Lord Stamp, former director of the Bank of England said "The modern banking system manufacturers money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. If you want to be slaves to the bankers, and pay the cost of your own slavery, then let the banks create money".

I have it in writing from the Policy Directorate of the Labour Party, from a Treasury Secretary of the Government and from the Office of Fair Trading, that banks are allowed to issue new money as credit.

A healthy economy is growing and needs the addition of new money to service that growth.

The private individual is permitted by the Government to ask private financial institutions to manufacture money out of thin air and lend it to the individual, with the proviso that it is called credit and not money.

Credit becomes money the instant that it is borrowed. You are made to believe that you are borrowing money when you are not borrowing money. But the law states that you are now a debtor and that you owe money and must pay interest for its use and ultimately redeem the loan with real money, which you must earn. We private individuals now have personal debts of over £1000,000,000,000. That is the size of the scam.

ABOUT THE AUTHOR
Dr Hamlyn is a founding member of the Royal College of General Practitioners, a veteran of WW II, retired farmer and practicing medical doctor. He is a prolific and articulate voice on the subject of monetary reform.