“The process by which banks create money is so simple that the mind is repelled.” – Economist John Kenneth Galbraith

Washington’s Blog Explains Money

Finally someone has shined a little light upon the mystery of how money and credit work in the above linked article.

BUT

AND

It is indeed so simple that we mere honest bill and tax payers find it ludicrous, unbelievable, and impossible!

To quote:

“Banks create money. That is what they are for. . . . The manufacturing process to make money consists of making an entry in a book. That is all. . . . Each and every time a Bank makes a loan . . . new Bank credit is created — brand new money.”
– Graham Towers, Governor of the Bank of Canada from 1935 to 1955.

“The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented.”
– Sir Josiah Stamp, president of the Bank of England and the second richest man in Britain in the 1920s.

“[W]hen a bank makes a loan, it simply adds to the borrower’s deposit account in the bank by the amount of the loan. The money is not taken from anyone else’s deposit; it was not previously paid in to the bank by anyone. It’s new money, created by the bank for the use of the borrower.”
– Robert B. Anderson, Secretary of the Treasury under Eisenhower, in an interview reported in the August 31, 1959 issue of U.S. News and World Report

If we can get our minds around this our next thoughts should lead us to questions:
1. Says who?
2. Why have our elected leaders co-operated in this through law?
3. Do we have an accountable governmental body under this paradigm?
4. Are we free citizens under this power of the purse?
5. How long can we live in the illusion that our representatives owe us or our flag allegiance?
6. In the Bible it is said that the debtor is servant to the lender, are we not the servants to our bankers?
7. Will we have to give our national treasures and resources to these debtors?
8. Then what?
9. Where and when did we lose our country?

I think the answer to 9. is Jekyll Island, November, 1910, when the Federal Reserve Bank was conspired into being. Here is a link to the centennial celebration observance, http://dailyreckoning.com/a-century-of-money-mischief/

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