--- title: 'The Modern Idolatry' url: 'https://samisdat.in/blog/the-modern-idolatry' markdown: 'https://samisdat.in/blog/the-modern-idolatry.md' lang: en date: '2019-05-20' description: 'Jeffrey Mark The Modern Idolatry (1934) An analysis of usury & the pathology of debt This is an overview and highlights from the book - download The Modern Idolatry Cover Page: Table of Contents: Preface The preface is much longer than these extracts, really well-written. "He has been imp…' taxonomy: category: - blog tag: - war - history - finance - economics - debt - usury - money - interest - globalisation --- # [The Modern Idolatry](https://samisdat.in/blog/the-modern-idolatry) 20th May 2019 [war](https://samisdat.in/blog/tag:war#body-wrapper) [history](https://samisdat.in/blog/tag:history#body-wrapper) [finance](https://samisdat.in/blog/tag:finance#body-wrapper) [economics](https://samisdat.in/blog/tag:economics#body-wrapper) [debt](https://samisdat.in/blog/tag:debt#body-wrapper) [usury](https://samisdat.in/blog/tag:usury#body-wrapper) [money](https://samisdat.in/blog/tag:money#body-wrapper) [interest](https://samisdat.in/blog/tag:interest#body-wrapper) [globalisation](https://samisdat.in/blog/tag:globalisation#body-wrapper) # Jeffrey Mark ## The Modern Idolatry (1934) ### An analysis of usury & the pathology of debt This is an overview and highlights from the book - [download The Modern Idolatry](https://samisdat.in/books/the-modern-idolatry-1934) #### Cover Page: ![Image 1 - 1_1108500373298442240.jpg](https://samisdat.in/images/4/f/5/2/e/4f52e2bfe5f902f78bb5d805571f80561a99bca9-11108500373298442240.jpg?g-16018011) #### Table of Contents: ![Image 2 - 2_1108500373298442240.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/2_1108500373298442240.jpg?g-16018011) ![Image 3 - 3_1108500373298442240.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/3_1108500373298442240.jpg?g-16018011) #### Preface The preface is much longer than these extracts, really well-written. ![Image 4 - 4_1111733990518648833.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/4_1111733990518648833.jpg?g-16018011) ![Image 5 - 5_1111733990518648833.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/5_1111733990518648833.jpg?g-16018011) ![Image 6 - 6_1111733990518648833.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/6_1111733990518648833.jpg?g-16018011) "He has been impelled to do this, be-cause so many terms used in banking circles, as well as in ordinary conversation, take on an entirely opposite meaning when the bogus principles of internal and international finance are understood." ![Image 7 - 7_1111736543528521728.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/7_1111736543528521728.jpg?g-16018011) "Banking and economics are not sciences, but academic elaborations of sinister fallacies, based on superstitions which themselves derive from the gold idolatry of barbarism." ![Image 8 - 8_1111738760230830081.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/8_1111738760230830081.jpg?g-16018011) ##### From Chapter 1 A few extracts from the first Chapter... Ignoring historical factors like The Gold Standard, little has changed since the early 1930s. ![Image 9 - 9_1112790308952137730.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/9_1112790308952137730.jpg?g-16018011) ![Image 10 - 10_1112790308952137730.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/10_1112790308952137730.jpg?g-16018011) ![Image 11 - 11_1112790308952137730.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/11_1112790308952137730.jpg?g-16018011) ![Image 12 - 12_1112790308952137730.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/12_1112790308952137730.jpg?g-16018011) [The IYI](https://medium.com/incerto/the-intellectual-yet-idiot-13211e2d0577) Economics 'profession' of enablers for the usurocracy remains little-changed since 1933 and the public have been successfully kept unaware of how the monetary system works. ![Image 13 - 13_1112798239877750785.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/13_1112798239877750785.jpg?g-16018011) "It is therefore not only insane but suicidal for the people of this world (a) not to know how their financial system works and b) to have no control whatever over its policy or its administration." ![Image 14 - 14_1112806204659720198.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/14_1112806204659720198.jpg?g-16018011) [plugin:youtube](https://www.youtube.com?t=10m25s&v=vH5KBrfOvdc) - Watch on youtube: [The (BIS) Bank for International Settlements: A Wolf in Sheep's Clothing.](https://www.youtube.com?t=10m25s&v=vH5KBrfOvdc) "The Senate Finance Committee in February 1934 declared that an abundance 'is our greatest menace'." ![Image 15 - 15_1113480306567282689.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/15_1113480306567282689.jpg?g-16018011) ![Image 16 - 16_1113480306567282689.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/16_1113480306567282689.jpg?g-16018011) ![Image 17 - 17_1113480306567282689.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/17_1113480306567282689.jpg?g-16018011) ![Image 18 - 18_1113480306567282689.