Chapter X Some Examples Of Pyramiding Of Profits

together to establish worldwide banking, before the cataclysmic crash. Giannini and all other bankers know it's almost on us. If Bretton Woods worldwide banking plan goes over, it will be full 100 years of private banking crimes, because control will be so remote that the people of a nation will be helpless, and the world peoples are so diverse in thought and reaction it will be impossible to arouse them to concerted action, I fear. Do you want this to stop? Then turn to Congressional elections. Congress is to blame for every economic crime committed in America since the first Congress, assembled in 1789. The Constitution specifically delegated to Congress the power to create and control our nation's money (Art. I, section 1), and as specifically denied the power to all others (Art. I, section 10). We have given an example of the one-bank banker, and a chain-bank banker. Both used same methods. The usual commercial banking and financing, securities and investments, and their big money was in the last three. There is another type — all small banks are wholly commercial, and restricted to minor loans, purchase of minor securities. If banks were restricted to straight commercial loans and minor rediscounts, their power to do injury would be greatly reduced. But even then the fact that all of them lend credit instead of cash — that is, all of them create new bank deposits each time they make a loan or an investment, or buy a security, the practice of private banking would be intolerable, because (1) the creation of money through loans makes debt the basis of money when certainly production should be basis of all money, (2) their method of creating money keeps the volume in circulation constantly fluctuating, so that the price of everything man sells or buys is constantly fluctuating, and a most casual economic study convinces one that prices should be constant and uniform. The proof that the volume of money and not supply of goods affects prices is found in prices of land which always skyrocket with inflation of the volume of money, and no one knows the truth and danger of that fact better than the banker. Over and over he has played the game; made money plentiful by making many loans; and with high commodity prices, men buy farms,