From: "james w lazenby" 
Newsgroups: alt.building.construction alt.building.finance alt.building.realestate alt.invest.real-estate
Subject: Re: Legally Eliminate Your Mortgage -- Long
Date: Sat, 4 Oct 2003 19:19:25 -0400


"Baird Spalding"  wrote in message
news:qUHfb.477$Sn1.149@bignews4.bellsouth.net...
>
> On 12-Sep-2003, "Brett"  wrote:
>
> >  So Jeff
> > what actually gives our money value?  Isn't it just
cotton paper and ink.
> > At the top of every dollar is the words Federal Reserve
Note.  Isn't the
> > money we use every day just a prommissary note.
>
> What gives it value is FAITH. Faith in the present regime.
Faith in our
> fellow man. Faith in the future. That is all. It was no
mistake something
> potentially worthless would have words like "In God We
Trust" printed on it.
> That little ditty would have been removed long before
school prayer if it
> didn't up hold the illusion of substance. Words like
"Federal" and "legal"
> also lend it that air of legitimacy. You've got to hand it
to them though!
> I've always felt it amusing people were so worried that
the president had
> his finger on the atomic bomb button, totally oblivious
that much fewer men
> have their hand on a much more lethal instrument.

Actually, a very good case may be made that the Federal
Reserve Note is a more secure (thus more valuable than, say,
a silver certificate) because it is backed by the full faith
and credit of the United States of America.  A silver
certificate, if backed by anything at all, is backed by a
bit of silver, whose value varies greatly from day to day.
In fact, the more valuable the Dollar, the less valuable the
silver.

Of course, that full faith and credit of the United States
of America is being severely jeopardized by  W, et al, and
ain't worth what it was . . . but that is all we have.

As to a mortgage, there is a very good, viable alternative,
called "cash."   It is not the mortgage that secures the
loan on a house.  It is the promissory note referenced in
the mortgage that secures the loan, i.e., the repayment of
the principal and the interest.  The mortgage sets forth the
agreement terms, etc., including description of the
property, buyer (mortgagor) and lender ( mortgagee).
Incomplete, but simple.

Jim

.

Jim