United States has ever produced." He is picture above alongside his 1935 book 100% Money.
If all bank loans were paid, no one would have a bank deposit, and there would not be a dollar of currency or coin 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. We are absolutely without a permanent monetary system.
When one gets a complete grasp upon this picture, the tragic absurdity of our helpless position is almost incredible–but there it is.
The forward to Irving Fisher's 100% Money (quoted from above) was written by Robert Herman Hemphill (1876—1941), he was the first credit manager at the Atlanta Federal Reserve, and an authority on banking and finance. Along with Iriving Fisher, Robert H. Hemphill in January 1934, attempted to convince Treasury Secretary Henry Morgenthau, Jr. that banks should be required by law to keep 100% reserves. On March 6, 1935, Fisher & Hemphill together visited the White House to advise President Roosevelt on financial issues. Hemphill even drafted a bill (s.3744), which was supported by Irving Fisher, and submitted to Congress by Broson Cutting of New Mexico and Wright Patman of Texas on June 6, 1934, although the bill was defeated in what was described as a "skilful parliamentary move that succeeded in preventing full Congressional consideration of the bill."
The point I've attempted to establish, is that Robert H. Hemphill was no kook, he was respected and supported by the "the greatest economist the United States has ever produced," he advised a US President, and his Treasury Secretary, and had first hand knowledge of the inner-workings of the Federal Reserve. Which is why what he said and wrote on the Federal Reserve carries a lot of weight.
Representative's Committee on Banking & Currency in Washington D.C.:
... there has been for 200 years, since one certain man came into power as a financial genius, Mayer Anselm Rothschild, who was born in 1790—since he came into power there has been a constant, organized, shrewd conspiracy to convince the people of the world that this is not true, to convince men against their own judgment, against a thing which is self-evident. And that conspiracy has involved the press, it has involved the pulpit, it has involved our schools, a conspiracy to mislead people about the importance of a very simple thing—money.
The interests who promote this confusion profit by retaining for themselves the monopoly of manufacturing our money.