On Banking & Money
During the 1920’s, the President of the Bank of England and the second richest man in Britain was named Sir Josiah Stamp. He made a statement that sums up very well how these people think of you and your place in the world. He made this statement while giving an informal talk in Austin to about 150 professors of the University of Texas:
“Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to
remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create deposits.”
“The few who understand the system, will either be so interested from it’s profits or so dependant on it’s favors, that there will be no opposition from that class.”
- Mayer Amschel Bauer Rothschild
“Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money.“
- Daniel Webster
“The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.”
- John Kenneth Galbraith
“It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
Henry Ford
“Banks lend by creating credit. They create the means of payment out of nothing.“
- Ralph M. Hawtrey, Secretary of the British Treasury
“I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised-up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs.”
- Thomas Jefferson
The Federal Reserve publication “How Banks Create Money” asserts:
“Banks actually create money when they lend it. Here’s how it works: Most of a bank’s loans are made to its own customers and are deposited in their checking accounts. Because the loan becomes a new deposit, just like a paycheck does, the bank once again holds a small percentage of that new amount in reserve and again lends the remainder to someone else, repeating the money-creation process many times.”
The Federal Reserve tells us in no uncertain terms in the next sentence:
“What they do when they make loans is to accept promissory notes in exchange for credits to the borrower’s transaction accounts.”
They add fuel to the fire in their publication “Two Faces of Debt”. In this publication, on page 19, they tell us that a “…depositor’s balance…; rises when the depository institution extends credit - either by granting a loan to or by buying securities from the depositor.
In exchange for the note or security, the lending or investing institution credits the depositor’s account or gives a check that can be deposited at yet another depository institution. In this case, no one else loses a deposit…; the money supply is increased. New money has been brought into existence.”
“This [Federal Reserve Act] establishes the most gigantic trust on Earth. When the President [Wilson] signs this bill, the invisible government of the monetary power will be legalized….the worst legislative crime of the ages is perpetrated by this banking and currency bill.”
- Charles A. Lindbergh, Sr. , 1913
“The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury…[thus creating] out of nothing a…debt which the American people are obliged to pay with interest.”
- Congressman Wright Patman
“In the United States today we have in effect two governments… We have the duly constituted Government… Then we have an independent, uncontrolled and uncoordinated government in the Federal Reserve System, operating the money powers which are reserved to Congress by the Constitution.“
- Congressman Wright Patman
“The whole scheme of the Fed with its commercial paper is an impractical, cumbersome machinery - is simply a cover to secure the privilege of issuing money, and to evade payment of as much tax upon circulation as possible and then control the issue and maintain, instead of reducing interest rates.”
- Alexander Lassen before the Senate Banking and Currency Committee In 1913
“Money power denounces, as public enemies, all who question its methods or throw light upon its crimes.”
- Jennings Bryan
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