The Truth about Banking

Book One:  Globalism Unmasked – The Truth about Banking and the ‘Reset‘ of Society’ is now available for download


► The privately owned worldwide debt-money system creates money from nothing and charges interest on it
► This system of outrageous privilege has provided the banks massive profits for decades all for free – a relatively small group of the worldwide population (less than 0.1 %) in the banking industry and its corporate and political associations became extremely wealthy while the rest of the people (governments and people that have taken out the loans) remain in debt and must work for the money the privately owned banks create from nothing.
► The debt-money/fractional reserve banking/usury system has detrimental consequences for worldwide society and the environment
► The real reason governments prioritise GDP growth is so that interest payments can be made to the international banking and finance system
► GDP growth is prioritised by governments and the banking system – but GDP growth the associated debt-money system are significant drivers of environmental degradation, resource depletion, pollution and social inequity
► Without GDP Growth the international banking system and economic system fails – the banking system required GDP growth so interest to banks can be paid (yet GDP growth causes environmental degradation)
► Debt money and usury results in wealth and power for a tiny minority, financial burden for the masses and environmental destruction
► Almost all governments are in massive debt to the international privately owned banking system –  money that they could have created themselves. The last U.S. to attempt to take the money creation process back from the private bankers was John F. Kennedy.
► The flaws of the banking system are not in the mainstream public consciousness
► Usury (the scam of charging of excessive interest on debt money created from nothing) should be abolished

When you get a mortgage, loan or a credit card, the debt money is created out of thin air when you sign on the dotted line of the con-tract, yet you will have to pay it all back to the bank plus interest. As a consequence of the interest received by the end of the loan contract (e.g. a mortgage) the bank has typically received around twice the total sum money that was originally lent.

Criticisms of the debt-money banking system

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” – Henry Ford (1863-1947), Founder of Ford Motor Company

“banking institutions are more dangerous to our liberties than private armies. If the American people ever allow private banks to control the issue of their currency.. the banks.. will deprive the people of all their property” – Thomas Jefferson

“Some things you miss because they’re so tiny you overlook them. But some things you don’t see because they’re so huge” – Robert Pirsig

“The goal is control. They want all of us enslaved to debt, they want all of our governments enslaved to debt, and they want all of our politicians addicted to the huge financial contributions that they funnel into their campaigns. Since the elite also own all of the big media companies, the mainstream media never lets us in on the secret that there is something fundamentally wrong with the way that our system works.” – Karen Hudes (worked in the legal department of the World Bank for more than 20 years and was Senior Counsel when she was fired for blowing the whistle on the corruption . See Endnote )

“It is obvious that on a finite Earth.. economic growth cannot continue indefinitely… Today, as economic growth falters, the defects and injustices of our banking system have come sharply into focus, and light has also been thrown onto the much-too-cozy relationship between banking and government. The collapse of banks during the subprime mortgage crisis of 2008 and their subsequent bailout by means of the taxpayer’s money can give us an insight into both phenomena – the faults of our banking system and its infiltration into the halls of government. One feature of banking that cries out for reform is “fractional reserve banking”, i.e. the practice whereby private banks…are in effect coining their own money and putting it into circulation, a prerogative that ought to be reserved for governments. Under the system of fractional reserve banking, profits from any expansion of the money supply go to private banks rather than being used by the government to provide social services. This is basically fraudulent and unjust; the banks are in effect issuing their own counterfeit money.” – John Scales Avery, an Associate Professor in quantum chemistry at the University of Copenhagen

“It is not widely known that almost all the money we use comes into existence, not by governments creating it, but as a result of a bank agreeing to make a loan to a customer at interest. Only about 3% – the notes and coins – is government-made. The other 97% comes into existence as a debt owed by a customer to a bank. The effect of this is that our economies have to grow in order to avoid financial collapse. The debt-money system is thus the driving force behind the economy. The risk of collapse forces governments to give priority to strategies that serve the money growth imperative; and in turn, these strategies produce the unjust and unsustainable form of globalisation that we have today… The current political/economic system the main components of which are described in chapter 3 of Gaian Democracies: its systemic purpose is money growth in order to maintain the debt money system, it is held together by an ‘elite consensus’ upholding the values and assumptions of the system, it operates by means of an armoury of financial and legal instruments (transnational corporate capitalism, national policies, inter-national institutions, opinion manipulation), it maintains intellectual respectability by means of theories such as neo-liberal economics, national sovereignty, representative democracy and command and control leadership, it operates through the big-business-government partnership dominated by bankers and a global leadership covering politics, finance, business academia and the media. This system, comprising all those components, is what we called the ‘Global Monetocracy’ – as this system remains dominant, we will continue to see the detrimental consequences that flow from it.” – John Jopling, Co-Author of the book ‘Gaian Democracies’

This outrageous debt-money system has become so ingrained in modern society is almost hardly ever questioned in mainstream media and is explained not taught in our schools. Furthermore, governments hardly ever mention that this method of allowing private banks ownership of the money creation process is unnecessary and contrary to the interests of the taxpayer and the public. The last U.S. president to address this issue was John F. Kennedy – in his administration a bill was passed to place the money creation process back into public ownership. This bill was quickly reversed by the next President that took office.

A documentary available online called The Money Masters provides an account of how the monetary system functions. See also Money as Debt – Fractional Reserve Banking series online. See also The American Dream documentary.

