David Astle
The Babylonian Woe


Before ever the lust seized the Greeks for the precious metal pieces on which were recorded their laws in respect to the unit of exchange ;  that is, before Greece became completely thrall to the international bullion and slave interests, money had existed among them in various forms for a long time previously.(1)  Little knowledge remains of such systems of exchange as existed prior to the assumption of international bullion and slave interests of total hegemony over a great deal of Greece, but exist such systems did, and the significance of its monetary units issued against state expenses, and as opposed to issue by private persons as against collateral security, was understood, as the evidence of the Sparta of Lycurgus indicates...

On this subject Babelon, French Numismatist of the 19th Century says :  ...“ Having established the existence of these salmons or spits of iron that were the circulating money of the Peloponnese, it will be easy for us to define clearly the part played by this prince (Pheidon) .  He was not inventor of money, but the same as Servius Tullius, a reformer .  He introduced into the Peloponnese a definite system of weights and measures, instead of the numerous systems that had thrown confusion and disorder into commercial relations ;  he adapted the weight of the new money to the new system of weights, and he officially abolished the old and cumbersome iron money, of which he consecrated several samples in the Temple at Argos ...”(2)

Numismatists airily dismiss the suggestions of the symbols of money as being indicated in ancient times on leather, wood, or baked clay, which are found in both Cedrenus, Suidas, and Seneca,(3) but study of so-called primitive currencies of today, such as the shell moneys of Oceania, leave little doubt that our forefathers, fully understanding of the true philosophy of money, may very well have used such intrinsically valueless materials to record the values of their tangible money, prior to the commencement of precious metal coinage ;  in the same way as the Melanesians and Micronesians have used shells for such purpose, from time immemorial.(4)

There can be no doubt that those social organizations such as existed prior to the establishment of precious metals as a standard by which values were assessed, were often, in the case of the Northern Mediterranean and Anatolia, erected on a structure, of which integral part was system of exchange constructed according to the teachings of such philosophy.

However, that the numismatists dismiss the significance of such money and question it as having ever existed, is not surprising considering that they merely record the money towards the creation of which the controllers of bullion supplied the material ;  thus in a way controlling its issue and such order of society as it gave rise to, and therefore the numismatists themselves ...  Consequently the dismissal by the numismatists of other materials for money and its symbols, not internationally desirable or controllable by their masters might be expected.

According to Professor Fritz Heichelheim in his Ancient Economic History, Suidas ascribes the monetary use of leather and “ostrakina” (pieces of shell and pottery) to the romans previous to numa pompilius .  shells appear on the coins of magna graecia, especially those of tarentum, which may be an indication that shell money was known in the italy(5) of historical memory, at that time ...  Oyster shells discovered by Heinrich Schlieman in the Royal graves at Mycenae together with obsidian weapons, indicate that in an age when obsidian weapons were still in use, also remained respect for certain shells that in former times had been evincement of stored wealth(6) ...  But equally as any other, such a currency only had value insomuch as it carried with it the will of the ruler.

In the Hittite language there are many words almost identical to their counterpart in Latin :(7)

Hittite for knee.... GenuLatin .... Genu
.... Quis.... Quis
.... Kuit.... Quid

Troy fell to the Greeks under Agamemnon in 1250 B.C. according to the modern dating and the opinion of Herodotus .  That Troy was the outpost of the Hittite empire that controlled the Dardanelles, and that the rulers of Troy spoke a Hittite language, is reasonable supposition.(8)  The destruction of Bog-Haz Koi, the Hittite capital is now accepted as being 1225 B.C.  This event, which could only have taken place as the result of investment by experienced, disciplined, and well organized forces, with an excellent engineering corps, considering that so many well walled cities had fallen before them, brought the Hittite world to fragmentation.(9)

Therefore during the years from the time of the crossing of the Dardanelles and the sack of Troy, to the time of the total collapse that must have followed the destruction of Bog-Haz Koi, refugees would have sought freedom by sailing westward, which direction it seems was the only way to go .  To the North and North-West were the “Peoples of the Sea”, to the south-east was Assyria, obviously ally of the same “Peoples of the Sea”, and to the south, ugarit and alalakh were empty ruins, and the coast to the sinai border occupied by the enemies of the hittites.

Therefore it seems reasonable that the legend of the settlement of Aeneas, refugee from Troy in the territory of Latinus as recorded by Livy(10) the same as most legends, had a basis of fact .  This is further shown by the close resemblance between the Hittite, Trojan, Latin languages as pointed out above .  According to Dawson(11) the production of leather in the Hittite world was a state monopoly .  Such monopoly of leather production would suggest the possibility, if not the likelihood of leather as the material on which the symbols of their money were recorded...

For any state to be as strong as indeed was the Hittite state for a relatively long period of time, and, moreover, stable, it had to control, not merely the issue of the unit of exchange, but also the material of which its visible symbols were made ;  which, of course had to be total monopoly .  The fact that the Hittite state appears to have been one constructed to the same order as those early Mesopotamian cities, that is, of God, Priest-King and priesthood and the devoted living in natural order, makes this deduction the more likely.

The similarity of language, together with the legend relative to Troy would certainly suggest the forefathers of the patricians of Rome derived from Northern Anatolia, and therefore from within the Hittite (or Bog-Haz Koi) sphere of influence .  If so, would it not be natural for them to reinstitute the same monetary system amongst themselves as they had known in their homelands?

