Money as Debt
in order of appearance in the movie, Money
'Since I entered politics, I have chiefly had men's views confided
to me privately. Some of the biggest men in the United States, in the
Field of commerce and manufacture, are afraid of something. They know
that there is a power somewhere so organized, so subtle, so watchful,
so interlocked, so complete, so pervasive, that they better not speak
above their breath when they speak in condemnation of it.'
-- Woodrow Wilson, The New Freedom (1913)
"Each and every time a bank makes a loan (or purchases
securities), new bank credit is created — new deposits — brand
Graham F. Towers, Director, Bank of Canada
"The process by which banks create money is so simple the
mind is repelled."
John Kenneth Galbraith, Economist
"Permit me to issue and control the money of a nation, and I
care not who makes its laws."
Mayer Amschel Rothschild, International Banker
"I am afraid that the ordinary citizen
will not like to be
told that banks
can and do create money
...And they who
the credit of the nation
direct the policy of
and hold in the hollow of their hands
of the people"
past Chairman of the Board, Midlands Bank of
“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
“That is what our money system is. If there were no debts in our
money system, there wouldn’t be any money."
Marriner S. Eccles, Chairman and Governor of the Federal
"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."
"If all the bank loans were paid, no one could have a bank
deposit, and there would not be a dollar of coin or currency 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 money system. When one gets a complete
grasp of the picture, the tragic absurdity of our hopeless situation
is almost incredible -- but there it is."
Robert Hemphill. Credit Manager, Federal Reserve Bank of Atlanta
“One thing to realize about our fractional reserve banking
system is that, like a child’s game of musical chairs, as long as
the music is playing, there are no losers."
Andrew Gause, Monetary Historian
“The greatest shortcoming of the human race is our inability to
understand the exponential function."
Albert A. Bartlett, physicist
“Anyone who believes exponential growth can go on forever
in a finite world is either a madman or an economist."
Kenneth Boulding, economist
“I have never yet had anyone who could, through the use of logic
and reason, justify the Federal Government borrowing the use of its
own money... I believe the time will come when people will demand
that this be changed. I believe the time will come in this country
when they will actually blame you and me and everyone else connected
with the Congress for sitting idly by and permitting such an idiotic
system to continue."
Congressman Wright Patman
“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
“’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 with the flick of the pen they will create enough
money to buy it back again...
Take this great power away from them and all great fortunes like
mine will disappear, and they ought to disappear, for then this would
be a better and happier world to live in. But if you want to continue
to be slaves of the banks and pay the cost of your own slavery, then
let bankers continue to create money and control credit’."
Sir Josiah Stamp Director, Bank of England 1928-1941
to be the 2nd richest man in Britain at the time)
Presidential Quotes on Banking
“I am a most unhappy man. I have
unwittingly ruined my country. A great industrial nation is
controlled by its system of credit. Our system of credit is
concentrated. The growth of the nation, therefore, and all our
activities are in the hands of a few men. We have come to be one of
the worst ruled, one of the most completely controlled and dominated
Governments in the civilized world, no longer a Government by free
opinion, no longer a Government by conviction and the vote of the
majority, but a Government by the opinion and duress of a small group
of dominant men."
This quote attributed to Woodrow Wilson is widely used in the
monetary reform community and is found in several reputable works,
including Wikipedia. I used the quote in Money as Debt without
finding an original source.
The research below indicates that this quote is cobbled together
from quotes found in Wilson's book "the New Freedom", which
itself is cobbled together from speeches Wilson made in 1911, before
the Federal Reserve was established. However, if this is what Wilson
thought before the Federal Reserve, how could further establishing
the power of a "small group of dominant men" make Wilson
of Woodrow Wilson
Did the president lament the day he "unwittingly
ruined" his country by creating the Federal Reserve?
Dec. 21, 2007 11:23 PST
The unhappiness of Woodrow Wilson
Did Woodrow Wilson bitterly regret his role in creating
the Federal Reserve? Some readers of my post yesterday on Ron Paul
and the Federal Reserve believe so. Two of them proffered an
identical quote as evidence.
I am a most unhappy man. I have unwittingly ruined my
country. A great industrial nation is controlled by its system of
credit. Our system of credit is concentrated. The growth of the
nation, therefore, and all our activities are in the hands of a few
men. We have come to be one of the worst ruled, one of the most
completely controlled and dominated Governments in the civilized
world -- no longer a Government by free opinion, no longer a
Government by conviction and the vote of the majority, but a
Government by the opinion and duress of a small group of dominant
On the hundreds of Web sites on which this quote
appears, it is typically taken as proof of Wilson's remorse at
handing over control of the nation's money supply to a cabal of Wall
Street money men. A common framing: "Woodrow Wilson signed into
effect the Federal Reserve Act on December 23, 1913. And said the
following just six years later." Even the Wikipedia page for
Woodrow Wilson includes the quote, as proof that "Historians
generally agree that Wilson hated the Federal reserve, and it made
him, by his own word, "a most unhappy man..."
