Still Going…Writedowns Hit $120 Billion

The admissions of greater-than-expected writedowns from Swiss bank UBS, along with reports out of major Japanese institutions, means the total amount of subprime- and CDO-related writedowns has surpassed $120 billion, according to WSJ.com estimates.

 Yikes, even in Monopoly money, we’re talking scary numbers and this is the tip of the iceberg.

 Read the rest of this blog here.

A Truly Inspirational Email from My New Friend

Sometimes, as I write about the economic tricks of the banks and their nasty, predatory practises, as I write about the original fraud perpetuated on all free men and women so they live a life blighted by debt, despair and lack, I wonder if I am getting through.

Occasionally, someone will reply, post a comment or email me to ask for clarification. Some people do their own research and come back to me and take the step of joining the Ultimate Entrepreneur so they can get started on their own personal journey to financial freedom, debt cancellation and prosperity.

However, just the other day I received an email that really rocked me to my core. The writer was very appreciative of my work and wanted to tell me his story. I am humbled by his bravery, honesty and faith, and as we continue to communicate with one another daily, I now regard this man as both a true friend and an ideal for me to aspire to.

I have removed his name to respect his privacy, but if you have any messages for him, I’ll gladly pass them along. Here is his email in full…….

Hi Cynthia,

You are absolutely right. The Bible condemns Usury. Infact Jesus said something radical. He said:- ” Lend and don’t expect the money back !!!! “.

How many times have u heard preachers preach that and practice it at the same time?? I bet very very few times. So u r right when u say that the Bible is being misrepresented sometimes.

I will share something with u abt my personal life. In 2006, I was already in great debts; approximately Rs. 3,00,000/-; i.e abt $8,000/-. That may not sound much to u, but that’s a great amount of money by Indian standards.

The average monthly income of an Indian is $100. This might give u some idea what $8000 would mean to me.

I had applied for a bank loan in 2006 to invest in my business and also to get myself out of the financial misery. All the while, something inside told me that its not the right thing to do. But unfortunately, I did not what to do because I was too deep in debt.

Eventually after much thinking and battling in the mind, I just prayed to God and told Him that if this is a wrong thing, then He should get my loan application cancelled.

And you know what, the very next day, my loan got cancelled !!!. 

I was depressed and happy at the same time. I was happy because God did not allow me sink more into the debt trap but depressed and discouraged because now I had nothing to hope upon. My business shut down and we became even more poor.

We became soo poor that we went thru starvation. Imagine starving in a city like Bombay.

” Nobody nobody goes to sleep hungry in Bombay. ” This is a famous and very very true saying in Bombay. No matter how poor u r, u will always find something to eat in Bombay. Just imagine what kind of discouragement and depression I must have gone thru.

It saddened me more because I thought God failed me. But I was wrong because somehow God made me even more stronger thru this experience.

And slowly things started getting better as I started believing God’s word more confidently. And since 2006, I have decided that no matter how hard the situation is, I will never ever borrow money from anybody or any organisation.

And because of this decision of mine, things have been moving very slowly financially.

But I believe God. He is my provider. He will keep me and He will prosper me and jumpstart my business again.

 Just a couple of weeks back, some people had threatened me that if I don’t pay back their money, they would  file a legal case against me in the court the very next day. I was a bit disturbed and fearful. But I just kept my cool and remembered all the promises of God and prayed in “Tongues”.

And you know what, within a couple of hours, I received an email from a friend that he has sent me $1000 because God has asked him to do so !!!

Can u believe that ????? Even I had a hard time believing it. Even when I had that $1000 in my hand, I still had a hard time believing it. I hadn’t seen soo much money in the past few years !!!( You might find this shockingly funny) It took a couple of days for that thing to sink in my mind..LOL..hehehehehe
 

So Cynthia, I will say that again that u are doing a great job. But I have a strong feeling that we are not going to see the end of this Usury System in the next few years; atleast not in the next few decades. Cant u see whats going on around. People are being sucked into this system so early in life.

In the past 8-10 years, the number of people who are under the bondage of debts have increased exponentially in my country. Many of my young friends work just so that they can pay off their huge credit card bills!!!

I think much of this has to be blamed on the consumer mentality of people. It seems that everyone wants everything that is available out there on display. People don’t even know the meaning of self restraint. And this is exactly what the banks are taking advantage of.

