The Morals of Credit Card Debt Elimination.

Is It Immoral To Simply Write Off Your Debts?

You may be uneasy about the morals of trying to get something for nothing – I certainly was until I had a close look at the industry. The banks, credit card companies and collection agents all play on your guilt and fear. It’s not OK to owe money you can’t pay back. It seems shameful to be in that position, but take heart and open your eyes to the real picture.
If you borrow money from a friend, naturally you want to pay it back, otherwise he will be worse off and you will have gained at his expense. This is not nice and you would feel justifiably shameful. On the other hand, if your friend had given you counterfeit money and you had given him something worth ten times the money you got from him, would you still want to give him his money back?

How Banks Work

That’s precisely what happens when you take out a bank loan or apply for a credit card. Because of fractional banking, banks are allowed to lend out ten times the amount they have on deposit. When you apply for that loan or credit card, you may think that the money comes from the bank’s own funds, but you’d be wrong. The money does not exist until your signature brings it into existence.
Signing the application form enables the bank to lend out ten times the amount it gets back from you in repayments, interest and charges. This is real money coming in, which increases its reserves and on which it can invent ten times the amount to lend to other borrowers.
Meanwhile, without your permission, it hypothecates your loan, using it as security to raise further money on the markets. The most valuable commodity in all of this is your signature because without it, none of this can happen.
The recent crash illustrates this perfectly. Banks were lending to people they knew very well could not repay the loans, but those signatures enabled the whole carousel to keep going. What brought it all crashing down was not the fact that the loans were not being paid, but that those holding the paper found out about it and realised that their paper was worthless.

The Whole Picture

Here’s the whole picture. The bank that gave you the loan did not have the money in the first place, so they brought nothing to the table. You brought your signature, which makes any money they invent worth ten times the amount. You signed a contract with the bank, which gave you one tenth of the actual value, paid in invented money. They told you nothing about this. This contract is so full of holes they will never dare show it to you – also they cannot show the original contract without revealing that it has been hypothecated without your permission – which is illegal.
The loan cost them nothing, so they are not out of pocket and the likelihood is that you have paid back at least 10% in repayments and charges. That 10% would have the same value as the original amount since it was paid in real money that you had earned and enabled the bank to lend ten times its value to another borrower. The bank cannot possibly lose money on the deal. Even if you make no repayments, they have still hypothecated the loan and packaged it with a load of others for sale on the market and made money that way.

The Credit Crunch.

The credit crunch was not a disaster for the banks – far from it. As a result of it they were able to collect billions of pounds/dollars of our money through government bailouts without having to go through the tedious business of setting up mortgages and loans and then foreclosing. A few short months later they are reporting record profits and bonuses. This was money gathering on a wholesale scale.

Then we hear the government is to sell off more public assets like the Dartford crossing, the student loan book and others. These are on their way into the hands of the international banksters, while meanwhile we, our children and grandchildren are committed to lives of wage slavery to pay for it all. The banksters have control of the money – and the government.

Debt elimination is not immoral, it’s your duty.

So, did you get something for nothing? No, you gave your signature in exchange for the money they gave you. You may think that your signature has little value, but what the bank gave you in return did not even exist without it and was worth ten times the amount they gave you, paid in invented money. Your signature was the most valuable thing in the whole deal. Without it, the bank would not have been able to make anything, so to them the ‘loss’ of something they did not have in the first place was a small price to pay for the use of your signature.

The ‘bankster’ are playing for high stakes:

“Let me issue and control a nation’s money and I care not who writes its laws.” Rothschild.

“The bankers own the earth. If you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money.” Sir Josiah Stamp, Governor of Bank of England, 1920s.

All of this shows you that your credit card debt elimination has a good deal more moral justification than the original bank contract that gave rise to the ‘debt’ in the first place. By eliminating or credit card debt, we each play a small part in bringing them to account – something that is essential if we are to get the world out of their clutches and ourselves out of debt slavery.

www.UKDebtBusting.com is not a financial advisor and nothing in this material should be taken as financial advice. The information here is presented for your education and interest only.

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