Frequency of repetition doesn't make for reliable
sourcing, however, and convincing documentary evidence that Wilson
uttered such words, in reference to his role creating the Federal
Reserve, is hard to come by. In fact, the available evidence suggests
that the quote is an after-the-fact fabrication made by splicing
together passages of different Wilson statements that have nothing at
all to do with the Federal Reserve.
Two separate portions of the quote appear in The New
Freedom: A Call for the Emancipation of the Generous Energies of a
People," published in 1913. "The New Freedom" is a
distillation of campaign speeches Wilson made while running for
President in 1911.
On page 185 there is the following section:
great industrial nation is controlled by its system of credit. Our
system of credit is privately concentrated. The growth of the nation,
therefore, and all our activities are in the hands of a few men who,
even if their action be honest and intended for the public interest,
are necessarily concentrated upon the great undertakings in which
their own money is involved and who necessarily, by very reason of
their own limitations, chill and check and destroy genuine economic
And on page 201:
We are at the parting of the
ways. We have, not one or two or three, but many, established and
formidable monopolies in the United States. We have, not one or two,
but many, fields of endeavor into which it is difficult, if not
impossible, for the independent man to enter. We have restricted
credit, we have restricted opportunity, we have controlled
development, and we have come to be one of the worst ruled, one of
the most completely controlled and dominated, governments in the
civilized world -- no longer a government by the opinion and the
duress of small groups of dominant men.
Now, this is all good rabble-rousing stuff, but its
relevance to the creation of the Federal Reserve is nonexistent. The
speeches these quotes were adapted from were delivered before the
Federal Reserve was created. And as for the melodramatic utterance:
"I am a most unhappy man. I have unwittingly ruined my country,"
well, so far, the sourcing well is coming up dry.
“All of the perplexities, confusion, and distress in America
arises, not from the defects of the Constitution or Confederation,
not from want of honor or virtue, so much as from downright ignorance
of the nature of coin, credit, and circulation."
Adams, Founding Father of the American Constitution
“Whoever controls the volume of money in our country is absolute
master of all industry and commerce...and when you realize that the
entire system is very easily controlled, one way or another, by a few
powerful men at the top, you will not have to be told how periods of
inflation and depression originate."
James A. Garfield,
assassinated president of the United States
The Government should create, issue, and circulate all the
currency and credits needed to satisfy the spending power of the
Government and the buying power of consumers. By the adoption of
these principles, the taxpayers will be saved immense sums of
interest. The privilege of creating and issuing money is not only the
supreme prerogative of government, but it is the government’s
greatest creative opportunity."
assassinated president of the United States
"Once a nation parts with the control of its currency and
credit, it matters not who makes the nations laws. Usury, once in
control, will wreck any nation. 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
"We are grateful to the Washington Post, the New York Times,
Time magazine and other great publications whose directors have
attended our meetings and respected the promises of discretion for
almost forty years. It would have been impossible for us to develop
our plan for the world if we had been subject to the bright lights of
publicity during those years. But, the world is now more
sophisticated and prepared to march towards a world-government. The
supranational sovereignty of an intellectual elite and world bankers
is surely preferable to the National autodetermination
in past centuries"
David Rockefeller in an address to a Trilateral Commission meeting
in June of 1991
Producer's Comment: More sources attribute this quote as occurring
at a at Bilderberger meeting in Baden-Baden Germany in 1991
“Only the small secrets need to be protected.
The big ones
are kept secret by public incredulity."
Alternately quoted as:
"Only puny secrets need
Big discoveries are protected by public incredulity."
Marshall McLuhan, media “guru"
Not in the Movie
Misc Quotes on Banking
More Relevant Quotations from
'The world is governed by very different personages from what is
imagined by those who are not behind the scenes.'
Benjamin Disraeli, first Prime Minister of England, in a novel he
published in 1844 called Coningsby, the New Generation
'The governments of the present day have to deal not merely with
other governments, with emperors, kings and ministers, but also with
the secret societies which have everywhere their unscrupulous agents,
and can at the last moment upset all the governments plans. '
British Prime Minister Benjamin Disraeli, 1876
"In March, 1915, the J.P. Morgan interests, the steel,
shipbuilding, and powder interest, and their subsidiary
organizations, got together 12 men high up in the newspaper world and
employed them to select the most influential newspapers in the United
States and sufficient number of them to control generally the policy
of the daily press....They found it was only necessary to purchase
the control of 25 of the greatest papers. An agreement was
reached; the policy of the papers was bought, to be paid for by the
month; an editor was furnished for each paper to properly supervise
and edit information regarding the questions of preparedness,
militarism, financial policies, and other things of national and
international nature considered vital to the interests of the
U.S. Congressman Oscar Callaway, 1917
'The real menace of our republic is this invisible government
which like a giant octopus sprawls its slimy length over city, state
and nation. Like the octopus of real life, it operates under cover of
a self created screen....At the head of this octopus are the
Rockefeller Standard Oil interests and a small group of powerful
banking houses generally referred to as international bankers. The
little coterie of powerful international bankers virtually run the
United States government for their own selfish purposes. They
practically control both political parties.'
