Pope Pious XI said in his encyclical letter THE RECONSTRUCTION OF THE SOCIAL ORDER: "This power becomes particularly irresistible when exercised by those who, because they hold and control money, are able also to govern credit and determine its allotment, for that reason supplying so to speak, the life-blood to the entire economic body, and grasping, as it were, in their hands the very soul of production, so that no one dare breathe against their will."

ENCYCLOPEDIA BRITANNIA: "For many people this is a difficult idea to accept. In essence the process is simple, but the common tendency to identify "money" solely with coin or currency stands in the way of either understanding or ready acceptance of the idea. It is worthwhile, therefore, to examine the process in more detail and to anticipate and reply to some of the questions commonly raised."

"The great contrast is with lending of the third type, where banks furnish neither their own money nor the money received from others; instead, they establish deposit credit against which the bank's customer can draw checks. These deposits are created as part of the lending operation. New circulating medium thereby comes into existence." * - Encyclopedia Britannica, page 105

MARRINER ECCLES (Chairman of the Federal Reserve questioned by Representative Wright Patman on September 30, 1941, before the House Banking & Currency Committee):
Patman: Mr. Eccles, how did you get the money to buy those two billions of Government securities?
Eccles: We created it.
Patman: Out of what?
Eccles: Out of the right to issue credit money.