Sir Josiah Stamp – Director Bank of England

Posted 5/14/2012
Sir Josiah Stamp – Director Bank of England

Sir Josiah Stamp was a Director of the Bank of England in the late 1920s. He made the following revealing comments about banking at a speech in London:-
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. Banking was conceived in iniquity and born in sin. Bankers own the earth. Take it away from them but leave them the power to create money, and, with a flick of a pen, they will create enough money to buy it back again. Take this great power away from them and all great fortunes like mine will disappear, for then this would be a better and happier world to live in. But, if you want to continue to be the slaves of bankers and pay the cost of your own slavery, then let bankers continue to create money and control credit.[i]
 
It is worthwhile to analyse this revealing and honest confession...
The modern banking system manufactures money out of nothing.

 When you borrow money from a bank, say £10,000, does the bank reduce somebody else’s account by £10,000? No. Does the bank reduce its accumulated profits or reserves by £10,000? No. Does the bank reduce its money account by £10,000? No. The bank simply credits or inserts £10,000 into your account by mean of a few key-strokes on a computer. The bank creates this credit out of thin air. The credit does not exist until the bank creates it.
The process is perhaps the most astounding piece of sleight of hand that was ever invented.

This sleight of hand was invented by the goldsmith-bankers who issued promissory notes. It was just a simple but brilliant confidence trick. One trusted that promissory notes represented money, but they didn’t; they were just promises to pay money, ‘backed’ by a fractional reserve.
Banking was conceived in inequity and born in sin.

Sir Josiah acknowledges the fact that commercial banking is operating the same Fractional Reserve Banking fraud perfected by the goldsmith-bankers.
Bankers own the earth. Take it away from them but leave them the power to create money, and, with a flick of a pen, they will create enough money to buy it back again.

By allowing banks to create credit, bankers can manipulate the economy. They can create many loans, inflate the money supply and create a boom. Then they can in concert, call in the loans, deflate the money supply and cause a bust. By this process of inflation, (creating new loans) and then deflation, (calling in loans, and not issuing new loans) bankers can manipulate the economy and acquire real wealth, land, houses and businesses, at a very cheap price. So with the flick of a pen from yester-year, or a few key-strokes of today, the bankers can manipulate the creation of credit, so that they can own the earth again.
Take this great power away from them and all great fortunes like mine will disappear, for then this would be a better and happier world to live in.

Once commercial banks are not allowed to create money by creating credit, the great fortunes of the bankers would disappear, and this would be a better and happier world to live in.

But, if you want to continue to be the slaves of bankers and pay the cost of your own slavery, then let bankers continue to create money and control credit.

Every Government in the world has a national debt. Most of us are in debt; we have mortgages, credit card loans, car loans, student loans, and more loans.
It is no exaggeration to say that debt-money makes us slaves. Unlike the slaves of yore, we do not fear getting whipped or beaten or starved by our Masters. Instead we fear losing our jobs, thereby losing our income, and eventually our homes and possibly even our family.
 

[i] Michael Rowbotham, The Grip of Death (Jon Carpenter Publishing ,1998) P 35.