colonial administration to facilitate trade and commerce among the colonies, maintaining honest weights and measures without interest, contributing vitally to a robust and balanced Colonial economy. That the British Crown forced a suspension of Colonial script and the imposition of the inflationary/deflationary coin of the realm, is largely deemed to have led to the American revolution against Britain in 1776.

Credit Card Trusts that monetize, or take advantage of the originator of finance capital, in this case the applicant for the credit card limit, become the largely unidentified beneficiaries of collateral for further CORPORATE borrowing and finance. The applicant essentially provides "money" to the Trust by his signature which is deposited for the full value of the applicants credit limit into one of the many Credit Card Trusts, thereupon serving as CORPORATE equity or collateral capital. The assets or financial strength of a Credit Card Trust is deemed to be the signature value of the applications, adjusted for performance factors like non-payment and "default." The credit card applicant is penalized for drawing upon this (his monetized signature) capital by way of interest under the guise or false pretense of it being an actual loan. Of special note is, there is never any interest paid to the applicant for capitalizing upon, or taking advantage of, his/her signature in the first place. This is probably why Credit Card CORPORATIONS have been so fast and easy with applications. The credit limits of each application are the amount of capital made available to the Credit Card Trust, which it uses as an asset/collateral for further CORPORATE borrowing and finance. Some refer to these as "derivatives." In effect, the "borrower" has surreptitiously been cast in the role of financing CORPORATE ventures interest free.

Essentially, the credit card Trust "loans" nothing. IT covers charges against credit cards with payment from the currency (in trust) previously provided to the Trust by the original monetization of the signature of each applicant. The applicant and his/her signature is the originator of the credit capital. Such is the alchemy of credit finance and the good guy, bad guy ponsi scheme of the present fiat banking system. In the case of mortgages, the applicant also finances his/her own purchase through the monetization of the mortgage application. As with credit card limits, the bank "loans" nothing. It's all smoke and mirrors and largely discordant with honest weights and measures.

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As the CORPORATE FICTION has no capacity to act either morally or ethically of independent volition, or have an innate capacity to respond to the moral and ethical concerns of free will men and women, neither do the people owe a moral or ethical obligation TO the FICTION. Indeed, if one DOES feel morally or ethically bound, then this is wielded as a psychological weapon against those so predisposed. One's moral and ethical will or conscience is NOT BOUND by the legal FICTION, but only by ones obligation to uphold and guard the dignity of our fellow man, and the FICTION is not a man.

Related Reference:

1. A New Shakedown? Debt collectors resort to new tactics
2. The Coming Battle, first published in 1899
3. Faith Based Currency by Senator Ron Paul

� 2008 - Kevin E. Abrams - All Rights Reserved

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Kevin E. Abrams is not a product of Academia. Kevin refers to himself as a lay "psycho-historian," meaning, the study of "who," and the "why" of history. Over the past 25 years, he has written numerous articles on the "gay" issue, and in 1995 co-authored The Pink Swastika: Homosexuality In The Nazi Party with Mr. Scott Lively. The Pink Swastika can be downloaded free.











Credit Card Trusts that monetize, or take advantage of the originator of finance capital, in this case the applicant for the credit card limit, become the largely unidentified beneficiaries of collateral for further CORPORATE borrowing and finance.