New York City Mayor John F. Hylan, 1922
'From the days of Sparticus, Wieskhopf, Karl Marx, Trotsky, Rosa
Luxemberg, and Emma Goldman, this world conspiracy has been steadily
growing. This conspiracy played a definite recognizable role in the
tragedy of the French revolution. It has been the mainspring of every
subversive movement during the 19th century. And now at last this
band of extraordinary personalities from the underworld of the great
cities of Europe and America have gripped the Russian people by the
hair of their head and have become the undisputed masters of that
Winston Churchill, stated to the London Press, in 1922
'The government of the Western nations, whether monarchical or
republican, had passed into the invisible hands of a plutocracy,
international in power and grasp. It was, I venture to suggest, this
semi-occult power which....pushed the mass of the American people
into the cauldron of World War I.'
British military historian Major General J.F.C. Fuller, 1941
"For a long time I felt that FDR had developed many thoughts
and ideas that were his own to benefit this country, the United
States. But, he didn't. Most of his thoughts, his political
ammunition, as it were, were carefully manufactured for him in
advanced by the Council on Foreign Relations -- One World Money
group. Brilliantly, with great gusto, like a fine piece of artillery,
he exploded that prepared "ammunition" in the middle of an
unsuspecting target, the American people, and thus paid off and
returned his internationalist political support.
"The UN is but a long--range, international banking apparatus
clearly set up for financial and economic profit by a small group of
powerful One--World revolutionaries, hungry for profit and power.
"The depression was the calculated 'shearing' of the public
by the World Money powers, triggered by the planned sudden shortage
of supply of call money in the New York money market....The One World
Government leaders and their ever close bankers have now acquired
full control of the money and credit machinery of the U.S. via the
creation of the privately owned Federal Reserve Bank."
Curtis Dall, FDR's son-in-law as quoted in his book, My Exploited
'A definite factor in getting a lie believed is the size of the
lie. The broad mass of the people, in the simplicity of their hearts,
more easily fall victim to a big lie than to a small one.'
'And it seems to me perfectly in the cards that there will be
within the next generation or so a pharmacological method of making
people love their servitude, and producing … a kind of painless
concentration camp for entire societies, so that people will in fact
have their liberties taken away from them but will rather enjoy it,
because they will be distracted from any desire to rebel by
propaganda, brainwashing, or brainwashing enhanced by pharmacological
Aldous Huxley, 1959
'I know the secret of making the average American believe anything
I want him to. Just let me control television.... You put something
on the television and it becomes reality. If the world outside the TV
set contradicts the images, people start trying to change the world
to make it like the TV set images.....'
Hal Becker, media 'expert' and management consultant, the Futures
Group, in an interview in 1981
"Our job is to give people not what they want, but what we
decide they ought to have."
Richard Salant, former President of CBS News
"The powers of financial capitalism had another far reaching
aim, nothing less than to create a world system of financial control
in private hands able to dominate the political system of each
country and the economy of the world as a whole. This system was to
be controlled in a feudalist fashion by the central banks of the
world acting in concert, by secret agreements, arrived at in frequent
private meetings and conferences. The apex of the system was the Bank
for International Settlements in Basle, Switzerland, a private bank
owned and controlled by the worlds' central banks which were
themselves private corporations. The growth of financial capitalism
made possible a centralization of world economic control and use of
this power for the direct benefit of financiers and the indirect
injury of all other economic groups."
Tragedy and Hope: A History of The World in Our Time (Macmillan
Company, 1966) Professor Carroll Quigley of Georgetown University,
highly esteemed by his former student, former US President, Bill
"There is a small circle of men who control the world's
finance. "Each member, before initiation, knows its religion to
be reward for friends and extermination of enemies. Once a man is
within the magic circle...punishment for disloyalty is sure and
terrible, and in no corner of the Earth can he escape it, nor can any
power on Earth protect him from it.
" The magic circle is "at the receiving end of the
greatest information bureau in the world.""
Thomas Lawson, Everybody's Magazine "Frenzied Finance"
"Those who manipulate this unseen mechanism of society
constitute an invisible government which is the true ruling power of
our country. Our minds are molded, our tastes are formed, our ideas
suggested, largely by men we have never heard of."
Walter Bernays Propaganda 1928
" I think the subject which will be of most importance
politically is mass psychology....Various results will soon be
arrived at: that the influence of home is
obstructive....although this science will be diligently studied, it
will be rigidly confined to the governing class. The populace
will not be allowed to know how its convictions were generated.
When the technique has been perfected, every government that has been
in charge of education for a generation will be able to control its
subjects securely without the need of armies or
policemen....Educational propaganda, with government help, could
achieve this result in a generation. There are, however, two
powerful forces opposed to such a policy: one is religion; the other
is nationalism....A scientific world society cannot be stable unless
there is a world government."
Bertrand Russell 1958