Banksters vs Humanity: Round 14
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"Much discussion of money involves a heavy overlay of priestly incantation. ...The study of money, above all other fields in economics, is the one in which complexity is used to disguise truth or to evade truth, not to reveal it. ...The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." {John K Galbraith, Money: Whence it Came, Where it Went, 1975}
"Q. But there is no question about it that banks create the medium of exchange?
Mr. Towers: That is right. That is what they are for... That is the Banking business, just in the same way that a steel plant makes steel. The manufacturing process consists of making a pen-and-ink or typewriter entry on a card in a book. That is all. Each and every time a bank makes a loan (or purchases securities), new bank credit is created -- new deposits -- brand new money. Broadly speaking, all new money comes out of a Bank in the form of loans. As loans are debts, then under the present system all money is debt." {Graham F. Towers, Governor of the Central Bank of Canada (from 1934 to 1955), testifying before the Canadian Government's Committee on Banking and Commerce, in 1939. (longer quote at end of this article)}
Progressives, socialists, radicals, revolutionaries, typically rail against the excesses of corporate industry; and against co-opted governments that serve corporate commercial and financial interests over human social and economic interests. Even classical free enterprise liberals, and free market libertarians, oppose corporate monopolists who enjoy state-supported market power, in violation of the ideal of independent businesses competing on a level playing field.
All of these well-intentioned critics, idealists and reformers are -- if not exactly tilting at windmills -- at least attacking symptoms rather than attacking the root cause that drives them. You could cure all of the symptoms, but they will reappear as long as the root cause remains in place.
The root cause is the world's privately owned money issuance and allocation system, otherwise known as "banking". Private commercial banks enjoy a near absolute monopoly on the initial creation and the primary allocation of the world's supply of "money". Very large scale transnational banks exercise this "money power", and have been doing so for centuries.
The Money Power is the "invisible hand" that builds and manipulates all of the other structures of power in capitalist civilization. In the capitalist world, everything is bought and sold for money. The issuance and allocation of money assigns the power to "buy and own" everything.
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