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'If all the bank loans were paid up, no one would
have a bank deposit, and there would not be a dollar of currency or coin in
circulation.
This is a staggering thought. We are completely
dependent on the commercial banks for our money.
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 upon 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
is widely understood and the defects remedied very soon.
Robert H. Hemphill,
Federal Reserve
Bank of Atlanta
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