Sorry to all for the lack of original content at the moment, the time of year demands full attention to farming matters. Please forgive!
Thanks to commentator Lautturi over at The Automatic Earth for this history lesson.
A note from history books:
January 24, 1939, Robert H. Hemphill, credit Manager of the Federal Reserve Bank of Atlanta said:
If all the bank loans were paid no one would 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 (the banking problem) 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.