Monetary Reform Talk, 4.09, Part 7: Robert Hemphill quote

Part 7 (of 9): Joe discusses the following quote from Robert Hemphill, Credit Manager of the Federal Reserve Bank, Atlanta GA, in the introduction to Irving Fisher's "100% Money" (1935).

"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."

(Excerpt of Joe Bongiovanni's talk on "America's Debt Crisis and the Need for Monetary Reform", April 8, 2009, Montpelier VT, produced by EconomicStability.org)

Category:

News & Politics

Tags:

• debt-free money
• EconomicStability.org
• Joe Bongiovanni
• The Chicago Plan of 1933
• debt crisis
• full reserve banking
• 100% reserve banking
• Irving Fisher
• 100% Money
• Robert Hemphill
• IMF
• Federal Reserve

[EconomicStability]

Thanks for the helpful feedback, DrakeDorosh;we are improving our production values all the time, but our skills are humble. 

Part 6 got taken down by mistake; I am restoring now.

Peter Young

[DrakeDorosh]

I really like this talk. It flows nicely except for the missing part six and while releasing the Monetary Literacy videos to make it more understandable is OK I think you should remix this. If you should choose to do that you will be able to overlay on the audio the slides you are discussing and any additional pictures or articles you might find illuminating to the dialog as presented. Like a picture of Hemp or FDR etc. It will also allow you to drop anything you consider too confusing.