Josiah Stamp Money Quotation saying creation of money is controlled entirely by banks by manipulating their ledger to make it all from scratch. Josiah Stamp said:
“Banking was conceived in iniquity and was born in sin. The bankersown the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enoughdeposits to buy it back again” — Josiah Stamp
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Josiah Stamp seems to be criticizing the power of banks, particularly their ability to create money through lending. He argues that banking originated from unethical means and practices.
Stamp suggests that bankers effectively own and control the world’s wealth since they can use credit and money creation to buy back any assetstaken from them.
His remarks portray the money creation role of banks as giving them undue influence over the economy, since a “flick of the pen” is enough for them to generate the deposits (money) needed to regain control of seized property and assets.
Overall, Stamp appears to believe banks wield too much power and influence in the financial system through their ability to extend credit and create money out of thin air.