The numismatists and historians date the Aes Grave, considered by them to be the first true metallic currency of Rome, from 338 B.C.(12) accepting the opinion of Professor Haeberlin(13) . . .  What then did Rome use for money prior to that date considering the relatively exact property valuations and taxes of Servius? That they used rough lumps of copper (Aes Rude) as everyday money, cannot be accepted .  There is no vestige of a doubt that a refined system existed by no means unrelated to the exchange systems definitely known to have existed in Greece, and in which a form of “Credit”, too often a privately created abstract money, was made use of .  This system may have been no more related to silver bullion, than it may have been to any other commodity, and international silver bullion interests would exercise no definite control therein.

There would be no reason whatsoever to discredit Suidas’ remarks in respect to leather and clay money previous to Numa Pompilius .  The clay “scarabs” still being unearthed in etruria may very well represent evidence of the clay units .  Leather money of course would long since have perished .  nor is there reason to think that the fiduciary money of clay undoubtedly issued by the bankers of athens in the 5th century b.c.,(14) was in anyway a new idea .  As throughout the Near East clay was the principal medium for the keeping of records, the use of clay money follows naturally, and might well be expected in Etruria or wherever the agents of the Babylonian or Greek bankers traded ;  the clay coin itself also being record ;  a tangible evincement of the creation of a unit of exchange, or divisible or multiple thereof.

According to Livy, relative to the financing of the cavalry of Rome of the Kings :  . . . “each century had a grant from the treasury of 10.000 aeses for the purchase of horses, with a further grant levied on rich widows of 2000 a year for their feeding and maintenance.”(15)

If then there was neither minted silver or copper at the time of Servius, are we to understand that the rich widows came to the treasury with bags of pieces of rough copper ?(16)

Where taxes withdraw units of exchange from circulation, there must be a force which injects such units of exchange into the circulation .  What therefore was the source of such units of exchange or moneys as were injected into the circulation in order that the people of Rome of the kings might estimate their worth with some exactitude and according to a certain standard...?  Clearly there is no reason to doubt this record of Livy...

In the Panadects of Justinian, Tenth Book, occurs this remarkable passage from Julius Paulus, jurisconsul of the third century of our era:

“ The origin of buying and selling began with exchange .  Anciently money was unknown and there existed no terms by which merchandise could be precisely valued but everyone according to the times and circumstances, exchanged things useless to him against things which were useful ;  for it commonly happens that one is in need of what another has in excess .  But as it seldom coincided in time that what one possessed, the other one wanted, or conversely, a device was chosen whose legal and permanent value remedied by its homogeneity the difficulties of barter .  This device being officially promulgated, circulated, and maintained its purchasing power, not so much from its substance as from its quantity .  Since that time only one consideration in an exchange was called merchandise, the other was called price.”

Whether those devices such as governed the exchanges of early Rome and Etruria were clay or leather or wood does not really matter .  As such they were true money being intrinsically valueless, and only of value because of that law which ordered their acceptance in the exchanges and that they be of value as according to their scarcity or otherwise relative to the goods and services for sale . . .  What would above all matter would be the ease with which they could be counterfeited, no doubt the source of their ultimate failure, and whether they were loaned into circulation by private persons against so-called collateral, or paid into circulation as against government expenses, as were the Aes Grave at a later date.

This fragment from Paulus repeating the words of a commonwealth scholar of whose work even then little remained, did no more than express the opinions of all the philosophers-scholars of antiquity, at least, those of whom record exists .  Almost all of them wrote of numerical or fiduciary systems of money as being the only natural systems .  None of them, however entered into discussion as to whether issuance should be as against state indebtedness .  It was so obviously a necessity for good order and well-being in life, that such discussion never seems to have occurred to them .  The success of private monetary emission in this day and its boldness now that its former criminal activities are recognized and accepted as inevitable, such men could not even imagine, not even Aristotle, who it is certain by reason of his family connections, must have known something of the undercurrents of the financial world as it existed at that time.

Aristotle, Plato, Socrates, Zeno, all seemed to have been clear on the subject, and all lived at a time when fiduciary systems were still in existence, both in the Greek states although there is little record, and elsewhere.(17)  Plato was most clear on the subject and no doubt had studied the numerical system that had obtained at Sparta not long before when he was a young man .  Living between 429 B.C. and 347 B.C., he must have been at Athens during the Peloponnesian War when such system certainly must still have existed in Sparta, or have been a recent memory ;  even if, as seems most likely, as a result of the war, it had been replaced by the Athenian system of private money issue based on the fiction of precious metals or valuables in reserve .  As Aeschines, also pupil of Plato was conversant with that fiduciary system of Carthage,(18) it is more than likely that Plato was so instructed .  As no coinage in precious metal was struck at Carthage itself until 340 B.C.,(19) it may reasonably be supposed that at the time of writing The Laws, either 348 B.C. or 349 B.C., there would have been Carthaginian agents at Athens, well able to explain their monetary system to enquirers .  On the subject Plato wrote:

“ Further the Law (of the ideal Republic) enjoins that no private individual shall possess or hoard gold and silver bullion, but have money only for domestic use, such as is necessary for dealing with artisans and servants, sojourners and slaves .  Wherefore our citizens should have a money current amongst themselves but not acceptable to the rest of mankind .  For foreign expeditions, journeys, embassies, the expense of heralds (abroad) and such matters, the government must also possess a fund of coins in other states .  When an individual needs to go abroad, let him obtain the consent of the Archon and go; but on his return if he has any such money remaining let him deposit it in the treasury and receive an equivalent sum in local money .  If he is discovered to have concealed it, let it be confiscated, and let him who knows and does not inform, be subject to anathema and dishonour equally with him who brought the money, and also to a fine not less in amount than that of the universal money which had been brought back.”(20)

