Jeffrey Mark

The Modern Idolatry (1934)

An analysis of usury & the pathology of debt

This is an overview and highlights from the book - download The Modern Idolatry

Cover Page:

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Table of Contents:

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The preface is much longer than these extracts, really well-written.
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"He has been impelled to do this, be-cause so many terms used in banking circles, as well as in ordinary conversation, take on an entirely opposite meaning when the bogus principles of internal and international finance are understood."
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"Banking and economics are not sciences, but academic elaborations of sinister fallacies, based on superstitions which themselves derive from the gold idolatry of barbarism."
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From Chapter 1

A few extracts from the first Chapter... Ignoring historical factors like The Gold Standard, little has changed since the early 1930s.
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The IYI Economics 'profession' of enablers for the usurocracy remains little-changed since 1933 and the public have been successfully kept unaware of how the monetary system works.
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"It is therefore not only insane but suicidal for the people of this world (a) not to know how their financial system works and b) to have no control whatever over its policy or its administration."
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"The Senate Finance Committee in February 1934 declared that an abundance 'is our greatest menace'."

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Economic production justifications for eugenics, population control in 1932.
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"For, unfortunately, a finance-controlled press throughout the world persists in misrepresenting the facts, now as always, while the official manifestos issued by the banking profession either ignore the 'possibility' of a financial cause for the 'depression' or flatly deny it."
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"Simple obvious truth is the world is up to the ears in debt to banks & bond-holders & while it desperately needs more money, knows its only means of acquiring it is further borrowing, thereby increasing a debt burden already mathematically incapable of any resolution whatsoever.
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Every country in South & Central America with exception of Venezuela, is now smothered under a load of debt to England and America.

Cuba loan & interest charges led to "the complete ruin of the island, financially, industrially, politically & morally" .
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"how are we to account for the fact that every nation in the world to-day is hopelessly and irrecoverably in debt? In political and financial circles, a perfectly meaningless distinction.. "
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Unchanged to this day, The Federal Reserve Note and The English Pound Note. A pound redeemable for nothing is no different to a dollar redeemable for nothing.
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"... money-lenders of the world are incorporated under a legalized system, known as the banking system, which is so organized, nationally & internationally, that 98% of money in & out of circulation belongs to them, while all new money is created as debt in their favour."
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Seeing all things are produced through the agency of money & all money comes into existence as a debt to banking systems of the world, this simply means, that our now internationally organized moneylenders "are the actual or potential owners of everything produced in the world".
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"The inescapable conclusion is that the law, like every other component in the mechanism of modem civilization, has, over long periods of time, been gradually suborned or coerced by the grinding power of finance. "
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"... accused of hoarding, of a “ lack of confidence ” in his banking system, and his desperate insistence of his “ legal right is denounced as dangerous and unpatriotic."
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“A bank is not an office for borrowing and lending money, but it is a manufactory of credit.”

"Everyone helps themselves apparently, and the banker has the ladle in his hand. The trouble is that the banker is in an entirely special category, when it comes to the matter of ‘‘getting” money. He not only had the ladel in his hand, but he MAKES the gravy."
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"It is characteristic of both the system and its administrators that it should take them hundreds of years to discover or admit what is the true basis of this organized moneylending, about which the whole of civilization revolves."
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"What prevents any general realization of the controlling financial factors in the industrial situation is the tendency to regard the possibility of the individual business to attain true solvency (ie. pay back both principal and interest of their loans) for industry as a whole."
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"And if he committed suicide, he did it for other reasons than those usually given. If financiers, as a whole, knew “ what they were at and, like Kreuger, had any “ proper regard for the use, or end, or nature of things ” they would all commit suicide."

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"In the long run, & throughout history, interest on savings & investments has been paid by the exploited classes at home or by some poor dog of a foreigner, usually of a yellow or black colour, who has had to live like an animal and work like a slave... "

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"The essential condition of foreign trade under the modem price-system based on loan-currencies, is that every industrially developed nation must export more than it imports."

"Once the money-lenders have initiated the first cycle, the process must go on."

