Chinese Sue Fed For Monopoly USD Devaluation

Tyler Durden's picture

In what could to grow into a class action in US courts, a Chinese woman is suing the Federal Reserve after discovering that the real value of the USD250 she put in an account in 2006 had shrunk by 30%. She claims it was the result of the Fed issuing too much money, and as The South China Morning Post reports, her son Li Zhen, the lawyer, called the lawsuit "litigation for the public good". Alleging "abuse of monopoly in issuing currency," the People's Court of Kunming has yet to rule on the litigants' demand that the Fed cease-and-desist from its quantitative easing policy. While this may seem frivolous, there are some interesting points being made that bear watching, as Li notes, since "the Fed is private institution which enjoys monopoly over the issuing of currency, US Dollar holders can sue it for printing too much money."

 

Via SCMP,

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.

 

...he was the first mainlander to have filed a lawsuit against a foreign country's central bank.

 

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.

 

...

 

"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.

 

Li said he requested two things from the court - that the Fed halts the abuse of its monopoly over the issuing of dollars and that it makes a "symbolic compensation" of US$1. Asked about the possibility of whether the court will accept the case, Li said it was "difficult to say".

 

...

 

He said he was looking for more "victims" like his mother and expected to bring a class action in a US court.

 

...

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All Out Of Bubblegum's picture

The Coinage Act of 1792 called for the death penalty for debasement of the currency. Hang the lot of them.

localsavage's picture

They will sweep this lawsuit under the rug....asap

TeamDepends's picture

His name is Li Zhen ("lie then")-perfect name for an attorney.

TheFourthStooge-ing's picture

A translation error occurred. It should read as follows:

He filed the lawsuit alleging "the abuse of issuing monopoly currency"

 

Divided States of America's picture

its amazing that a chinese lady realizes this and actually does something about it while the sheeps in America still hasnt figured it out yet

TeamDepends's picture

In defense of Americans, many have realized that the time to "take it to court" has long since passed.

yogibear's picture

It's long past the court. The American people need to provide boiled rope neck ties for these treasonous banksters.

knukles's picture

Hah ha ha ha ha ha ha ha
Oh shit....

There remain small parcels of sanity within the electromagnetic consciousness...

a bunch of golf buds today were talking about the inevitability of heads on sticks

Skateboarder's picture

Fuck yeah! Sue em for 1.5 quadrillion dollars, those bastards.

Momauguin Joe's picture

Where do I sign up for the Class Action?

Tom Servo's picture

Ben assured me she'll be made whole in 7 years.

Boris Alatovkrap's picture

Is Jewish joke from Leviticus?

Pure Evil's picture

Dumb bitch should sue her ancestors.

Exactly who invented fiat scrip in the first place?

HulkHogan's picture

Don't worry, that lady will never be seen of again. Tank man anyone?

wisefool's picture

Isn't that how long the NYFED gold boat takes to go anywhere in the world? One embarked to germany last year and is currently refueling in newfoundland.

Kirk2NCC1701's picture

But "how" will they pay? And with what?  With moar fiat FRN's?  Or in Gold that they claim to have, but don't?

dunce's picture

It occurred to me that they had a very good case and the size of the class action could be in the billions of bilked. Now you have burst my ballon of hope by pointing out that they are in fact above the law.I thought that the contempt for the law and the constitution was limited to this administration, but now i see where the true supreme power resides. Not in any branch of govt. but in a self selected group of faceless dorks that only meet once a month whose diliberations are secret.

noless's picture

so i just carved this chit, it's worth this many smoked cigarettes, right? now i cut it in half, same as many for each piece understand? a chit is a chit, i want this many, if you wont trade then fine, i'll make more chits, then we can talk again..

I am more equal than others's picture

The Chinese have something better than hanging... it is death by a thousand cuts.

http://en.wikipedia.org/wiki/Slow_slicing

slow, gruesome and an object lesson in how not to think or act by future bernake-wanna-bes

Boris Alatovkrap's picture

Is like Boris' morning routine to shave face. Someday, Boris is get own razor because always is seem dull after wife and daughters is use for hairy leg.

gmrpeabody's picture

Boris is always make me laughs...

+1

DaddyO's picture

BA, thanks I needed that after the day I've had...

DaddyO

Abi Normal's picture

Boris, you da man...I couldn't write like that if had to! ROFLMAO

Where is that computer screen cleaner...?

Dull Care's picture

????? ????? ???????!

Edit:Damn you can't write with cyrillic text on here. Boris Ochyen Smeshnoi!

dunce's picture

Please!, every body with a back pack is an under cover cop? No doubt there were some plain clothes cops there as there should be, but all dressed alike, not likely. Should they identify them selves to the public? What part of undercover is not understood?

Herd Redirection Committee's picture

Undercover, dressed, active duty, just watching.  Who cares.  They were right there and didn't prevent anything.  That should tell you everything you need to know about their 'expert presence'.  Some will choose to believe it was 'mere incompetence', others who are more cynical will see it as 'negligence', if not outright co-operation or complicity.

Freddie's picture

I want to marry this woman!

"Me rove you tomorrrrow ChiCom rady!"

ronaldawg's picture

No jurisdiction CHING CHONG....

Pure Evil's picture

I'm sure if you dig deep into the details of the Federal Reserve Charter there's a sub-clause in there somewhere that exempts Satan from all liability since the beginning of time.

(Come on, he may be the great deceiver, but nobody stuck a gun to your head, am I right?)

Frederic Bastiat's picture

Sheeps in America win without knowing it, they get iPads in exchange for monopoly money. 

Cheesy Bastard's picture

In a class action settlement, everyone in the world gets $10000.  Helicopters start flying and dropping cash tomorrow.

Big Corked Boots's picture

"As approved by the Court, each of the attorneys will get $10,000. Everyone else in the world gets a free toaster at the bank." - sez the fine print at the bottom of the settlement letter.

old naughty's picture

...and then they might not...

'Nuke' the Fed !

ronaldawg's picture

How did she get USD250 - did she blow 125 guys?  "rue soooo bigg!!!"

AllWorkedUp's picture

Ronaldawg and Churchill definitely win the morons of the week contest. What a couple of fuzzbags.

dunce's picture

How many decades has it been since you patronized a pro? You are at zerohedge you must know about monetary inflation. Talk to Elliot Spitzer on current pro prices, a documented expert in the area.

Beam Me Up Scotty's picture

She's suing because she lost 30%?  She lost alot more than 30% of her purchasing power in 17 years. 

gmrpeabody's picture

The transporter beam is having an effect on Scotty...