Sunday, August 4, 2013

Banking Insider Speaks Out

Banking Insider Speaks Out
August 4, 2013

Bob sent me this video last night. It's about 30 min but well worth the listen. I particularly enjoyed the insider's candor as he revealed many of the bank's dirty secrets. Many of his confessions reconfirm a plethora of banking Truths we've been discussing a great deal recently. Gotta love it coming from the horse's mouth. I found the Promissory Note admission extremely interesting. I'm also including the transcript below for those who would prefer to read the account. ~BK

Great information on this site:

A very well informed, university educated Bank Manager, agrees to take questions from some equally well informed truthers...

Where does the money come from?
Do you legally have to accept promissory notes?
Do debt collectors legally discharge your debt when they buy it from your bank?
And- Knowing what you know, what are you doing in banking?

He also goes onto explain the root causes of the ‘credit crunch’ and agrees that banks may be routinely committing fraud...

Transcript of Jon Witterick (JW) with fellow ‘truth seekers’ (TS) putting questions to a Bank Manager (BM), who wishes to remain anonymous, along with his bank, for reasons which will become obvious.
I would like to add that this gentleman came across quite sympathetically to our position and appeared to be quiteconscientious and caring, especially for a banker. I was expecting him to stonewall us with the corporate line, however, I was pleasantly surprised...

Debt Collectors

JW What is the process for passing debts to debt collectors? Because suddenly these debt collectors have them, but we  know that they purchase them, their association is called the Credit Services Association which buys and sells debt effectively, so what’s your  understanding of that?

BM At branch level we don’t get involved with any of that, however you’re right, debt is effectively sold, so the bank will take a stance on how much time and energy do we invest in trying to reclaim this debt. When it gets to a point, a team, a centralized team will make a decision, there’s a certain set of rules to which they work, I don’t know what they are, the rules of engagement, but they calculate the cost/benefit and decide if it’s going to cost too much to collect this debt, we’ll sell it, we’ll take a loss, we’ll sell it, to an external collection firm who specialize in collecting debt. It’s a simple cost/benefit.

A decade ago, the way that it was structured was that the teams could change (these rules) depending on liabilities and how business was running, you could change your cost/benefit ratio, you could be softer one month, harder another month; we’re no longer allowed to do that, it’s all about treating customers fairly- to do that you have to be consistent, you can’t from one month to another month decide the rules have changed in terms of passing that debt on, so it’s a lot tighter than it used to be, I don’t know what those rules of engagement are.

JW Do you know the current market rate for selling the debt, how many pence in the pound?

BM No I don’t (lol) sorry

How to Get a Bank Account after Bankruptcy/Default

TS What happens to the customer’s standing, do you contact the credit agencies to black mark their account and are they able to bank with you again?

BM So in terms of if they have a bad debt with XXXXXX Bank,  (and you’ll have to edit that out- that’s who I work for)  you won’t be able to come back to us as a customer, because you’ve defaulted on us effectively. If you did have the same scenario with another bank on the high street, then you would be able to come to us. If the debt was a bad risk, you wouldn’t be able to come back. If say you’re a HSBC customer and you came across that’s another issue. The only way we wouldn’t open you an account is if you had fraud on your credit file, if there was a form of fraud. If you’re bankrupt it’s not a problem.

TS That seems weird because every time I’ve gone to a bank, after my debts have gone into administration, I’m not bankrupt

BM What banks have you gone to, there’s different banks? Ok, so..

TS I covered pretty much all of them

BM There’s two banks on the High Street that will offer you an account,  ok, the Co-operative and Barclay’s  Bank, theirs are social inclusion..

TS They didn’t

BM In terms of their policies

TS I haven’t committed fraud, there’s nothing fraudulent about it, it’s just non-payment of debt, so I can’t get a bank account at all with anyone

BM The thing you need to do is find out what the social inclusion policy is of that bank and you can effectively demand they open you an account . What you have to bear in mind at a local level that is, there will be certain management practices at local level, to try and dissuade you from opening a bank (account) because of the matrix by which they run their branch and that is something that unfortunately will impact the customer and it’s something you’ve got to be aware of, because if you have so many of a certain type of customer coming into you for whatever reason, it could negatively affect your matrices, then you might instigate a rule in your branch to say don’t encourage that or make it difficult, so first they ID you and verify you to open the account. I know it happens in the industry...

