Today the entire mainstream media and all political parties and their leaders go along with the ‘Big Lie’ that public spending cuts and other ‘austerity’ measures are needed to reduce the ‘national deficit’ and ‘national debt’ – when in reality there would be no such debt in the first place if the right of national governments to create and issue money had not been handed to the global banks – putting 97% of the nation’s money in their hands – for only 3% of all money today taking the form of paper money and coins printed and minted by the state, whereas 97% of takes the form of electronic money in the hands of the banks.
The aim of the National People’s Party in the U.K. is an old one – is  to delink nationalism with racism of any sort and say (again) what it’s true meaning is should be i.e. to free nations and their peoples from debt-slavery to a global banking mafia and their puppet press, parties, and politicians. To to this however, means re-asserting the sovereign right of nations to finance public spending with money created and issued directly by that state – rather than borrowed at interest from the global banks.
It is simply not good enough do to as both Labour and old-Left Trotskyist or socialist type parties are doing unsucessfully – fighting cuts in public spending – without explaining why there is in reality no reason for them, and not recognising that renationalisation of money is the only policy that would make such cuts unnecessary – eliminating austerity and poverty not only this country but worldwide.
That is why there is an urgent need in this country for a ‘UKIP of the Left’  – united around a single issue – but only if those on both the Left and Right finally come to see what that central policy issue is and should be – the need for a re-nationalistion of money creation – something which so far only liberal British pressure groups like Positive Money or the Public Banking movement in America have done. 
This solution to national economic problems and national ‘debt’ – i.e. debt to the international banks – whilst very simple in principle – never gets a single mention in the media. It is also more abstract for a lot of people to get their heads round – whereas seeing more immigrants coming in from Europe or mosques sprouting up is not.
So it is no surprise that recently a far-right grouping calling itself the ‘British Resistance’ has now also launched a so-called ‘National People’s Party’ – on a racist and anti-immigrant platform. Such hijacking of ‘nationalism’ (and of the very word ‘national’) by racist movements and parties is a very old story  – going back to the interwar years in Germany. For it was then that – with the full support and encouragement of the World Zionist Organisation – the Nazi Party used blanket anti-Semitism to divert attention from the real enemy, i.e. the Big Banks, Jewish and non-Jewish.
Therefore another important aim of the National People’s Party in the U.K. is to subvert and undermine national racist movements of any sort which disguise themselves as national socialist movements. This is something that many dissident members of both nationalist, communist, social nationalist party sought to do in Germany – including many members of Hitler’s so-called German National Socialist Party – resulting in the creation of ‘National Bolshevism’.
Without the solution offered by the National People’s Party in the U,K. – by social-monetary nationalism and national bolshevism – both Right and Left will end up as in Greece: facing the steady rise of new far-right racist and Nazi parties like ‘The Golden Dawn’ – who pin all the blame for all economic woes on foreigners and immigrants rather than the global banks.



Posted: May 31, 2012 in Uncategorized

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How the Banks Make Money from Nothing (A5)

The People versus the Banks – Now it’s WAR (A4)

“The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.” 
Lord Acton (1834-1902) English historian

“The price of this financial crisis is being borne by people who absolutely did not cause it.”

Mervyn King, current governor of the Bank of England

“When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes … Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.”

Napoleon Bonaparte

“Banking was conceived in iniquity and born in sin. The bankers own the world. Take it away from them, but leave them the power to create money and control over that money, and they will create that money right back again. Take this power away from bankers and all great fortunes will disappear, and they ought to disappear, for this then would be a happier, better world to live in … But if you want to continue to be slaves to the banker and pay the cost of your own enslavement, then let the bankers continue to create money and control credit.”

Josiah Stamp, director of the Bank of England during an informal talk to about 150 history, economic, and social science professors in the late 1920′s at the University of Texas.

“The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principals the taxpayers will be saving immense sums of interest. Money will cease to be master, and become the servant of humanity.”

