Public testimony: Sue Peters on banking and money creation

I'll now call on our first panel of witnesses, Susan Peters.

And if anyone else is here to testify, please fill out an appearance card.

I believe you're my constituent, Ms.

Peters.

And you may start whenever you're ready.

Can you hear me?

I can hear you.

Loud and clear.

Great.

It's very interesting listening to the position our small business people are in.

It's very tough out there.

And I'm here to talk about why it's tough and also why people on the city council

need to educate themselves about why it's so tough for our business people.

My name is Sue Peters, and I'm a resident of the Upper West Side.

I'm glad to be speaking to my local elected officials.

In the last 17 years of my long career in data processing, I worked for a Wall Street bank.

I discovered through the bookkeeping that I was responsible for what the bank does, the power of the bank.

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 amount of the loan.

This bookkeeping entry is debt to the borrower and earns interest to the bank, end quote.

In other words, our money does not come from our government, nor does the bank loan out money from savers.

The bank creates it as debt.

This fact is not taught in our schools or discussed in our media.

Why?

Whoever controls the creation of the money of a country controls that nation.

Money is power.

We all know that.

Why do I bring this to your attention?

Because you were public servants.

And can investigate this and inform the citizens.

Aren't all of us entitled to the truth of our history and the truth of the world we live in?

Only then can we think about how to change our world for the benefit of everybody.

I'd like to end with a quote from a New York City businessman and author from 1883.

Quote, the most fundamental law in any nation is that which institutes money.

For money governs the distribution of property.

And thus affects in a thousand ways the relations of man to man.

Thank you very much.

And I have some, actually four different handouts, you know, for the committee to read.

And I have

I have a copy of my testimony.

Well, thank you so much for testifying, Susan Peters.

And can the sergeant please pass along her papers so we can read it?

Thank you to all of you who came here to, you are excused, my apologies.