Banking: Conceived in Iniquity and Born in Sin

Lloyds Bank said in a recent letter: “if we don’t hear from you or receive a payment… our next steps could include: taking legal action to recover any money owed if we believe there are grounds for doing so in certain circumstances”.

And there’s the rub, are there “grounds for doing so” (taking legal action)?

Our offer of an ex-gratia payment of £500 to settle the dispute with Lloyds Bank in full and final settlement has not been responded to directly but the bank has continued to demand repayment of £50,000 with interest. Initially, our letter was referred to their complaints department but as I pointed out to them on several occasions, we aren’t making a complaint but an offer. I responded to their “complaint response” on 12 July with a request for clarification relating to how the £50,000 is treated in Lloyds Bank’s accounts.

Thank you for your letter dated 8th July 2021.

My understanding of the process is as follows:

  1. In granting the facility, Lloyds Bank digitally created an asset on its balance sheet representing the £50,000 credited to our account.
  2. Over the 12 months since the money was credited to our account, the UK government has paid £1250.00 in interest payments to Lloyds Bank.
  3. When the money is repaid, be it now or in six years time, the asset of £50,000 is removed from the Bank’s balance sheet, i.e. the £50,000 that was created is then destroyed.

    Please confirm my understanding is correct.

In short, the bank committed no capital to create the loan and therefore has obtained money (from taxpayers) by deception and is now seeking to capitalise on that deception by demanding repayment of £50,000 which didn’t exist until we, in effect, agreed to its creation and that will disappear as soon as it is repaid. In addition, the bank is demanding interest on “nothing” to further profit from the deception.

In the intervening period, there have been numerous demands for repayment and eventually a letter from the bank alleging that the points raised above are irrelevant and that the £50,000 and accruing interest are still owed. On 2 December 2021, we responded by letter (redacted .pdf available here) with an enclosure referred to in the letter.

The letter is addressed to the executive at Lloyds Bank who has been dealing with this matter with copies sent to the Chairman, Chief Executive and the local branch manager. It has also been emailed to their media relations team with a request that the letter and enclosure go to the Board of Directors.

Extracts from the letter:

Lloyds Bank has failed or declined to answer the questions raised in my letter of 12 July 2021 and repeated subsequently. Honest answers to those questions would reveal the reality: Lloyds Bank’s business model is unlawful extortion.

As Josiah Stamp, director of the Bank of England in the 1920s, said when making the commencement address of the University of Texas in 1927: “Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create deposits.”

This explanation of banking is corroborated by: empirical evidence provided in our letter of 1 July 2021.

Lloyds Bank has two options:
• to write off the loan and the accrued interest demanded to date. Lloyds Bank will then be £1250 in pocket from the taxpayer subsidy received;
• or pursue the matter through the courts which will expose Lloyds Bank’s fraudulent business model to detailed, public scrutiny.

In my letter of 1 July 2021, I referred to how money is changing and provided a link to a brief paper on emerging ideas for money in the future (Money Technology). Since that paper, work has continued and enclosed (attached via email) is another paper recently submitted to the Digital Currency Global Initiative, a joint project involving the International Telecommunications Union and Stamford University.

While Lloyds Bank’s current business model has a limited future, there are opportunities to participate in the establishment of complex “money” systems that will render existing forms of money and banking obsolete. I would suggest that the Board explore these opportunities before Lloyds Bank runs out of options.

From the time that these “loans” to obscure the economic sabotage under the cover of “covid” were announced, it was obvious that a large number would never be repaid. Nonetheless, it has been a highly profitable exercise for participating banks because those ignorant of the deception will continue to make repayments and the “loans” cost the banks nothing. Participating banks have already extorted the first year’s interest from taxpayers on all the loans provided. In the event of defaults, the UK government has further committed taxpayers to repay outstanding loans in full.

The National Audit Office has announcedThe British govt has failed to put adequate measures in place to prevent fraudsters stealing billions of pounds through its Bounce Back Loan scheme” (Bloomberg). As can be seen from the above, the fraudsters are the banks and government in collusion to defraud businesses and taxpayers under the cover of a pseudopandemic.