Famous Sir Josiah Stamp Quote

“Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create deposits.”

~ Sir Josiah Stamp

Speaking at the Commencement Address of the University of Texas in 1927
Ref: The Legalized Crime of Banking (1958) by Silas W. Adams

Ratings and Comments

S. Engel, Fredericksburg

Some truth here, but it's much more complicated than this. Government does this now, directly & indirectly. Even as conservative an economist as Milton Friedman thinks some inflation of the money supply is good & necessary.

Robert, Sarasota

Its not banks that are the problem but those who own them - the form is never the problem. RBE

J.P., New York City

A fiat currency is inflationary, but it can be issued interest free (known as Social Credit). If people had both hard currencies and credit currencies to choose from and were not forced to accept credit in lieu of cash, then the only tax needed to pay for any services would be paid through inflation of the currency itself. Then everyone holding the credit currency pays the same percentage tax on their money -- no forms to file, no payments, no loop holes, no diverting of the debt burden to the middle class. And make the charging of compounded interest a felony! No more unpayable debt and rising taxes. The time has come for us to make the distinction between an IOU and real money. Both will always be necessary in business, but we are supposed to have a choice to accept an IOU or not. Federal Reserve Notes are not dollars -- they are promissary notes to the Federal Reserve Bank. Every 'dollar' we have today is a dollar owed to the Fed -- and we owe even more, believe it or not, due to interest! Milton Friedman would agree.

John-Douglas, Nassau

Interest-free money is what the US government is supposed to be issuing - the Fed is enaged in a consitutionally illegal act - as its creators (Senator Aldrich, J.P. Morgan, and Paul Warburg) darn well knew! I think the national debt to the Fed should be resolved by a 'bill of exchange' (considered to be legal tender in many countries) signed by the President. Then he should issue a presidential order dissolving the Fed and the INS

J. Dryden, North Carolina

That Friedman thinks "...some inflation of the money supply is good & necessary." is contextually flawed. There are no known natural systems that would tolerate such an expression …balance and harmony are dictates imposed by the finality of nature. Life in a life-raft as it where -- as a moral collective, we sail or sink as one.

Sophia Newsome, London

When research educates us as to the intention of the men who set up the insidious system - a system that Linden became aware of and exposed, (to his cost) where by as in the 1892 and also in the 1934 Manifesto it is quite clear that the aim of the bankers is to create bankruptcy throughout the the public domain! The family lines continue to own and run the banks. As each individual awakens to this diabolical lie that has been and still is being fed them about "owing a debt" - when in actual fact there is no debt - because there is no loss to the bank - (the fiat, paper funny money has been just printed with no connection to value ie gold or metal). When enough people wake up and start to educate them selves of this fact they will take the relevant action that IS there for them to take. It is the fear in folk, to get in touch with their true feelings, anger as to how they have, we all have been duped, that will cause each person to have the courage to take the appropriate action. Until each person does they will continue to be a victim and live their lives accordingly. However, when they do open their eyes, educate themselves, face those uncomfortable feelings of anger, or more to the point rage, acknowledge that it has been their own lethargy and thus lack of making the time to get educated and the accompanying unconscious feelings of shame that lack of courage to take action brings, will they truly be on the courageous road of truth, honesty and justice! Only then will they know what it is to take back their power!

Manny, FL, USA

This is a blatant miss quote. The proper quote uses the term "money" in place of "deposits."

Geoff Adams, Cadiz
  • Reply
Geoff Adams, Cadiz Manny, FL, USA 4/10/19

I would appreciaate if you could share the link to the corret quote.

Editor, Liberty Quotes

It may be a misquote but not 'blatantly' so. Give us the source, Manny, and we will be happy to make the correction. Thanks.

Me Again
  • Reply
    Me Again    10/6/08


    Mike, Norwalk

    wow, excellent comments, where is this brain trust on other topics? Me Again, I'm with you.

    E Archer, NYC

    Bailing out the banks is just another scam for culling the herd at the expense of the 'taxpayer.' How long will Americans stand by and be fleeced while the paymasters forge stronger chains? Wake up, America!

    James E. Lockwood, C.Ht, San Jose, CA

    To E Archer, NYC: How can you wake up people who have been programmed, (conditioned, mesmerized, hypnotized, brainwashed) by authority figures, movies, TV, schools, NGO's, New world Order Churches, etc? Many years ago, under the title, "And whose dog are you?" Robert Welch wrote in the JBS Bulletin about the connection between Pavlov's experiments and the programming of the American mind. The September 29, 2008 issue of The New American magazine has a six page story by Samuel L. Blumenfeld on, "Pavlov's Dogs and American Education." Blumenfeld's solution is for parents to remove their children from government controlled schools.

    James E. Lockwood, C.Ht, San Jose, CA

    "Children who know how to think for themselves spoil the harmony of the collective society that is coming." -- John Dewey, "father of progressive education."

    Waffler, Smith, Arkansas

    Incoherent gibberish!

    Karl Marx, Franklin,Pa

    Come on now, secrete societies, bankers and politicians that are corrupt? why would anyone in power want to hurt the poor or less fortunate? What are you people ignorant? Those in power are looking out for us. we need to heed their advice, after all that is why they are in power! yea.... like I really believe what I just typed. !!!