Gathering together further fragments of evidence we see that Aristotle less than 400 years after Pheidon of Argos, made comment:

“ Numisma (Money) by itself is a mere device which has value only by law (Nomos) and not by nature ;  so that a change of convention between those who use it, is sufficient to deprive it of value and its power to satisfy our wants.”(21)

In The Ethics, Aristotle states further:

“ By virtue of voluntary convention, Nomisma has become the media of exchange .  We call it Nomisma because its efficacy is due, not to nature but to Nomos (Law) and because it is always in our power to control it.”(22)

Thus despite at least four hundred years of control of trade by the masters of precious metal bullion, the scholars still clearly understood the actuality of money and that it was an evincement of the law .  They still understood it was but so many numbers injected into a circulation amongst the people relating value to value, and not in any way influenced by the material on which these numbers as laws were recorded .  The scholars must, however, have been aware that in the case of these laws being recorded on precious metal, if the convention in respect to the value of the unit of exchange was changed, so far as financial houses with facilities for smelting and export of bullion were concerned, there was no loss .  If the change in convention was disadvantageous to such holder of precious metal coin, such coin could be reduced to bullion and quietly exported to that country offering the most advantage to holders of such bullion...

To say that money as such began with the striking of precious metal coinage is therefore incorrect .  The statement that an international control over money came about as a result of a certain group of private persons, members of which were located in all major states of the world, creating a monopoly of those precious metals of which its symbols were coming to be made, or, better put, on which they were imprinted, would be more to the point.

The evidence that the earliest coinages in Greece had essentially a local circulation in no way alters the picture previously outlined of silver money as being part of an international conspiracy .  All Greek states apart from Athens and Samos, Siphnos and Corcyra, and possibly one or two others, had to obtain silver bullion for their coinage from abroad, which necessarily obliged them to deal with those traders who specialized in dealing in bullion .  Such trade in bullion had to be in the hands of a small and highly secretive group, as much on account of the sources of supply being relatively few and scattered as it were out to the ends of the earth, as on account of the fact that it would be only such a group that could also control those supplies of slave labour and their purchase from triumphant peoples whose warlike activities, as likely as not, they had instigated themselves ;  slave labour so necessary to the success of their mining operations.

For example, the fact that the Carthaginian mines of Spain show no signs of even the use of the ordinary propping and shoring associated with mining,(23) cannot but indicate that the miners were most likely captives of war from distant parts, purchased for a song from a victorious general, and driven under threat of the lash.

At that period it would appear, such labour was so plentiful that the cost of purchase of new slaves, would have been less than the cost of ordinary safety precautions .  The silver mines of Spain as worked by the Romans, show interestingly enough an entirely different story.(24)  All safety methods, including the use of concrete, were used ;  which also agrees with the fact that Rome, even when silver money was in use, particularly in foreign trade, so far as internal exchanges were concerned, had a relatively ample supply of money for the details of day to day organization in the overvalued bronze fiduciaries, the most grandiose aes and its parts or multiples.(25)

History has proven over and over again that a precious metal coinage will move one way or another to where it might realize the most profit either as coin or bullion .  The so-called law of the economists known as Gresham’s law states just that :  “Bad money drives out the good...” which means that the silver in circulating would be replaced by that less intrinsically valuable money, if such also circulated, and which the economists described as “the bad,” (the question of course being bad for whom?) ;  such silver being hoarded and exported to whatever market offered the best price or advantage.

Cases of wider application of this so-called law are without number, and as much as of application to a lesser degree .  A few outstanding ones are:

a .  The disappearance of silver from Athens and its replacement by baked clay facsimiles during the 5th Century B.C. and by yellowish copper (or orichalcum) at the end of the same century.

b .  The drain of silver from Rome during the late commonwealth and the early Empire, particularly to the Orient,(26) where the ratio varied around 6:1 to gold as compared to that established by Caesar of 12:1, and its replacement by bronze or orichalcum fiduciaries.

c .  The drain of English silver coinage to India after the act of 1666.(27)  Such silver being replaced by the “Bad” money of the goldsmith’s receipts and the Bank of England notes and ledger credit page entries.

d .  The disappearance of the silver roubles in Russia(28) during the 18th Century almost as soon as they left the mint, their place being taken by the “Bad” money of the copper roubles, and, later, after catherine, by the “Bad” money of the paper roubles (assignats).

e .  The almost complete disappearance from the circulation between the years 1967-1973 of silver coins of our own country of Canada :  such silver being replaced by coins fabricated from base metal alloys, relative to the silver coins, without intrinsic value.

Returning to Ancient Greece, Professor Heichelheim states:

“ Such hoards as found previous to 560 B.C. are found in the areas in which they were minted and never in other countries...”(29)  Which fact indicates that prior to 560 B.C. it is probable that laws governing the export of coin were strictly enforced in Greece .  Any silver that left a state would do so covertly as bullion .  The following Athenian Edict is evidence that such laws existed:

“ Let no Athenian or sojourner lend money to be exported unless (to pay) for corn or some such commodity allowed by Law.”(30)

By the time of Plato, something less than two hundred years later the real weaknesses of precious metal systems of coinage were beginning to show, hence the increasing discussion of the matter of money in the schools of philosophy, although such discussion does not seem to have given rise to any vigorous action by the Grecian States .  The establishment of the Aes Grave system at Rome may have been a direct result of such discussion, and the establishment of this numerical coinage of bronze certainly bears close resemblance to that internal coinage as recommended by Plato for the ideal Republic.(31) By the date generally accepted as the commencement of the Aes Grave system, that is 338 B.C., Roman scholars would have been fully aware of the teachings of Plato .  This city state, already stirred by consciousness of its world destiny, would have neglected no instrument towards the maintenance of morale and strength in the structure of its internal life.. .  Such an instrument was the Aes Grave system in which the national money was paid into circulation by the state, and only of value insomuch as the symbols on which its numbers were recorded, were scarce or otherwise.

