Famous Sir Josiah Stamp Quote 

"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."

by:
Sir Josiah Stamp
(1880-1941) President of the Bank of England in the 1920's, the second richest man in Britain
Source:
Speaking at the Commencement Address of the University of Texas in 1927
Categories:
 
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Reader comments about this quote:
Some truth here, but it's much more complicated than this. Government does this now, directly & indirectly. Even as conservative an economist as Milton Friedman thinks some inflation of the money supply is good & necessary.
 -- S. Engel, Fredericksburg		 
Its not banks that are the problem but those who own them - the form is never the problem. RBE
 -- Robert, Sarasota		 
A fiat currency is inflationary, but it can be issued interest free (known as Social Credit). If people had both hard currencies and credit currencies to choose from and were not forced to accept credit in lieu of cash, then the only tax needed to pay for any services would be paid through inflation of the currency itself. Then everyone holding the credit currency pays the same percentage tax on their money -- no forms to file, no payments, no loop holes, no diverting of the debt burden to the middle class. And make the charging of compounded interest a felony! No more unpayable debt and rising taxes. The time has come for us to make the distinction between an IOU and real money. Both will always be necessary in business, but we are supposed to have a choice to accept an IOU or not. Federal Reserve Notes are not dollars -- they are promissary notes to the Federal Reserve Bank. Every 'dollar' we have today is a dollar owed to the Fed -- and we owe even more, believe it or not, due to interest! Milton Friedman would agree.
 -- J.P., New York City		 
Interest-free money is what the US government is supposed to be issuing - the Fed is enaged in a consitutionally illegal act - as its creators (Senator Aldrich, J.P. Morgan, and Paul Warburg) darn well knew! I think the national debt to the Fed should be resolved by a 'bill of exchange' (considered to be legal tender in many countries) signed by the President. Then he should issue a presidential order dissolving the Fed and the INS
 -- John-Douglas, Nassau		 
That Friedman thinks "...some inflation of the money supply is good & necessary." is contextually flawed. There are no known natural systems that would tolerate such an expression …balance and harmony are dictates imposed by the finality of nature. Life in a life-raft as it where -- as a moral collective, we sail or sink as one.
 -- J. Dryden, North Carolina		 
When research educates us as to the intention of the men who set up the insidious system - a system that Linden became aware of and exposed, (to his cost) where by as in the 1892 and also in the 1934 Manifesto it is quite clear that the aim of the bankers is to create bankruptcy throughout the the public domain! The family lines continue to own and run the banks. As each individual awakens to this diabolical lie that has been and still is being fed them about "owing a debt" - when in actual fact there is no debt - because there is no loss to the bank - (the fiat, paper funny money has been just printed with no connection to value ie gold or metal). When enough people wake up and start to educate them selves of this fact they will take the relevant action that IS there for them to take. It is the fear in folk, to get in touch with their true feelings, anger as to how they have, we all have been duped, that will cause each person to have the courage to take the appropriate action. Until each person does they will continue to be a victim and live their lives accordingly. However, when they do open their eyes, educate themselves, face those uncomfortable feelings of anger, or more to the point rage, acknowledge that it has been their own lethargy and thus lack of making the time to get educated and the accompanying unconscious feelings of shame that lack of courage to take action brings, will they truly be on the courageous road of truth, honesty and justice! Only then will they know what it is to take back their power!
 -- Sophia Newsome, London		 
This is a blatant miss quote. The proper quote uses the term "money" in place of "deposits."
 -- Manny, FL, USA		 
It may be a misquote but not 'blatantly' so. Give us the source, Manny, and we will be happy to make the correction. Thanks.
 -- Editor, Liberty Quotes		 
Sigh......
 -- Me Again		 
wow, excellent comments, where is this brain trust on other topics? Me Again, I'm with you.
 -- Mike, Norwalk		 
