"If all the bank loans were paid, no one could have a bank deposit, and
there would not be a dollar of coin or currency in circulation. This is a
staggering thought. We are completely dependent on the commercial
banks, Someone has to borrow every dollar we have in circulation, cash,
or credit. Ifthe banks create ample synthetic money we are prosperous; if
not, we starve. We are absolutely without a permanent money system.
When one gets a complete grasp of the picture, the tragic absurdity of
our hopeless situation is almost incredible
but there it is."
Robert Hemphill. Credit Manager, Federal Reserve Bank of Atlanta
In the foreword to a book by Irving Fisher, entitled 100% Money (1935)