The weaknesses inherent in precious metal coinage systems as becoming apparent in the time of Plato were as follows:

a.  The coins wore out or were hoarded out of circulation.

b.  Hard rock mining was never profitable without slave labour so far as the Master Miner was concerned.(32)

c.  The mine slaves died and sometimes, there being no wars, they could not be replaced so easily.

d.  The mines themselves became exhausted.

e.  In a time of national calamity, when coinage was most of all needed, it disappeared into hoards, largely held by foreigners, members of that secret class of persons to whom wars were but opportunity to drive harder bargains yet again, with mankind and his states and peoples.

f .  Even in time of peace, captains and merchants, if permitted, were ever seeking a cargo for their return trip .  If such cargo was not available, they would take away their balances in precious metals or slaves.

A country such as Greece, by no means rich agriculturally as was the Egyptian Delta, yet having a relatively large population to feed, in its declining days would usually have an unfavourable balance of trade ;  which further, despite laws to the contrary, drained away its precious metal coinage or bullion .  At the time of Plato, this condition must have been really showing and its significance.

The Laureion mines were petering out despite the agitation by Xenophon for the Government of Athens to purchase ten thousand slaves to lease to mine owners,(33) (presumably to be obtained from his financial sponsors), and where in days gone by there had been considerable silver circulating at Athens particularly, now it had become scarce and there was an insufficiency.

The numerous clay facsimiles of Eastern Mediterranean coinages, still being found at Athens,(34) show that the foreign bankers, in accordance with Gresham’s so-called law, were quietly filling the void now appearing with issues of a fiduciary character such as our paper money, exemplified in their case by the baked clay facsimiles mentioned by lenormant which the bankers clearly were injecting into circulation to their own private account, and, of course, that of their most useful greek agents .  This would be effected by pointing out to a customer to whom the banker was prepared to make a loan, how much safer the actual silver would be if left with the banker’s reserve in the Acropolis where it would be guarded by the gods themselves, and how these clay facsimiles which all the customers were accepting, could always be redeemed in silver if really necessary (!).(35)

Seltsman in Greek Coins(36) says that about this period, following the complete collapse of the Athenian Empire, Athens resumed its previous financial activities through the growth of powerful “Banks”, such as that of pasion which operated in all major greek cities, providing a money market for all of the greek world .  however, seltsman makes no mention of abstract expansions of the monetary unit, nor of the clay facsimiles which were the tangible evincement of such expansion, and whose power to inspire confidence was the main source of that renewed financial activity, and whose existence and purpose was defined by françois lenormant, even if somewhat diffidently . . .  (p. 27, present work.)

What Seltsman really points out to us in stressing that Athens resumed its previous financial activities with powerful banks such as that of Pasion operating in all major Greek cities, is the correctness of our previous conjecture that the real underlying purposes of the “Great” peloponnesian war was to establish private common money market across the greek world totally controlled by the trapezitae or bankers in modern terminology .  Banks, too, could not thrive and realize full potential except that government was become their instrument, and that Government, the creator of the laws of the land, was in their debt, as according to these same laws of the land, as much as private citizens .  The foundation of this god-power, to which, as a result of the utter exhaustion of Athens and Sparta, and the death of their noblest, there were none to offer resistance, was government borrowing of the banker’s fictitious “Credit” money ;  and although there may be little evidence of such in athens at that time, it is clear that this situation had been brought about .  the frantic efforts of the athenian government after the war to devise methods to stimulate increase of government spending, such as the donatives and the theorica, while at the same time devising methods to withdraw money from the public circulation, such as by sales tax,(37) reveal that Athenian Government was now more firmly than ever in the hands of International Money Power, if Sparta was but now rearrived there after absence of three hundred years or so.(38)

Both Athens and Sparta were in no better a position than they were before the war .  Neither one had won and neither one had lost .  Both lay exhausted, and over their prostrate bodies the servants of this same sardonic Money Power drew the chains of their slavery.

Although Seltsman says the source of the renewal of the prosperity of Athens was the new markets in Cyrene, Chalcidice, and South Russia, Rostovtsev points out that the South Russian market, the most important of all, was closing due to local manufactures, and in the fourth century, Attic and Ionian imports disappear entirely in South Russia,(39) where, in the sixth and fifth centuries they had been extensive.(40)  According to Rostovtsev, at Athens during the fourth century B.C., both population and unemployment increased, prices rose, and there was so-called “class struggle” and discontent.(41)

Increase in prices is usually indicative of increase of the number of monetary units in circulation, that is, of the money supply relative to goods and services for sale .  Unemployment would not cancel out such increase in the money supply ;  for money had to be created for the Donatives and theorica which belong to this time .  Herein is further proof of some artificial and invisible growth of the monetary unit .  So while the markets for Greek agricultural and industrial products had shrunk considerably, and were no more able to absorb the goods that were being offered to them by Greece,(42) money was still being created, in Athens particularly, and being put into circulation as against “Free Bread and Circuses”, such as indeed were the donatives and theorica; consequently causing inflation and the rise of prices of record .  considering the findings of professor rostovtsev as being more likely than those of seltsman, it is clear that what athens exported, and possible some other cities in greece where such as pasion had branches, was, after the “Great” peloponnesian war, privately created capital.(43)  Thus in what we know of as Antiquity, the full meaning of the unit of exchange as a purely abstract conception, regardless of what material it was recorded on for the purposes of day to day exchanges, was clearly understood ;  and without a doubt this knowledge was inheritance from ancient days, long before the advent of exchanges based on silver by weight.

