From Reginald McKenna (1863-1943), British banker and Liberal politician, Home Secretary and Chancellor of the Exchequer, in a letter to shareholders of Midland Bank when he was its chairman (1924):
I am afraid the ordinary citizen will not like to be told that the banks can and do create money. And they who control the credit of the nation direct the policy of Governments and hold in the hollow of their hand the destiny of the people.
He would know.