TS Will they use your credit history against you then? Are they allowed to do that?

BM So say you came in and you wanted to open a bank account and you didn’t specify what type of account you opened, the first thing we would do is run a credit check on you, ok, to open a bank account, if your credit search revealed  that there were issues and we found or we decided those issues meant  you were high risk to us, we may not offer you a full bank account, we may offer you what we call a cash card account, we would offer you that, HSBC wouldn’t, but they operate a different banking model, they focus on a mass affluent market, that’s a conscience decision they’ve made, we would offer you but we wouldn’t score you to open a full bank account that offers you things like overdraft facilities, cheque book facilities, credit facilities, you would only be able to have a cash card account, in the Co-op they offer you a debit card facility, now if you understand the debit card payment platform, that platform allows you to make guaranteed transactions up to £10 so even with that you can still go into the red effectively, even though the account is designed for you to not get into any trouble.

TS When you are checking someone credit record, credit history and there are some issues, do you actually see it or is it that you are not allowed to see anything really, is there any more detail  you can see?

BM The scoring is done obviously by a computer system centrally, we will not get any details down at branch level for instance, ok? So it will give us a yes or no answer for a specific product we’re applying for, whether it be a credit card, bank account whatever it might be, however, the system’s a little bit cleverer than that, what it will provide you with, this is across all banks, they use the same system, it will give you a code, those codes give you an indication of what it might be, it might be default, it might be CCJ, it will give you an indication, however it says on the screen, you must not share this information with the customer, we can’t share that information with you, all we can do is give you the details for Experian and Equifax and ask to look up your credit file. Because we don’t own that information, we could be giving you the wrong information, the wrong impression, we’re not qualified to give

TS and their records may not be right

JW Their records, yeah it’s a third party holding the records and it’s on the website, if you want to have a look at the website for challenging it;  I’ve rebuilt my credit history twice now from really bad.. I’ve got a bank account with the Co-op and they’ve been, it’s perfect, you’re not allowed to go overdrawn with it, but if you do make a mistake and you see you’ve gone overdrawn, if you give them a call on the day (any pay in some money) often they won’t even charge you, but if you get on the wrong side of they will chase you like any other will and by the way, the Co-operative bank are not a co-operative, the Co-operative supermarket is a co-operative, the Co-operative bank is just trading with the Co-operative name and it is a corporation and I think that’s misleading, however, they have a better record in their investments than Barclays, they’re very careful where they put their money

BM Yes they have a long standing ethical stance which is well adhered to, it’s not adhered to letter for letter, but it’s much better adhered to than most of the high street banks.

‘Jam Jar’ Accounts

TS The Credit Union are currently charging £1.30 a week for a current account

BM You’re talking about the ‘jam jar’ accounts now

TS They also charge 28% on their lists

BM We’re very aware of this...

TS I need that to be challenged by the high street banks...

BM Typically the charges, we’ve done some modelling of national projects where the credit unions and the accounts they offer, a typical fee is between £11-15 per month, now in 2013, you’re probably aware that the legislation is going to change how people’s benefits payments are paid and the credit unions are going like this, ‘cos they are thinking it’s going to be one lump sum, it’s not going to be lots of separate payments and they’re going to start championing their ‘jam jar’ accounts, they’re still going to be charging substantially. We are looking at creating a fee free ‘jam jar’ type account, ready for 2013, I don’t know whether it’s going to happen.

TS What do you mean by ‘jam jar’?

BM Ok, so it’s effectively your lump sum of money will come in, ok, you find it very difficult to balance or manage your money for whatever reason, automatically you have separate wallets/folders where the money goes into, the direct debit is set up for whatever bill, whether it’s housing, utility bills from those individual wallets to go off and it’s to help individuals manage their money. We don’t do it at the moment, obviously there is a massive cost associated with it, we reckon we can do it for an additional cost of £120 to open a bank account and then about £7 a month running it, we reckon it would only cost an additional £1.30 a week to do this, whereas the credit unions, they don’t have the infrastructure in place like we do, so we can do it much cheaper . I’m not going to lie, 90% of branch managers don’t know about this sort of stuff

TS Would they be thinking more about their profit margins?

