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Association Against Predatory Credit

by on March 25, 2014

You might recall we mentioned our group taking a new approach: via the courts!

Finally, an English name has been chosen for this department:
Association Against Predatory Credit

This remains focussed on Austria for now, so the only information is in German:
– but there’s no reason this can’t be done anywhere!

Two things that are good to know:
a) When courts sentence people for credit fraud, they usually treat the damages at face value. This is of course not quite correct, considering how this money was created. (A film about this recently passed the 100,000-viewer mark.)

b) – and this is at present the main focus of KOV/AAPC –
When someone takes out a loan, they believe this to be money coming from savers. Furthermore, the price (interest rate) of this fresh money is based on Libor/Euribor, which should ring a bell.

Banks, as I’m sure you’ll be surprised to learn, are not people. They are legal persons – a kind of entity whose framework has been structured over the years to benefit… …well, not to put too fine a point on it: people like myself!*

Most of the privileges involved are neither God-given, nor are they in our respective Constitutions. They were won by legal precedent.** Thus, it also makes sense to approach curbing them there.

It’s a sad, crazy world in which money can perform its useful, positive function only when others have to be duped into signing the dotted line. Granted: some of them are aware of the risk when taking out a loan. However, case after case confirms that it’s usually small and medium-sized businesses that get hit the worst. The big fish routinely offset their debt as a business expense. (And let’s not forget that they are more likely to be bailed out.) Please see here for alternatives, thanks.


Do feel free to contact Banks need Boundaries! if you would like to get involved. Let’s take AAPC global! It could grow into a new movement for legal aid, focussed purely on dismantling the illegitimate private monopoly on money creation.

Anyone can contribute a little something, some even without intending to. Here’s the Post that helped us name this baby:

* see Activism and Happiness and Everything you always wanted to know about finance…but were too rich to ask.

This is a real scandal, considering the first thing a corporation does when it
– pays its lawyers
– gets hit by a fine
– or files a S.L.A.P.P.
is to relay the cost to you guys (sorry!)
One of the big unreported scandals of human history if you ask me, and one can’t even begin to estimate the price, monetary and spiritual.
When discussing this with the “comfortably off”, they tend to recite all the obvious pros, but regularly demonstrate monumental ignorance about the glaringly obvious, unrefuted cons, e.g. how legal aid to the poor is under attack.
And why not? After all, they’re poor, they matter less…which you hear a lot…a bit like the sentence a German comedy news show thankfully picked up, said in all earnest: the poor stay poor because they mismanage their assets.
(This at a time, mind you, that sees most cases on corporate malfeasance settled out of court, i.e. with no admission of guilt). We’re all supposed to watch Erin Brockovich and wipe off our tears, and certainly it’s never all just purely pointless…but wouldn’t it be nice for a change to get to the root of things?

Some links about the war you’re not supposed to think about –
CLASS WAR, fought on many fronts, in this case legal aid:

Guardian: “Is this the cut that kills the system?


New Statesman:
How legal aid cuts are harming the voiceless and most vulnerable


PILnet website:
works to make systems of justice more effective, accessible and fair


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