[R-G] [BillTottenWeblog] Who Has Said What

[Bill Totten]

About the Creation of the Money Supply by the Private Banks


Bankers

"The bank hath benefit of interest on all moneys which it creates out of
nothing".
-- William Paterson, founder of the Bank of England in 1694, then a
privately owned bank.

"Let me issue and control a nation's money and I care not who writes the
laws".
-- Mayer Amschel Rothschild (1744-1812), founder of the House of Rothschild.

"The few who understand the system will either be so interested in its
profits or be so dependent upon its favours that there will be no
opposition from that class, while on the other hand, the great body of
people, mentally incapable of comprehending the tremendous advantage
that capital derives from the system, will bear its burdens without
complaint, and perhaps without even suspecting that the system is
inimical to their interests".
-- The Rothschild brothers of London writing to associates in New York,
1863.

"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 a pen they will create enough deposits
to buy it back again. However, take it away from them, and all the
fortunes like mine will disappear, and they ought to disappear, for this
world would be a happier and better world to live in. But if you wish to
remain slaves of the Bankers and pay for the cost of your own slavery,
let them continue to create deposits."
-- Sir Josiah Stamp, President of the Bank of England in the 1920s, the
second richest man in Britain.

"I am afraid the ordinary citizen will not like to be told that the
banks can and do create money. And they who control the credit of the
nation direct the policy of Governments and hold in the hollow of their
hand the destiny of the people."
-- Reginald McKenna, as Chairman of the Midland Bank, addressing
stockholders in 1924.

"The banks do create money. They have been doing it for a long time, but
they didn't realise it, and they did not admit it. Very few did. You
will find it in all sorts of documents, financial textbooks, et cetera.
But in the intervening years, and we must be perfectly frank about these
things, there has been a development of thought, until today I doubt
very much whether you would get many prominent bankers to attempt to
deny that banks create it."
-- H W White, Chairman of the Associated Banks of New Zealand, to the
New Zealand Monetary Commission, 1955.


Politicians

"I believe that banking institutions are more dangerous to our liberties
than standing armies".
-- Thomas Jefferson, US President 1801-9.

"When a government is dependent upon bankers for money, they and not the
leaders of the government control the situation, since the hand that
gives is above the hand that takes. Money has no motherland; financiers
are without patriotism and without decency; their sole object is gain."
-- Napoleon Bonaparte, Emperor of France.

"If the American people ever allow private banks to control issue of
their currency, first by inflation, then by deflation, the banks and the
corporations will grow up around them, will deprive the people of all
property until their children wake up homeless on the continent their
fathers conquered. The issuing power should be taken from the banks and
restored to the people, to whom it properly belongs."
-- Thomas Jefferson in the debate over The Re-charter of the Bank Bill
(1809).

"Money plays the largest part in determining the course of history".
-- Karl Marx writing in the Communist Manifesto (1848).

"The government should create, issue and circulate all the currency and
credits needed to satisfy the spending power of the government and the
buying power of consumers. By adoption of these principles, the
taxpayers will be saved immense sums of interest. Money will cease to be
master and become the servant of humanity."
-- Abraham Lincoln, US President 1861-5. He created government issue
money during the American Civil War and was assassinated.

"The death of Lincoln was a disaster for Christendom. There was no man
in the United States great enough to wear his boots and the bankers went
anew to grab the riches. I fear that foreign bankers with their
craftiness and tortuous tricks will entirely control the exuberant
riches of America and use it to systematically corrupt civilisation."
-- Otto von Bismark (1815-1898), German Chancellor, after the Lincoln
assassination.

"That this House considers that the continued issue of all the means of
exchange - be they coin, bank-notes or credit, largely passed on by
cheques - by private firms as an interest-bearing debt against the
public should cease forthwith; that the Sovereign power and duty of
issuing money in all forms should be returned to the Crown, then to be
put into circulation free of all debt and interest obligations ..."
-- Captain Henry Kerby MP, in an Early Day Motion tabled in 1964.

"Banks lend by creating credit. They create the means of payment out of
nothing."
-- Ralph M Hawtry, former Secretary to the Treasury.

"... our whole monetary system is dishonest, as it is debt-based ... We
did not vote for it. It grew upon us gradually but markedly since 1971
when the commodity-based system was abandoned."
-- The Earl of Caithness, in a speech to the House of Lords, 1997.


Others

"Money is a new form of slavery, and distinguishable from the old simply
by the fact that it is impersonal - that there is no human relation
between master and slave".
-- Leo Tolstoy, Russian writer.

"It is well enough that people of the nation do not understand our
banking and money system, for if they did, I believe there would be a
revolution before tomorrow morning".
-- Henry Ford, founder of the Ford Motor Company.

"The modern banking system manufactures money out of nothing. The
process is, perhaps, the most astounding piece of sleight of hand that
was ever invented. Banks can in fact inflate, mint and un-mint the
modern ledger-entry currency."
-- Major L L B Angus.

"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. The process by which banks create money is so simple the mind
is repelled. With something so important, a deeper mystery seems only
decent."
-- John Kenneth Galbraith (1908- ), former professor of economics at
Harvard, writing in 'Money: Whence it came, where it went' (1975).

_____

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