"Has any one of your economists calculated how many times an active
one-dollar multiplies itself in a year from the time it is first
issued from the Treasury? How much does it earn in interest, compound
interest, commissions, bonuses, dividends, and profit gain from
constantly being shifted from person to person, bank to bank, and loan
to loan? Or how many times does the actively circulated dollar change
hands per day, month, or year? Your World Almanac, 1950, page 716,
gives the deposits for the year 1949 as one hundred and fifty-five
billion dollars, and on page 715, money in circulation for 1948 of
$28,224,000,000. Every one of these dollars must have earned quite a
lot in interest and must have multiplied itself many times on its rapid
velocity circulation.
"How about your floating currency, in safe deposit vaults, pocketbooks,
pockets, or hidden away underneath mattresses and in hundreds of
nooks? How much of it is in the hands of foreign holders all over the
world? And in their banks going through the same interest-earning and
loaning-out processes?
"For your convenience in receiving, withdrawing, and checking out your
money and for other services that your bank performs for you, you are
being charged in many ways. The banks do not allow your money to lie
idle. It must work and earn interest and other charges over and over.
"Other powers in your moneyism are your Stock Exchanges and Boards
of Trade. Security trading has developed and perfected these Stock
Exchanges to the point where they are the main financial markets in
your United States as well as in all other financial centers of your
world. They are the mediums to help keep securities at all times in a
liquid and convertible state; they are the main avenues where buyers
and sellers can always transact a purchase, or sale of stocks and
bonds. The Boards of Trade are the mediums or markets for transacting
purchases and sales of your staple commodities like wheat, corn,
cotton, eggs, butter, coffee, and other staples.
"The New York Stock Exchange with its 1,375 broker members and members
of your other exchanges and Boards of Trade in New York and other
cities are the agencies of purchases and sales from client to client
for cash or on margin for your stocks, bonds, and future staple
agricultural commodities. These brokers also do a sort of banking
business with their money and profits, and with money they borrow on
call from banks at 1% and 2% interest and charge their customers 6%.
They trade not only for their clients, but also among themselves.
"The next power in your moneyism is rent: Payment for the use and
occupancy of property owned by another party as landlord. It is another
form of interest on invested money. Rent is nothing else but a gain or
interest on money. The rents paid for your homes, apartments, shops,
offices, business houses, farms, and equipment, must be an enormous
expense for you.
Public-domain text, read in full here on John Shaqi.
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