Abraham Lincoln
Private banks CREATE the vast majority of money in the UK and other nations from NOTHING – through simply keying in figures on computer accounts in the form of interest-bearing loans or ‘credit’. 
This monopoly on the creation of money means that whenever additional money is needed in the economy, it must be borrowed at interest from private banks and their financial markets.  In effect, the entire money supply of nations must be ‘rented’ from private international banks – at great cost to their economies and peoples. 
It is only because private banks hold a monopoly on the money supply of nations that they can blackmail nations and peoples into  ‘bailing out’  these banks to the tune of billions or trillions of pounds when the the money they have greedily tried to accumulate as high risk loans goes  ‘bad’ or ‘toxic’ and a ‘financial crisis’ results – their crisis.
Yet the creation of electronic money is a service that could be provided by governments instead of private banks – and for the benefit of the people and not the banks. Public money created by public banks – National People’s Banks – would dissolve natonal debt and solve our financial crisis  – and that of other nations – at a stroke.
The international banking mafia, however, continues to do everything in its power to prevent the mere IDEA of public money creation and public banking  being even mentioned in parliaments or the media – both of which they effectively control through their monopoly on money creation, a monopoly that has now created a system of global debt slavery and impoverishment.    
  • Total global money spent by the U.S. Federal Reserve to bail out global banks – over $18 trillion
  • Total assets of private financiers – more than ten times greater the value of total global GDP
  • Total value of ‘derivatives’ traded for profit on the financial markets – over $700 trillion
  • Total U.K. banking assets – five times the value of the U.K.’s Gross Domestic Product
  • Total unadjusted U.K. debt to private banks £2.25 trillion, 148% of GDP
  • Total U.K. public money spent on bailing out private banks£1.351 trillion
  • Total public money handed to the banks by the BoE this years – £375 billion
  • Total cuts in money for the people planned by Cameron – £125 billion
  • Total U.K. corporate debt to private banks – 126% of GDP
  • Total U.K. domestic debt to private banks – 106% of GDP
  • Total profits predicted for UK banks 2011 – £25 billion
  • Total money spent lobbying for the banks – £95 million
  • Total bonuses to bankers 2010  – £14 billion
  • Taxes unpaid by the wealthiest– £25 billion


NEWS! Total U.K. debt now approaches 1,000% of GDP!!!

NEWS! Total U.K. external debt now stands at 500% of GDP!!!

NEWS! Finance industry spends over £90 millions pound lobbying politicians and regulators!!!

The purpose of this site is to place the economic and political situation of the U.K. and its people in the context of a much larger global reality  –  how the Big Banks (together with their puppet politicians, international institutions such as the World Bank, European Central Bank, International Monetary Fund – and their unelected shadow goverment – the Bilderberg Group  – are currently waging financial warfare and terrorism against all the peoples of the world – forcing them into  debt-slavery through imposed ‘bailouts’ and vicious austerity measures, asset-stripping and de-industrialising their economies and, as a result, committing what amounts to economic and social genocide.
In all this we are witnessing the power of a new feudal and financial oligarchy –  one which is depriving all nations of their economic and political sovereignty. The message of the National People’s Party in the U.K.  is therefore also a message to all nations – namely that the class struggle has now become a national struggle of all peoples against the power of international finance capitalism and debt-slavery (see also )
That slavery can only be defeated by first exposing a single ‘Big Lie’ – the lie that nations are necessarily dependent on borrowing from private and international banks to finance their own public spending and improve the lot of the people.
Internationally enforced debt-slavery does not only affect the countries of the U.K. That is why The National People’s Party is properly called ‘The National People’s Party in the U.K.’ offering as it does a model for other national people’s parties abroad –  and for a federation of such parties.
The NPP also therefore supports the transformation of the ‘United Kingdom’ itself into a genuine, co-operative federation or commonwealth of devolved or fully independent nations – each free to create their own national or regional public banks, independent of the private and international banking system and its feudal oligarchs and plutocrats.
Yet the ‘Endgame’ or ‘Plan B’ of global capitalism – in its now unavoidable ‘End Times’ – is quite simply a reactionary regression to a form of monetary monarchism and neo-feudalism. This means the creation of a supra-national state, the abolition of the ‘middle class’ as we know it and the creation instead of a massively depopulated world characterised by a two-class system – one made up of a super-rich global elite on the one hand and the minimum number of  ‘serfs’ necessary to service the needs of this new aristocracy on the other.

 “The fact the Government chooses to borrow money and pay interest on it to Private Commercial Banks is entirely down to Government Policy. It does not need to do this. The Government and the Bank of England which it owns (though currently allows it to be run Independently) could, if it wanted to, pay off all its debts.” (anonymous Guardian commentator

The central issue of our times is that governments have relinquished the power to issue their own interest-free money for investment in the real economy, but are instead reliant on borrowing at interest from private banks.