BM Well at branch level, you are not thinking necessarily about your profit margins necessarily, you’re thinking about performance matrices, because we no longer have separate profit and loss on a branch, whereas with performance matrices, it’s all peer group comparisons, so how many widgets have you shifted this month compared to every other branch in the area region, that’s the way effectively.

Where does money come from?

JW I would like to get to the ‘heart of the beast’, now if I come to you and you don’t know me and I come to you and I have a good credit rating with Experian and Equifax, whoever and I come to you and I would like to ‘borrow’ £10, 000 and you’re going to loan me that money
Where does that money come from?

BM OK so you’re talking about the sponge, what is a bank? Where do we get the money from?

JW That’s right, where does that money come from? Because we are given the idea that everyone has a little bit of savings and I come along and want to borrow £10, 000 off you, then it’s everyone else’s money that you actually lending me; is that correct?

BM It’s a little bit more complicated than that

JW HaHaHa I thought it was...

BM If we reverse all the way back, where did banking start? It started basically as the Italians funding the crusades, that’s where banking comes from. What happened, you started to get these emerging classes from the industrialised nations found they had extra wealth additional wealth, what do they do they take it to the goldsmiths, the silver merchant, and the silver merchants says I’ve got £100 there, they’ve only taken out £10, so what am I going to do with the extra money that’s sat there.
Well Mrs Miggins down the road needs an extension on her house so I’ll loan her that, so that is basically ‘the sponge’, that’s the fundamentals of our business and that’s kind of how it works and then you’ve got all the icing on top which is all the additional stuff all the insurance and investments, however the reality is we over expose ourselves as organisations, we take massive risks, so we will have a scenario where at the end of the month, we get a lot of deposits coming into our accounts as people are getting paid, talking tens of billions of pounds flooding into our coffers, most of that isn’t on deposit and it’s going to leave quite quickly, so for a period our books are looking very healthy, we’ll be lending a lot of money on that, however, when all that money flows back out which it will, where do we get out money from? Because all of a sudden we’ve run out and that’s what the LIBOR (London Interbank Offered Rate) is.

That’s  where we go and other financial institutions;  we trade, ‘cos we need money back in our coffers immediately and that’s what it is effectively, you’re just trading money all the time

TS That’s promissory notes?

BM No it’s the London Interbank Offered Rate, that’s the rate that we lend to each other, because all different financial institutions will have throughout a month are going to have ups and downs purely to have the funds available to us. Things are run so tightly, there are such vast amounts of money this is happening on an hourly and a minute by minute rate, just to keep that sponge in place, just to keep that money there

TS The fraction on the reserve meets the quota set by the FSA or whatever it is

BM To be honest with you, we are so far away from what the reality is that

TS As far as I can understand The London Interbank Rate ???

BM If the banking system stopped lending to each other the system would collapse because the money isn’t there

TS That’s why this lending is happening

JW Basically the central bank will create a bond, keeping it really simple here, I know it’s obviously a little bit more complicated, but for everyone’s basic comprehension here, the central bank creates a bond, they can then fractionalise the bond and give a little bit to all the high street banks which then fractionalise them again probably each time between 8-10 to one, is that correct?

BM Yeah, that happens all the time

JW So effectively you’re creating money on a computer keyboard?

BM Yeah- It’s not real money-Yeah

TS So what is the ratio at the moment, some countries have 1 to 30, or 1 to 10, or 1 to 8?

TS Is it not one to infinity?

BM In the UK I don’t know, you can look it up. They quote various figures, I can’t remember...

TS They are different for each bank?

