Quotes on Banks

“Every effort has been made by the Fed to conceal its power but the truth is, the Fed has usurped the government. It controls everything here and it controls all our foreign relations. It makes and breaks governments at will”. – Congressman Louis T. McFadden, 1933, Chairman, Banking and Currency Committee
“The bold effort the present bank had made to control government (Second National Bank of the U.S.), the distress it has wantonly produced…are but premonitions of the fate that awaits the American people should they be deluded into a perpetuation of this institution or the establishment of another like it.” – President Andrew Jackson

“If all the bank loans were paid up, no one would have a bank deposit, and there would not be a dollar of currency or coin in circulation. This is a staggering thought. We are completely dependent on the commercial banks for our money. 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 monetary system. When one gets a complete grasp upon the picture, the tragic absurdity of our hopeless position is almost incredible – but there it is. It (the banking problem) is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it is widely understood and the defects remedied very soon.” – Robert H. Hemphill, Credit Manager of the Federal Reserve Bank of Atlanta
“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 deposits,
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
deposits.” – Sir Josiah Stamp Pres. of the Bank of England (1920’s). 2nd
richest man in England.
“If two parties, instead of being a bank and an individual, were an individual and an individual, they could not inflate the circulating medium by a loan transaction, for the simple reason that the lender could not lend what he didn’t have, as banks can do…..Only commercial banks and trust companies can lend money that they manufacture by lending it.” – Professor Irving Fisher, Yale University, in his book 100% Money