Banking and Financial Innovations

Banks do not have an obligation to promote the public good.

The banks do create money. They have been doing it for a long time, but they didn't quite realise it, and they did not admit it. Very few did. You will find it in all sorts of documents, financial textbooks, etc. But in the intervening years, and we must all be perfectly frank about these things, there has been a development of thought, until today I doubt very much whether you would get many prominent bankers to attempt to deny that banks create credit.

Bankers have no right to establish a customary law among themselves, at the expence of other men.