,

, ,
. Henry Ford 1

,

. , ,

, , .

. ,
17 18 ,
,
, . ,

,
. ,
, ,

, 2.
de facto ,
,
,
. , ,
, &
,
. ,

,
, . ,
too big to fail,
, , coup de grace .
,
,
, 21 (1921-1930, 1935-1948) , Mackenzie
King :
. :

, Ford Motor Company, Henry Ford (1863-1947).

, , ibid. 1258a 10.

1

 ,
. ,
, .

,
.
, , Thomas Edison, :
$ 30 . $ 30 . .
, , .

,
.
,
, . , ,
, ,
, . ;
,
. , ,
, , John Galbraith :
,
, .3
, ,

, : () , () ,
() , () () .
, ,
. ,
,
(sleight of hand),
, . ,
- ,
,
. , .
,
: ,
,
. ,
,
3

J.K. Galbraith, Money: Whence it Came, Where it Went, Bantam, 1975, p.6, The study of money above all other
fields in economics, is the one in which complexity is used to disguise the truth or to evade truth not to reveal it.

, ,
, .
,
,
,
,4 .
, ,

. ,
, .
, -

, , .
; ,

; ,
,
, . :
, , .
,
, .
,
.
.
,

.
,

. laissez faire,
GlassSteagall (1999)
,
, (derivatives), .

,
16 17 ,5
4

, , ,
, . , , ,
.
5
, (1361)
,

 .
, ,
.
, ,
, .
,
, .
, ,
, ,
(safety box),
.

,
, , ,
, 2008 2009.
limbo 82 Alan Greenspan,
(nationalize the banks).

, Greenspan, -
,
. ,
Greenspan, 50
, . , .

.
Casa di San Giorgio (1407) Taula

de Canvi (1433) 16 Taula de Valencia ( C.Kindleberger,A Financial

History of Western Europe, 1984, p.47). ,
, .
(overdrafts) 100%
. Adam Smith ,
, Amsterdam (1609),
Amsterdam. Amsterdam

(legal tender) 17 ,
. , , .
100% ,
bullion , -5%
. premium,
agio. (Adam Smith, ibid., p. 428). Amsterdam
. ,
50 , , Dutch East India
Company, , .
, ,
1691. ,
, . 1694,
, 300
, Bank of England.

 ,
, Houdini,
.
,
!
- ,

.
,
.
, .

, ,
. ,
, .
!

, ,
.
, ,
- -

, self-preservation. H
,
,
. laissez faire ,
,
.
,
,

, .
: .

, ,
,
.
, ,
- ,
.
2000,

,
! ,

, 5 . ., ,
,
.
, .
, ,

. ,

2009 ,
,
, .
, .
,
, , .
,
.

16 17 ,
, ,
, ,
, . ,
,
- , ,
Airbus , 2008 2009,
.

,
. , ,
.
,
. ,
, .
,
6

.
, ,

, .
,
,
6

,

.
() (vault cash) ()
. ,
8%,
(savings) (time deposits) 3%. .

 ,
, : , .
,
,
,
, .

,
, ,
, .
, ,
, 5%
. ,
,
, (goldsmiths).7 ,
, ()
, ,
.
& .
, .
17 ,
.
. ,
(safekeeping)
, .
, (deposit receipts) ,
.
,
,
,
- . ,
10% 20% ,

vault .
7

Bank of England(1694), o
,
. , ,
1 . Charles II (1660-1685),
10,000 . ,
,
. ,
, , & .

 , Adam Smith,
,
, Charles II,
1 . ,
! ,
, ,
, .
(paper money) 5 10

. ,
,
. , , 10%, &
, 10 , 100%

,
. . super
33%. , , Sir Dudley North
, , The Turkish Company,
(1680),

, , .8
,

,
,
. , 1960,
,
, :

, ,
9
. .

, ,
James Tobin :
, (hot potato)
,
.10 Richard Eckaous11,
M.I.T :
8

Virginia Cowles, The Great Swindle, Collins, 1960. Sir Dudley North (1641-1691)
. & , Charles II & James II.
9
George Halm, Economics of Money and Banking, Irwin 1961 p.57.
10
James Tobin, Commercial Banks as Creators of Money, in Readings in Money, National Income and
Stabilization Policy, Edited by W. Smith and R. Teigen, . Irwin, 1965, p.156
11
Richard Eckaous, Basic Economics, Little Brown 1972, p.294. Is the deposit money that banks create real honest
money? Well, it will do anything that money is supposed to do. Once a deposit is made, no one receiving a check
drawn on that deposit knows whether its origins were cash found hidden in a sugar bowl or under a mattress or a
loan. And no one cares.

, , ;. , Eckaous
, : ,
. ,
,

. . ,
Eckaous .
, ,
.
,
. ,
;

100% .
,
.

8% 3%

, 100% .
,
. ,
, (open market operations),
, .
, ,

, , ,
Tobin,
12

(Fountain Pen money)

. ,
.

, , (the Establishment)13
, ,
. ,

,
12

James Tobin, ibid. Commercial Banks as Creators of Money.

13

(the Establishment)
(p.102). .
.
, , .
(dominant class). Andreas Papandreou,
Paternalistic Capitalism, University of Minnesota Press, 1972, p.106.

. , ,
, .
(rationality) (desire) ,
, (emotions).
,
.
, . ,
, .
,
.
,
, .
.
,
, . , ,
. .
, ,
,
. ,
,
,
.
, Graham Towers14 brand new money. ,
, , .
,
, . ,
,
, .
,
, . ,
, .
, ,
,
. ,
bonus . ,

(consideration), ,
.

14

Graham Towers, (Bank of Canada) 1934-55.