    Chris Morgan, Clarion, Pa.

    As an Economic student at Clarion University I could not agree more with this statement, wether it is a partial or total miss quote is not the issue. What matters is that this statement forces us as citizens to think. If one was to look at the different economic philosophies,.. Austrian school, Chicago school or other classic forms , one will see how trully corrupt politicians , banks and banking organizations have become. But the question that arises is such, are the banks corrupt or the people that run them? If it is the latter then we can see the legitimacy of his qoute. But under the 16th amendment banks have all the rights of the people but none of the responsibilities. So once again are the banks the problem or the people that run the banks the problem? This should not be too hard to figure out! All one has to do is pick up a book and read.

    Ken, Milford Pa

    Wow! Great comments. Special thanks to Sophia, (which means wisdom), and to James E Lockwood. There are more aware out there than one might think. Now we need to unite and act.

    Tyson, New Haven

    As I sit here and read these quotes i cant help to wonder, when are we going to wake up and sound the f@#$king alarm? Maybe, perhaps when we are concentration camps!!!!!!!!!!

    N. Wood, Canada

    True, true, true. Read "The Economics of Happiness" everyone!!!! It goes in great detail to explain why this is true and the book is very readable.

    C. Bohn, Louisville, KY

    Whether the quote is 100% accurate, or not; whether he said "money," or "deposits," doesn't matter; and this chicken or egg argument - over whether it is the institution, or the people running the institution, that is the problem - is academic, at best. The fact remains, that this latest manifestation of a central banking scheme is just as corrupt, and destructive, as any earlier example. The truth is, there isn't a human, living or dead, who can, or should, be trusted with such power (I believe this is Friedman's error). NO ONE should have an exclusive monopoly over money and credit - ESPECIALLY Government, which has endlessly provided examples of its inability to run anything honestly, or well.

    Bill Kruse, East Molesey

    This is just a half-quote, the rest of it is here: http://www.black-stone.net/articles/economicfoundations.html Sir Josiah Stamp, Governor of the Bank of England wrote as follows: "The modern banking system manufactures money out of nothing. The process is perhaps the most astounding sleight of hand ever invented. Banking was conceived in iniquity and born in sin...Bankers own the earth. Take it away from them but leave them the power to create money, and with the flick of a pen, they will create enough money to buy it back again...Take this power away from them and all great fortunes like mine will disappear and they ought to disappear for then this would be a better and happier world to live in...But if you want to continue to be the slaves of the bankers and pay the cost of your own slavery then let the bankers continue to create money and control credit."

    darnRight, london

    Darn Right.

    Anonymous, Colorado Springs

    Considering that since the banks can and do create the money we have in our economy, it is logical to assume that the banks own everything. Considering this, one concludes that, among other things, the banks own the media. Therefore, the mainstream media will publish lies and deceit on behalf of the banking industry. I see an uphill battle here, but one woth fighting.

    S Ronson, Baltimore MD

    Actually this was as true then as it is now. At least in 1928 banks had the pretense of a gold standard. All the supposed complexities of modern banking are nothing more than camouflage for what is a simple bait and switch or ponzi scheme. He is right of course, money is only useful when it is both scarce and managed effectively. In our system it is neither.


    Watch the movie ZEITGEIST http://video.google.com/videoplay?docid=-1437724226641382024# It explains what the central bank is and all about bankers, 9/11, Christianity Very much worth seeing it. Trust me!!

    Derek Potter, Cardiff

    Whoa, folks. The bank system where "money is debt" is the problem, not corruption within it nor even feckless lending. A gold standard won't help if banks can still lend more than they have -and that's only possible because such loan-money counts as legal tender equivalent to gold. If I get paid $5000, $45,000 of that is people's mortgages and so on (no use to me), a few $k is various liquid assets (still no use to me) and a couple of $k might be redeemable against gold, silver or other goods if I shout loud enough. It's a good job not many people realize it at any one time or there'd be a run on the banks and a crash ten times worse than the last two years. Crooked and greedy people don't help things, but the system itself has grown up all wrong and needs to be reformed.

    Confused Dot, Erehwon

    I was brought up to believe that when governments print money it leads to hyperinflation. I was also brought up to believe that when I borrow money from a bank, it's really some depositor's money. I was wrong on both counts. That banks create money out of thin air is a dirty little secret which is now OUT. However it is taking longer for people to realise that government created debt-free money is beneficial in all respects - as long as it is invested in productivity and not just squandered. Once these two truths are widely accepted, money reform will be inevitable. The banks won't like that. It therefore follows as night follows day that there will be a furious campaign to reinforce the phobia about "printing money". It has already started. But will it stop at heated staged debates on the TV? Watch it unfold with this in mind and remember, you read about it here first.

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    • Reply
    Anonymous    9/2/10

    I don't understand Stamp. Having purchased the world, the sellers have a claim on the bank for the sale price. Cheques to buy the world will be deposited in other banks. The cheques are then cleared, leaving the world-owning bank owing the entire sum to all the other banks. That's not quite the picture painted by "a flick of the pen ... and they will buy it back again" which sounds more like printing counterfeit bills and spending them with no come-back.

