John K Galbraith (Canadian economist, 1908-2006)
Can it really be that simple? Yes, it really is. The common and understandable fallacy is to think that banks lend money which they already have in their possession. They don't. They create money in the form of debt. Money is debt. Indeed if there was no debt, there would be no money for anyone to spend. 'If this is news to you', the film notes, 'you are not alone'.
(Sir Josiah Stamp Director, Bank of England 1928-1941, reputed to be the 2nd richest man in Britain at the time)
Money as Debt is a clear and insightful 47min animated film about money, debt and our quite ludicrous banking system. It was made by Canadian artist Paul Grignon. It explains how our banking system came to be what it is today; how each and every one of us are in one way or another enslaved by it; how the 'central banking system' is doomed ultimately to collapse (its design makes this inevitable); and the film also offers some real solutions for change.
For more information about the film including a full transcript, references, endorsements and a wealth of quotes, see the Money as Debt website. Watch the film below or on google here.
"I am afraid that the ordinary citizen will not like to be told that banks can and do create money...And they who control the credit of the nation direct the policy of Governments and hold in the hollow of their hands the destiny of the people"
(Reginald McKenna, former Chairman of the Board, Midlands Bank of England)
“Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess.”
(Irving Fisher, economist and author)
"Permit me to issue and control the money of a nation, and I care not who makes its laws."
(Mayer Amschel Rothschild, International Banker)
"Everyone sub-consciously knows banks do not lend money. When you draw on your savings account, the bank doesn't tell you you can't do this because it has lent the money to somebody else."
“Money is a new form of slavery, and distinguishable from the old simply by the fact that it is impersonal, that there is no human relation between master and slave.”
“None are more enslaved than those who falsely believe they are free.”
"Once a nation parts with the control of its currency and credit, it matters not who makes the nations laws...Until the control of the issue of currency and credit is restored to government and recognised as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile."
(William Lyon Mackenzie King)