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/18_1113480306567282689.jpg?g-16018011) - Wikipedia: [The London Economic Conference](https://en.m.wikipedia.org/wiki/London_Economic_Conference) was a meeting of representatives of 66 nations from June 12 1933... - US State Dept historical document: [FOREIGN RELATIONS OF THE UNITED STATES, DIPLOMATIC PAPERS, 1933, GENERAL, VOLUME I](https://history.state.gov/historicaldocuments/frus1933v01/comp7), Monetary and Economic Conference, London, June 12–July 27, 1933 ![Image 19 - 19_1113492026069278720.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/19_1113492026069278720.jpg?g-16018011) Economic production justifications for eugenics, population control in 1932. ![Image 20 - 20_1113494277974306817.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/20_1113494277974306817.jpg?g-16018011) ![Image 21 - 21_1113494277974306817.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/21_1113494277974306817.jpg?g-16018011) "For, unfortunately, a finance-controlled press throughout the world persists in misrepresenting the facts, now as always, while the official manifestos issued by the banking profession either ignore the 'possibility' of a financial cause for the 'depression' or flatly deny it." ![Image 22 - 22_1113498865892777984.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/22_1113498865892777984.jpg?g-16018011) "Simple obvious truth is the world is up to the ears in debt to banks & bond-holders & while it desperately needs more money, knows its only means of acquiring it is further borrowing, thereby increasing a debt burden already mathematically incapable of any resolution whatsoever. ![Image 23 - 23_1113510788700999681.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/23_1113510788700999681.jpg?g-16018011) #### 1933 Every country in South & Central America with exception of Venezuela, is now smothered under a load of debt to England and America. Cuba loan & interest charges led to "the complete ruin of the island, financially, industrially, politically & morally" . ![Image 24 - 24_1113527100168908800.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/24_1113527100168908800.jpg?g-16018011) ![Image 25 - 25_1113527100168908800.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/25_1113527100168908800.jpg?g-16018011) ![Image 26 - 26_1113527100168908800.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/26_1113527100168908800.jpg?g-16018011) "how are we to account for the fact that every nation in the world to-day is hopelessly and irrecoverably in debt? In political and financial circles, a perfectly meaningless distinction.. " ![Image 27 - 27_1113528488592576512.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/27_1113528488592576512.jpg?g-16018011) ![Image 28 - 28_1113528488592576512.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/28_1113528488592576512.jpg?g-16018011) Unchanged to this day, The Federal Reserve Note and The English Pound Note. A pound redeemable for nothing is no different to a dollar redeemable for nothing. ![Image 29 - 29_1113571636735770625.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/29_1113571636735770625.jpg?g-16018011) ![Image 30 - 30_1113571636735770625.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/30_1113571636735770625.jpg?g-16018011) "... money-lenders of the world are incorporated under a legalized system, known as the banking system, which is so organized, nationally & internationally, that 98% of money in & out of circulation belongs to them, while all new money is created as debt in their favour." ![Image 31 - 31_1113578791287308289.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/31_1113578791287308289.jpg?g-16018011) Seeing all things are produced through the agency of money & all money comes into existence as a debt to banking systems of the world, this simply means, that our now internationally organized moneylenders "are the actual or potential owners of everything produced in the world". ![Image 32 - 32_1113587158928035841.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/32_1113587158928035841.jpg?g-16018011) "The inescapable conclusion is that the law, like every other component in the mechanism of modem civilization, has, over long periods of time, been gradually suborned or coerced by the grinding power of finance. " ![Image 33 - 33_1113592109372669952.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/33_1113592109372669952.jpg?g-16018011) ![Image 34 - 34_1113592109372669952.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/34_1113592109372669952.jpg?g-16018011) ![Image 35 - 35_1113592109372669952.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/35_1113592109372669952.jpg?g-16018011) "... accused of hoarding, of a “ lack of confidence ” in his banking system, and his desperate insistence of his “ legal right is denounced as dangerous and unpatriotic." ![Image 36 - 36_1113593588443701249.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/36_1113593588443701249.jpg?g-16018011) “A bank is not an office for borrowing and lending money, but it is a manufactory of credit.” - Internet Archive: [H. D. McLeod, ”The Theory and Practice of Banking”](https://archive.org/details/theoryandpractic015824mbp) ![Image 37 - 37_1113596390595149824.