this is completely wrong and very deceiving. it might be what they would prefer the masses believe, but we are the creditors and our signatures are the only thing that create the value.
According to your statement the subject of the credit - the laymen - would be stiffed with anything a creditor creates just by signing it. The Uniform Commercial Code has a Statute of Frauds (Section 2-201) which states in the Formal Requirements that "(1) Except as otherwise provided in this section a contract for the sale of goods for the price of $500 or more is not enforceable by way of action or defense unless there is some writing sufficient to indicate that a contract for sale has been made between the parties and signed by the party against whom enforcement is sought or by his authorized agent or broker."
The definition is based off of the one in the Uniform Commercial Code. If you are not a law school student or studying for the bar, then you do not need this video lol.