I bet our grandparents had lesser stuff, gadgets and gizmos and they were much much more satisfied than us. Don’t u agree with me ?? Somehow  I feel that our generation is one the most self-satisfying and self-gratifying generation of all times. Selflessness and patience is a virtue that nobody even pursues nowadays.

Cynthia, all I want to say is that I need Jesus, not only for the salvation of my soul and spirit but also to save me from the problems and tribulation of this world. I absolutely cant do it on my own !!!

Thank you for these wise words, my friend and for allowing me to share them with others.

how to cancel debt, part two……..

Continuing on from yesterday, defend against creditors with knowledge of simple contract law, Generally Accepted Accounting Principles, rules of court and the basis that banks do not loan anything. 

Banks are prohibited from loaning.  They can’t loan other depositor’s money because of the matching principle under GAAP.  They can’t loan out nor risk any of their own assets because of Federal Reserve regulations.

 

In order to accept a credit application or promissory note, the banks must convert the customer’s note into a check and give it back to him.  Only they can do this because they have a monopoly on negotiable instruments. 

It is the customer who creates the currency and funds the line of credit to himself.  The customer is the depositor (creditor).  The banks conceal this fact by carrying out what appears to be a loan approval process for each customer. 

There is no loan from the bank.

The object in defending yourself against a creditor that has not assigned the account to a debt collector is to manipulate the creditor into a new agreement and/or force the account into collections.

 

Send the creditor a notice of final payment with the expectation that the creditor will not dispute the payment or its terms in writing, thereby accepting it as payment in full.  Do not write “payment in full” on the check or money order.  Send only with first class mail because you do not want to draw attention to it.  Get proof of delivery receipt if you want.

 

When the final payment is accepted, and the creditor has failed to respond or object to the notice of final payment, no claim against the account holder can be maintained.

 

In practice, the creditor will call you to ask about late payments.  Make a record of the caller’s name, company, mailing address, phone and fax numbers, date and time of call, and then request that the caller limit communication with you only to writing. 

Disconnect the call after you obtain this information and send a written correspondence making the same request.

 

If the calls continue, do this again or make a complaint with your state’s attorney general’s office.

 

In most cases, the creditor assigns the account to collections.  Once this happens, the third party collection efforts are regulated under the Fair Debt Collections Practices Act.

 

The assignment of a debt without the consent of the debtor is null and void.  If the creditor assigns, sells or transfers the rights to sue or collect to a third party, without the consent of the debtor, it will be a relinquishment of that right to sue or recover from damages.

 

The third party assignee usually has no agreement with the debtor, so in order to recover the loss that it chose to incur, it needs the debtor’s consent.  This is usually obtained by deceit, by tricking the debtor into accepting a new obligation.

 

Request a validation of the purported debt.  Because the collector never provided any services or products, there is no obligation to pay.

 

When the collector responds with anything but some written agreement, evidence of your consent or evidence of consideration (e.g. payment) they have failed to validate.

 

Most collectors who receive this request will never pursue the collection. 

Send a cease further communications notice only if it is quite obvious that the collector will not sue.

 

You can persue this on your own, or join us at www.wealthfreedomfighters.com and we’ll help you do it, working with you to cancel debt and create real wealth and freedom for you and your family. Isn’t it about time?

So, how do you cancel debt?

you’re thinking, impossible, there’s no way, you can’t just cancel your debts. Well, I’m here to tell you that you can. However, I am in no way advocating a profligate lifestyle with  a get out of jail free card. Please read my post about curbing excessive consumerism to see that I believe in a comfortable but frugal existance.

Anyway, back to topic. First of all I recommend an non-adversarial approach. After all, there’s you, a single being and there’s the banks giant multi billion pound profit making corporations. Although, as one mighty philosopher once said a single man armed with nothing but the truth will defeat an army of thousands. My apologies to both the author and you, as I can’t remember who wrote it or the exact words used.

Lets start with our money not having real value, it’s value comes from a false perception. All central bank notes, whether issued by the Bank of England or the Federal Reserve are not money because they don’t have any intrinsic value.  They cost two cents to make regardless of denomination. (That’s an obvious shocker to a lot of people – the fact that someone actually makes a 98 cent profit on every dollar bill; a $99.98 profit on every $100 bill.)