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/37_1113596390595149824.jpg?g-16018011) "Everyone helps themselves apparently, and the banker has the ladle in his hand. The trouble is that the banker is in an entirely special category, when it comes to the matter of ‘‘getting” money. He not only had the ladel in his hand, but he MAKES the gravy." ![Image 38 - 38_1113597978890129408.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/38_1113597978890129408.jpg?g-16018011) ![Image 39 - 39_1113597978890129408.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/39_1113597978890129408.jpg?g-16018011) "It is characteristic of both the system and its administrators that it should take them hundreds of years to discover or admit what is the true basis of this organized moneylending, about which the whole of civilization revolves." ![Image 40 - 40_1113601235351896064.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/40_1113601235351896064.jpg?g-16018011) ![Image 41 - 41_1113601235351896064.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/41_1113601235351896064.jpg?g-16018011) "What prevents any general realization of the controlling financial factors in the industrial situation is the tendency to regard the possibility of the individual business to attain true solvency (ie. pay back both principal and interest of their loans) for industry as a whole." ![Image 42 - 42_1113605237703626753.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/42_1113605237703626753.jpg?g-16018011) ![Image 43 - 43_1113605237703626753.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/43_1113605237703626753.jpg?g-16018011) ![Image 44 - 44_1113605237703626753.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/44_1113605237703626753.jpg?g-16018011) "And if he committed suicide, he did it for other reasons than those usually given. If financiers, as a whole, knew “ what they were at and, like Kreuger, had any “ proper regard for the use, or end, or nature of things ” they would all commit suicide." ![Image 45 - 45_1113623180692860928.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/45_1113623180692860928.jpg?g-16018011) - Wikipedia: [Ivar Kreuger](https://en.m.wikipedia.org/wiki/Ivar_Kreuger) - Internet Archive: Download [The Life & Death of Ivar Kreuger](https://archive.org/details/lifedeathofivark00stonrich) (1932) by Stoneman, William H > "In the long run, & throughout history, interest on savings & investments has been paid by the exploited classes at home or by some poor dog of a foreigner, usually of a yellow or black colour, who has had to live like an animal and work like a slave... " ![Image 49 - 49_1113821953738125319.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/49_1113821953738125319.jpg?g-16018011) - See: [A lost century in economics: three theories of banking and the conclusive evidence](https://eprints.soton.ac.uk/384540/), 8 September 2015, by [Professor Richard Werner](https://professorwerner.org/), International Review of Financial Analysis, 1-19. (doi:10.1016/j.irfa.2015.08.014). "The essential condition of foreign trade under the modem price-system based on loan-currencies, is that every industrially developed nation must export more than it imports." "Once the money-lenders have initiated the first cycle, the process must go on." ![Image 50 - 50_1113826231852642310.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/50_1113826231852642310.jpg?g-16018011) ![Image 51 - 51_1113826231852642310.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/51_1113826231852642310.jpg?g-16018011) "In the plainest terms, the historical development of the British Empire has been essentially a successful attempt to create an increasing “ favourable balance of trade abroad so as to force her possessions, particularly India, to disgorge their gold in payment." ![Image 52 - 52_1113829138849325057.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/52_1113829138849325057.jpg?g-16018011) ![Image 53 - 53_1113829138849325057.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/53_1113829138849325057.jpg?g-16018011) ![Image 54 - 54_1113829138849325057.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/54_1113829138849325057.jpg?g-16018011) ![Image 55 - 55_1113829138849325057.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/55_1113829138849325057.jpg?g-16018011) "... all that can be done about foreign debts is to increase them during the commercial exploitation of undeveloped countries ... and that, in the contracting world market which follows such aggressive expansions ... these debts must inevitably fall into wholesale default. " ![Image 56 - 56_1113832626949894145.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/56_1113832626949894145.jpg?g-16018011) "During the (First World) War and after it, the United States, with characteristic impetuosity, telescoped into the short space of 20 years the whole process which developed in the British Empire, as described in the previous chapter, during, say, the preceding 200 years." ![Image 57 - 57_1113836047572586497.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/57_1113836047572586497.jpg?g-16018011) ![Image 58 - 58_1113836047572586497.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/58_1113836047572586497.jpg?g-16018011) "It is obvious that these “ experts ” can and will learn nothing, and that if, by some miracle, civilization manages to survive this crisis on their terms, they will see to it that another of still more terrifying proportions is created and precipitated." ![Image 59 - 59_1113837689953038338.