BM Oh yes every bank is different, very different, yeah

TS This is where America was screwed, because they were leveraging too high, far too high

JW The thing is when the amount of debt and that’s government debt it’s not our debt, we’re paying for it, it’s nothing to do with us, it’s a private corporation’s debt. However, if you go to the Bank of England money supply,  I just want you to concur this, because otherwise I want to make sure I’m not mad because I’m going around talking to hundreds of people and going on television, I might be mad, but; but if you look at the M2 and the M3 money supply which you can look up on the Bank of England website, it is nowhere near enough to actually pay it off,  so what it is basically the money supply is growing exponentially, the amount of debt is growing exponentially, the money supply is also growing exponentially but at a fraction of the amount so we can never pay this debt off- so this system is unstable, so it means it’s either going to crash or we’re going to have to do what Iceland did (basically Iceland got away with not paying the IMF a  lot of money, reneged on their debt, what’s your views on that?

BM You’ve got quite a few things going on there, the simplest way of looking at it is, as a government, you are going to be constrained by the amount of money you can put into the economy not getting the money supply right, you’re going to have disastrous effects, inflation, you would crash the economy, however, to keep it really simple, it goes back to human nature, we run a capitalist society and were always going to have boom and bust, boom and bust cyclical because of the way human nature runs and we run our banking system the same way and that’s why we are always chasing the risk and speculation, in banking and unless you go back and scrap the fundamental basics of banking and you change it so human nature can’t take over then that’s always going to be the case and you’re always going to over speculate

TS Human nature is about greed

BM Yes I suppose


TS When we go in (a bank) and you sign basically a contract that they’re going to pay you a certain amount of money, some people believe that that paper with a signature is an asset to the bank? Which they can then have someone promise to pay that money, so if you want a ten thousand pound loan, here’s a ten thousand pound promissory note you have from the individual, if you’re giving the bank something of value and they get something valuable to use on the market, then you have to pay back that plus interest , so one way of looking at it is you are both giving something of value, but the bank is getting a bit more and is that how it works?

JW What I’m asking, is the application form being monetized and being sold on effectively? So I sign a form, is it effectively being turned into a Bill of Exchange?

BM Not at a personal level no it isn’t ok, because that documentation is held at branch level, it’s not sent off, it’s not centralised, however, we know we can look at our lending book and we can say that every single person, all that lending we got out, they all had to sign the paperwork or documentation, so we know, we can effectively trade that as a commodity and we can sell it on...
And we can bundle lending and we can create risk products and they can be sold on and sold on again and we can effectively be buying back into debt we have sold on three times over! And we can be exposed and buying into our debt twice and that’s one of the major causes of the credit crunch.

TS I’ve just done the process I’ve ‘borrowed’ £5000 to get a car which was fine and the bank just puts a couple of digits on my internet banking and then  I go to work and give my time and labour to deposit real funds into the account. You can just hop into your system a go there’s £5000. Sweat equity versus just balancing books.

Too big to fail and the credit crunch

BM This is the problem with banks too big to fail, the second you bail out an organisation that has overexposed itself to such an extent, the whole capitalist system is pointless, it just falls apart, you undermine it; I would class myself as a neo-liberal, in so far as let them fail, let ‘em fail; because that’s the only way you’ll get the industry to self regulate, the problem is the governments, organisations, regulators they’re too scared to regulate as they should do and they never will, they won’t be able to regulate effectively so; you have to be able to allow an industry in an open capitalist market to self regulate, but why would you self regulate when you know you can’t fail?

TS We can see you understand how everything works and you don’t live in that closed bubble, working in a banking  system, where they don’t educate you and they don’t see the outside and how it actually works, so tell me working in a bank, working in a system of money, do other people who work there in the banks, or people you know working in the financial institutions,  do they realise, do they know as much as you do? Do they know how the system works and how false is it?

BM Head office yes, branch network no. It’ll be the same with most banks maybe at senior level, but I would say our bank manager in our city centre branch in XXXXXX, wouldn’t have a clue, that’s a senior banking role

JW Why are you so well informed then? You seem to be more informed than most banking people
TS It’s quite surprising really, because when I was coming here I thought you  were going to be clueless, because many people we talk to on a daily basis they are not exposed to things like that, they don’t know where the money comes from

BM Put it this way, I don’t have a passion for banking, I fell into banking when I left uni and didn’t know, what I was told this amazing vision of going into banking, it was ?? I got the job and two weeks later Lehman Brothers collapsed and I had this revelation kind of what the hell am I getting myself into here. I’ve just been massively interested in what is banking and what is going on..

