Susan Peters testifies on monetary policy and banking system

Can you hear me?

Okay.

My name is Susan Peters, and I am a resident of the Upper West Side of Manhattan and a member of the American Monetary Institute, a 30-year-old 501c3, working for monetary education and reform.

I am here sharing with you an important piece of information relevant to your responsibility for the finances of our city and its effects on our citizens, such as this rising unaffordability crisis.

First, my background.

I had a 37-year career as a data processing professional.

The last 17 years were spent working for a Wall Street bank.

I was responsible for reporting the daily activity of the corporate checking account system.

Each night of the week, the system delivered a balance sheet, which recorded each night.

$2 trillion moving daily through the 40,000 accounts.

As the person responsible for the accounting application, I discovered to my surprise the special privilege given to private banks but not taught in our schools.

Quote, every time a bank makes a loan, all it is doing is simply making a bookkeeping entry in the borrower's account for the full amount of the loan.

End quote.

This bookkeeping entry is new money and increases the national money supply.

Thus, the money supply is composed of debt to private banks and generates interest to those banks.

It's not taught in our schools or discussed in our public forums.

But is significant to our understanding of our city's finances.

That's why I'm here.

Our government needs to study this.

Please contact me with any questions.

I can meet with any interested party and share resources for further understanding.

And in here, I have some of those resources from the bank.

Of England and from a credit manager from a Federal Reserve Bank supporting what I've said.

Thank you.

Great.

I think Councilmember Dynowitz, you had a question?