February 7, 2024
NOT INVESTMENT ADVICE
Libertarian Credit System Formed to Replace Banks by Recovering Fraudulently Taken Equity
Michael Bernicia is a working-class film maker in Britain and producer of the documentary " The Great British Mortgage Swindle". His family was evicted from his home when he was a child due to his father's bankruptcy. His surname means "victory bringer" and derives from Anglo Saxons heritage. He was banned from the film industry in Britain after he revealed what he found out about who was behind 9/11 from Patricia Haig, the divorced wife of Gen. Alexander Haig, the aid to Henry Kissinger, who famously declared himself in charge of the presidency after the assassination attempt on Pres. Ronald Reagan.
Bernicia is apparently accustomed to obtaining a line-of-credit from banks for his film projects. In a line-of-credit you withdraw the funds as needed then pay it back plus a set fee. But when he went to buy a house, the bank demanded a mortgage (literally "death loan") and a promissory note and the right to place a lien and Lis Pendens on title to the property in the event of default. The bank demanded he pay interest that could end up paying roughly 1.5 times what the house was worth by the loan payoff date and if he defaulted on payment the home would be repossessed. Bernicia believed this to be fraud and usury because the bank never disclosed it did not loan him any of their deposits but merely loaned him back his own credit worthiness.
Think of a pea shell game where you bet that you can figure out what nutshell the pea is under after the trickster uses sleight of hand to confuse you. Except in mortgage banking there is no pea at all, except the credit you give the bank and then it gives it back to you pretending to loan you their own funds. Ergo, an empty shell game, a swindle. This is way worse than Fractional Interest Banking where a depositor's funds are loaned out 10 x over, because no deposits of the borrower or other third-party depositors are involved at all. And, of course, any appreciation of the property can be pulled out of the property by an "equity loan" that reflects the investment the borrower has accrued in the property, plus or minus any appreciation or depreciation in the marketplace that the borrower would be the sole beneficiary of.
Bernicia believes that banks, like totalitarian governments, just pretend that they are not pretending ( Vaclav Havel). So, Bernicia sued because the bank could failed to disclose in court that they loaned any of their deposits to him as stated in loan documents. Bernicia also relied on a piece of British case law (Southern Pacific Mortgage 2015) that it was improper to require a borrower to sign a deed of trust before they became the free-and-clear owner of the property.
A mortgage is thus a social fiction, but one that has been so institutionalized in custom and law that an entire parasitic set of industries depend on it for their livelihoods - primary lenders, secondary mortgage market lenders, hedge funds, REIT's, loan brokers, real estate brokers, appraisers, insurers, lawyers, courts of equity, and contractors who can file mechanics liens against the property. Put differently, a mortgage is a legalized parasitical system to defraud and cheat the Working Class to the gain of the Financial Class.
Money earned by hard labor was used to create ill-gotten fictional money backed by no labor or hard assets. As such, the courts are loathe to call it a fiction or failure to disclose. Even when one wins in court, the wealthy banks can extend any restitution owed to the borrower for decades, or, perhaps, until they die (mortal - mortgage). Bernicia reports that in Britain the courts kept adding technicalities to their decision that kept the status quo in place. This is why the Catholic Church for centuries have asserted capitalism is state sponsored usury (E. Michael Jones, Barren Metal: The History of Capitalism as the Conflict Between Labor and Usury, 2014). Contra Karl Marx, a paid propagandist by industrial-financial elites (Engels family), the ideology of Capitalism is a disguise for socialism. Bernicia says this predatory system has existed for 300 years from the Rothschild's bank.
A New Libertarian Fraud-Free Credit System - Universal Community Trust (UCT)
Bernicia and his associates have thus formed UCT as a foreign treaty, a sovereign jurisdiction, and a trust. UCT proposes to use commercial law to demand that the CEO's of such predatory lenders be forced to pay back their ill-gotten gains without having to go to court. If a CEO cannot produce evidence that bank deposits were used in a loan, then a lien could be filed against the CEO's assets for failure to disclose (as I understand it). Then those proceeds could be recovered by UCT as restitution by borrowers.
Bernicia says the old lending system is unreformable by design and there are too many self-serving stakeholders to change it. He calls UCT a libertarian form of lending that is based on no fraud or coercion. He says democracy is just a justification for mob rule by elites. The same sort of fraudulent predatory system exists in all institutions created by modernity - banking, medicine, insurance, academia, advertising, law, etc. The link to UCT can be found here, but it is blocked by Google and will have to be searched for on Duck-Duck-Go browser.