BM Do you all know what the trigger was for the credit crunch, what triggered it? What exposed it? So America’s funding an expensive war in the Gulf, all of a sudden money’s getting a bit tight, the US  dollar is devaluing, interest rates have been low for quite a long time, so George W Bush decides to hike interest rates up, to get more people investing in the dollar, to bring more money in, great we got fresh money we can continue to fund this incredibly expensive war in the Gulf, however, what happens when you put interest rates up? Is that everyone’s borrowing becomes more expensive and all of a sudden all these subprime mortgages that were floating around where ½% they can afford it, when you’re living on the edge of any subprime lending when interest rates go up almost 5%, woof!, it just took the whole belly out from it, people started defaulting and that’s what unravelled everything; and that was the trigger point.

Knowing what you know, what are you doing in banking?

TS Knowing what you know, what are you doing in banking?

BM I’m a retail banker, ok and I pride myself that my branch, we genuinely help our customers as best we can, within the restraints we’re set, I’m not a City banker.
What I love, what makes my day is when someone comes in and says, I’ve been made bankrupt, Lloyds have chucked me out, HSBC have chucked me out, friends told me I could come to you, I can get an account, I can get a card and can go and shop, fantastic and then if you find out they’ve got a family you can provide them with some kind of protection for their family when they really need it and at the end of the day, that customer has walked out they are really buzzing, you think that’s really good. A lot of retail branches, I don’t know, might be a different experience.
The Bank Managers dead and we’re no longer ; well I stand up quite frequently in  our board meeting and say we’re not bankers, we’re retails, we’re not bankers. My grandfather was in banking and I sometime talk to him about my day job and he’s alienated, it’s just this alien world, he does not understand what we do
At senior level you have to consider the stakeholders, you‘ve got regulators as stakeholders, politician stakeholders, you got customers as stakeholders, you’ve got all these stakeholders, but who is the real stakeholder, it’s the shareholders; so at senior level that’s all you care about, because they’re the puppet masters, it’s the same in any large organisation.

Who owns the Bank of England?

TS Who owns the Bank of England?

BM It’s really incredibly complex, so our UK operation, ok, is backed massively by the Bank of England

TS Who owns that?

BM The Bank of England?

TS It’s not England!

BH The problem is we live in this evermore interconnected world.  Whether is the ECB or the IMF, everything is so interconnected now, you can’t turn round and say that’s where it ends, this is where the ownership really lies, because the interconnectedness is absolutely crazy. You look at the way HSBC  says is moving it banking operation from Canary Wharf to Hong Kong and they’ll do it like that and it won’t affect the operation of the bank in the slightest. It won’t affect it at all, because everything is so interconnected. They will still rely on the ECB, the IMF and the Bank of England exactly the same, and APEC over in Asia. Banks are not even tied to sovereign nations, there’re just so interconnected...

JW My understanding is banking was set up as a way that we could account for our labour and goods between each other, it was never set up as a commodity, not it’s become a commodity in it’s own right and it’s shot away, now we’re trying to trade with each other and we’re finding it difficult too trade with each other because there’s this thing called a ‘recession’, ooh, what’s that? It’s like running out of ledger pages in the account book. Can you see what I mean? It’s ludicrous it is, cos if we were still using gold, there wouldn’t be a problem.

BM No there wouldn’t. All a recession is a lack of confidence.

JW Yes, because it’s based on confidence, rather than anything tangible.

BM Yes, precisely.

JW So I’m not completely mad? Either that or you are as well.

BM Trust me, I have studied this stuff for a little while

JW The problem is that when you create money on your keyboard and I know it’s not you personally, (I’m-gonna-to-make-some-money!) what’s happening when you inflate the money supply you’re stealing the value of not just whether you’ve got money in the bank, but your stealing the value of the exchange rate between all of us and devaluing everything.

Have I got a valid contract with the Bank?

