Now Ron is telling everybody, that the Current Financial system is a Fraud.
"It is based on Human ignorance" ... (and therefore borrowers deserve a debt Jubilee)
23-07-2014: I'M READY FOR JUBILEE - SET ALL SLAVES FREE
https://www.youtube.com/watch?v=xOGeWS0vf_Y
He says banking is a FRAUD... because ???
+ "Fraud was the primary component of the agreement"
(haha. I think he means he did not read the fine print)
+ "They are based on the concept that the borrower giving the lender something of value that they turn around and capitalise on"
(What is heavens name is he talking about here?)
Perhaps he means, as one of the comments explained:
"The borrowers signature is the value that allows the bank to create the money to loan that value back to the borrower. not an equal value exchange. Banks do not loan their own money..the promise to pay allows them to create it electronically."
- rhmbicyclersvideos
This is a common misconception by some New Agers - that banks somehow get access to Free Money by lending money, and a borrower's signature on a Loan agreement allows them to access free money somewhere. But they cannot tell you where and how that fantasy Free money system works.
The simple reality is that the Borrower gets the Money UPFRONT. And the money is handed over by the bank, usually in the form of a cheque in the name of, say, the Seller of a Home. And that money is given by the bank in return for a promise to repay. That exchange of that vital promise is somehow forgotten by some New Agers. And so is the reality that the bank will suffer a real loss if the borrower fails to honor his/her promise to repay. (Sure, some will say: but the bank can securitise, or resell that promise-to-repay. And if they do, then someone down the line who has bought that promise, will suffer the loss. But the remoteness does not make the loss any less real, if the money is not repaid.)
In RVD's World of Unreal Economics, it is okay to be a deadbeat, because banks did not tell you that they might create the Loan first, when you sign the agreement, and then fund it later. And fund it they must, because the cheque they write per the borrowers instructions in the loan will eventually be returned to the bank for payment and at that moment they will have to payout good Fed Funds. In other words, all loans need to be funded or resold. And there is no free money, not even for the bank. They still need a deposit to bank the loan asset on their balance sheet.
Maybe someone should drag Dear-Old-Ron off the prison for a few days, until he understands that if you borrow money and promise to repay it, you are breaking your promise and have defaulted on a lawful contract - giving the lender recourse to whatever provisions are in that contract.
First, he twisted his brain up to try and put an adulterous relationship on a high moral ground. Now, he has twisted his brain up to justify not repaying lawful debts. This is not a very good example for others, on how to behave honorably. Yet some of his YouTube viewers seem to be applauding him for mental gymnastics in trying to wriggle out of his mortgage contract. Perhaps, they too have some debts that they wish to avoid repaying. Don't we all?
I am not against debt forgiveness. Indeed, I think some amount of debt forgiveness in our present time deserves thorough consideration. But it needs to be made around sounder principles, not using some half-baked, and half-understood idea about how money is created. Bad-mouthing banks for bad behavior such as buying politicians does not give anyone the automatic right to be a deadbeat.
...now that couldn't possibly be the case could it??? If that were the case, I'd think the Dragon Families would be looking for a better caretaker.