"This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have incirculation, cash or credit. If the Banks create ample synthetic moneywe are prosperous; if not, we starve. We are absolutely without apermanent money system. When one gets a complete grasp of the picture,the tragic absurdity of our hopeless position is almost incredible, butthere it is. It is the most important subject intelligent persons caninvestigate and reflect upon. It is so important that our presentcivilization may collapse unless it becomes widely understood and the defects remedied very soon.
"-- Robert HemphillCredit Manager of Federal Reserve Bank, Atlanta, Ga. http://quotes.liberty-tree.ca/quote_blog/Robert.Hemphill.Quote.CA66"
Banks have almighty power and if they are overtaken by greed and mismanagement, it is a frightening prospect for they can destroy business and livelihoods just as effectively as they create and prosper them.
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