JW Quick question when I sign my credit card agreement, does the bank sign it?

BM Your credit card agreement?

JW Yes

BM No, there’s no signature from a human being

JW So, would you say then that it is a unilateral contract? Because a written contract need two signatures

BM I suppose you could say that...

JW Because this is one of the questions we ask, people get on the website, (, we write back and say ‘can you prove you lent us anything, show us that you lent us something of value, show us the accounting and show us the contract and can you send us a copy of the contract signed by both parties’, because under contract law which is the basis of  commerce, unless there is a signature by both parties, it is a unilateral contract which does not stand in law.

BM I’m just trying to think of the process when we do an application, because people can apply online, they can apply in a branch

TS In a branch, in a branch

BM If someone signs in a branch, we don’t actually any of sign any of the paperwork, in terms of the legality of it, when you get the paperwork back, you’ve got computer signatures all over it, from the head of credit risk, but you haven’t got a, you haven’t actually got a signature

JW A ‘wet’ signature

TS So do you file it?

BM For credit cards they get sent off and get scanned centrally, so they’re held on computer and the paperwork we can’t actually chuck away, we have to keep it for 56 years

Power of Attorney

TS On that same notice yeah, when you buy the credit card agreement, when exactly do they change the power of attorney

BM Power of attorney, in what sense?

TS Because when you fill out a credit card agreement, it never says that the bank have power of attorney to sell on the credit card agreement

BM No it doesn’t, no

TS So, by that right, if they then sell on the credit card agreement using special power of attorney, that’s credit card fraud

BM It could essentially be, yeah

TS No it is

BM Yeah, no I totally see your point

TS Like I’ve had a look at my mortgage, had a data access request and then suddenly I find there’s suddenly special power of attorney saying they can do whatever they want with the details of it and they can sell on my mortgage to whoever, so it could be signed in Bahrain for all I know

BM It would be interesting to go through, but ultimately, obviously you can ask for the whole credit details any time, you know, you can demand that information. I’m not saying it’s easy to get hold of, but you can demand it.

TS This car I had (loan for), when that was finished, when I’ve paid the £5000 plus the interest, which regardless of what I think about that and it enabled me to buy a vehicle and we won’t go into whether that is legit or not, but I’ve honoured my commitment, so I’d like my credit agreement back from the bank, because I don’t know, they could go off and do whatever they want; it’s a promissory note they can issue over and over again, so I’d like it back, but they can’t get it, you can’t have that back, so what’s...

BM I don’t understand the law well enough to be able to say whether or not, a expired credit agreement can be drawn on again, however we have to keep that documentation. We have to keep it. So why do we have to keep it? 56 years, that’s the rule.

TS The reason it can sold is for whatever reason, it only has the length of the contract to

BM The length of the contract is only your personal liability.

TS But the signed signature that I signed, the time is in there, so therefore whatever the bank does with it I have no control of, but I signed it, the time is in there, I can’t do anything about that anymore

BM It’s like a Direct Debit mandate, when you sign a Direct Debit mandate, that organisation can do whatever they want with effectively

TS Which is pretty stupid

BM Which is horrendous, Direct Debits are terrible things.

TS But what I’m saying is the contracts are over time so it’s irrelevant what they do with it

BM I think what you guys are trying to understand is that piece of documentation, I know it doesn’t happen, but in theory can it be drawn upon? That’s what you want to know

TS Yes

BM So why are we keeping it for so long, what can we potentially do with that? Can we use that  to speculate?

TS Is it an asset on the balance sheet?

BM It’s not an asset on the balance sheet, I can promise you that...

TS The bank have an assured interest in us, so that if I have a bank account and I die and you’ve got my credit agreement, can they claim on insurance?

TS Ooh, that’s a good one

TS Do you know the answer to that?

BM No, I don’t know the answer to that

TS You would have an interest in me because I’ve got a credit agreement with you

JW My understanding is that that is the case

TS Can you find out about that?

BM Yes, yeah

Does the Bank legally have to accept Promissory notes?

TS I’ve got a question, if I were to approach the bank with a promissory note, what would you do?