Judging by Sparta, perhaps some of the Greek states mentioned by Boeckh,(44) and later by Rome itself, it seems that in ancient times there was some considerable understanding of the power inherent in precious metal money to destroy, by lending itself to manipulation, the status quo of any race or state .  The tremendous possibilities inherent in its use as the material on which the visible units of money were recorded towards the manipulation of prices and the consequent monopolization of wealth which always derived therefrom, through the process of loan against collateral security inflating the money supply, and giving rise to the seeming prosperity of great activity, followed by the “calling” of such loans, under one excuse or another, when the resultant prosperity was at its height, was well understood by the “Bankers” .  also was known how to create periods of “lack of confidence”, during which prices fell to less than the previous cost of manufacture, and when consequently manufacturers became disheartened, and were glad to sell out to anyone to whom the banker directed them for whatever they could get .  that is, if they were lucky .  if they were not quite so lucky, then their stock and factory would be seized as against the supposed debt, and sold at auction . . .  no doubt such auctions were rigged in ancient times, just as much as they often are today.

Those states previously mentioned, understanding therefore the evils of private emission of precious metal money, and that precious metal money must always be private money emission, except the state owns the mines, and takes absolutely total precaution to prevent the export of its metal except by its own decision as against its own needs, clearly, when all other states and princes were succumbing to the world drive of the international bankers, rejected banking as such, and the bullion brokers its founders .  It was not until the 4th Century B.C. that they finally gave in, to what was undoubtedly an unremitting pressure, and this more likely as a result of the conquests of, firstly, the Achaemenid Princes of Persia, and secondly, the conquests of Alexander .  After Alexander there do not seem many states left in which precious metal money did not constitute the circulating medium, and therefore could not be influenced by the activities of that secret and international group of people who made the so-called Gresham’s Law very much of a reality to the undoing of rulers and their peoples.

The sequence of “Boom” and “Bust” just as in today, can be traced as follows:

In the first place bankers and their agents no doubt worked together to cause this money, which it may safely be said, originally cost them no more than entry by slave scribe on the clay tablet, to be seemingly plentiful .  As a result, business flourished, wages increased and prices rose .  This rise in prices ultimately caused a situation in which foreign merchandise sold competitively on the home market .  In consequence some home manufacturers, unable to compete, went into bankruptcy .  The panic thus created amongst manufacturers beholden to the banks, prepared them for the inevitability of the likelihood of demand by their bank for repayment of loans outstanding .  By now the bankers were telling everyone that Times were bad. ... “There was a freeze in Credit.” and “No Money about” .  so when such loans were “Called”, the manufacturers dutifully hunted up all the silver they could find, and if they were able, paid off the banker .  when this collapse of industry, and consequently prices, reached a certain point, it became no longer profitable for foreign merchandise to sell on their home market, creating the opportunity for resumption of their own industries .  the bankers, satisfied that the “Depression” had yielded sufficient rewards, and with a new crop of industrialists now directly under their thumbs, or in control of their trusted agents, industry would be resumed .  loans again were forthcoming from the banker’s overflowing strong rooms, or simply the same place as that from which originated the previous loans, his ledger ;  being therein merely a creation of stylus and clay tablet. ... thus were the foundations laid for a new steady rise in prices...

Herein, in this everlasting “Boom” and “Bust” of the so called “Empires” and “Civilizations” of the last few thousand years is the root cause of the desperate situation in which the indo-european peoples now find themselves, and, in which, seemingly having everything, in reality they have nothing except total exhaustion and the spectre of total anarchy and destruction looming ever more clearly before them, for they no longer have the will to be...

With planned miscegenation and what could very well prove to be planned race self-extermination through the promotion of the use of conception aborting “medicines”, and of abortion itself by “operation” involving the tearing of the living fetus from the womb, the so-called indo-european peoples, who writhe in torment as a result of these incredible plans undoubtedly originating in the first place from the muddled minds of the money masters or their agents, fast dwindle to a fraction of the world’s population ;  soon, as may very well come to pass, to be entirely obliterated by those other races of the world who watch with glee this self-destruction of those who they had so recently believed to be one with the gods, such was their seeming superiority . . .  International Money Power, whatever it really is, or whoever they really are, could not care less ! . . .  Herein was its own design . . .

But one thing such designers of all this forget . . .  In the magnitude of the total disaster that looms so threateningly in these last days over the path of life, is also final disaster to the planners of this evil ;  whether this they had expected or otherwise ;  their own complete obliteration for sure along with the rest.

For if God’s kingdom on earth is to arise, it is to arise in a world where little of the sicknesses that trouble us today, will be left, and the binding threads of incompetent thinking, and of evil itself, will be totally unwound .  it will arise where the humble and the meek, such as remain, bow down in total acceptance of that natural order as was ordained :  of god, which is the self-conscious everlasting itself :  of priest-king in whom is the voice of god reigning in earthly glory understandable to men :  of priesthood trained to total understanding of all the forces which mould men, and the devoted themselves, those who go about their affairs trusting in the sincerity and ability of their rulers, and who seek no more in life than the glory of their eternal master, and that they themselves always walk in the ways of righteousness.