Whilst private and commercial banks are free to  literally create ‘money from nothing’ through electronically keying in deposits into borrowers’ accounts (money which then belongs to and profits the banks) governments and communities have yet to use the same mechanism to create money for the people i.e. to invest in the interests of the people and of national economies.

Nations will continue remain in  debt to the International Banking System until Private Banking and money creation for financial profit are replaced by Public Banking and money creation through People’s Banks – communal, regional and national.


Between 1998 and 2007 the British government raised £18 billion through selling printed notes to the banks. 

Private banks on the other hand, were able to create £1.2 trillion for themselves the form of electronic money ‘created from nothing’ –  issued as interest-bearing and tradeable loans.   

To top it all, if those banks fail through creating bubbles of ‘toxic’ loans which then burst, national governments are forced to get the people to foot the bill for bailing out those banks. And if their own economies are gravely weakened by giving out trillions to bail out the  banks, as we have seen in Greece – nations can now be forced by international banks such as the European Central Bank to be ‘bailed out’ themselves through further loans from those banks – thus raising a country’s national debt even further and forcing them to cut public spending. This vicious circle continues only because nations do not assert their own sovereign right to create and issue their own debt- and interest-free money independently of the private and international banking system – and use it to serve the people.

Neither politicians, economic pundits, the media nor MP’s of any party question or even acknowledge the central issue of private versus public banking and money creation  – though it is ‘the elephant in the room’ and the spectre haunting Cabinet and Parliament and shaping all policy decisions. Nothing is done of course except making the people pay off the banking mafia through ever harsher and more economically destructive ‘austerity measures’.

In effect, national politics is all but dead – for it is money that now rules governments worldwide through the global monetary and financial system, with both Presidents and Prime Ministers serving merely as its puppets.

The traditional Right wish to reduce taxes and government borrowing through cutting public spending. The traditional left wish to maintain government spending – if necessary through raising taxes or borrowing. Neither the traditional Right nor Left realise that government spending is not dependent either on tax revenues or on borrowing – at interest – from private and international banks.

Instead of borrowing to spend on infrastructure and  industry, welfare and education, government spending can be funded simply by governments by-passing the private banks completely and issuing their own sovereign, interest-free money directly through  National People’s Banks.

That is why, already in the Communist Manifesto of 1848 Karl Marx called for the “Centralisation of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.”

It is only too clear that the time has now come for his words to be taken seriously. The only way that this can be achieved is through the creation of a genuine and fully state-owned National People’s Bank  . This means a bank in full control of the nation’s money supply – which is currently almost entirely in the hands of private banks. Only such a genuine National People’s Bank (not one in name only) would be able to invest interest-free money into the real ‘bricks-and-mortar’ economy, rather than letting today’s so-called  ‘investment’ banks syphon off the nation’s industrial profits through debt and interest payments – but only in order to gamble with them on the ‘casino’ economy of the financial markets.

Karl Marx

The National People’s Party affirms itself as a ‘Social Nationalist’,  ‘National Marxist’, ‘National Communist’ and National Bolshevik party aimed at reclaiming national power for the people from the grip of private bankers and their international cabals and cartels through a fully state-owned National People’s Bank.

Yet since the U.K. is essentially nothing but a capitalist  financial corporation with its own listed directors (called THE UNITED KINGDOM CORPORATION) the National People’s Party fully supports the rights of both Scotland and Wales for full independence from the U.K. government and Parliament – itself nothing but a fictive legal corporation called MEMBERS OF PARLIAMENT. Finally since, according to Common Law – ‘The Law-of-the-Land’ – no Acts or Statutes of Parliament apply to anyone who has not consented to them personally and in contract, the National People’s Party believes in the freedom of all individuals to reject them  – a right of ‘Lawful Rebellion’ enshrined in article 61 of the Magna Carta, 1215 – see




The economic myth is that money cannot be created out of nothing. Yet that is exactly what the private banks themselves admit that they do through the system known as ‘Fractional Reserve Banking’.

