Prof Richard Werner reveals what most of the general public are wholly ignorant of: that about 97% of the money supply is created and allocated by bank loan officers for the benefit of their bank.
“I’ve recently conducted a poll of almost thousand people, randomly selected. And one of the questions I asked was “Who do you think creates and allocates the majority of money supply?” And 85% of respondents answered: “it’s the government or central bank, isn’t it?”. ”
Second question I asked was: “Would you agree to a system whereby the majority of the money supply is created and allocated by profit-oriented enterprises?” And of course, the majority answered “No, they wouldn’t agree.”
The current system works because people don’t know about it. This ignorance is part of the system. Because if people were aware of the type of system we have, they just wouldn’t agree.”
Prof R Werner is an economist and professor at the University of Southampton. He is noted as a monetary and development economist. Richard is Director of the Centre for Banking, Finance and Sustainable Development at the University of Southampton; and is also a member of the Southampton Management School’s Executive Board. Having studied monetary economics and banking in Japan he has held numerous positions in Japan’s finance sector institutions as well as working as chief economist at Jardine Fleming Securities (Asia) Ltd.
Richard’s book ‘Princes of the Yen’ became a no. 1 bestseller in Japan. His 2005 book ‘New Paradigm in Macroeconomics’ (Palgrave Macmillan) correctly predicted the collapse of the UK banking system and property market, highlighted the problem of ‘recurring banking crises’ and suggested workable solutions.