Debt Verification ... Financial War

[palani]

Question posed ... Is it morally and ethically wrong to

a) use a fiat currency?
b) use laws put in place to protect debtors?
c) be a Chinese immigrant and work the system like this?
d) not use the federal Fair Debt Collection Act yourself?


http://adask.wordpress.com/2010/11/07/2279/#more-2279

Debt Verification May Kill Fiat Currencies


In A.D. 2007, I met a Chinese immigrant at a friend’s house at Dallas,Texas. This immigrant was mature, drove a new Mercedes Benz and was reportedly rich. A year later, my friend told me a story about the immigrant.

According to my friend, the immigrant had become a successful American businessman who realized in A.D. 2007 that his business was going bankrupt. Therefore, before the approaching bankruptcy became apparent to others, he applied for and received ten new credit cards from various banks. Each card had a $25,000 spending limit. He quickly “maxed out” all ten cards by purchasing various goods and services but repaid nothing.

When the ten credit card banks asked for payment, he responded to each by saying that he’d be happy to repay—just as soon as the bank verified his alleged debts.

Reportedly, all collection efforts ceased. That Chinese immigrant will never get another credit card, of course, but he apparently succeeded in defrauding ten banks out of $250,000.

[Twisted Titan]

Adapt and over come

He saw what was heading his way and adapted his strategies to overcome the adversity.

At least he did something useful ( business man)

Credit companies lend you nothing but a peice of plastic and tell you owe them blood sweat and labor because of it.

Eff them.

In the business sense of it he was shrewd and justly rewarded.

T

[Book]

Debt Verification ... Financial War

Ron Paul declared financial war when he simply asked that the FED verify our debt. Ron Paul called it an "audit".

[palani]

Debt Verification ... Financial War

Ron Paul declared financial war when he simply asked that the FED verify our debt. Ron Paul called it an "audit".


Good point. All Paul was doing was applying the federal Fair Debt Collection act.

[Ponce]

"He who holds the gold makes the rules"......changed to......."He who holds the printing presses makes the rules"...........which will be changed in the future to "He who holds the gun makes the rules".

[Still Barbaro]

When the ten credit card banks asked for payment, he responded to each by saying that he’d be happy to repay—just as soon as the bank verified his alleged debts.

Reportedly, all collection efforts ceased. That Chinese immigrant will never get another credit card, of course, but he apparently succeeded in defrauding ten banks out of $250,000.


Pardon my ignorance.

But the banks, could not verify his debt, because as a non-citizen, he was not on the books?

He was an immigrant, but not a citizen yet?

Thanks, as I don't understand how he was able to do this.

[Cebu_4_2]

Not just because he was an immigrant but because the banks can NOT verify a debt where there was no money or currency exchanged. At least that's the way I think it goes.

[palani]

Verification of a debt requires an affidavit signed under penalty of perjury. Think of all the purchases you make daily. After several months how many clerks are going to sign an affidavit that you are the one who contracted with them to purchase an item? The job is impossible.