Why Are We All in Debt

The Current global economic crisis is fundamentally a crisis of indebtedness. This is the natural consequence of a system that creates money by loaning it into existence with interest. Around 97% of all money is created through this process. The consequence of this are many and perverse.

Of this system Josiah Stamp (President of the Bank of England in the 1920's, the second richest man in Britain) said:

'Banking was conceived in iniquity, and was born in sin. The Bankers own the Earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen, they will create enough deposits, to buy it back again. However, take it away from them, and the great fortunes like mine will disappear, and they ought to disappear, for this would be a happier and better world to live in. But if you wish to remain slaves of Bankers, and pay the cost of your own slavery, let them continue to create deposits'

The following is a brief documentary from Tarek Diwany, of islamic-finance.com and Zest Advisory, outlining the history and workings of this system and the consequences of it.