Robert W. Hemphill Quotes
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Someone has to borrow every dollar we have in circulation, cash or credit.
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If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless situation is almost incredible - but there it is.
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Money is the most important subject intellectual persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it is widely understood and its defects remedied very soon.
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If all bank loans were paid, there would not be a dollar of coin or currency in circulation. Someone has to borrow every dollar we have in circulation. We are absolutely without a permanent money system.
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Robert W. Hemphill
- Born: May 10, 1915
- Died: December 25, 1983
- Occupation: U.S. representative
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Ernest Hollings Former United States Senator