

"If all the bank loans were paid, no one could 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 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."