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/59_1113837689953038338.jpg?g-16018011) "The medium of exchange externally, as well as internally, is the circulation of the evidences of debt, not of wealth." ![Image 60 - 60_1113839950745743361.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/60_1113839950745743361.jpg?g-16018011) "Finance is concerned entirely with the “surplus” or balance of such exchanges as the means for the payment of the interest on the internal and external debts of its own creation." 🇬🇧 Free Trade Doctrine 🇺🇲 Traditional High Tariffs ![Image 61 - 61_1113862819429126146.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/61_1113862819429126146.jpg?g-16018011) ![Image 62 - 62_1113862819429126146.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/62_1113862819429126146.jpg?g-16018011) ![Image 63 - 63_1113862819429126146.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/63_1113862819429126146.jpg?g-16018011) "workers of the West will be expected to sit still while products of their industry are destroyed at an ever-increasing rate in front of their eyes, they will be forced into competition, in their own markets, with the products of Japanese, Chinese, Russian & African labour... " ![Image 64 - 64_1113866441357443072.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/64_1113866441357443072.jpg?g-16018011) ![Image 65 - 65_1113866441357443072.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/65_1113866441357443072.jpg?g-16018011) Capitalism, Communism, National Socialism, Fascism, Corporatism... "... are all varied symptoms of a vast, world-wide economic disease which has been induced and intensified by the barbarous anachronism of the present monetary system." ![Image 66 - 66_1113868770043416576.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/66_1113868770043416576.jpg?g-16018011) ![Image 67 - 67_1113868770043416576.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/67_1113868770043416576.jpg?g-16018011) "he was first to expose a fundamental & invariable error in the price-system, convincingly & definitively. This has led him to some remarkable conclusions... he made many disastrous prophecies which have all been fully substantiated by subsequent events." ![Image 68 - 68_1113877365036331009.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/68_1113877365036331009.jpg?g-16018011) "Being engineers and scientists, they also object to the fact that the unit of measurement, based on debt-creation, is a variable, one. They therefore seek a positive unit, based on energy-conversion, which would be invariable." ![Image 69 - 69_1113879047854075904.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/69_1113879047854075904.jpg?g-16018011) ![Image 70 - 70_1113879047854075904.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/70_1113879047854075904.jpg?g-16018011) "The objection here put forward, in its simplest terms, is not that it is a price-system, nor that it is a profit-system, but that it is a system based on and entirely motivated by usury." The Greatness & Decline of Rome: ![Image 71 - 71_1113882288847294466.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/71_1113882288847294466.jpg?g-16018011) ![Image 72 - 72_1113882288847294466.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/72_1113882288847294466.jpg?g-16018011) - Internet Archive: [The Greatness & Decline of Rome, Volumes 1-5](https://archive.org?query=greatness%2Band%2Bdecline%2Bof%2Brome) "If it were possible to sum up all the evils which accumulate under usury in one word, that word would be—slavery." "Slavery is the major social evil of all time, but it derives directly from usury. Man has no desire to enslave his fellows, but, under usury, he must." ![Image 73 - 73_1113903283746349056.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/73_1113903283746349056.jpg?g-16018011) ![Image 74 - 74_1113903283746349056.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/74_1113903283746349056.jpg?g-16018011) "But Man will not fail because he has become the slave of the Machine of his own invention (although he is rapidly in process of becoming one), but because Money has enslaved Man." ![Image 75 - 75_1113904925430382592.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/75_1113904925430382592.jpg?g-16018011) "It is as if the powers of usury, consciously or unconsciously, had long ago anticipated the situation which has now arisen, and had been marshalling their vast forces to meet it." The Bank for International Settlements ![Image 76 - 76_1113908704838074368.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/76_1113908704838074368.jpg?g-16018011) ![Image 77 - 77_1113908704838074368.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/77_1113908704838074368.jpg?g-16018011) ![Image 78 - 78_1113908704838074368.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/78_1113908704838074368.jpg?g-16018011) ![Image 79 - 79_1113908704838074368.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/79_1113908704838074368.jpg?g-16018011) "The preservation of the international credit structure is nothing more or less than the continuous re-disposition of international capital to secure payment on international debt." ![Image 80 - 80_1113918847906713603.