Money as debt

I discovered this video (Money as Debt) embedded on Dave Gorman’s blog this week, and have only just gotten around to watching it — it lasts about 47 minutes, but it’s certainly well worth it — and if true … wow! Then the situation is more scary than I feared. There’s a website too:

What I thought

I always thought that money worked like this, and this is part of what I said on Sunday in my sermon.

I’m going to have to be honest with you here, I’ve never really understood money beyond the fact that I have a bank account: I put money in to the bank, I take money out and sometimes, somehow, the bank uses the money that I’ve deposited to make them — and me — more money. I have no idea how that works!

To me, it’s a bit like those films where your children’s toys come to life after dark, like Toy Story: you put the action figure in the toy chest, in the morning it’s still there exactly where you left it … but during the hours in between it’s been on some daring and crazy adventure.

New money

But it would appear not. It would appear that banks simply create new money almost out of thin air, and that money now simply represents debt.

“Each and every time a bank makes a loan, new bank credit is created – new deposits – brand new money.”
Graham F. Towers, Governor, Bank of Canada, 1934-54.

A few interesting quotations from the movie that gets you thinking:

Woodrow Wilson

“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 a 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.”

Woodrow Wilson
President of the United States of America, 1913-1921

John Adams

“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.”

John Adams,
Founding Father of the American Constitution

William Lyon Mackenzie King

“Until the control of the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talk of sovereignty of Parliament and of democracy is idle and futile…

Once a nation parts with control of its credit, it matters not who makes the nation’s laws…

Usury once in control will wreck any nation.”

William Lyon Mackenzie King
from Prime Minister of Canada
(who nationalized the Bank of Canada)


And perhaps the most scary quotation, which closes the film:

“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 their 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 work is now much 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 auto-determination practiced in past centuries.”

David Rockefeller, founder of the Trilateral Commission,
in an address to a meeting of The Trilateral Commission, in June, 1991.

What now?

Perhaps it’s time for us to stop being complacent and find out how this whole money thing works (or doesn’t) and do something about it.

But of course, we’re all busy. And I’ve got work in the morning. And there’s the grass to cut, and I have a to do list as long as my monitor is high. Perhaps it would be best just to leave it to the bankers. It’s their area of expertise, after all. They know how it works, and how to fix it … maybe we should just leave it to them …

Published by

Gareth Saunders

I’m Gareth J M Saunders, 52 years old, 6′ 4″, father of 3 boys (including twins). Enneagram type FOUR and introvert (INFP), I am a non-stipendiary priest in the Scottish Episcopal Church, I sing with the NYCGB alumni choir, play guitar, play mahjong, write, draw and laugh… Former Scrum master at Safeguard Global, Sky and Vision/Cegedim. Former web architect and agile project manager at the University of St Andrews and previously warden at Agnes Blackadder Hall.

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