Bank of England Fuck Up torrent

This is a Bank of England Quaterly Bulletin from Q1 2008.

On page 103 - 105 in pdf it states:



"...banks extend credit by simply increasing the borrowing customer’s current account, which can be paid away to wherever the borrower wants by the bank ‘writing a cheque on itself’. That is, banks extend credit by creating money."



Any Bank loaning money is creating it out of thin air. This means there is no consideration from the Bank from that loan.

What that means is that for a contract to be legal there needs to be "consideration" from both sides i.e. I offer to pay you back from the sweat of my brow - your consideration is the money loaned - and that consideration needs to be agreed upon before the contract is legalised.

If the Bank is providing no consideration (making the money out of thin air and therefore the Bank provides nothing of substance, brings nothing to the table) then the contract is illegal.

What this means is that from the horses mouth so to speak all Bank loans are illegal and all contracts are invalid.

If you have a Bank loan, mortgage from a Bank then feel good about this as this information is going viral.