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    Behind The Curtain – Volume 1

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    December 1968 saw a landmark court case in the appropriately named township of Credit River, Minnesota, USA. First National Bank of Montgomery vs. Daly was an epic courtroom drama and although unsurprisingly, not widely reported either at the time or subsequently, is actually extremely significant.

    Jerome Daly a lawyer by profession, defended himself against the bank’s attempted foreclosure on his $14,000 mortgage on the grounds that there was no ‘consideration’ for the loan. ‘Consideration’ in legalese, refers to ‘the item exchanged’ and is an essential element of any legal contract. Daly contended that the bank offered ‘no consideration’ for his loan on the grounds that they had ‘created the money out of thin air’ by bookkeeping entry and had therefore not suffered a loss (another relevant point of law) by his refusal or inability to pay back the money.

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    Behind the Curtain – Volume 2

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    Behind The Curtain: Volume 2

    • Please note, this is Volume 2

    December 1968 saw a landmark court case in the appropriately named township of Credit River, Minnesota, USA. First National Bank of Montgomery vs. Daly was an epic courtroom drama and although unsurprisingly, not widely reported either at the time or subsequently, is actually extremely significant.

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