The World Is Ruled By Those Who Have The Power To Create Money

Dr. Michael LaitmanOpinion: (Stephen Lendman): The late Georgetown University historian Carroll Quigley, in his book titled, Tragedy and Hope: ‘(T)he powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences.’

“By controlling democratic and despotic governments as well as others in between, they’ve moved closer to absolute global control of money, credit and debt to dominate economies, politics, commerce, and imperial adventurism. As a result, they’ve benefitted handsomely at the expense of nations and popular interests.

“Josiah Stamp, former Director of the Bank of England said: ‘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 money, 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 money.’

“Ellen Brown’s must-read book titled, Web of Debt discussed private banking, how it usurped money creation power, and how we can get it back.

“She explained what growing numbers know about the malignant effects of its destructive power. Everyone should understand that the Fed isn’t federal. It’s a private banking cartel owned by its major bank members in 12 Fed districts. New York has controlling power through its majority interest.

“As a result, the Fed rules globally with the European Central Bank, Bank of England, and Bank of Japan. They’re the world’s dominant central banks along with the Bank for International Settlements – the central bank for central bankers, or unaccountable banking boss of bosses.

“In America, except for coins, banks create money called Federal Reserve notes, in violation of the Constitution under Article I, Section 8 that gives Congress sole power ‘To coin (create) money (and) regulate the value thereof…’

“Coins and paper money comprise less than 3 percent of America’s money supply. The rest is in computer entries for loans.

“Banks create money that didn’t previously exist. Around 30% of it is for their private accounts – for speculation and other non-productive purposes.

“If America controlled its own money, it would be interest-free, and taxing people to pay it wouldn’t be necessary… Money for productive growth could be created inflation-free. Prosperity could be sustained. Full employment and social justice would be possible.

“A Final Comment

“Clearly, money power in private hands failed. It’s wrecking the country, devastating the American dream, impoverishing millions, destroying jobs, contaminating the environment, and funding America’s military machine that’s ravaging the world one country at a time, and threatening humanity with extinction.

“OWS and global protesters must grasp this as top goal to achieve others for long-denied social justice currently being lost entirely because corrupt politicians plan it with bankers.”

My Comment: Since the program of our development is to bring humanity to full integration, mutual guarantee, and unity above all the differences, only the revelation of the system of our mutual connection will explain to us how to correct the situation and lead us to reasonable consumption and balance. Only obeying the natural rules of our development will let us avoid bloody mistakes.

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  1. Who is playing god, when a lifetime of work in money can be fabricated out of nothing?

    Money = work and energy. It must be standardized to reality, or our system will collapse. Fix the fiat currency problem.

  2. I just want to clarify a few issues. Private banking per se isn’t the problem. It is when the government allows private banks to combine into a central bank and given control of the economy that the problems arise. The Fed is a primary case in point. It is a cabal of private banks that now work under government “supervision” and control not only interest rates but the money supply itself. Over the last three and a half years it has started involving itself in actual businesses.

    The majority of our money supply comes from fractional reserve banking, FRB. That is the issuing of loans for which there is no actual money backing it up. This is function that has the full support of the central bank. In point of fact, the central bank was created with the purpose of supporting FRB as it tends to lead to panics when people realize that there are no funds actually there. A central bank can just transfer the funds from other banks to end the panic. That was the theory, in any case. In the end that, too, failed and they had to just print the money.

    If you want to end the problems you need to end the concept of a central bank and pass the required legislation that names FRB for what it is, fraud, and prohibit it. Banks must then stand or fall on their own best business practices and the support of their customers, not the taxpayers.

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