Money Manipulation and Social Order

by Rev Denis Fahey Cssp

Father Fahey reports: "Given the defective principles of money manipulation outlined in the last section, it is easy to see how financiers came to occupy their present dominant position in modern States. The bankers observed that about 90 per cent of their total stock of gold remained in their vaults entirely undisturbed, and that only about 10 per cent of the precious metal was required for the normal transaction of business. The Banks then began to circulate far more promises to pay for gold than they had gold to meet, and to collect interest on the fictitious money. ... The toleration by the State of this practice of lending promises to pay to ten times the amount of money which the bankers had in their possession was the second and more important step in the bankers' advance to control in modern States." Fahey notes the beginning of the fraud that led to the fractional reserve banking system, which is now based upon nothing as reported on several websites and videos on the internet. This work makes a fascinating introduction into the debasing of currency that has led to the recent bubble markets and economic distress world-wide.

Genres: Catholic

114 pages, Paperback

First published October 23, 2010

Reviews

[Anna Elizabeth · Rating 4 out of 5]

Interesting book by a priest on how certain manipulation of money in society has lead to problems. I particularly liked the extra section on manipulation of food growth (e.g. blanching of flour, chemical fertilizers, etc.)

[Colm Gillis · Rating 4 out of 5]

Banking is the civil rights issue of the age because freedom is meaningless without control of your own wealth. Fahey, citing those like Soddy, sets out to demonstrate (a) why the economy should be a servant of politics and (b) why banking fails to fulfil this criteria. Anyone who reads it will be convinced of his arguments, many of which are known. He also touches on some of the more human consequences. This line of inquiry was not developed enough, I thought.