Quote of the Day –  If all bank loans were paid…

“If all bank loans were paid, 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. 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 tragedy and absurdity of our hopeless position is almost incredible — but here it is. It (the banking system) is the most important object 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 Hemphill, for 8 years credit manager of the Federal Reserve Bank of Atlanta

One Response

  1. Reblogged this on UZA – people's courts, forums, & tribunals and commented:
    Without prejudice, this is only one third true;

    this quote talks about money of account which is for public use; however, there is money of exchange which is the most cosmopolitan of ALL transactions i.e. there are cheques passing out hands daily in the form of invoices, bills, warrants. orders (yes, a court order is currency)

    And lastly, all countries use deferral of debt as legal tender;
    Then there is also digital currency such as SDRs;

    This is a perfectly geometric system and when one indorses bills and uses A4V it is a deflationary model and the only method that contracts the debt bubbles created by money of account; see it as the counterbalance for debt currency which is just book-keeping entries; there is nothing wrong with the system, it’s perfect; UCC is perfect, but the card dealers rig the game, that’s all; Time to take our UCC back and enforce payments or send offenders to jail;
    Time to re-visit the Chicago plan of 1933 and the proposals of 1998 and listen to Milton Friedman; using these tools one can re-purpose one’s central bank over a year while keeping the economics stable;
    Simple really; Thomas Paine said: “Lead, follow or stand aside!”
    be blessed

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