Notes are negotiable instruments that discharge debt, but they are not money. The collateral for all central bank issued notes is the future labor of the people of their countryof issue as evidenced by the birth certificates. Now, that’s a very loaded sentence  that needs further explanation, but let’s leave that for another day and concentrate on the money. Remember the key word in the sentence above highlighted in bold is future.  In other words it doesn’t exist now, it may exist later.  So Federal Reserve
notes are in that category of negotiable instruments called “promises to pay” or
promissory notes.  They are debt instruments.

In reality, we can’t actually pay any debts anymore because all of the real money has been extracted from society.  All we can do now is discharge debts.  All we have to do it with is fake money or counterfeit money. Federal Reserve Notes, Bank of England Notes, Euros, all are counterfeit money.

Okay, so now you know we are all playing with ‘pretend money’. You should also know that the law of our lands is based on Commercial Law, not law for the people, but for business, and you can use that to your advantage.

One of the ten basic maxims of Commercial law is this: “An unrebutted Affidavit is presumed to be true”.  What this means is that whenever you get a bill, a fine, a penalty, assessment, or demand or presentment in commerce of any sort, it behooves you to respond to it timely, because if you don’t – if you ignore it, you acquiesce to the truth of it.  You loose your due process, and it may not have been true at all in the first place.

So stop hiding from your bills, leaving them unopened and unanswered. Instead play the game, to play better at the commerce game respond timely and request that your adversary respond timely to you as well.  Oftentimes it is ridiculously easy to pull the rug out from under an debt collector simply by making a righteous formal request that they cannot or will not respond to.

One way to terminate unsecured debt, without bankruptcy, is:  when your STRAWMAN ( the fictitious entity whose name is spelt all in caps) gets the bill, send in a minimum payment with a cover letter that says at the top “Notice of Final Payment”.  In this half a page cover letter, make a formal request in commerce, that they (the so-called creditor) answer your question, and your question is where was the risk or the collateral for that so-called loan.

This illustrates the maxim “An unrebutted Affidavit is presumed to be true” and is also an easy way to explain one approach to terminating unsecured debt. There was no loan; there was no risk, and there was no collateral.  They can’t answer that question, and you end up creating a new contract in which your STRAWMAN doesn’t owe them anything anymore and that replaces the old contract in which your STRAWMAN might have owed them thousands of dollars.  This new contract is called a novation.

Never get stressed about debt or the process of cancelling it, just so long as you stay on top of your correspondence and you have good advice from knowledgeable people.
 

Recession Survival

We’ve been hedging round it, and many mainstream media still refuse to acknowledge it, but it’s more than likely that we’re recession bound. A toxic combination of falling house prices, soaring energy bills, tighter lending practices and stock market jitters has sparked fears that the economy is teetering on the edge of disaster, with large-scale job losses and home repossessions to come.

In these economically challenging times there are ways to ease the pressure on your purse strings.

The message is simple for thoses struggling with debts on overdrafts, credit cards or personal loans. Don’t save until your debt is cleared. Debt bills have way higher interest than any savings account would give you, so don’t waste your time and money saving until all the bills have been cleared!

Don’t scrimp on insurance. It will be tempting to cut out home, car or life cover to save cash, but a bill for thousands of pounds if something should happen will wipe out any savings you have.

Although, I have to be honest and tell you that I think insurance is the second biggest con industry after banking. They sell you something you hope you never have to use, and when the worst happens and you have to make a claim, they make it as hard as possible for you to get what you paid for, and then they penalise you for using the policy you had paid for, sometimes for years without making a claim and add a massive % onto the cost of  your next policy. Seems like a winning formula for the bosses of the insurance industry.

That said, if you don’t have insurance, you may never need it and if so great. But if you are burgled, or hit by flood or an accident then it may cost you thousands you’ll have to find from somewhere. The choice is yours.

Monitor your bank accounts and cancel old direct debits, monthly subcriptions you no longer need, any charges where you’re not receiving any direct benefits.

Check out my previous post which has an in depth recession survival plan and don’t just sit there thinking about it, do it.

God wants you out of debt, it’s true!

I was doing some research on debt cancellation just to see what other commentators  are saying and what if anything they offer to help the millions living in misery because of the bank and credit industry’s blatant usury.

