"Slavery is likely to be abolished by the war power and chattel slavery destroyed. This, I and my European friends are glad of, for slavery is but the owning of labor and carries with it the care of the laborers, while the European plan, led by England, is that capital shall control labor by controlling wages. This can be done by controlling the money. The great debt that capitalists will see to it is made out of the war, must be used as a means to control the volume of money. To accomplish this, the bonds [government debt to the bankers] must be used as a banking basis. . . . It will not do to allow the greenback, as it is called, to circulate as money any length of time, as we cannot control that."
Hat tip: Web of Debt
The "Banking and Currency and the Money Trust" promises to be a fascinating read.
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- Osborne says he will not privatise the Royal Mint: Speech by the Chancellor of the Exchequer, Rt Hon George Osborne MP, at Speaker's House, 22 October 2012