- John Ruiz Dempsey filed a class action lawsuit on April
15 on behalf of the People of Canada alleging the financial system creates
money out of "thin air." According to newMediaExplorer.org, which
reported the story, John Ruiz Dempsey is a criminologist and forensic litigation
specialist. NewMediaExplorer.org reported that the "suit names Envision
Credit Union ("Envision"), a credit union; Laurentian Bank of
Canada ("Laurentian Bank"), Royal Bank of Canada ("Royal
Bank"), Canadian Imperial Bank of Commerce ("CIBC"), Bank
of Montreal ("BOM"), TD Canada Trust ("Canada Trust")
and Canadian Payment Association ("CPA") as civil conspirators."
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- The lawsuit argues that financial institutions illegally
charged interest on money that was loaned to borrowers, because the money
was not linked to a tangible commodity such as gold or silver. Banks and
credit unions did not actually have the capital that it gave as loans,
and didn't have the right to loan depositors' money without obtaining consent.
Furthermore, the lawsuit claims that money was counterfeited by digitally
creating money that never existed.
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- The lawsuit is the first of its kind filed in Canada.
The consequences to the financial system are so large that the odds of
success seem rather small. According to the Abbotsford Times, John Ruiz
Dempsey is not a lawyer and in 2004 the B.C. Court of Appeal ruled that
he is a vexatious litigant.
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- -Chris Mack is FMNN's media and technology correspondent
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- http://www.freemarketnews.com/nview.php?nseq=300
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