“The actual process of money creation takes place primarily in banks.” —Federal Reserve Bank of Chicago, “Modern Money Mechanics”

“It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” —Henry Ford, Ford Motor Co.

“Well, we’re starting to understand and this is the beginning of the revolution…the banking revolution.” —Ellen Brown, Occupy LA Teach-In

On Public Banking

“States can expand the local money supply by creating money in the same way banks do, by lending it into the local economy through their own publicly owned banks.” Ellen Brown, Chair, Public Banking Institute

“Our economic advisers have told us there is no similar state in the nation that could have weathered such a collapse in commodity prices without serious impacts on their financial condition.” —Jack Dalrymple, Governor, North Dakota

“Public banking could be the linchpin for a major transformation of US banking. It is absurd that cities put all their money in Wall Street banks, so those banks can leverage city dollars to become even more dominant in the finance capitalist economy of the US. And then cities borrow money from those same banks at high interest rates and pay large fees to keep money in those banks. It just makes no sense and cities/states keeping public dollars and leveraging them for community needs should be a central issue in remaking the economy.” —Kevin Zeese, Popular Resistance

“We can use bank credit, the tool Wall Street banks use to amass wealth and power, to empower ourselves.” —Marc Armstrong, Commonomics USA

“The farmers of North Dakota have shown one way. They took the control of their state government into their own hands, and the most important and significant thing they did was to start a public bank. The interests fought them tooth and nail; not merely the interests of North Dakota, not merely of the Northwest, but of the entire United States. They fought them in the law courts, up to the United States Supreme Court, which decided in favor of the people of North Dakota. Therefore, make note of this vital fact—the most important single fact in the strategy of the class struggle—every state can, under the constitution, have a public bank; every city and town can have one, and no court can ever forbid it!” —Upton Sinclair, The Book of Life

“There’s a movement on the rise to weaken the power of corporate banks and replace them with financial institutions that are owned and managed by cities and committed to putting public interest above profit. It’s a movement to create public banks.” —Jimmy Tobias, The Nation

“While most cities and states pay hefty sums of money and outrageous interest fees to have private banks fund their infrastructure projects, a Public Bank can do this at a significantly lower cost … without exposing itself to the boom-and-bust cycle of volatile markets and risky Wall Street financial products.” —Paul Alexander, Medium

“A true public bank could seriously reduce the cost of infrastructure needs, and decrease the state’s reliance on dodgy financial giants.” David Dayen, Los Angeles Times

“A public bank could also be tasked with lending money to support critical public needs. Ethical developers have trouble financing affordable housing, and nonprofit entrepreneurs have trouble securing small business loans; a California public bank could operate as a lifeline.” —David Dayen, Los Angeles Times

“In this case, it’s about tax dollars. There’s a real interest in cities and states to think about what can they do to ensure that there’s a banking model in place that is as able to reinvest tax dollars back into communities.” —Paulina Gonzalez, Executive Director, California Reinvestment Coalition

“This is a fiscally responsible solution for taxpayers. The State Bank of Michigan would be a win-win for taxpayers, schools, local governments and local banks. The time is now.” —Martin Howrylak, Michigan State Representative

Related to Money & Banking

“Over time, whoever controls the money system, controls the nation.” – Stephen Zarlenga

“The power to create money in our nation has been usurped by a private international banking cartel, which issues our money as debt and lends it back to us at interest. Governments get blamed when things go wrong; but they are actually just pawns of the cartel. We the people can get back our government and our republic only by reclaiming the power to create our own money. We can use the same credit system that private banks use, but administered as a public utility, monitored and overseen by public servants. To be a sustainable system, profits need to be returned to the community rather than siphoned off into private coffers.” —Ellen Brown, in a written interview with The Daily Bell

“We have faith in the government “of the people, by the people, and for the people” set out in the Declaration of Independence and described by Abraham Lincoln. But what we have is government controlled by a few giant corporations, and they got their power by acquiring the monopoly on creating the national money supply. “Allow me to issue and control a nation’s currency,” Amschel Mayer Rothschild allegedly said in the 18th century, “and I care not who makes its laws.” That last statement may be apocryphal, but that is how they did it, and that is the power we have to take back if we want a just and trustworthy government that represents people rather than wealthy corporations.” —Ellen Brown, in a written interview with The Daily Bell

“The real power of banking is being able to refuse to turn on the loans tap for one businessman and foreclose while turning it on for a new loan to another businessman so he can buy out the first businessman at auction.” —John Turmel

“…a strong financial services industry is simply not good for society. Wall Street does not improve productivity, the model is parasitic, transferring huge resources out of the system…” —Glen Edens, former HP Executive

“The populist program of decentralizing political and economic power continues to hold the greatest promise for ensuring not only political and economic justice, but a sustainable social and natural world.” —Adrian Kuzminski, author of “Fixing the System: A History of Populism, Ancient and Modern”

Historic Quotes

“The powers of financial capitalism had another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole.” —Prof. Caroll Quigley, Georgetown University, and author of “Hope and Tragedy”

“If Congress has the right under the Constitution to issue currency [paper money], it was given to them to be used by themselves, not to be delegated to individuals or corporations.” —President Andrew Jackson

“Whoever controls the volume of money in any country is absolute master of all industry and commerce.” —President James A. Garfield

“All the perplexities, confusion and distress in America arise, not from defects in the Constitution or confederation, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit and circulation.” —President John Adams

“It is absurd to say our Country can issue bonds and cannot issue currency. Both are promises to pay, but one fattens the usurer and the other helps the People.” —Thomas A. Edison

“The Federal Reserve bank buys government bonds without one penny…” —Congressman Wright Patman, Congressional Record, Sept 30, 1941

“Some people think the Federal Reserve Banks are the United States government’s institutions. They are not government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign swindlers.” —Louis T. McFadden, Chairman of the Committee on Banking and Currency, 1932