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| | Chapter 23 — The Monetary Power Resides in the Banks |
 | | Upper-class bankers, on the other hand, know very well that financial credit, which makes up the bulk of modern money, is created and cancelled in the ledgers of banks. |
 | | A distinguished British banker, the Right Honourable Reginald McKenna, one-time British Chancellor of the Exchequer, and Chairman of the Midland Bank, one of the Big Five (five largest banks of England), addressed an annual general meeting of the shareholders of the bank, on January 25, 1924, and said (as recorded in his book, |
 | | Having also been Minister of Finance, McKenna knew very well where the bigger of the two powers — the power of the banks and that of the sovereign government of the country — resided. |
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