For Standard Bank (and, so far, the courts), the matter is a simple one. In 2007 the bank gave Tellinger a loan of R828 015 to buy into a new property development in Midrand as an investment. For the first couple of years he made his payments, then he suddenly stopped. Attempts to retrieve the overdue payments from him failed and the bank obtained a summary judgment to seize the property, which will be sold to recover the money.
Tellinger’s perspective is somewhat different.
Between organising conferences about UFOs, writing hugely successful books explaining how humanity was created as slaves by aliens and researching the perpetual energy devices constructed by the highly advanced civilisation he believes used to inhabit Southern Africa, Tellinger found the time to educate himself about the fractional reserve banking system and the securitisation of debt. What he discovered shocked and horrified him.
Banks create money out of thin air, Tellinger contends, and intentionally deceive borrowers about their methods and intentions. The details are torturously complex, but the implications are clear — to him, at least.
Tip: Tim Farley
Quite a bit of conspiracy thinking going on with Mr. Tellinger. It appears that his worldview is in stark contrast with most others and is clashing in ways that have landed him in court. Standing up for rights or a creative opportunist? I can’t say but the court doesn’t find him amusing or his argument valid.