From the Qur’an
who swallow usury cannot rise except as one whom Satan has prostrate
by his touch. That is because they say, trading is only like usury;
and Allah has allowed trading and forbidden usury. to whomsoever
then the admonition has come from his Lord, then he desists, he
shall have what has already passed, and his affair is in the hands
of Allah; and whoever returns to it – these are the inmates of the
fire; they shall abide in it. Allah does not bless usury, and He
causes charitable deeds to prosper, and Allah does not love any
ungrateful sinner. Surely they who believe and do good deeds and
keep up prayer and pay the Zakat, they shall have no fear, nor shall
have they grieve. O you who believe, be careful of your duty to Allh
and give up what remains due from usury, if you are believers. But
if you do it not, then be apprised of war from Allah and His
messenger, and if you repent, then you shall have your capital;
neither shall you cause wrong nor suffer wrong. And if (the debtor)
is in hardship, then let there be postponement until (he is in)
ease, and that you remit it as alms is better for you, if you knew.
And guard yourselves against a day in which you shall be returned to
Allah; then every soul shall be paid back in full what it has
earned, and they shall not be dealt with unjustly.
Surah al-Baqarah, verse 275-281.
is the creature of law and the creation of the original issue of
money should be maintained as the exclusive monopoly of national
Government. Money possesses no value to the State other than that
given to it by circulation. Capital has its proper place and is
entitled to every protection. The wages of men should be recognised
in the structure of and in the social order as more important than
the wages of money.
duty is more imperative for the Government than the duty it owes the
People to furnish them with a sound and uniform currency, and of
regulating the circulation of the medium of exchange so that labour
will be protected from a vicious currency, and commerce will be
facilitated by cheap and safe exchanges.
available supply of Gold and Silver being wholly inadequate to
permit the issuance of coins of intrinsic value or paper currency
convertible into coin in the volume required to serve the needs of
the People, some other basis for the issue of currency must be
developed, and some means other than that of convertibility into
coin must be developed to prevent undue fluctuation in the value of
paper currency or any other substitute for money of intrinsic value
that may come into use.
monetary needs of increasing numbers of People advancing towards
higher standards of living can and should be met by the Government.
Such needs can be served by the issue of National Currency and
Credit through the operation of a National Banking system .The
circulation of a medium of exchange issued and backed by the
Government can be properly regulated and redundancy of issue avoided
by withdrawing from circulation such amounts as may be necessary by
Taxation , Redeposit, and otherwise. Government has the power to
regulate the currency and credit of the Nation.
Government should stand behind its currency and credit and the Bank
deposits of the Nation. No individual should suffer a loss of money
through depreciation or inflated currency or Bank bankruptcy.
possessing the power to create and issue currency and credit as
money and enjoying the right to withdraw both currency and credit
from circulation by Taxation and otherwise need not and should not
borrow capital at interest as a means of financing Governmental work
and public enterprise. The Government should create, issue, and
circulate all the currency and credit needed to satisfy the spending
power of the Government and the buying power of the consumers. The
privilege of creating and issuing money is not only the supreme
prerogative of Government, but it is the Governments greatest
the adoption of these principles the long felt want for a uniform
medium will be satisfied. The taxpayers will be saved immense sums
of interest, discounts, and exchanges. The financing of all public
enterprise, the maintenance of stable Government and ordered
progress, and the conduct of the Treasury will become matters of
practical administration. The people can and will be furnished with
a currency as safe as their own Government. Money will cease to be
master and become the servant of humanity. Democracy will rise
superior to the money power.
91 of Senate document 23
believe that banking institutions are more dangerous to our
liberties than standing armies… The issuing power should be taken
from the banks and restored to the people to whom it properly
OF EXECUTIVE ORDER NO. 10289 *, AS AMENDED, RELATING TO THE
PERFORMANCE OF CERTAIN FUNCTIONS AFFECTING THE DEPARTMENT OF THE
By virtue of the authority vested in me by section 301 of title 3 of
the United States Code, it is ordered as follows:
1. Executive Order No. 10289 of September 19, 1951, as amended, is
hereby further amended-
By adding at the end of paragraph 1 thereof the following
subparagraph (j) :
"(j) The authority vested in the President by paragraph (b) of
section 43 of the Act of May12,1933, as amended (31 U.S.C.821(b)),
to issue silver certificates against any silver bullion, silver, or
standard silver dollars in the Treasury not then held for redemption
of any outstanding silver certificates, to prescribe the
denomination of such silver certificates, and to coin standard
silver dollars and subsidiary silver currency for their
(b) By revoking subparagraphs (b) and (c) of paragraph 2 thereof.
Sec. 2. The amendments made by this Order shall not affect any act
done, or any right accruing or accrued or any suit or proceeding had
or commenced in any civil or criminal cause prior to the date of
this Order but all such liabilities shall continue and may be
enforced as if said amendments had not been made.
White House, June 4. 1963. *3 CFR,1949-1953 Comp., p.787 ; 16
study of money, above all other fields in economics, is the one in
which complexity is used to disguise the truth or to evade the
truth, not to reveal it. (p.5)
process by which banks create money is so simple that the mind is
repelled; where something so important is involved, a deeper mystery
seems only decent. (p.18)
From Whence it Came, and Where it Went.
youth who can solve the money question, will do more for the world
than all the professional soldiers of history.
King Canadian Prime Minister 1935
the control of the issue of currency and credit is restored to
government and recognized as its most conspicuous and sacred
responsibility, all the talk of the sovereignty of Parliament and of
democracy is idle and futile… Once a nation parts with control of
its currency and credit, it matters not who makes the nation’s
laws… Usury once in control will wreck any nation.
Josiah Stamp governor of the Bank of England in the 1920s
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 a flick of the pen, they will create enough money to buy
it back again… If you want to be the slaves of the bankers and pay
the cost of your own slavery, then let bankers continue to create
money and control credit.
Paterson (founder of the Bank of England)
Bank (of England) hath the benefit of interest on all monies it
creates out of nothing.
advantage would always be in favour of the issuers of paper; and as
the state represents the people, the people would have saved the tax
if they and not the banks had issued the million.
is absurd to say that our country can issue thirty billion dollars
in bonds but not thirty million dollars in currency. Both are
promises to pay. But one fattens the usurers, and the other helps
Nelson for the Treasury in a letter on 22 February 1993
Government can and does finance itself to a small extent by the
issue of non-interest bearing money: this is the aggregate known as
M0, the stock of which is currently £194 billion. The size of the
stock of M0 is limited by the demand for this form of money. … The
money that banks create is either interest-bearing or renders some
sort of service that costs banks money to provide.
two parties, instead of being a bank and an individual, were an
individual and an individual, they could not inflate the circulating
medium by a loan transaction, for the simple reason that the lender
could not lend what he didn’t have, as banks can do… Only
commercial banks and trust companies can lend money which they
manufacture by lending it.
Party of Britain
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