BM By law it has to be accepted it, because we can put it through the Bank of England, but you try to get the bus home now and pay with stamps. That’s what I would say.

TS So if I came into the bank with a promissory note, you would accept it for value? 

BM Well we’ve got to haven’t we? But we don’t ... We wouldn’t, huh, erm

TS It goes back to 1882

BM I know, I know

JW The Bills of Exchange Act

BM Precisely...

TS You are saying you have to accept promissory notes? 

BM Well, by law we do, of course we do

TS What constitutes a Promissory Note?

BM It is a note with your signature on and it outlines your precise promise and intentions, that’s about all it is, that’s effectively all it is

TS Can someone sell a Promissory Note? 

BM Yeah, yeah, in theory, yeah, of course you can in theory, it doesn’t happen
Because everything is marked in risk, it doesn’t happen, you wouldn’t accept it would you. You just wouldn’t accept it if I did it to you? That’s why we moved into the realm of contracts

TS The thing about the promissory note is you got to have two parties, one giving, one accepting, and plus a signature on it, for it to be an accepted promissory note

BM It has to be observed, yeah

TS So if the person accepting it is saying actually no I’m not going to have that, I’m not going to third party to that, it’s no longer a promissory note 

BM One person can observe both parties 


TS So, in a real life situation, imagine someone actually came into your XXXXXX branch, with their promissory note that they’d made, they’ve done it correctly etc, they’ve gone to the counter to see the bank tellers, ‘what the hell is this?’ They call the manager, you come along, you look at this thing, he’s done a legitimate promissory note, what are you going to do? 

BM I’m going to break the law, aren’t I? and not accept it

TS You’re going to break the law?

BM Yes

TS Because otherwise your job’s on the line

BM Yeah, I wouldn’t accept it 

TS Can I take the matter further then? I could say you’ve failed to accept this, I’m well within my right to take it to higher levels... 

BM It would be interesting to see

JW We are doing this on the website,, because Ceylon has put up the, he is doing this with backup paperwork and also accepted  for value as well 

BM Problem is, you haven’t got any case law with this kind of stuff, this is the problem, you need examples of this to go through

Bills of Exchange Act and Debt Collectors

JW Under the Bills of Exchange Act also, that if I don’t pay my so called liability, I borrowed money from you, I don’t pay you back, but Terry pays you back, that means I wouldn’t owe you anything, if Terry pays of my account

BM On your behalf

JW Yes, on my behalf, ok. He also strikes a deal with you, because you know you’re not going to get any money out of me, so you sell the debt to Terry. Do I still have any liability?

BM I’m just trying to think about this

JW Because a lot hinges on this...

TS It’s up to Terry to enforce it on you

JW I think it’s up to the Bills of Exchange Act 1882. Has he not taken on my liability?

BM He has, he has and at an organisational level not a personal level, but at an organisational level that does happen and a yeah, a contract would be written up as such to say so

JW Because you would no longer pursue the debt, but however, Terry thinks he can pursue me; I’m sorry, (Terry)you’re an interloper, I have no contract with you

BM It’s only effectively intimidation tactics

JW I hope this is coming out... Smile

The Birth Certificate

JW The other level we could take this to is a lot deeper, is anyone here aware of the bond and the birth certificate and how that is effectively monetised, because working on the understanding that the UK or the US, depending where you are it’s the same, it’s more clear what happened in the US, because it’s more to light, but the Bank of England is so shady and hidden in history that it’s far more difficult to pin it down, but the understanding  is the UK is basically bankrupt so the only way the IMF will give ‘money’ in the form of bonds to the UK  is with some sort of collateral which is our birth certificate

BM Your talking demographic modelling, that does happen

JW That does happen?

BM Of course it does

TS That is a fact?

BM I don’t know about the birth certificate thing, but basically they model demographics, in all countries to work out risk, so for example; China is seen as a massive risk, moving forwards, because the demographics could collapse because of the one child policy, the fact that there are mainly boys and if you read certain articles, they say China that will probably never overtake the United States, ‘cos the United State’s demographics are in a much better place, so at the moment, China’s great, everyone ? over China, but it’s a demographic time bomb, economically speaking, whereas Indonesia is a demographic heaven, it’s incredible, if you want to invest, Indonesia is the place to go, seriously. But yeah, demographic modelling is happening all the time, the IMF is definitely using demographic modelling.

