"The modern banking system manufactures “money” out of nothing;
and the process is, perhaps, the most, astounding piece of
“sleight of hand” that was ever invented.
In fact, it was not invented. It merely “grew”. ...
Banks in fact are able to create (and cancel) modern “deposit money”,
just as much as they were originally able to create, or call in,
their own original forms of private notes.
They can, in fact, inflate and deflate, i.e., mint, and un-mint
the modern “ledger-entry” currency."
Major L. L. B. Angas
[Lawrence Lee Bazley White/Angas] (1893-1973) Australian-born British statesman, economist
Slump ahead in bonds, 1937.
see Billions for the Bankers, Debt for the People by Sheldon Emry
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Reader comments about this quote:
 -- Mike, Norwalk      
I repeat, owning a bank is a license to steal.
 -- jim k, austin     
    This is no joke. The crash of 2008 is a result.
     -- E Archer, NYC     
     -- warren, olathe      
    Oh come on guys...don't you think we're all better off now than we were 4 trillion dollars ago? Hasn't the quality of life improved while carrying half the planet as welfare recipients all courtesy of the American taxpayer? Isn't it ok when you think of how much better we have it than they do "over there"? Isn't it just fine that children here are now born over 40,000 dollars in debt? And don't you just love terms like "monetizing debt", meaning print money out of thin air? Or GDP, meaning slave hours owed to the Federal Reserve? So much for a Constitution...that Obama seems to use as A$$ wipe...
     -- J Carlton, Calgary     
    You have no "money in the bank", only numbers.
     -- jim k, Austin, Tx     
    duh... even gold is assigning value out of nothing...
     -- Anonymous, Nowhere nohow     
    duh...gold has whatever "intrinsic" value two people place on it at any given time...try that with a piece of paper with ink on it.
     -- J Carlton, Calgary     
    Although money is myth, folks will kill you to take it from you.
     -- cal, Lewisville, TX     
    Anonymous, when was the last time you spoke with gold or voted gold into office. Were you watching MSNBC when gold assigned a value out of nothing ? Part of gold's intrinsic value comes from the difficulty in acquiring it, its many uses in commercial applications, its use in jewelery, its very long history as a stable monetary base and, I read some time back that gold's electronic expression (probably not stating that correctly, its been a long time since I read the study) has a natural attraction to the being, human.
     -- Mike, Norwalk     
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