Sunday, 31 March 2013

Public credit 'the first step' Federal Reserve Manager says

Robert Hemphill Credit Manager of the Federal Reserve Bank in Atlanta early in the 1930's Great Depression pleaded for the government to spend direly needed debt free money into the economy and his words are just as important today:

“We are rapidly approaching a situation where the government MUST issue additional currency. It will very soon be the only move remaining. IT SHOULD HAVE BEEN THE FIRST STEP IN THE RECOVERY PROGRAM.

“Immediately upon a revival of the demand that the government increase the supply of currency, we shall again be subjected to a barrage of skillfully designed and cunningly circulated propaganda by means of which a small group of international bankers have been able, for two centuries to frighten the peoples of the civilized world against issuing their own good money in sufficient quantities to carry on their necessary commerce. By this simple, but amazingly successful device these `money changers’ — parasites in a busy world intent on creating and exchanging wealth — have been able to preserve for their private and exclusive right the monopoly of manufacturing an inferior substitute for money which they have hypnotized civilized nations into using, because of their pressing need to exchange goods and services.

“In our present situation the issue of additional currency is the only way out. Is there any good reason that Congress cannot or should not do this now? How long, OH GOD WILL THE AMERICAN PEOPLE STAND FOR SUCH A CONDITION; when all they need is a safe, sane, reasonable plan of economic security and “United Action” to put it into operation?"

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