The German “Freetard” has no concept of anything and follows the confused templates the Were “gurus” provide. The definition of LTT according to a notice that has to be given to the bank together with the LTT:
The LTT, a promise to pay in the form of a bank note by the new, private and absolutely reliable WeRe Bank, represents a legal tender according to the Yalta 1 and 2 resolution from February 15th, 1945. It is valid worldwide.
What does the Yalta agreement have to do with financial matters? Who knows, but doesn’t it sound important? Some German freemen insist that Germany never became a sovereign nation again after WW2, so maybe it has something to do with that. And it only gets more confusing after that.
Their unique clearing method of “Swallow” is legal according to the
Treaty of Rome 101 and the
Deregulation Order 1996 Section 74 of the 1882 Bills of exchange Act.
The Treaty of Rome, Article 101 (1957, adapted in 1992 and 2007) prohibits limitations in trade and services between members of the european union, which sounds like it could be relevant to the subject of allowing WeRe to operate within the EU - of course it does not prohibit the EU and its members to regulate the financial sector and set standards as long as those provide equal rights and obligations to all businesses involved - which it did multiple times, currently under the EBA - European Banking Authority - created in 2010 by the European Parliament in regulation EU 1093/2010 - and which is making clear that WeRe is not a bank or any other legal financial institution in the UK, the European Union or Germany.
Then there is the UK Bills of Exchange Act, often quoted - of course, it is unclear to me, what relevance it is supposed to have in Germany or Austria - and more importantly, why we don't use the
Mauritius Bills of Exchange Act 1914.
Anyway, none of this has anything to do with the clearing of financial instruments.
Swift is a cooperative society that provides a network that allows over 9.000 financial institutions in over 200 countries to exchange 15 million secure messages each day - it was founded 1973 in Belgium and is owned by the institutions it services.
Swallow is a random number generator on the WeRe “bank” website.
The LTT is then (still in the same document) called a commercial paper or bond according to
Art. 32 §11 International Accounting Standards (
which just says that any financial instrument is a contract naming an asset for one business and a liability for the other business, explicitly speaking of “delivering or exchanging financial assets” and therefore contradicting the WeRe claim that it only needs some accounting entries to settle a debt) and then quotes parts of the
Guideline 98/26/EG of the European Parliament from Mai 19th, 1998 (which regulates certain aspects of multi-national clearing systems, so it seems important for Swift, but there needs to be a legal agreement between several licensed financial institutions for this to become relevant) and the aforementioned
International Accounting Standards included in EG 1126/2008 (
it’s a 500 page paper and so safe from any Freetards penetrating its meaning).
Could all this be done only to confuse the WeRe customers? Does all of this make absolutely no sense? Do most freetards pretend to understand this so they don’t look stupid in front of the other freetards? You decide!
(I haven't even gone into the OPPT foreclosure nonsense, the 1 billion in gold supposedly securing WeRe notes and the common law insanity in countries like Austria that have a legal system based on civil law instead of the common - case - law principles.)
It could be so easy, since 2002 only Euro bills (unlimited) and coins (limited) are legal tender in Germany and Austria, both countries having very simple laws to that effect. But most of the Freetards don't really speak English, despite using all those terms, so they probably don't draw a connection to "gesetzliches Zahlungsmittel".