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"In the plainest terms, the historical development of the British Empire has been essentially a successful attempt to create an increasing “ favourable balance of trade abroad so as to force her possessions, particularly India, to disgorge their gold in payment."

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"... all that can be done about foreign debts is to increase them during the commercial exploitation of undeveloped countries ... and that, in the contracting world market which follows such aggressive expansions ... these debts must inevitably fall into wholesale default. "
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"During the (First World) War and after it, the United States, with characteristic impetuosity, telescoped into the short space of 20 years the whole process which developed in the British Empire, as described in the previous chapter, during, say, the preceding 200 years."
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"It is obvious that these “ experts ” can and will learn nothing, and that if, by some miracle, civilization manages to survive this crisis on their terms, they will see to it that another of still more terrifying proportions is created and precipitated."
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"The medium of exchange externally, as well as internally, is the circulation of the evidences of debt, not of wealth."
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"Finance is concerned entirely with the “surplus” or balance of
such exchanges as the means for the payment of the interest on
the internal and external debts of its own creation."

🇬🇧 Free Trade Doctrine
🇺🇲 Traditional High Tariffs
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"workers of the West will be expected to sit still while products of their industry are destroyed at an ever-increasing rate in front of their eyes, they will be forced into competition, in their own markets, with the products of Japanese, Chinese, Russian & African labour... "
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Capitalism, Communism, National Socialism, Fascism, Corporatism...
"... are all varied symptoms of a vast, world-wide economic disease which has been induced and intensified by the barbarous anachronism of the present monetary system."
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"he was first to expose a fundamental & invariable error in the price-system, convincingly & definitively. This has led him to some remarkable conclusions... he made many disastrous prophecies which have all been fully substantiated by subsequent events."
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"Being engineers and scientists, they also object to the fact that the unit of measurement, based on debt-creation, is a variable, one. They therefore seek a positive unit, based on energy-conversion, which would be invariable."

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"The objection here put forward, in its simplest terms, is not that it is a price-system, nor that it is a profit-system, but that it is a system based on and entirely motivated by usury."

The Greatness & Decline of Rome:
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"If it were possible to sum up all the evils which accumulate
under usury in one word, that word would be—slavery."

"Slavery is the major social evil of all time, but it derives directly from usury. Man has no desire to enslave his fellows, but, under usury, he must."
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"But Man will not fail because he has become the slave of the Machine of his own invention (although he is rapidly in process of becoming one), but because Money has enslaved Man."
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"It is as if the powers of usury, consciously or unconsciously, had long ago anticipated the situation which has now arisen, and had
been marshalling their vast forces to meet it."

The Bank for International Settlements
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"The preservation of the international credit structure is nothing more or less than the continuous re-disposition of international capital to secure payment on international debt."
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Sir Otto Niemeyer again... a kind of one-man IMF for The League of Nations and Bank for International Settlements.

A N Field wrote of him in "All These Things" about how he pulled New Zealand's gold:
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"Whether or not there is or has been in existence an international Financial Conspiracy to enslave the world is immaterial ; for it is just as certain that finance works automatically to this end..."
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"Such fawning and servile pleasantry with regard to a deliberate attempt to impose a bankers’ dictatorship throughout the world..."
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"If any doubt at all is entertained as to the attitude of banking authorities, to the issue of government notes, perhaps the following extract from a circular issued by the American Banker’s Association to individual banks some 10 years after the Civil War (1877) will remove it."
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"All that really happened, during the World War, was that new debts were created, through credit expansion at home and abroad ; so that banks and financial houses could charge interest on these debts, and certain sections of big business could profiteer..."
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Communist Manifesto may be paraphrased, to the effect that "... these proposals deprive no (banker) of the power to appropriate the products of society : all that they do is to deprive him of the power to subjugate the labour of others by means of such appropriation... "
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More on the spread of Douglas Social Credit
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"The world will certainly “hover through the fog and filthy air” for more than another hundred years if leaders like Keynes take up such puny attitudes."

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"A pamphlet issued by the American Society of Martians, Brooklyn, New York, Samuel Bottomley, President, and dated February 25th, 1929, is even more emphatic."
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The Modern Idolatry

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