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International Bankers - Behind the Scenes

International Bankers - Behind the Scenes

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Published by fotogal51
Carroll Quigley’s Description of International Bankers
“In effect, this creation of paper claims greater than the reserves available means that bankers were creating money out of nothing.
The same thing could be done in another way, not by note-issuing banks but by deposit banks. Deposit bankers discovered that orders
and checks drawn against deposits by depositors and given to third persons were often not cashed by the latter but were deposited to
their own accounts. Thus there were no actual movements of funds, and payments were made simply by bookkeeping transactions on
the accounts. Accordingly, it was necessary for the banker to keep on hand in actual money (gold, certificates, and notes) no more
than the fraction of deposits likely to be drawn upon and cashed; the rest could be used for loans, and if these loans were made by
creating a deposit for the borrower, who in turn would draw checks upon it rather than withdraw it in money, such “created deposits” or
loans could also be covered adequately by retaining reserves to only a fraction of their value. Such created deposits also were a
creation of money out of nothing, although bankers usually refused to express their actions, either note issuing or deposit lending, in
these terms. William Paterson, however, on obtaining the charter of the Bank of England in 1694, to use the moneys he had won in
privateering, said, “The Bank hath benefit of interest on all moneys which it creates out of nothing.” This was repeated by Sir Edward
Holden, founder of the Bank, on December 18, 1907, and is, of course, generally admitted today.”
– Carroll Quigley, Tragedy and Hope, p. 48-49
Carroll Quigley’s Description of International Bankers
“In effect, this creation of paper claims greater than the reserves available means that bankers were creating money out of nothing.
The same thing could be done in another way, not by note-issuing banks but by deposit banks. Deposit bankers discovered that orders
and checks drawn against deposits by depositors and given to third persons were often not cashed by the latter but were deposited to
their own accounts. Thus there were no actual movements of funds, and payments were made simply by bookkeeping transactions on
the accounts. Accordingly, it was necessary for the banker to keep on hand in actual money (gold, certificates, and notes) no more
than the fraction of deposits likely to be drawn upon and cashed; the rest could be used for loans, and if these loans were made by
creating a deposit for the borrower, who in turn would draw checks upon it rather than withdraw it in money, such “created deposits” or
loans could also be covered adequately by retaining reserves to only a fraction of their value. Such created deposits also were a
creation of money out of nothing, although bankers usually refused to express their actions, either note issuing or deposit lending, in
these terms. William Paterson, however, on obtaining the charter of the Bank of England in 1694, to use the moneys he had won in
privateering, said, “The Bank hath benefit of interest on all moneys which it creates out of nothing.” This was repeated by Sir Edward
Holden, founder of the Bank, on December 18, 1907, and is, of course, generally admitted today.”
– Carroll Quigley, Tragedy and Hope, p. 48-49

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Published by: fotogal51 on Jul 05, 2010
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07/24/2013

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INTERNATIONALBANKERS
BEHIND THE SCENES
By William P. Litynski
 
The National Debt Clock on display in New York City on February 1, 2010. According to the National Debt Clock, the United States of Americais over $12 trillion in debt. President Barack Obama sent Congress a $3.83 trillion budget on February 1, 2010 that would pour more moneyinto the fight against high unemployment, boost taxes on the wealthy, and freeze spending for a wide swath of government programs. Thedeficit for this year would surge to a record-breaking $1.56 trillion. (AP Photo)
First Deputy Managing Director of the International Monetary Fund
Stanley Fischer (left),
Federal Reserve Chairman
Alan Greenspan(center), and
International Monetary Fund Managing Director 
Michel Camdessus have a private conversation at a meeting on September 26, 1999. Alan Greenspan and Stanley Fischer are members of the Council on Foreign Relations. Stanley Fischer is currently the Governor of the Bank of Israel.
 
The Bank for International Settlements (BIS) headquarters in Basel, Switzerland. The BIS was established on May 17, 1930. Nazi war criminal Walther Funk served on the board of directors of Bank for International Settlements before World War II. (Photo: Flickr )

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