But first, a few relevant quotes, from influential people, on the monetary system we have today:
“Paper money eventually returns to its intrinsic value ---- zero.”
“I sincerely believe ... that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.”
"The decrease in purchasing power incurred by holders of money due to inflation imparts gains to the issuers of money--."
St. Louis Federal Reserve Bank,
Review, Nov. 1975, p.22
"Without the confidence factor, many believe a paper money system is liable to collapse eventually."
Federal Reserve Bank of Philadelphia,
Gold, p. 10
"Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars in accounts on their books in exchange for a borrower's IOU."
Federal reserve Bank of New York,
I Bet You Thought, p.19
"Whoever controls the volume of money in any country is absolute master of all industry and commerce."
US President James Garfield
"Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose."
John Maynard Keynes,
The Economic Consequences of the Peace,
1920, page 235ff
"Banks lend by creating credit. They create the means of payment out of nothing."
Ralph M. Hawtrey,
former Secretary of Treasury,
"Bankers own the earth. Take it away from them, but leave them the power to create money and control credit, and with a flick of a pen they will create enough to buy it back."
Sir Josiah Stamp, former President,
Bank of England
"All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation."
John Adams, letter to
"Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice."
George Washington, in letter to
J. Bowen, Rhode Island,
Jan. 9, 1787
"You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out."
US President Andrew Jackson: To delegation of
bankers discussing the
Bank Renewal Bill, 1832
“The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.” Money: Whence it came, where it went - 1975, p15
“The process by which banks create money is so simple that the mind is repelled.”
Money: Whence it came, where it went - 1975, p29
John Kenneth Galbraith
“With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.”
Friedrich A. Hayek (1899-1992) Austrian Economist, Author and 1974 Nobel Prize-Winner for Economics
And here is Max Keiser: