Thoughts from Myron—Drill Baby Drill

By Myron Martin, May 7, 2014

In my life-long studies of the Federal Reserve I have been collecting historical quotes that only become more relevant as each year passes. Certainly this one should be on every investor’s list of quotes that are foundational to understanding how our economic and financial system actually operates.

Observed Reginald McKenna, President of the Midlands Bank of England, in 1939: “Those that create and issue the money and credit, direct the policies of government and hold in their hands the destiny of the people. Once the government is in debt to the bankers it is at their mercy.”  No truer statement was ever made, and historically one of the few men of note who were brave enough to state the truth publicly was Henry Ford, who stated: “If people understood how the banking system really operates, there would be a revolution by morning.” A rather profound and provocative statement few people have ever heard.

Ironically, also in 1939, our own Canadian Central Banker Graham Towers, testifying under oath before a Parliamentary Banking Committee, made this profound admission: “Every bank loan is a new creation of money, and when it is paid back it ceases to exist.”

It is worth re-reading that a couple of times until it is burned into your memory, because it also requires some critical thinking to understand its implications. Obviously the statement by Graham Towers is one you will not likely learn from the establishment media. In fact, banker propaganda is so all-pervasive that most people will actually not believe the statement, having been hoodwinked by the mantra that bankers loan out 90% of their depositors’ money and hold 10% as a reserve, which directly contradicts Graham Towers’ sworn testimony that “every bank loan is a new creation of money”. So yes, banks do create money out of thin air and have a monopoly that would be illegal were it not for the Federal Reserve Act of 1913. As this legalized Ponzi scheme begins to unravel, as more and more people learn they have been misled by deliberate lies designed to deceive, a revamping of the system is inevitable in the not too distant future.

In fact, one key student of the coming Death of the Dollar is Mike Maloney, who has an excellent series of videos explaining the origin of money and the
difference between currency and genuine money. He is predicting “The Greatest Wealth Transfer ...

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