 Here’s one site that I at first took with a pinch of salt, but as I read and reread the post I realised there was some important points here that I had never considered.

 God loves you, and He does not want you to carry the burden of debt.

 God is able to help you live a debt—free life.

There are spiritual and practical laws that govern debt cancellation. God has His part, and we have ours.

God is merciful, and always ready to help you end the destructive cycle of debt.

Avoid being involved in hyper consumption.

Many years ago, God revealed to me that Satan wants Christians to remain heavily burdened by debt because it hinders their ability to finance the Kingdom of God. Think about it, if all your money is tied into bills, it will be difficult to support the church!

God wants you out of debt, so declare war on debt starting today!

So step out with God and the Ultimate Entrepreneur and get yourself debt free today!

Mis-sold endowment policies now even weaker, home possessions to rise to new record levels

Millions of people were mis-sold endowment policies in the 1980s and 1990s, often being told that endowments were ‘guaranteed’ to pay off their home loans. Yet, only 1.8million people have received any compensation.

Now, in wake of the current crisis in the financial markets, endowment policy holders are about to be hit again. Over 4 million homeowners will not be able to pay off their morgages, and a third of those who try to switch to repayment morgages are set to be refused loans by the belt tightening banks.

A little like closing the barn door after the horse has bolted, banks are now enforcing stringent lending rules and clamping down on credit availability to people who don’t satisfy the new lending criteria.

Eight out of ten endowments fail to cover the full morgage, so homeowners will be left to pick up the pieces. And since it’s now going to be harder to get a loan, your house becomes in danger of being repossessed. Home repossessions are expected to rocket to record highs in the coming months. just more fallout from the corrupt debt as money system forced on us by the central banks.

Does the Fed rate cut mean it’s still our responsibility to fuel the economy by spending?

You couldn’t make it up! The Fed cuts interest rates to help keep the credit bubble afloat, but we all know it has to bust sooner or later.

Sure, some stupid individuals will use the lower interest rates to run up even more debt, whether on credit cards or mortgages. But anyone with any sense knows the merry go round has stopped, and will use the rate cuts to reduce their outgoings so they can exit the credit market as soon as possible.

The central bankers who have created the credit bubble and flooded the world with easy cheap credit have fallen for their own sales spin and are inflating the bubble one last time.

Sensible people will stop borrowing and spending and use the lower interest rates to rebuild their personal finances and reduce their level of personal debt. However, if more people turn out to be sensible than the banks hoped, then consumer spending and thus the economy will not bounce back, and recession becomes increasingly likely.

The Central Banks are like a used car salesman trying to flog an old heap that we’ve all watched break down and have to be towed to the lot. It’s been washed and polished but it’s still the same vehicle. Would you buy more credit from these people? Their own version of Frankenstein’s monster, the credit bubble, has turned around and attacked tits creators.

Don’t let yourself get caught in the fight, opt out of the corrupt banking system and live your own life of financial prosperity with The Ultimate Entrepreneur. Learn more here.

Will Bankers join the jobless queue?

In boom times, bankers have little in common with the rest of us, great salaries and massive bonuses meant they enjoyed an extravagant lifestyle we could only read about and marvel at.

Now, however times are changing. In the last six months of 2007, Wall Street shed 25,000 jobs, and banking institutions are announcing job losses across the financial world.

Citogroup are expected to cut 17,000 jobs and relocate a further 10,000 from expensive locations like New York and London to developing nations and smaller cities.

Seems the credit crisis is hitting home.

Beware the 0% Balance Transfer Card!

By the end of January 2008, over 1 million credit card customers in the Uk will have transferred their credit card balances to a new provider, lured most likely by the 0% balance tansfer promise.

But people who switch are routinely hit with high fees to move a balance, and if you then spend on your new card, you’ll most likely get a nasty shock.

Interest rates on purchases are normally charged at a higher rate on balance transfer accounts – after all, our poor friends in the credit industry must make their profits somehow!

Also, if you don’t pay off the debt in full during the 0% offer period, then you will probably be hit with higher than normal interest rates on the balance. And higher than normal means anything from 12%-35% or more!

Why have credit? Switch off the compulsive shopper inside and return to real world values. Opt out of the greedy bankers system, or you’ll spend the rest of your life in debt.