    James E. Lockwood, C.Ht, San Jose, CA

    If you had a printing press that could legally print money would you be in debt? No, not unless you gave the money to a private bank and then borrowed it back at interest before putting it into circulation!

    John, Zurich

    http://www.documentarywire.com/the-money-masters/#comment-2212 watch this

    Edwin B, Wooden, Cowpens,SC.

    THINK! All people who think know-but to act upon a WHAT IS SO WRONG-AND MAKE BANKING HONEST-IS UP TO THE PEOPLE OF THIS LAND-What good is it to know and do nothing ,like our leader have so far ,they all know IT!

    Ray O'Connor, Belfast, Ireland.

    If the banks create 100 units currency and they charge interest on that 100 units: as they do. If the interest rate they charge is as little as 1% within 100 years what do they own. If your mind works like mine the answer is everything 100% of whatever they create,,,,, of course it is no longer worthless paper,,,, it is now property. A wonderful conjuring trick!

    david, Riverside

    Stamp said "take it away from them" are you ready for war, now is the time!!!

    Ray O'Connor, Belfast, Ireland.

    War???,,, I do believe that most people at least now have some vision, and with that a common link for reaction. Thanks must be given to the controlled media complete with each weighted and leading question. Gratitude also to the multi faceted nature of the internet the cracks in the whole world government/freedom/corporation/democracy and bank scams are well beyond repair. I believe government are quaking and hoping they have covered their bases for protection when the people rise up. I do see a time not to far off when the people will rise together as a one world nation and the current "democracy" will fall. Government govern only by the will of the people the balance of power will change. Hopefully the next system will be based on equality not greed, power and propaganda.

    Donnie, Glasgow

    A few issues with this quote: Stamp wasn't "President of the Bank of England in the 1920s". Montagu Norman was, as is well documented (the term is "Governor"). He wasn't the second richest man in Britain or even remotely close. And the quote is almost certainly a fabrication. (It first appears more than 30 years later in a pamphlet by Silas Adams, where it is repeated 4 times, each time with slightly different wording. There is no contemporary record of the quote, and no reliable secondary source either. It is completely at odds with Josiah Stamp's other statements. And the remarks about "great fortunes like mine" are bizarre since Stamp didn't make his money from banking.) Other than that, spot on.

    J Carlton, Calgary

    What a great lot of comments from a global perspective. Articulate observations and a clear understanding from the majority...save for the resident socialist who let us know in one word what is going on in his mind. ;-) Abolish The Fed, Restore the Republic.

    J Carlton, Calgary

    Sorry waffler...you used "Two" words there didn't you?

    • Reply
      tempest    9/27/13

      There is a claim by Gary North that this quote is bogus: http://www.garynorth.com/public/6871.cfm

      J Carlton, Calgary

      Heres the inconvenient truth: The Feds dont know how to make an economy better. But they know how to make it better for themselves. And that is an economy that is delusional and largely dysfunctional.

      Why so?

      Its all about money, power and status. Wealth that matters is relative, not absolute. People dont necessarily want more; but they definitely want more than their friends and neighbors.

      The feds get wealth, power and status by taking them, not by earning them. And it is easier to take them from delusional people who believe they are making headway too.

      But the masses shouldnt really make progress because that would make them wealthier and less dependent.

      Bill Bonner - The Rogue Economist

      Marcus, Washington DC

      There is no original source for this quote. The earliest it can be sourced is to an issue of Alarm magazine from 1955 - more than 20 years after it was supposedly said. It seems likely this is a made up quote.

      Don, Helsinki

      "Even as conservative an economist thinks some inflation of the money supply is good & necessary."

      Of course inflAtion is the basis for the money scam in this pyramid scheme called modern banking. We KNOW FOR FACT that money is created ( inflation) as debt. And it is a necessary part of this modern monetary scam. New money to pay old debt = new debt and it all eventually turns into austerity.

      "Money creation in the modern economy.

      By Michael McLeay, Amar Radia and Ryland Thomas of the Bank’s Monetary Analysis Directorate.(1)

      "In the modern economy, most money takes the form of bank deposits. But how those bank deposits are created is often misunderstood: the principal way is through commercial banks making loans. Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money."

      Your comment does not rebut the issue....It simply reflects on the facts.

      The decrease in purchasing power incurred by holders of money due to inflation, imparts gains to the issuers of money.
      St. Louis Federal Reserve Bank
      (Review, Nov. 1975, p.22)

      money = debt = slavery

      This is the only relevant issue. This is what Stamp was talking about. Clearly.

      Don, Helsinki

      Come on now, let's not deny the bank of England, or the bank of Canada, from which I have a letter stating the same fact as the policy paper above provides.

      Money = debt. This scam was first perpetuated in Canada, in 1974, at which time they had under 20 billion in debt. Now they have over 800 billion. And the debt clock NEVER goes down folks. And that is how the bankers take real property.

      From people and governments.

      Pay the cost of your own slavery indeed. Speculate that the quote ain't true all you want. The message is pure truth.


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