Archives For Banking

Banking – The Old Banking Confidence Trick

 

There was a time when customers exchanged gold (money of substance) between themselves. The act of depositing gold in exchange for a paper receipt (money of exchange) enabled BANKS to perform a sleight of hand. Today paper money has replaced gold and electronic funds have replaced paper. White Rabbit hopes you understand the purpose of this example – The Bank is the debtor, the customer is the creditor. This is backed up in case law….

Lord Goddard CJ in R v Davenport [1954] WLR 569 ; [1954] 1 A11 ER 602,603

although we talk about a person having money in a bank the only person that has money in a bank is the banker. If I pay money into my bank either by cash or cheque, that money at once becomes the money of the banker. The relationship between banker and customer is that of debtor and creditor. He does not hold my money as an agent or trustee, the leading case of Foley v Hill(1948) 2 HL Cas 28 exploded this idea.”

No doubt about it…

For the LOAN and CREDIT CARD Dossier: email: whiterabbiteducation@gmail.com

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Banking – The Old Banking Confidence Trick