The Federal reserve system is the central bank in the U.S. Its actions cannot be overruled by government. It began in 1913 when:
“the Federal Reserve Act let powerful bankers usurp the money creation authority in violation of the Constitution’s Article I, Section 8, giving only Congress the power to “coin Money (and) regulate the Value thereof”. Thereafter, powerful bankers used their control over money, credit and debt for private self-enrichment, bankrolling and colluding with Congress and administrations to implement laws favoring them. As a result, decades of deregulation, outsourcing, economic financialization, and casino capitalism followed, producing asset bubbles, record budget and national debt levels, and depression-sized unemployment far higher than reported numbers, albeit manipulated to look better. After the financial crisis erupted in late 2007, even harder times have left Main Street in the early stages of a depression, with recovery pure illusion. Today’s (debt) contagion has spread out of control, globally. Wall Street got trillions of (taxpayers) dollars in a desperate attempt to socialize losses, privatize profits, and pump life back into the corpses by blowing public wealth into a moribund financial sector, failing corporate favorites, and America’s aristocracy. While Wall Street boasts it has recovered, industrial America keeps imploding. High-paying jobs are exported. Economic prospects are eroding. Austerity is being imposed, with no one sure how to revive stable, sustainable long-term growth.” – Stephen Lendman Author of ‘How Wall St Fleeces America’

“When you or I write a cheque there must be sufficient funds in our account to write the cheque, but when the Federal Reserve writes a cheque there is no bank deposit on which that cheque is drawn. When the Federal Reserve writes a cheque it is creating money.” – Federal Reserve Bank of Boston. ‘Putting it Simply’ (1984)

“The FED is an independent agency, that means basically that there is no other agency of government which can overrule actions that we take – what relations are (between Chairman of FED and President of the USA) don’t frankly matter.” Alan Greenspan (former FED Chairman)

“The government should create, issue and circulate all the currency and credits needed to satisfy the spending power of the government and the buying power of consumers. By the adoption of these principles the taxpayers will be saved immense sums of interest. Money will cease to be the master and become the servant of humanity.” – Abraham Lincoln (Lincoln issued government money, but was later assassinated).

“Whoever controls the volume of money in any country is absolute master of all industry and commerce.. when you realise that et entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.“ – James Garfield (20th President of the U.S. – assassinated 1881).

This system makes a small number of people at the upper echelons of this international system extremely wealthy and makes debt slaves of the countless millions or even billions of individuals that take out the loans.

Meanwhile the resources, bio-diversity and eco-systems our species’ relies on, continue to be consumed or destroyed by the world-wide system of GDP growth and debt-money system that drives and compels that growth. The so called elite private banking/political orthodoxy that essentially controls the worldwide financial system wants to retain the current GDP growth system – within the GDP growth paradigm terms like ‘sustainable development’, ‘sustainable growth’ and the ‘green economy’ (which mainly on focus resource-efficiency and greater asset management only) are little more than greenwash buzz words and in environmental policy terms are ineffective in reversing the worldwide trend of environmental degradation. The people that own the banks don’t care what kind of words describe the economy as long as GDP growth is maintained so that the banks continually get paid interest.

“It is quite outrageous that the banks should have this power. Counted among public figures that have been bold enough to object are three US presidents: Thomas Jefferson, Abraham Lincoln and Franklin Roosevelt. Its many critics amongst economists have even included Milton Friedman, a favourite of Margaret Thatcher and the American Right. That the governments of Western ‘democracies’ permit the banks to continue to enjoy this massive subsidy, and for this extraordinary privilege to be off the agenda of public debate, is a tribute to the power of the ‘elite consensus’.” – Extract from ‘The Global Monetocracy’ by Roy Madron and John Joplin

Economic GDP growth (which results in environmental destruction and resource depletion) is continuously required so governments, companies and individuals can repay debts and interest to banks otherwise the economy will collapse. Remember the banks created that debt money from nothing. The need to create continuous ‘growth’ to maintain this flawed financial system means that society is in essence ‘trapped’ on a continuous treadmill not just to generate funds to live, but to also to pay back the money and interest to banks. One then has to ask why should only a small section of the global population acting as bankers own and benefit from the extremely lucrative money creation process at the expense of everyone else?

If sufficient loans are not repaid to a commercial bank it will become insolvent. This has happened in many countries, for example in Europe in 2008 (bear in mind that these so called banks never held the original monies in the first place). The national government often then intervenes to bail out those commercial banks under pressure (is directed to do so) from the international banking system. Consequently, a national government often must seek financial assistance from the international banks or bond markets in order to pay for debts of the failed commercial banks. The people of the country involved are then typically unjustly saddled with the burden of covering the massive costs of these debts when these were not their debts in the first place – this results in increased taxes, national austerity measures and/or the loss of national assets due to conditionalities on credit. For example, in Ireland taxpayers have been unjustly forced to shoulder the costs of the government bailout of privately owned banks. The government must pay around €6 to 8 billion per annum in interest on the national debt to the interest banking system/bond market – much of this debt was incurred due to bailing out private commercial banks in Ireland in 2008.

The total debt in the worldwide financial system is always greater than the amount of money in circulation and can never be fully repaid.

Overall result: The owners of the international banking system (a small group of people) and their political and corporate affiliates have become ultra-rich over decades. Meanwhile, the governments and the people of the world pay the unjust price of interest on money created from nothing. Furthermore, the natural environmental resources of land, air, water, forests, and minerals have become depleted and degraded due to decades of unnecessarily increased GDP growth that was only needed to create revenues to pay interest to the private banking system.


Privately owned banks became insolvent in Europe in 2008 – In Ireland the Irish Government (Fianna Fail and Green Party leadership) paid for the debts of the private banks and international bondholders at the unjust expense of the Irish people. The politicians betrayed the people of Ireland and gave away Ireland’s economic sovereignty.