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JackD

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"This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon”. Robert H. Hemphill, Credit Manager of the Federal Reserve Bank of Atlanta 1934
The money scam is so humongous that it's hard to conceive; it's the cornerstone of our slavery.Money nowadays (i.e. the fiat currency we have learned to identify as money) is nothing more than debt.
And this for the mere reason that 95% of the money supply (i.e. the total amount of money in the economy) is created out of thin air by the commercial banks as debt whenever a new loan or mortgage is signed. Banks are able to create it out of nothing and at virtually nil cost to them because the vast majority of all money exists only as electronic figures in our accounts on the banks’ computers. It circulates- only as computer data- eg when we get paid our salary by bank computer transfer or use our debit cards, cheques, direct debits, CHAPS payments etc. Nothing moves between the computer accounts at the different banks, no notes, no coins, no gold, nothing. Although our money on the banks’ computers is exchangeable for real government created notes and coins, if only a tiny fraction of us asked the banks for this “money” in real notes & coins they would immediately run out.


Banks don't lend money; they simply create it as debt.

However, it is much more significant to note that whilst the Bank of England is now state-owned the fact is that our money supply is once again almost entirely in private hands, with 97% of it being in the form of interest bearing loans of one sort or another, created by private commercial banks.

Indeed this is now where the real power resides -- with commercial banking.

The Bank of England is now essentially a regulatory body that supports and oversees the existing system. It is sometimes referred to as "the lender of last resort" in so far as one of its functions as the bankers' bank is to support any bank or financial institution that gets into difficulties and suffers a run on its liquid assets. In these circumstances, it is not obliged to disclose details of any such measures, the reason being so as to avoid a crisis in confidence -- confidence being something on which the current system is very dependent.

Joe Bloggs goes to borrow £1,000; when his loan is accepted, his account is credited with £1,000 generated out of thin air.
Joe will of course need to pay the principal plus the interest on his loan; but where will the money for the interest come from?
But from the overall money supply of the economy itself of course.

Note that at this stage the existing money supply needs to be increased for Joe to be accommodated, for the interest money does not yet exist.

Note also that there are many other Joe's chasing for other chunks of interest money that do not yet exist and need to be created.

All these Joe's need additional bank credit to be injected into the economy (with even more interest attached) and increase the money supply or they will default on their loans. So without constant and unsustainable economic growth, national, business and personal debt can only accelerate.

Thus, our economies are absolutely dependent on new bank credit being injected into them as debt money by the commercial banks.
If the bank credit (i.e. new loans and mortgages) were to stop flowing, there would be a huge amount of foreclosures and a recession.

Thus the bankers hold the keys to our very existence.

No debt = no money.

It is a well known fact the 1929 US crash was caused by the Fed: the money supply was violently contracted by about 30% (i.e. no more bank credit was injected into the economy).

Ben Bernanke, Fed Chairman:

Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton (Friedman) and Anna (Schwartz):
Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.

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


“Banks create money. That is what they are there for…. The manufacturing process to make money consists of making an entry in a book; [nowadays a computer]. That is all…. Each and every time a bank makes a loan… new bank credit is created- brand new money.” –Graham Towers, Governor of the Bank of Canada 1935-1955

“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. Banking was conceived in inequity and born in sin . . . . Bankers own the earth. Take it away from them but leave them the power to create money, and, with a flick of a pen, they will create enough money to buy it back again. . . . Take this great power away from them and all great fortunes like mine will disappear, for then this would be a better and happier world to live in. . . . But, if you want to continue to be the slaves of bankers and pay the cost of your own slavery, then let bankers continue to create money and control credit.” Sir Josiah Stamp, President of the Bank of England in the 1920s, the second richest man in Britain.

“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 the 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 Famous President US
 

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