Thus, returning to Athens and its money in ancient days :  the emission by the bankers of Athens of the baked clay facsimiles of the silver coinage they were reputed to have in storage in the vaults of the Acropolis, would have exactly the same effect on prices as the emission of silver coin ;  it would cause them to rise .  Conversely, contraction of that clay coinage by calling of loans, would similarly cause prices to fall ;  and thus, as in today, “when the depression is over,” that is when prices are at rock bottom without totally wrecking the state, the “Banker” merely enters a few figures in his ledger to the credit of one of his agents, so it was in athens in that day .  did the so-called customer require ready money over and above the money required for settlement of balances owing, such as could be met by debit, and transfer, and recredit, i.e., by cheque, then the so-called bankers at athens or the piraeus, merely set slaves to work to cast and bake clay coins as fast as they could go !  Admittedly the baking of clay coins was a little more expensive than the pen and ink required for ledger entry money, or than the high speed printing press necessary for the paper facsimiles of today . . .

Hence the enormous potential for the accumulation of wealth by a banker in a city state engaged in manufacture, and whose merchants and captains depended on him alone for their finances, especially when their business was largely with foreign parts.

According to Professor Ure,(45) the tyrants of the city states derived their power from the new form of capital known as money .  While in agreement with the general idea of Professor Ure, it must be asked :  Why new form of capital? Metal money as capital, or what ? . . .  It may be assumed that those references to baked clay, leather and wooden money in ancient Rome previous to Numa Pompilius, the first by Suidas, the second by Seneca, and the third by Cedrenus, also applied to ancient Greece ;  especially if the conjecture in respect to the leather monopoly of the Hittite state is correct.(46)  Suidas makes reference to leather money at Lacedaemon .  There is no reason why other Greek city states should not have availed themselves of such readily obtainable material(47) (and cheap at that!) in those days before the augmentation of bullion supplies internationally by the new methods of mining, and the massive wars which gave rise to plentiful supplies of expendable labour.

It seems to be reasonable that the money that enabled those industries that grew up in early Greece to get off the ground, as it were, was of such relatively intrinsically valueless material .  Behind every industrialist was a banker, and the banker had to be the secret heart of the city .  The early use of precious metal coinage in Greece had to have been similar to its use in Babylonia a thousand years before, or as gold in Britain 2000 years later, a standard on which to base prices and establish confidence in the “Great Banker” as being a wealthy man ;  a base on which a pyramid of ledger credit page money might be erected, represented in the circulation by leather notes, clay tokens, etc.

As Stanley Jevons remarked in our era in 1914 :  “Gold already acts in England only as small change for notes”(48) . . .  In a similar manner with money based on a silver standard, yet relatively little silver in circulation, such silver would have acted as small change in those ancient times .  For evidence of greater wealth, leather notes, or clay tokens, or documents denoting cattle, which indeed may have been currency in large scale transactions, seem more likely to have served, at least amongst the Indo-Europeans.

Thus right from the start it is safe to say that silver functioned as a balancing factor in oral and written agreements of merchandise exchange in Greece, actually functioning as a circulating medium itself only after King Pheidon of Argos .  Although some authorities(49) say that the silver coinage was of state issuance, whether it was or was not, would make little difference .  In so-called democracies, money power cannot but be the force behind the scenes .  For that matter, anyone finding the paper notes of the British Empire three thousand years from now, because of the myth of the Queen’s Head and the Coat of Arms, would assume it too was state issue .  They would of course be entirely wrong .  Ever since the establishment of that ever changing mirage of the precious metal money system, states and rulers that became corrupted and undermined by the extraordinary deceptions to which such system loaned itself, wittingly or unwittingly, have fronted for those persons, often of criminal background, sometimes designated bankers, who under their very noses, have operated the most unbelievable swindles . . .  It is hard to believe that states and rulers have been aware of the magnitude of the folly they commit in permitting private persons to exercise that power which is theirs as being representative of their peoples before God .  Assuming ruler and temple lend their sanction, it is not long before the so-called banker, now able to finance an opposition to any power it is in his interest to destroy, or indeed, to withdraw financing from such power whose destruction he seeks, can literally laugh at those people, foolish, corrupt, or naïve, who, in lack of understanding of the meaning and source of that which was their strength and power, raised him up in the first place . . .

Once the power of monetary emission is yielded by a ruler or state to private or external interests, it is rare that it can be recovered except as the result of all consuming cataclysm .  Immense monopolies and vastly unequal money fortunes are neither gained nor saved by lawful labour or trade .  Of necessity they are the natural outcome of the exercise of the power to discriminate, the power to reject or prefer that follows as inevitable consequence, when, in any state, private persons are permitted to create and issue the unit of exchange, whether tangible or abstract ;  and by whatever device of law such as may be needed to create appearance of legality.

So far as the future of mankind is concerned, out of the deceit it practises on the simple, kind, and trusting, this instrument will be responsible for the complete enslavement and ultimate destruction of most, if not all, of this world .  The hands that guide it are declared by themselves to be malevolent, and wittingly function and exert themselves in defiance of the natural order of life with their hearts full of pride and prejudice as for themselves as being some special breed, when merely they are but unfaithful stewards . . .  Contempt for those who front for them in their secret conspiracy or are destroyed by it, shows equally in the arrogance of their manner . . .

