The private Bank of England helped King William finance
his war. Rich people subscribed
£1,200,000 in gold and silver which was
lent to the king at 8%. The king then allowed the bank to
print £1,200,000 in banknotes
and lend them. In effect, the bank created money out of thin air as
it lend the same money twice.
Suppose you borrow $35,000 to buy a
car. You visit your bank for a loan. It asks for
a collateral and you sign for the amount with an agreed rate of
interest.
Then the bank makes
an entry on the computer and,$35,000 will appear in your account .
But seconds earlier that money did not exist. It was created out of
thin air – so to speak.
Sir Josiah, later Baron Stamp, former director of
the Bank of England, said............
“ The
Bankers own the earth. Take it away from them, leave them the power
to create money, and they will buy it back. Take
that power away from them and their great fortunes will disappear,
and they ought to disappear, for a happier and better world to live
in. But if you wish to remain the slaves of
Bankers, and pay the cost of your own slavery, let them continue to
create money.”
The Congressional Record of February 9,
1917.....................
“In
March, 1915, the J.P. Morgan interests, the steel, shipbuilding,
and powder interests, got 12 men high up in the most influential
newspapers in the United States and control the daily press of the
United States .They purchase 25 of the greatest papers.… an editor
was placed at each paper to supervise and edit information
regarding militarism, financial policies, and other things of
national and international nature.”
President Woodrow Wilson, just 3 years after
passage of the Federal Reserve Act, wrote:
“A great industrial nation is controlled by its
system of credit. Our system of credit is
concentrated in the hands of the Federal Reserve
System. The growth of the nation, therefore, and
all our activities are in the hands of a few men….''