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/80_1113918847906713603.jpg?g-16018011) Sir Otto Niemeyer again... a kind of one-man IMF for The League of Nations and Bank for International Settlements. A N Field wrote of him in "All These Things" about how he pulled New Zealand's gold: ![Image 81 - 81_1113942639500582912.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/81_1113942639500582912.jpg?g-16018011) ![Image 82 - 82_1113942639500582912.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/82_1113942639500582912.jpg?g-16018011) "Whether or not there is or has been in existence an international Financial Conspiracy to enslave the world is immaterial ; for it is just as certain that finance works automatically to this end..." ![Image 83 - 83_1113943605792714752.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/83_1113943605792714752.jpg?g-16018011) "Such fawning and servile pleasantry with regard to a deliberate attempt to impose a bankers’ dictatorship throughout the world..." ![Image 84 - 84_1113945612175671296.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/84_1113945612175671296.jpg?g-16018011) ![Image 85 - 85_1113945612175671296.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/85_1113945612175671296.jpg?g-16018011) "If any doubt at all is entertained as to the attitude of banking authorities, to the issue of government notes, perhaps the following extract from a circular issued by the American Banker’s Association to individual banks some 10 years after the Civil War (1877) will remove it." ![Image 86 - 86_1113946646428180480.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/86_1113946646428180480.jpg?g-16018011) ![Image 87 - 87_1113946646428180480.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/87_1113946646428180480.jpg?g-16018011) "All that really happened, during the World War, was that new debts were created, through credit expansion at home and abroad ; so that banks and financial houses could charge interest on these debts, and certain sections of big business could profiteer..." ![Image 88 - 88_1113948147062124545.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/88_1113948147062124545.jpg?g-16018011) Communist Manifesto may be paraphrased, to the effect that "... these proposals deprive no (banker) of the power to appropriate the products of society : all that they do is to deprive him of the power to subjugate the labour of others by means of such appropriation... " ![Image 89 - 89_1113951732428619776.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/89_1113951732428619776.jpg?g-16018011) ![Image 90 - 90_1113951732428619776.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/90_1113951732428619776.jpg?g-16018011) More on the spread of Douglas Social Credit ![Image 91 - 91_1113956629018546176.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/91_1113956629018546176.jpg?g-16018011) ![Image 92 - 92_1113956629018546176.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/92_1113956629018546176.jpg?g-16018011) "The world will certainly “hover through the fog and filthy air” for more than another hundred years if leaders like Keynes take up such puny attitudes." ![Image 93 - 93_1113957836990578691.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/93_1113957836990578691.jpg?g-16018011) "A pamphlet issued by the American Society of Martians, Brooklyn, New York, Samuel Bottomley, President, and dated February 25th, 1929, is even more emphatic." ![Image 94 - 94_1113961359161663488.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/94_1113961359161663488.jpg?g-16018011) ![Image 95 - 95_1113961359161663488.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/95_1113961359161663488.jpg?g-16018011) #### The Modern Idolatry ![Image 96 - 96_1113964225834180608.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/96_1113964225834180608.jpg?g-16018011) ![Image 97 - 97_1113964225834180608.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/97_1113964225834180608.jpg?g-16018011) ![Image 98 - 98_1113964225834180608.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/98_1113964225834180608.jpg?g-16018011) ![Image 99 - 99_1113964225834180608.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/99_1113964225834180608.jpg?g-16018011) ![Image 100 - 100_1113964874567168001.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/100_1113964874567168001.jpg?g-16018011) ![Image 101 - 101_1113964874567168001.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/101_1113964874567168001.jpg?g-16018011) ![Image 102 - 102_1113964874567168001.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/102_1113964874567168001.jpg?g-16018011) ![Image 103 - 103_1113964874567168001.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/103_1113964874567168001.jpg?g-16018011) ![Image 104 - 104_1113965598399172608.jpg](https://samisdat.in/user/pages/04.blog/The%20Modern%20Idolatry/104_1113965598399172608.jpg?g-16018011) --- ## Navigation - Parent: [Blog](https://samisdat.in/blog.md) - Previous: [The Empire Of The City](https://samisdat.in/blog/the-empire-of-the-city.md) - Next: [The Myth Of Moral Relativism](https://samisdat.in/blog/the%20myth%20of%20moral%20relativism.md)