Most people think that money borrowed from banks comes from deposits.  In reality, through the Fractional Reserve Banking system, money  issued as loans by banks does not come from its own reserves of deposits but is created from nothing – simply by entering it as digital or electronic monehy through into a borrower’s computer account. And yet it is this ‘digital’ or ‘virtual’  money created out of nothing that creates almost the entire money supply of the nation – ending up as it does in the accounts of other banks for whatever goods or services it is used to pay for. As a result, if all loans were paid off the country would have no money! Conversely, all money is essentially debt to private banks – hence the need for constant pressure on consumers to borrow and the benefit to the banker of low wages.

Furthemore, the banks are free to loan out almost 90% of the money you deposit with them – keeping less than 10% in reserve – thus making profit for themselves even from your current account. What you think you have safely deposited in your bank account is in reality just a numerical fiction – an ‘IOU’.




The tiny interest that some banks offer on current accounts is next to nothing.  Unless you are rich therefore (in which case you would invest your money in saving accounts and not current accounts) as a result of Fractional Reserve Banking your current account is effectively and right now an interest-free loan to a private bank. In other words it is the people who are the real lenders to the banks and not the other way round! Their money is actually our money – but it is they who can lend out 90% or more of it – at interest – to others.  And because that money of ours which the private banks lend out ends up as deposits in other people’s accounts, the  banks can lend out 90% or more of their deposits too – resulting in yet more deposits in other accounts from which they can lend out. The mathematical result of this brilliant money-making system is that with every £100.00 you either borrow from a bank or just deposit in your own current account – you effectively give the banks £900.00 of interest-free money to profit from  – whether through loaning it out or through speculation.

There is a BIG LIE being promoted by the government, disseminated by all the media – and still swallowed by politicians of all parties.
This is the LIE that the nation faces a financial deficit because we have been ‘living beyond our means’, that past governments have been ‘overspending’ – and therefore that the ‘harsh reality’ is that public spending and serves needs to be cut.
In fact, the ONLY reason for our national debt and that of other countries is reliance on borrowing, at interest, from private banks  – or massive spending on bailing out those banks.  The so-called national ‘deficit’ did NOT arise from over-spending on public investment and services by the last government. It arose from from bailing out private banks – and doing so at the expense of ever-rising national debt TO the banking system!
So simply ‘fighting’ government cuts and consequent job losses as the unions seek to do, or bemoaning the raising of taxes such as VAT will remain a futile act unless the FALSE REASONS offered for these ‘deficit cutting’ policies are first exposed as the ‘BIG LIE’ that they are – and instead the real reasons for the current national deficit revealed.

During the last financial crisis $14 trillion (almost a quarter of global GDP) was spent to support the international banking system in the UK, US and the Euro-area. Just think what else this money could have been spent on!!!




The last British government bailed out the banks to the tune of over one trillion pounds of our money – roughly £16,000 for every British citizen.

The aim was not to ‘save the economy’ from financial crisis but to protect the banks that created that crisis – the same banks that are now making record profits – and paying out massive bonuses to their directors.

The Government estimate that national debt – to the banks – will hit £1.043 billion this year and £1.2 trillion by 2012.  That means the banks will profit from a £43 billion interest bill – for which every household will have to stump up more than £1,800 in tax or cuts in their benefits or real income. Meanwhile average incomes have already fallen by £1,200 in the last three years.

Did massive government benefits to the banks stop the bankers paying themselves obscene bonuses? NO.

Did the banks use their welfare benefits to increase lending to businesses, mortgage buyers and industry? NO.

And how does the present government want to reduce the escalating ‘national debt’ that has resulted from massive welfare payments to the BANKS? By cutting benefits and jobs for the PEOPLE. By making the people pay instead of the banks – to pay for both welfare payouts, increasing debt and interest payments TO the banks.

We say NO to all such policies – to paying off domestic and international banking mafias at the expense of impoverishing the people of all natons; to privatising the gains of the bankers and ‘socialising’ their losses – making the people pay and not the banks.


End public bailouts,  benefits and debt-slavery to privately owned banks.

Centralise the money supply in a new National People’s Bank that can issue its own debt-free money – money that funds the real bricks-and-mortar economy and not the ‘casino’ economy of private investment banks!


The most important economic policy issue then, is not simply whether to ‘tax or spend’, whether to reduce or raise taxes and government spending.

Instead the most important question is the one raised only by the National People’s Party.

