“If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency 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 money system. When one gets a complete grasp of the picture, the tragic absurdity, of our hopeless position, is almost incredible, but there it is. It is the most, important subject, intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse, unless it becomes widely understood, and the defects remedied very soon.”
Robert H. Hemphill
Robert H. Hemphill was a credit manager at the Federal Reserve Bank of Atlanta, known for his insights into banking and monetary systems during the 1930s.
This quote strikingly reveals the fragile dependence of our monetary systems on bank loans and encourages reflecting on sustainable financial solutions.
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Robert H. Hemphill on the Truth of Bank Money System – Eye-Opening Insights
Robert H. Hemphill reveals the fundamental dependence of our monetary system on bank loans and the risk of collapse.
Robert H. Hemphill served as a credit manager at the Federal Reserve Bank of Atlanta during the 1930s, a period of major economic upheavals. His analyses and remarks on the financial system reveal the dependence on bank credit and the fundamental problems of money creation, especially during the Great Depression.
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