It is a fact...
1. that "money" is not wealth, it is only a claim to wealth, ie. to goods and services.
- 2. that "money" costs practically nothing to produce and is, with negligible exceptions,... created by the banks in the form of "finance credit", by writing figures in a ledger.
- 3. that "real credit" is quite different from "finance credit". Real credit is the potential capacity of the community to produce and deliver wanted goods and services.
- 4. that 'real credit" is essentially the property of the community considered as individuals working in association, and "finance credit"'. is no more than the "right to draw upon the community's real credit.
- 5. that "finance credit' should as a consequence, be controlled an exercised by the sovereign community in its own best interests.
- 6. that the banks claim a monopoly right to create and lend "finance credits to the community against collateral security" as they consider satisfactory to themselves. "They create the means of payment out of nothing", (Encyc. Britt. 14th Edit.) and charge interest on it.
- 7. that the community must always borrow its "finance credit" or "money" from the banks and must repay it with interest.
- 8. that the community has no other means of repaying its bank borrowings than by the faxation of its citizens or the price of its goods for sale.
- 9. that such "repayment" by the community to the banks, whether in respect of principal, interest or amortisation, is physically and mathematically impossible of execution.
- 10. that the community thus finds itself in ever-increasing debt to the banks and as a consequence under ever-increasing control by the banks and those who control the banking system.
- 11. that the community is thus under constant duress by the banks to deliver that which it does not produce and may not create — "finance credit" or "money".
- 12. that the community is only able to function at all as a viable economy through the willingness of the banks to create and lend ever larger amounts of "financial credit" to the community, and since no community can "borrow" itself our of "debt", no community today can escape a state of ever increasing "debt bondage" to the banks.
- 13. that the community, as a result of its ever increasing debt to the banks, is forced to demand even higher prices for its goods and services ("'inflation") notwithstanding that the "real cost of production (i.e. "man hour" cost for a given production) justifies ever lower prices. Knowledge and invention thus insist upon lower prices, at the same time as ever-increasing bank debt insists upon higher prices.
- 14. that any reduction in the amount of "finance credit" lent by the banks to the community ("deflation"') is at once reflected in unprofitable trade, unemployment and social unrest.
- 15. that "insolvency', formely a rare personal misfortune, has in consequence become a constant state of the community. The community may be as rich as Croesus in its real credit capacity to produce and deliver wanted goods and services, but it can never repay its "bank debt".
- 16. that "insolvency", formerly a state of affairs in which the individual was unable to "give satisfaction" to his creditors, either in goods or money (pay" from Latin "pax"; French "paix"; "peace" or "satisfaction giving") has become a constant state in which the community is never allowed to give satisfaction to its bank creditors.
- 17. that as a consequence, the community's bank creditors are always in a position to have the last word in determining both the nature of the community's economic activities and the extent of those activities.
- 18. that the community because of its "insolvency" is treated by the banks as though it had suffered an "economic defeat", with ithe banks themselves as "victors" requiring the "unconditional surrender" by the community of its sovereign rights into their hands.
- 19. that every community today, not excluding the U.S.A., is in effect being "administered in bankruptcy" (i.e. "administered by the banks"') and is subject to a virtuaľ "bank occupation" as though by a foreign power.
- 20. that "banking" today is under extra-national control and its policy and principles are increasingly centralized under a world "Finance Credit Monopoly".
- 21. that since he who pays the piper is considered justified in demanding the tune which he requires, the Finance Credit Monopoly dictates the kind of civilization and culture which the communities may enjoy by dicta ating the manner in which they shalt use their several real credit potentials, and is thus primarily responsible for the state of the world today, itis tentsions, fears, strifes, uncharitableness, and constant fear of the onslaught of the'Hi-Bomb" or "World Communism".
- 22. that the banks, by means of a false and artificial "insolvency", which they impose upon the community, and by their refusal to allow the community to direct and enjoy it's own real credit potential, have usurped the effective sovereign rights of the Queen in her parliament" which they have lodged in the "Banker in the Parlour", and are thus not only primarily responsible for the troubles which at present afflict humanity, but for the fact that humanity's road to escape is barred.
T. V. Holmes in the supplement of Credit Notes, December, 1961 (Emphasis and quotation marks supplied).