Bailing out the banks is just another scam for culling the herd at the expense of the 'taxpayer.' How long will Americans stand by and be fleeced while the paymasters forge stronger chains? Wake up, America!
 -- E Archer, NYC		 
To E Archer, NYC: How can you wake up people who have been programmed, (conditioned, mesmerized, hypnotized, brainwashed) by authority figures, movies, TV, schools, NGO's, New world Order Churches, etc? Many years ago, under the title, "And whose dog are you?" Robert Welch wrote in the JBS Bulletin about the connection between Pavlov's experiments and the programming of the American mind. The September 29, 2008 issue of The New American magazine has a six page story by Samuel L. Blumenfeld on, "Pavlov's Dogs and American Education." Blumenfeld's solution is for parents to remove their children from government controlled schools.
 -- James E. Lockwood, C.Ht, San Jose, CA		 
"Children who know how to think for themselves spoil the harmony of the collective society that is coming." -- John Dewey, "father of progressive education."
 -- James E. Lockwood, C.Ht, San Jose, CA		 
Incoherent gibberish!
 -- Waffler, Smith, Arkansas		 
Come on now, secrete societies, bankers and politicians that are corrupt? why would anyone in power want to hurt the poor or less fortunate? What are you people ignorant? Those in power are looking out for us. we need to heed their advice, after all that is why they are in power! yea.... like I really believe what I just typed. !!!
 -- Karl Marx, Franklin,Pa		 
As an Economic student at Clarion University I could not agree more with this statement, wether it is a partial or total miss quote is not the issue. What matters is that this statement forces us as citizens to think. If one was to look at the different economic philosophies,.. Austrian school, Chicago school or other classic forms , one will see how trully corrupt politicians , banks and banking organizations have become. But the question that arises is such, are the banks corrupt or the people that run them? If it is the latter then we can see the legitimacy of his qoute. But under the 16th amendment banks have all the rights of the people but none of the responsibilities. So once again are the banks the problem or the people that run the banks the problem? This should not be too hard to figure out! All one has to do is pick up a book and read.
 -- Chris Morgan, Clarion, Pa.		 
Wow! Great comments. Special thanks to Sophia, (which means wisdom), and to James E Lockwood. There are more aware out there than one might think. Now we need to unite and act.
 -- Ken, Milford Pa		 
As I sit here and read these quotes i cant help to wonder, when are we going to wake up and sound the f@#$king alarm? Maybe, perhaps when we are concentration camps!!!!!!!!!!
 -- Tyson, New Haven		 
True, true, true. Read "The Economics of Happiness" everyone!!!! It goes in great detail to explain why this is true and the book is very readable.
 -- N. Wood, Canada		 
Whether the quote is 100% accurate, or not; whether he said "money," or "deposits," doesn't matter; and this chicken or egg argument - over whether it is the institution, or the people running the institution, that is the problem - is academic, at best. The fact remains, that this latest manifestation of a central banking scheme is just as corrupt, and destructive, as any earlier example. The truth is, there isn't a human, living or dead, who can, or should, be trusted with such power (I believe this is Friedman's error). NO ONE should have an exclusive monopoly over money and credit - ESPECIALLY Government, which has endlessly provided examples of its inability to run anything honestly, or well.
 -- C. Bohn, Louisville, KY		 
This is just a half-quote, the rest of it is here: http://www.black-stone.net/articles/economicfoundations.html Sir Josiah Stamp, Governor of the Bank of England wrote as follows: "The modern banking system manufactures money out of nothing. The process is perhaps the most astounding sleight of hand ever invented. Banking was conceived in iniquity and born in sin...Bankers own the earth. Take it away from them but leave them the power to create money, and with the flick of a pen, they will create enough money to buy it back again...Take this power away from them and all great fortunes like mine will disappear and they ought to 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 the bankers and pay the cost of your own slavery then let the bankers continue to create money and control credit."
 -- Bill Kruse, East Molesey		 
Darn Right.
 -- darnRight, london		 
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