In the words of W. Cleon Skousen reviewing the great and compendious work of Dr. Carroll Quigley Tragedy and Hope, according to Dr. Skousen the most authentic and detailed account of the modern day conspiracy:

“ As I see it, the great contribution which Dr. Carroll Quigley unintentionally made by writing Tragedy and Hope was to help the ordinary American realize the utter contempt which the network leaders have for ordinary peoples .  Human beings are treated en masse as helpless puppets on an international chessboard where giants of economic and political power subject them to wars, revolution, civil strife, confiscation, subversion, indoctrination, manipulation and outright deception as it suits their fancy and their concocted schemes for world domination.”(50)

...For the original Rothschild (Amschel) who uttered that now famous line :  “Let me issue and control a Nation’s money, and i care not who writes its laws,”(51) one cannot but have some grudging admiration, rogue though he was and should have been dealt with as such ;  but for those place-seeking persons, cynical or merely naïve, who nowadays prostrate themselves before the doors of the international bankers, as members of the societies dedicated to One World Government, such as The Council on Foreign Relations, The Canadian Institute of International Affairs, The Royal Institute of International Affairs, etc .  one can have little respect.

The first requisite for a man to be truly honoured amongst the people is that he bestow honour . . .  Amongst these to whom the paths of meaningless ambition come first before any concern for their own, for they are largely drawn from that class of dead souls that is international in this, that every race and people on this earth is afflicted by them in more or less degree, the word honour too often will be meaningless.. .  According to another recent writer :  “James P. Warburg is one of the most ardent propagandists and financiers of the World Government Movement in the U.S.A. today . . .  This same James Warburg had the audacity and arrogance to proclaim before the U.S. Senate (2-17-50) :  ‘ We shall have world government whether or not we like it .  The only question is, whether world government will be achieved by Conquest or Consent.’ ”(52)

World Government is total government world-wide in which no independent race or people shall be except the rulers, who necessarily will have to be an exclusive caste .  Total consent of all presumptuous, if not imaginative, bankers will never be ;  but out of the weakness and confusion created by them amongst us towards these their own vain purposes, the world Government they mutter about, may come through conquest, though it is not they who will be the conquerors, though indeed, they will be the principal instrument .  There would be no way of bringing about that total monopoly of money, industry and empire, which is world government, save through the manipulation of the credulity of man-kind, and the pathetic trust he still maintains that his rulers are the voice of God on earth for him, as he blindly stumbles on, except it be by armed conquest .  Armed conquest in its turn in these latter days, cannot be effected without the connivance of conspiratorial money power, although such conspiratorial money power in its virtually insane search for paths towards its own establishment towards World Rule forever and ever, has now become an institution, which in the horror of the weapons of total destruction and obliteration leading to final subjection that it has called into being, and, in its blindness, has also given to our enemies, can only be described as a juggernaut completely out of control, an all-engulfing Terror, as much for its creators, as he, who, in its original conception, such Terror was supposed to engulf . . .


1. See P. 17, present work .  Also Note 2, P. 28.

2. Après avoir bien constaté l’existence avant Pheidon, de ces saumons ou broches de fer qui était la monnaie courant de Peloponnes, il nous sera facile de définir nettement le rôle de ce prince .  Il ne fut pas l’inventeur de la monnaie mais seulement, comme servius tullius, un réformateur .  il introduisit dans le péloponnèse un système fixé des poids et mesures, a la place des systèmes multiples qui jetaient la confusion et la désordre dans les relations commerciales ;  il adapta le poids des nouvelles monnaie au systèmes pondéral nouveau ;  il demoneta et aboli officiellement la vieille et encombrante monnaie de fer dont il consacra quelques échantillons dans le temple d’Argos” .  Les Origines de la Monnaie, P. 211, Ernest Babelon, Paris, 1897.

3. François Lenormant :  La Monnaie dans l’antiquité, pp .  215-216, Book II, Tome I.

4. Kingston-Higgins & Paul Einzig :  A Survey of Primitive Money and Primitive Money, respectively.

5. Fritz Heichelheim :  An Ancient Economic History, P. 478, Vol. I.

6. Robert Payne :  The Gold of Troy, P. 199.

7. Christopher Dawson :  The Age of the Gods, P. 255.

8. The kings of the dynasty ruling in Lydia until 689 B.C., or Phrygia as it may then have been, of which Myrsilus (or Candaules) was the last, mostly bore Hittite names .  According to Del Mar in his History of Monetary Systems, P. 41, the Phrygian (or Lydian) chronicles extend back to 1300 B.C. (when Bog-Haz Koi and Troy still existed).

According to Professor W.F. Albright, (The Amarna Letters from Palestine, Cambridge Ancient History, Vol. II; P. 43.) “ the hittites had established several vassal states in northern syria” . . .  “at least two of them, carchemish and aleppo, were ruled by princes of the imperial hittite dynasty .  in a third state, khattina, the reigning princes still bore names derived from imperial hittite history as late as the ninth century b.c...."

9. Although the fall of Bog-Haz Koi undoubtedly ended forever the system of empire over which the kings of the Kheta presided, fragments established local autonomy thereafter .  Such fragments were the state of Khattina above mentioned and the cities of Marqasi, and Carchemish.

10. Livy ;  Book I.

11. Christopher Dawson :  Age of the Gods, P .  304 ;  London ;  1928.

12. E.J. Haeberlin :  Aes Grave ;  Frankfurt ;  1910.

13. Accepting the opinion of Mommsen however, the Aes Grave dates from 454 B.C.-430 B.C .  Manuel Des Antiquités Romaines .  Tome X .  Paris ;  1888.

