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"If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon."
 By: | Robert Hemphill (more quotes by Robert Hemphill or books by/about Robert Hemphill) |
| Credit Manager of Federal Reserve Bank, Atlanta, Ga. |
Source: | In the foreword to a book by Irving Fisher, entitled 100% Money (1935) |
Courtesy of: | Billions for the Bankers, Debt for the People The Real Story of the Money-Control Over America -taken from an essay by Sheldon Emry http://telemanage.ca/learn/bankers.htm |
Keywords: | Gold; Fed |
Categories: | America, Banking, Economics, Fed, IMF, Money, NWO, Power, Servitude, Slavery, Socialism, Tyranny |
Rating: |   |