Ralph George Hawtrey Quotes

The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented.

If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve.

I am afraid the ordinary citizen will not like to be told that the banks can and do create money. And they who control the credit of the nation direct the policy of Governments and hold in the hollow of their hand the destiny of the people

The whole profit of the issuance of money has provided the capital of the great banking business as it exists today.

The business of a bank is to lend money; which amounts, nowadays, to lending credit.

The modern banking system manufactures money out of nothing.

If you've taken Econ 101, you know that the quantity of money rises only when the banking system makes a net loan.

Whoever owns the means of credit controls the industrial life of the nation.

Banks can’t put their money in the bank. They have to lend it out.

Modern money is almost altogether credit money.

The process by which banks create money is so simple that the mind is repelled.

I am afraid that the ordinary citizen will not like to be told that the banks can and do create and destroy money. And they who control the credit of a nation direct the policy of governments, and hold in the hollow of their hands the destiny of the people.

All the banks in Christendom could not control money.

We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it

Tangible currency (coins and dollar bills) together make up less than 3 percent of the U.S. money supply. The other 97 percent exists only as data entries on computer screens, and all of this money was created by banks in the form of loans.

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. The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent.

If there were no debts in our money system, there wouldn't be any money.

Commercial banks - that is, fractional reserve banks - create money out of thin air. Essentially, they do it in the same way as counterfeiters.

Having examined the nature of fractional reserve and of central banking, and having seen how the questionable blessings of Central Banking were fastened upon America, it is time to see precisely how the Fed, as presently constituted, carries out its systemic inflation and its control of the American monetary system.

Whoever controls the volume of money in any country is absolute master of all industry and commerce.

There is nothing left now for us but to get ever deeper and deeper into debt to the banking system in order to provide the increasing amounts of money the nation requires for its expansion and growth.

I learned how to lend money by cleaning up the messes of others who had made loans before me.

A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain.

What the banking system needs is creditors who monitor risk and cut their exposure when that risk is too high. Unlike regulators, creditors and counterparties know the details of a deal and have their own money on the line.

There is no limit to the amount of money that can be created by the banking system, but there are limits to our productive facilities and our labor supply ...