14. François Lenormant :  La Monnaie dans l’Antiquité, P .  66, Book II, Tome I.

15. Livy :  Book I ;  (Aubrey de Selincourt :  An Early History of Rome, P. 66 ;  London; 1960).

16. The Aes Rude.

17. Augustus Boeckh :  The Public Economy of Athens, Vol .  I ;  P. 43 ;  London ;  1828.

18. According to Aeschines :  “ the carthaginians make use of the following kind of money ;  in a small piece of leather a substance is wrapped of the size of a piece of 4 drachmae (3s) ;  but what this substance is no one knows except the maker .  after this is sealed and issued for circulation ;  and he who possesses the most of this is regarded as having the most money, and as being the wealthiest man .  but if any one amongst us had ever as much, he would be no richer than if he possessed a quantity of pebbles.” (A.J. Church :  Carthage, pp. 122-123 ;  New York; 1914.)

19. R.A.G. Carson :  Coins, Ancient, Medieval, and Modern, P. 75 ;  London; 1962.

20. Plato :  The Laws, Book V.

21. Aristotle :  The Politics, I, 9.

22. Aristotle :  The Ethics, V, 5.

23. A. del Mar :  A History of Money in Ancient Countries, P. 323 ;  London ;  1885.

24. A. del Mar :  A History of Money in Ancient Countries, P. 323 ;  London ;  1885.

25. According to Harold Mattingly, (Roman Coins, P. 53) :  “ the bronze coinage of rome was the original coinage of the land ;  it always served the home market and played little part in rome’s expansion abroad :  it is perhaps not surprising then that it resisted change more persistently than the world currency of the denarius.”  (Italics by present author.)

26. Both Cicero (Pro Flaccus ;  Orationes ;  Book XXVIII), and Pliny (Naturalis Historia, xii, c.18), make mention of this flow of silver Eastward .  Cicero says that gold moved Eastward to the temple at Jerusalem .  This may also have been so.

27. A. del Mar :  Barbara Williers or a History of Monetary Crimes ;  pp. 8-44.

28. A. del Mar :  Money and Civilization, p. 303 ;  London ;  1886.

29. Fritz Heichelheim :  An Ancient Economic History, P. 251 ;  Vol. I.

30. Potter :  Antiquities of Greece.

31. Plato :  The Laws, Book V.

32. W. Jacob :  An Historical Enquiry into the Production and Consumption Metals .  Del Mar, quoting from this book, gives a most reasonable analysis of the apparent loss associated with the working of the silver mines of New Carthage in Spain, by the Carthaginians .  (A. del Mar :  History of the Precious Metals, P. 68.)

33. Xenophon :  A Discourse upon improving the Revenues of the State of Athens, (Pages 317-322, The Political and Commercial Works of Charles Davenant LLD ;  1771)

34. François Lenormant :  La Monnaie dans l’Antiquité, pp. 215-216, Book II, Tome I .  Several Athenian and Corinthian residents have these clay coins in their possession (N. Boucara of Corinth).

35. In London 2000 years later, when the goldsmiths operated exactly the same “racket", the confidence of the public was gained through the connivance, witting or unwitting, of the Royal House, and the storage of the goldsmiths reserves in the Tower of London .  The fact of their being in the Tower offered the same sanctity to the goldsmith’s practice of issuing receipts as against non-existing reserves, i.e., fraudulent receipts, as had been offered to similar practice in ancient times by the undoubted storage of the reserves of the trapezitae in the Acropolis. ... In either case to encourage the circulation of his receipts, he could plead the difficulties and the dangers of the formalities attached to withdrawal of the metal itself for the purpose of settlement of an account.

36. Charles Seltsman, M.A.: Greek Coins, P. 179 ;  London; 1933.

37. Royal Ontario Museum Display.

38. From the time of the Institution of the Financial Reforms of Lycurgus.

39. Mikhail I. Rostovtsev :  A Social and Economic History of the Hellenistic World, P. 108 ;  Vol I, Oxford ;  1941.

40. Ibid. P. 106.

41. Ibid. P. 108.

42. Ibid. P. 104.

43. Perhaps an internationally functioning unit like the Euro-Dollar, originating from that form of ledger entry money known as the “swap” deposit.

While doing the world’s business, relative to the work it does, it bears little relationship to the workings of the originating financial system .  Such “swap” deposit money, although it will buy a loaf of bread or, at the other end of the scale, a ship, and therefore is money as much as any other kind of money, originates free of control of governments or central banks .  Such Euro-currencies “can expand by the process of money creation without infusions from oil nations or payments deficits."  Clearly they largely exist more as a special convenience to a certain group of people whose “business” is manipulating world currencies, and therefore prices, for their own needs and profit without reference to the good or authority of the state that permits the generating of such externally circulating monetary units, or to the good of its peoples .  For a detailed explanation of the Euro-Dollar see Report of the Royal Commission on Banking and Finance. pp. 138-140; Ottawa; 1964.

44. Augustus Boeckh :  The Public Economy of Athens, Vol. I ;  P. 43 ;  London ;  1828.

45. P.N. Ure, M.A. :  The Origins of Tyranny, P. 2 ;  New York ;  1922.

46. P. 155.  Present Work.

47. "the smithsonian report for 1876, p. 399, mentions clay stamps for printing cotton cloths (in ancient times) .  these could scarcely have failed to suggest baked clay coins such as were used in china, chaldea, und egypt.” History of Money in America, P. 44 .  A. del Mar (in reference to Mexican money).

48. He might have added, pursuing the matter further, that the paper note of today merely act as small change for that abstract money created by the mass of cheques in transit, and behind which exists no more than the misappropriated will of the gods themselves.

49. C.M Kraay & Max Hirmer :  Greek Coins, Preface .  London ;  1968.

50. W. Cleon Skousen :  The Naked Capitalist, P. 112.

51. John R. Elsom :  Lightning over the Treasury Building, P. 78.

52. W.B. Vennard :  Conquest or Consent, P. 12.