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National Media Release
Bank- Financial Institution Class Action -
Contact spokesperson:John: Babet - e-mail: [email protected]
2009
FOR IMMEDIATE RELEASE
CRAG "Community Reformation Action Group", announces the
empanelling of a"PEOPLES GRAND JURY ", on behalf of the People of
Australia to investigateallegations that financial institutions are
engaged in illegal creation of money.
The Investigation, which is the first of its kind in Australia,
and perhaps the World,could involve millions of Australians ...
will look at the contracts entered into betweenthe People
("Borrowers) and the financial institutions to determine whether
there isevidence that they are void or voidable and have no force
and effect due toanticipated breach and for non-disclosure of
material facts.
ALLEGATIONS:
Amongst the allegations, are ...
That all financial institutions in the business of lending money
have engaged in adeliberate scheme to defraud the borrowers by
lending non-existent money which isillegally created by the
financial institutions out of thin air.
That creation of money out of nothing is in breach of Sovereign
Peoples HumanRights, and therefore void, and all monies loaned
under false pretence contravenesthe Criminal Code.
That the transactions constitute counterfeiting and money
laundering... in that thesource of money, if money was indeed
advanced by the banks and deposited into theborrowers accounts,
could not be traced, nor could not be explained or
accountedfor.
At all material times, the banks had no legal standing to lend
any money to borrowersbecause :
1. banks and credit unions did not have the money to lend, and
therefore they did nothave any capacity to enter into a binding
contract;
2. banks did not have any cash reserve, they are not legally
permitted to lend theirdepositors or members money without
expressed written authorisation form thedepositors, and:
3. banks have no tangible assets of their own to lend and all
their assets are paperassets which are mainly in the form of
receivables created by them out of thin air,derived out of loans
whereas the monies loaned out were also created out of thin
air.
4.Other than bookkeeping and computer entries, that no money or
substance of anyvalue was loaned by the banks to the
"Borrowers".
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In all of the loan transactions entered into between the
"Borrowers" and the banks,the financial institutions did not bring
any equity to any of the transaction... all theequities were
provided by the borrowers.
That the loan transactions are fraudulent because no value was
ever imparted by thebanks to the "Borrowers"; the banks did not
risk anything, nor lose anything andnever would have lost anything
under any circumstances and therefore no lien hasbeen perfected
according to law and equity against the "Borrowers".
The foreclosure proceedings which comes as a result of the
"Borrower" defaulting onsuch fraudulent loans were carried out in
bad faith by the defendant banks and creditunions, and as such,
these foreclosures were in every respect unlawful acts ofconversion
and unlawful seizure of property without due process of law which
alwaysresults in the unjust enrichment of the banks.
The banks utilise fraudulent practices whereby they deceive
customers into believing
that they are actually receiving credit or money when in fact no
actual money isbeing loaned to their customers... a practice
whereby there is realistically no moneyother than ledger or
computer entries being loaned to the "Borrowers".
Rather than real money being received by the "Borrowers",
electronic or digitallycreated money, created out of nothing, at no
cost to the financial institutions areentered as loans into their
customers accounts.
The borrowers are then required to pay criminal interest rates
for the money theynever received.
The banks effectively turn consumers into virtual debt slaves,
forcing them to pay for
something they never received, and then seizing their properties
if they can no longerpay the banks with real money.
The People contend that there is no law in Australia that could
remotely suggest thatthe defendant financial institutions have the
legal right to create money out of nothing... only God has the
power to create anything out of nothing.
Following the Investigations, a Class Action Indictment will
follow againstwrongdoers, to recover money and property that was
lost by way of confiscationthrough illegal debt collection and
foreclosure, and for the return of the equitieswhich rightfully
belongs to the People of Australia, now being held by the
defendantfinancial institutions as constructive trustees without
colour of right will be returned.
Such a class action suit, the first and the biggest of its kind
in Australia, would intendto give the justice system the
opportunity to prove to the People of Australia, as towho is really
in control ... or whether the judges and courts will continue to
allowthemselves to be used by the banks as a tool in their unlawful
and fraudulent bankingpractices which always ends in the
enslavement of the People and confiscation of thePeoples
properties.