This  is the question of how MONEY ITSELF IS ISSUED, WHO it is that issues it – governments themselves or private banks – and WHOM they issue it for – THE PEOPLE OR THE BANKS.

Today international financial and banking circles are now the effective rulers of national government policies – and the ruination of national economies not just in the US but globally. So a few rating agencies in the US now have the power to downgrade the currencies and credit status of entire regions and countries thus accruing yet more debt from them, not through their wealth but precisely through their impoverishment. America, as we know, has a national debt of such astronomical proportions that it is effectively insolvent – bankrupt – unable to pay even the interest on that debt. Yet Greece – the historic foundation of European culture – and now Italy and Spain, have become the bankers’ scapegoat for US insolvency.

The principal aim of a new NATIONAL PEOPLES PARTY then, is to fight for the people and the nation against the BANKS and the international finance system – and NOT against migrants, benefit claimants, pensioners, welfare recipients, workers or the unions.
This means:
1. Breaking through the MISLEADING MEDIA LANGUAGE and BIG LIES and ECONOMIC IGNORANCE that surrounds the true workings of national economies – and the global enslavement and impoverishment of billions of people by the international banking system.
2. Eliminating THE BIG LIE that ‘there isn’t enough money’ – whether for schools, houses, hospitals, for more and better paid jobs, for a national minimum wage, and for national investment in the REAL ECONOMY – as opposed to the fictional ‘money economy’ of the banks.
3. TAKING BACK CONTROL of the money supply and the national economy from the international commercial banks and financiers and allowing the state to issue money – NOT through the sale of Bank of England ‘bonds’ to the banks (bonds being themselves nothing but government debt ) but as interest-free credit from a new National People’s Bank – one that serves the people and the real bricks-and-mortar economy.
Only in this way can any country’s national financial and banking system serve the real economy and its people – instead of both the economy and the people serving and working as slaves for the banks. For is it not clearly unethical that those who EARN most money and effectively OWN most of the country’s money supply PRODUCE NOTHING OF REAL VALUE and DO NOTHING OF REAL VALUE for people – but instead profit and enrich themselves simply by creating fictional money as loans, earning interest from the  purely fictional ‘value’ of that money – and then raking in even more money by trading in debt insurance (‘credit default swaps’) on the financial markets.



For private banks, the only ‘financial crisis’ that worries them is not the one that actually affects real people but the one that affects their own balance sheets.

The financial debt crisis of the banks is like the ‘crisis’ of a vampire loan shark – who after having sucked dry the economic blood of a nation such as Greece to the point that its debts become unsustainable, then calls in national and international ‘bailiffs’ to demand that this nation nevertheless find more blood (more money) from nowhere – for example by privatising national assets, imposing taxes and cuts on the already poor and unemployed and seizing their homes.

As if this were not enough – or if it predictably worsens the abilities of a debtor nation to pay off their debt –  the vampire banks then have the gall to demand that other, slightly better-off debtor nations (for example Germany and France) group together to provide these banks with a totally free ‘blood infusion’ of money.

This is called keeping the  banks financially ‘liquid’.

The so-called ‘bailout’ money used to keep these vampires ‘liquid’ however, does absolutely nothing to support the real economies of any of the debtor nations themselves – or else only goes to them in the form of further debts that are enforced on them by central banks such as the ECB or international banks such as the IMF.

This financial vampirism of private banks is possible because although they are allowed to freely dispense vast sums of money as loans in order suck as much interest as they can from them (no matter at what risk) they are not required to keep in reserve anything more than a tiny fraction of the money they lend out – the ‘blood-and-gore’ meaning of the term ‘Fractional Reserve Banking’ . It is also the reason why the blood-sucking banks end up hoarding their money rather than lending it out to individuals, industries – or even to each other.

The result is that the banks’ bloody and vastly bloated ‘credit bubbles’ deflate and become a ‘credit squeeze’ or ‘credit crunch’ – one for which their own debtors must foot the bill with ever more ‘blood money’ – or else face loss of the money supply to their own national economies, which is almost entirely in the hands of private banks.  Only the creation of fully public and state-owned National People’s Banks can solve the real financial crisis of people and nations into which both debts to the private vampire banks and having to paying for their crisis have got us.


We live in a fascist international financial system – one in which international banking cartels put immense pressure on national governments with the supposedly weakest economies to ‘help’ them and their banks out with massive ‘bailouts’. These bailouts however, essentially bring nothing more than longer-term or bigger interest-bearing loans to the banks.

