Neil Oliver turns his attention to the “Big Club,” the bankers. Transcript below.
I want to tell you a story about money. To be more specific I want to tell you where money comes from. The truth, of which most people are unaware, is that money is created out of thin air. Furthermore, every single pound, dollar, euro, yen and all the rest is created out of thin air by unelected, unaccountable private business people who conduct their meetings in total secrecy and profit always from their actions.
Let’s imagine you want to borrow 200k to buy a house. When you go to the bank and ask for that money, the banker doesn’t give you existing funds, cash from a drawer for instance. Instead, he creates that 200k out of nowhere – money that previously did not exist. That money is not backed by anything real – no gold or anything else. It is conjured out of nowhere and exists now only because the banker says it does. He then says you have to pay him back the 200k plus – let’s say for the sake of example – another 200k in interest.
He is allowed to credit your account with money that did not exist until you asked for it and he pressed digits on a keyboard … and then he invites himself to charge you whatever interest he wants on that previously non-existent sum. Talk about a fool-proof way to make money. This is how all money is created in our world and this is why so many people are made to live crippled by debt. Every year the British people pay tens of billions of pounds to private bankers as interest on something that DID NOT EXIST IN THE FIRST PLACE.
How could I be sure, but I suspect that if you or I were to attempt something similar, we would be thrown in jail before our feet touched the ground.
William Paterson, cofounder of the Bank of England in 1694, noted that:
“… the Bank hath benefit of interest on all moneys which it creates out of nothing.”
1694 … that’s at least as long as this has been going on … how long we’ve been submitting to debt created by a handful of rich people to keep everyone else under their control.
The Bank of England is technically owned by the British government, and so, notionally, by the British people. The fact of the matter however is that the government does not tell the Bank what to do. Like all central banks, the Bank of England is answerable instead to an entity called the Bank for International Settlements. The BIS is run by more unelected, unaccountable, secretive people over which we the British – like all people in the world – have no say and no control. Most people have never even heard of the Bank for International Settlements, but it is housed in a great glass tower in Basle, in Switzerland.
It is the BIS that controls the making and flow of well over 95 percent of the world’s money supply – via, to name but a few, the Bank of England, the US Federal Reserve, the People’s Bank of China, the Central Bank of the Russian Federation and the European Central Bank. It also influences a host of other smaller central banks including in unstable and failed states like Afghanistan and Libya.
We need an honest and open conversation about banks – all banks – and about another way of doing things – a way of potentially freeing the people of the world from the yoke of debt placed across their shoulders by secretive, unaccountable, profiteering private bankers. It may or not offer the solution to our woes, but I believe it is time now to talk about it and, more importantly, to invite more people to understand what banks actually do and how they do it.
If you don’t trust me, how about Thomas Jefferson, founding father and third president of the US, who said:
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow banks to control the issue of their currency … they will deprive people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
The Federal Reserve in the US was created at Christmas time 1913 – when most members were away for the holidays. By means of the Federal Reserve Act, all control over money creation was removed from Congress and given to the Federal Reserve Corporation, a private company controlled by bankers – all this despite Article 1 of the US constitution which declares:
“Congress shall have the Power to Coin Money and regulate the Value thereof.”
Federal was added to the name to trick the people into thinking they, via Congress, were in control.
Not anymore, not since that Christmas of 1913. The Fed is a private business corporation.
Or what about the words of Henry Ford, who transformed the car industry, who said:
“It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
The private bankers would have us believe their way of doing business, of making money, is the only way.
So here, let me tell you an astonishing bit of forgotten history – so forgotten you’d be forgiven for thinking some people don’t want us to remember.
Back in August 1914, with the First World War looming, people feared the future. More and more were converting their bank notes – bits of paper – into gold sovereigns and half-sovereigns, as was their right in those days when Britain was on the so-called gold standard. But by 1914, the Bank of England had already been involved in dodgy dealings, creating money out of nothing – and there were far more bank notes in circulation than there was gold in the vaults to honour them.
If everyone tried to get their gold out at once, such a ‘run on the bank’ would have been catastrophic. At a stroke, Britain would have lost its ability to pay for the upcoming war.
The Bankers ran for help to the government and to the Chancellor David Lloyd George. The August Bank holiday was extended by three days, an Act was rushed through parliament and when the banks reopened, people were offered a new kind of Treasury note – issued not by the bank but by HM Treasury, in lieu of their gold. Since the first batches bore the signature of Sir John Bradbury, the then Permanent Secretary to the Treasury, the public nicknamed them Bradbury Pounds. Because each was backed by the wealth of the nation, the familiar strap line … about a promise to pay the bearer on demand … was unnecessary and therefore absent entirely.
The people accepted the Bradbury Pounds, trusted them on sight as cash they could see and hold and spend as they liked, with perfect confidence, and the banks were saved from certain collapse.
It was sovereign money – underwritten by the wealth of the nation and, perhaps most valuable of all, by the creativity and potential of the people of that nation. Unlike the money created out of nowhere by private bankers it was interest free and unburdened by debt.
Britons were briefly beyond the clutches of private bankers. But their reprieve didn’t last long. Having been spared the consequences of creating money out of nothing, those bankers were soon back at the Treasury door – demanding the State stop issuing debt-free money. The War was up and running and as is true of all wars, there was a killing to be made, in among all the killing.
The war must be run, those bankers said, only on money borrowed from them and repayable with interest – three and a half percent interest, as it happened. By the end of the First World War, Britain’s national debt had ballooned from 600 million in 1914, to 7 billion pounds. In 1914, remember, a pound was worth 122 pounds in today’s money. That’s inflation for you.
This is no longer the world of 1914. Any solution for 2022 must be made by us … for us, in the world of today.
Henry Kissinger said:
“Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world.”
Right now, all around us, the people are being nudged ever closer to digital enslavement by secretive, unaccountable bankers.
Right now, control of energy by others we do not know is marching us towards the coldest, hungriest winter many can remember. Right now, is the time to take back control of money – its creation, its value and its flow. By so doing, we can begin the task of regaining control of our world.