10

 ,
.
(promissory note)
. , , ,
. . ,
,
, . ,
.
, 1960 Federal Reserve
15
Chicago :
. ,
.

.
(deposit money), 90%
,

. ,
(cheques)
, ,
.
, ,
,
, , .
, ,
,
. (systemic
risk) . ,
,

Keynes
. ,
1960, . :
. .
. :
, . ,
. .
15

Federal Reserve of Chicago, Modern Money Mechanics, 1963, The Banks do not really pay out loans
from the money they receive as deposits. What they do when they make loans is to accept promissory
notes in exchange for credits to the borrowers transaction accounts. The deposit credits constitute new
additions to the total deposits of the banking system.
11


,
, ,
.
, bonus
. , , ,
. ,
. ,

, .
, :
, ,
. ,
,
, .
, (cash), , ,

. ,
(shareholders equity) (Total Deposits),
, 1/10, .
, ,
,

, . ,
, ,
. ,
, .
16,
,
16

, Alpha Bank (31.12.2009).

( . ), 67,849 41,810 ( 62 %)
, 13.461(20 %) , 9,063 (13%)
, 1,426 (2 %) .
, ,
(cash) (reserves)
. , Alpha ,
. ,
, .
, NGB,
,
. too big to fail , ,
( liabilities), ,
45,664 (67 %),
15,291 (23 %), 3,451 (5 %) 1324 (2 %).

12

 . ,
Alpha Bank 2009, 1/14, (/) 43
! , Alpha,

, 4 2010,
27 (-85 %) . ,
,
28 , , 2009.
, Tobin,
, ,
.
(lender of last resort),

. ,

,
(collateral) .
:
.

(reserves) .
, creatio ,
, .
, ,
,
, (). ,
,
, . ,
,
, , ( commodity),
o & . , , , ,
, , .
.
, ,
.

, , 18 % !
,

.
, , .
, ,

, ,
13

 6 % , ,
. ,
. ,
(credit lines) ,
,
, o .
, ,
,
. ,
, bona fide
. ,
(reserves),
.
,
,
, .
,
reserves. ,
(1929) Carter Glass,
,
, .

,
. ,
,

.
. H
,
: (pushing on a string).17
17

,
. ,

, Paul Vocker Federal Reserve
1980, . J.M.Keynes,
, Alan Goldsborough
1935, ( A History of Central Banking in Great Briain and the United
States, by John Woods, p.231, Cambridge, 2006). ,
1935, Federal Reserve M.Eccles,
.
Goldsborough : you mean you cannot push on o string.

14

 , ,
,
Federal Reserve ,
.

(base money),18

& ,
.
,
. ,
,
. ,
, ,
, .
2011, , a la Keynes.

,
,
. Bank of England,
,
. ,
, ,
- , ,
.
, .
,
1930. ,
,
, , .
, ,
.
1694, ,
.
, Louis XIV, (1641-1651),
, .
,
: .
18
(base money) , ,
(vault cash), (reserves)
, , ( ).

15

 , . William of Orange
Louis XIV,
. ,
,
William Paterson, (joint- stock company).
, Bank of England,
1,200,000,
William 8% !
19
, cabal, Mercers Chapel .

Charles Montagu, , Halifax,
,
William Paterson. ,

, ,
,
Charles Montagu . , 27 1694, ( Royal Chapter)
:
( The Governor and the Company of the Bank of England),
300
, ,
.
- ,
cabal, .
,
20
:
,
!
19

Edward Griffin, The Creature From Jeckylle Island, American Media, p. 176, 1998. Griffin,
: American Heridige Dictionary cabal, conspiratorial group or plotters or intrigers. ,

,
: 1)
, 2)
, 3)
, (coin),
4) , 5)
(collateral) , 6)
, 8% , 7)
( I.O.U.s) (reserves)
, .
20
Caroll Quigley, Tragedy and Hope, A History of the World in our Time, p. 49, The Bank hath benefit of interest
on all moneys which it creates out of nothing. , Quigley William
Paterson , Sir Edward Holden, Midland Bank
18 1907, , .

16

 , Paterson , William

Marlborough
. (Credit Revolution)
, , , par excellence Bank of England.

, ,
1,200,000 8% ,
, 96,000 100,000,
4,000 , !

. , 1,200,000
! Bank
of England, ,
. ,
( bank notes) , payable
to the bearer- , !
Bank of England, Griffin ( ibid.p. 177),
cabal .
, 500,000 ,
. ,
1,200,000 ,
21
720,000! ,
720,000, 8% 57,600 ,
, 100,000
720,000 , 8%,
: 160,000 22% . ,
,
8% 9% , .
, ,
, , .

, ,
, , .

,
:
usury .
,
! ,
, ,

. , Adam Smith,
Bank of England, .
21

R.D.Richards, The Early History of Banking in England (1965) p. 148, Augustus Kelly, original edition, 1929.

17

,
, . ,
, .
. ,
.
, ,
. Bernard Lietaer22,
, euro, :
$ 100,000,
, .
$ 200,000 20 ,
$ 100,000, . ,
$
100,000, . ,
.
, ,

, .
$ 100,000,
, ,
!
,
: .

,
, ,
. ,
,
, , :
.
.

,
.
,
23
.
22-1-2011

Bernard Lietaer (1942- ) , " The Future of Money Beyond

Greed and Scarcity,Random House, 2001). Lietaer
40 .
: Beyond Greed and Scarcity 1997, Yes! Magazine,
22

23

Sir Joseph Stamp, Director of the Bank of England,

1920. 1927. Greed and Scarcity of Money: The
flaw of our Monetary System, by Spiros Lavdiotis, ,http://spiros26.wordpress.com (23 2008).

18