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"Banks are special. They have a unique power that no other player in the economy has, and that is the power to create money... The money that you're given as the borrower didn't previously exist." — Richard Werner (Explaining the Credit Creation Theory) [00:18:06]
"If banks create credit for productive business investment... that's when you get very high economic…
"[It’s] perhaps not very popular to say this, but the truth is we don't need central banks. The central banks came about originally in every country as a cartel of the big banks." - Richard Werner (Context: Critique of central banking structures) [00:00:00]
"Interest rates are the smoke screen... to divert everyone's attention. It is the alibi." - Richard Werner…