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Sinking Feeling

The Financiers And The Nation

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Just reading it at the moment. The book covers in some detail, a series of booms and slumps from 1825 until the book was published in 1934.

Most facinating is the chapter on "Usury on the Great War" where it talks about the cost (to the nation) of borrowing money which could have been created by the government at no cost at all.

Given that this book has been around since 1934, how can we:

i) still have the same system of money

ii) still be making the same mistakes.

You can download a copy in PDF format from:


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There's should probably be a separate forum for monetary reform ideas as this stuff has come up hundreds of times.

I've been reading this book, which is up there with Micheal Rowbotham's Grip of Death as a good, clear introduction to why the world needs monetary reform.


Molly Scott Cato's an economist and Green Party member. Sadly, 'eco-Marxist' Principle Speaker Derek Wall is on record as calling money reformers 'currency cranks' and trying to get dead-end bog-standard marxism adopted by that party. If you're green-minded and interested on monetary reform it could be the time to join the party and add some weight to those ideas.

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Here's a couple of quotes from the book which seem both familiar and prophetic.

In the summer of 1931 a Labour Government suddenly sagged at its knees and fell dead. High Finance had killed it as High Finance will kill the next Labour Government, and the next again, unless betimes the creation and withdrawal of money credit comes to be generally regarded as a state service.
There is a growing appreciation of the fact that banks do not make their profits out of the existence of deposits for which they may have given 3 per cent interest and the lending of these out again on overdraft at 6 per cent interest. What comparatively small profits they make in that way are completely eaten up in the administrative costs of business. Banking profits in the main are derived from credits created out of nothing and upon which 5 per cent or 6 per cent is charged to borrowers.

Clearly the "growing appreciation" of money creation in 1934 stopped growing.

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