TS Is that knowledge you get from you’re experience from working in a bank or?

BM A little, mainly like personal study and things, but obviously I can go back to look and can phone certain people up and look in see who made the decision, why that happens, yeah demographic modelling

Do you think the monetary system is going to collapse?

TS In your opinion, do you think the system, the monetary system is going to collapse?

BM Do I think it’s going to collapse? No I don’t think it’s going to collapse, I just think it’s going to be maintained in a state of ruin for decades and decades to come, that’s what I think.
I hope it collapses! That would be a good thing, it needs to collapse.

The Name

JW If I was a customer of yours XXXXXX and I said to you, look, my name is Jon of the family Witterick,  I’m not Mr, because that’s a title and a title in banking law, means ownership,. So, would you write me a letter, agree to write me a letter with Jonathan of the family Witterick, or just Jonathan Witterick, but with no Mr and not in uppercase? Would you agree to do that?

BM Our systems allow us to do that, send out statements and communications, in terms of how you would look when I open up  your customer records, you have to have a title

JW Because a friend of mine is Sun Flower, I’ll call him sunflower, because I don’t want to give his name away, his second name away, but it’s a similar sort of name and now his name and now they have to call him (or her or whatever) Mr Sun Flower. Now he’s saying I’m not Mr, I haven’t got a title and every time they write him a letter it’s got Mr on it, it’s as if there is something about the title or the uppercase name which is significant

BM We have a lot of customer requests to communicate for removing titles, adding titles, changing titles, changing things around and we do that

JW Do you feel there is any significance in the title?

BM There is... and the fact I suppose that you have to have a title on your record as such and when contracts are drawn up, obviously the name

JW It has to have a title

BM As opposed to general correspondence which we can change it to

JW Do you know what my comprehension or understanding of that is? And that’s probably a few people around the table, that’s referring to a corporate fiction and not the blood and living being

BM You are a corporate entity

JW So you accept that?

BM Yeah...

TS You know about it then?

JW I’ll shake your hand

TS If you wanted a title that’s not in the drop down box, so I feel I’m master and I want that option. Can I write to my bank and request a title that’s not in the drop down box?

BM You know I’m just trying to think now right, on our drop down, whether there’s other and whether we can specify that.

TS If you are Master you are not the corporate fiction

TS On my Barclaycard it says Master, but it’s still in capitals

JW This has been fascinating, it really has. Yeah, can we say thank you...

TS Have you got any questions?

BM Yeah, this is a fascinating group, it’s great you kind of get together and talk and debate this kind of stuff 


  1. What is with thr FLIPPING??!! Music!! Ruins the audio!! Quite annoying when trying to listen to important info!!

  2. OH WOW!! An "AH HA" moment!


    BM It is a note with your signature on and it outlines your precise promise and intentions, that’s about all it is, that’s effectively all it is

    And a Deposit of value is the same..Correct? Our intentions and promise, with our signature on it. One person giving, one receiving. And by law they have to accept it. ( may be called something different but still the same)


    (quote) BM Problem is, you haven’t got any case law with this kind of stuff, this is the problem, you need examples of this to go through.

    And in Kiri's case this may have been the opportunity to make the example. Correct? Except they are not charging her with deposit of her DOV. She is being charged with 5 fraud charges of writing checks on a bank account that is closed to local business owners.

    I say this because there has not been transparency of what her charges are. And nothing has been presented that she was going to court for depositing her DOV. (which may be a good thing, so we can get a clean DOV) I recall that she specifically said that she did not believe that the charges had anything to do with the bank.

  3. Can I just say I'm married to a 'banker', a small bank, he has great integrity and his focus is always always on his customers and his team. He has been an inspiration to those who work/have worked closely with him (I've seen the 'thank you' letters which colleagues have sent). Just remember that there are many light beings working within dark places. Some, like him, are still slumbering, but no doubt there is a good reason for this in the Grand Plan. ♥


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