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Quote from H. W. White,

"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 (more quotes by H. W. White or books by/about H. W. White)

Chairman of the Associated Banks of New Zealand


to the New Zealand Monetary Commission, 1955


New Zealand


Banking, Economics, Fed, IMF, Money


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