They are essentially a new strategic way for private international banks to continue to milk national economies even further, thus further weakening their economies and currencies through cuts to investment and social infrastructure and in this way making them yet more dependent on the banks to make up for this ‘weakness’.

This results, as now, in a basic  contradiction that no capitalist government or group of governments can eradicate or get around through its policies. The contradiction lies in the need to promote ever more economic growth and consumptions just in order to keep pace with a nation’s debt to the banks – whilst at the same time undermining that growth and consumption by slashing public spending and by borrowing even more money from – not for investment in in the productive economy or to meet the real needs of the people – but again, simply to finance the accumulating debt and interest owed to private and international banks.

The question is – why do national governments go along with this? One reason is that under the current monetary system of Fractional Reserve Banking  almost the entire money supply of the national economy does not come from notes and coins printed and minted by the state, but is in the hands of private banks. Again, this is money that does NOT come from the  deposits of savers but is created as fictional ‘digital’ or ‘number’ money through a few keystrokes on a computer account. And again, as a result of the system of Fractional Reserve Banking, banks are not required to have reserves or deposits that amount to anything more than a  tiny fraction of the loans they hand out as credits. These loan credits nevertheless counts as assets on their balances  – and they also constitute the major part of a nation’s money supply. 


The ‘fly in the ointment’ of course is that bad or ‘toxic’ loans taken on as a result of competition between banks will always accumulate as  ‘credit bubbles’ which eventually come back to haunt the very banks that sought to profit from them – leading them to ask for welfare benefits and bailouts from national governments when those credit bubbles burst and the ‘exposure’ of a county’s major private banks to the international debts they have had a hand in creating is finally revealed.

Governments then either have to bail out their own country’s banks or else have to be bailed out by interntational banks –which means taking on new loans from unelected international finanical cabals such as the European Central Bank or International Monetary Fund  – but only on the condition that the governments they dictate to impose ‘austerity fascism’ –making massive cuts in public welfare and investment and selling off public assets at bargain-basement prices. Yet in this this way they effectively cripple their own nation’s economy and undermine its capacity to ever pay off its ever-mounting national debt and the interest payments that go with it – something they can only seek to do through accepting yet further loans.

This is exactly what we see happening in Greece, Portugal and other European countries now – an imposed ‘debt contagion’ that will eventually spread to further countries – including the U.K.

This is also exactly what has to change. If it did – if governments took control of the money supply to the nation back from the banks – there would be no national  ‘debt’ or  ‘deficit’ at all, and no massive debts and interest payments to the banks would be needed to pay off that ‘deficit’.

Money issued directly by governments through a National People’s Bank and not borrowed from private banks would be real ‘positive money’ and not ‘negative money’ in the form of debt. It would be issued to and for the people and not for the profit of the banks, creating tangible assets  in the real economy rather than adding to the fictional money asset of the banks.

This would solve the so-called ‘soverign’ debt crises of nations at a stroke – and yet almost no politicians or economists –  or even protesters on the streets – are even aware of this option as a possibility.


Yet there is another constantly repeated economic myth – namely that government-issued money leads to inflation. In reality this has never proved to be the case. Even the notorious hyperinflation in Germany between the wars  came about through the privatisation of the national bank. It ended as soon as Hitler followed Abraham Lincoln in issuing his own form of  ‘Greenbacks’ – a form of interest-free goverment issued currency.

As Ellen Brown writes:

“Within two years, the unemployment problem had been solved and the country was back on its feet. It had a solid, stable currency, no debt, and no inflation, at a time when millions of people in the United States and other Western countries were still out of work and living on welfare. Germany even managed to restore foreign trade, although it was denied foreign credit and was faced with an economic boycott abroad … Stephen Zarlenga suggests in The Lost Science of Money that this was because he temporarily rescued Germany from English economic theory — the theory that money must be borrowed against the reserves of a private banking cartel rather than issued outright by the government.”

The German Communist Party of course, would have gone even further in rejecting conventional capitalist economic and financial wisdom, promising that once in power:

“…we will ruthlessly put a stop to the machinations of the bank magnates who impose their will on our land today. We will implement the proletarian nationalisation of the banks and annul all debts to German and foreign capitalists.”