"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, etc. 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
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Reader comments about this quote:
I think that I would probably complain less if I had more of that money.
 -- David L. Rosenthal, Hollywood     
    Fractional reserve is but one issue that makes the quote accurate. Another issue is the phantasm of intrinsic value representation - interest is a creation of a banknotes (medium of exchange).
     -- Mike, Norwalk     
     -- Jim K, Austin      
    Something we don't acknowledge very often, it is not just the Federal Reserve that creates money, but every bank, every credit card, every mortgager. So the nation's money supply is made up of the combined debts of everyone using the currency. Instead, the currency is supposed to represent the combined CAPITAL of everyone using the currency. Where did all that capital go? To the private banks!! Now, no matter how productive our labors, we can only earn more debt. A corruption on such a global scale like this can only have catastrophic consequences -- and history is replete with examples for whomever will dare to research.
     -- E Archer, NYC     
    AND the Federal Reserve is not federal at all...its a private bank with 'privileges'.
    Archer got it right...and I don't see anyone getting out of debt.

     -- ABBY     
    John Adams told us: There are 2 ways to conquer and enslave a nation. One is by the sword. The other is by debt. What is the picture developing in your mind?

     -- ABBY     
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