The power of banks

Does not strike you as preposterous that an institution that produces nothing more than figures in books, can acquire the ownership of assets more vast than our greatest industries which emply thosuands of people in all states, and upon whose physical production the entire economy of Australia depends?

Australian Institute for Economic Democracy, cited in The Grip of Death, p.35

Manufacturing Money - Lord Josiah Stamp

The modern banking system creates 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 with the power to create credit, and with the stroke of a pen they will create enough money to buy it back again ... If yo want to be slaves of the bankers, and pay the costs of your own slavery, then let the banks create money.

Lord Josiah Stamp, former Director Bank of England, cited in The Grip of Death, p.35

The power to issue money - Thomas Jefferson

If the American people ever allow the banks to control the issuance of their currency, first by inflation and then by deflation, the banks and the corporations that will grow up around them will deprive the people of all properties until their children will wake up homeless on the continent their fathers occupied. The issuing power of money should be taken from the banks and restored to Congress and the people to whom it belongs. I sincerely believe the banking institutions having the issuing power of money are more dangerous to liberty than standing armies.

Thomas Jefferson, cited in The Grip of Death, p.35

Fractional reserve as a growth bias - Herman Daly

As a result of fractional reserve banking, over 90% of our money supply is loaned into existence by commercial banks and thus must grow by enough to at least pay the interest on the loan by which it was created. This gives a basic growth bias to the economy.

Herman E. Daly, comment on The Grip of Death, by Michael Rowbotham