Chapter 6 - Warnings About the Danger of Money Creation by Private Banking Corporations

These are a few comments from wise people who, many years ago, recognized the problems we are now having with debt. They were warning us and we take no notice. Don't treat these as padding to fill the chapter. Work out what they were telling us. It was easier for them to see the problems as the thinking was not dominated by the television, media and 'approved' textbooks. National Debt was a comparatively new phenomenon in many of them. They could see the manipulation. We now treat debt and National Debt as normal. Debt was never normal. It was not normal to resort to debt to buy things. We continually ignore their warnings.

Thomas Jefferson 1802

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and the corporations which 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, letter to Albert Gallatin (Secretary of the Treasury) 1802] (May be a false quote)

Mayer Amschel Rothschild 1744-1812

"Permit me to issue and control the money of a nation and I care not who makes its laws."

[This may be a false quote]

The real enemy wears a three piece suit

Napoleon Bonaparte 1815

"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, ........ financiers are without patriotism and without decency; their sole object is gain."

William Lyon Mackenzie King, Canadian Prime Minister, 1935

"Once a nation parts with the control of its currency and credit, it matters not who makes the nations laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile."

President James Garfield

"Whoever controls the volume of money in any country is absolute master of all industry and commerce."

Irving Fisher

"Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess."

[Irving Fisher in "100% Money"]

James Madison

"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance." [possibly misquoted]

Henry Ford

"The people must be helped to think naturally about money. They must be told what it is, and what makes it money, and what are the possible tricks of the present system which put nations and peoples under control of the few."

Abraham Lincoln

"The money powers prey upon the nation in times of peace and conspire against it in times of adversity. The banking powers are more despotic than a monarchy, more insolent than autocracy, more selfish than bureaucracy. They denounce as public enemies all who question their methods or throw light upon their crimes. I have two great enemies, the Southern Army in front of me and the bankers in the rear. Of the two, the one at my rear is my greatest foe. Corporations have been enthroned, and an era of corruption in high places will follow. The money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few, and the Republic is destroyed."

[Abraham Lincoln was the sixteenth President of the United States from 1861 until his assassination in 1865.]

William McAdoo 1974

"The fact is that there is a serious danger of this country becoming a pluto-democracy; that is, a sham republic with the real government in the hands of a small clique of enormously wealth men, who speak through their money, and whose influence, even today, radiates to every corner of the United States."

[William McAdoo - President Wilson's national campaign vice-chairman, wrote in Crowded Years (1974)]

William Jennings Bryant

"New York is the city of privilege. Here is the seat of the Invisible Power represented by the allied forces of finance and industry. This Invisible Government is reactionary, sinister, unscrupulous, mercenary, and sordid. It is wanting in national ideals and devoid of conscience . . . This kind of government must be scourged and destroyed."

[William Jennings Bryant was three times the Democratic Party candidate for President.]

Sir Josiah Stamp

"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 all back again. However, take it away from them, and all the great fortunes like mine 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."

[Sir Josiah Stamp was President of the Bank of England in the 1920s and was the second richest man in Britain.]

Ellen Brown "Web of Debt" 2008

"Our money system is not what we have been led to believe. The creation of money has been "privatised," or taken over by private moneylenders. Thomas Jefferson called them "bold and bankrupt adventurers just pretending to have money." Except for coins, all of our money is now created as loans advanced by private banking institutions, including the privately-owned Federal Reserve. Banks create the principal but not the interest to service their loans. To find the interest, new loans must continually be taken out, expanding the money supply, inflating prices and robbing you of the value of your money. Not only is virtually the entire money supply created privately by banks, but a mere handful of very big banks is responsible for a massive investment scheme known as "derivatives," which now tallies in at hundreds of trillions of dollars. The banking system has been contrived so that these big banks always get bailed out by the taxpayers from their risky ventures, but the scheme has reached its mathematical limits. There isn't enough money in the entire global economy to bail out the banks from a massive derivatives default today."

Ellen Brown is a fascinating person who has been remarkably clever in observing which banking systems work best for society. An organization called the Public Banking Institute has been set up to implement her teachings.

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