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Kunming Mother Sues Us Central Bank Over Shrinking Cash

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http://www.scmp.com/news/china/article/1215546/kunming-mother-sues-us-central-bank-over-shrinking-cash

A woman in Kunming, Yunnan province, is trying to sue the United States central bank after discovering that the real value of the US$250 she put in an account in 2006 had shrunk by 30 per cent.

She claims it was a result of the Federal Reserve issuing too much money.

Her attorney, her son Li Zhen, called the lawsuit "litigation for the public good" which aimed to stop the Fed from continuing its quantitive easing policy and promote people's awareness of their rights.

He filed the lawsuit alleging "the abuse of monopoly in issuing currency" last month at the Kunming Intermediate People's Court on behalf of his mother, Liu Hua , but the court has yet to decide whether to officially place the case on file.

Since the global financial crisis, the Fed has been pumping more money into the economy via several rounds of so-called quantitative easing to try to boost consumer spending and revive economic growth.

The judges were "greatly surprised" to see the indictment, said the 36-year-old lawyer, adding he was the first mainlander to have filed a lawsuit against a foreign country's central bank.

The first of many I hope, as I've been advocating for years it's time to sue the central banks.

Although to be honest if she gets a payout it's only going to be with freshly printed money....

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Perhaps hpcers could club together and start legal proceedings against the BOE? Any member lawyers able and willing to head it up?

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http://www.scmp.com/news/china/article/1215546/kunming-mother-sues-us-central-bank-over-shrinking-cash

The first of many I hope, as I've been advocating for years it's time to sue the central banks.

Although to be honest if she gets a payout it's only going to be with freshly printed money....

This bit is interesting:

Li, who works at the Yunnan Tongbang Law Firm, said he referred to Black's Law Dictionary, the most cited legal dictionary in the US, and concluded that the Fed is a private institution instead of a government department.

According to the dictionary, US financial institutions are required to invest in the Federal Reserve System if they want to join it, which he construed as meaning the Fed is privately owned.

"Since the Fed is a private institution which enjoys a monopoly over the issuing of currency, US dollar holders can sue it for printing too much money," he said.

:)

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T think that's the idea.

Or publicity for his son's litigation business ?

Next we may get the US something sueing China for lending them too much money without due consideration of their abilities to pay.

Edited by easy2012

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http://www.scmp.com/news/china/article/1215546/kunming-mother-sues-us-central-bank-over-shrinking-cash

The first of many I hope, as I've been advocating for years it's time to sue the central banks.

Although to be honest if she gets a payout it's only going to be with freshly printed money....

The judgement will carry as much weight as those by Kuala Lumpur, who have tried and convicted Blair and Bush of war crimes....

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  • 242 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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