"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. Banking was conceived in iniquity and born in sin. Bankers own the earth. Take it away from them, but leave them the power to create money and control credit, and with the flick of a pen, they will create enough money to buy it back again. Take this great power away from the bankers and all the great fortunes like mine will disappear, and they ought to disappear, for this would be a better and happier world to live in. But if you want to continue the slaves of bankers and pay the cost of your own slavery, let them continue to create money and to control credit."
- Sir Josiah Stamp, Director and President of the Bank of England during the 1920's
Many people find it hard (if not impossible) to understand how the private debt money system contributes to all the poverty that exists in the world today.
Instead of trying to understand our total economy with its billions of dollars, let’s just look at one dollar. And let’s accept the following as true.
· A private bank lent you one dollar ($1.00).
· This dollar is the only dollar in existence.
· The private bank demanded 10% interest.
· After paying 10% or ten cents ($0.10), you now have ninety cent ($0.90) left.
My question to you is how are you going to repay one dollar ($1.00) to the private bank when you only have ninety cents ($0.90)?
Borrowing just one dollar at 10% creates a debt of ten cents. The debt always equals the interest charged! Always! Always! Always!
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