B_345_The-Rulers-of-Russia

changes in the volume of currency cause prices to rise or decline;
and these arbitrary changes affect the welfare of every citizen.
How are they effected? By the contraction and expansion of
credit due to movements of gold. Thus we have fixed foreign
exchanges with fluctuating internal price-levels. Those who control
gold can manipulate the volume of credit, thus controlling
the price-level in different countries. And this power can be used
to acquire mortgages not only over entire industries but over
whole countries. We read in The Builders' Merchants' Journal
(January, 1939): "For instance, by the judicious transference
of (say) ten millions of gold from France to England, a systematic
depreciation of probably ten times that amount could be
brought about in the market value of French securities without
undue difficulty, and a corresponding rise effected on the English
Exchange. By then transferring the same amount of gold from
London to New York, a similar double effect could again be
achieved. Next, by transferring the gold from the U.S.A. to
(say) Belgium and the Netherlands, the process could be once
more repeated. Then by switching the bullion across to England,
a similar rise and fall would result. Finally, by shipping the gold
from London back to its original resting-place in Paris, French
securities would be restored to normal, and British stock values
again depressed. The alteration in market values in the case of
every gold transfer as above outlined would probably be at least
ten times the amount of the bullion actually shipped, and the astute
individuals engaged in the execution of this interesting financial
roundabout might within the space of two or three years amass
(via nominees) anything from (say) £100,000,000 to £500,000,000
by judiciously exploiting the possibilities of the markets—and
without arousing outcry or general suspicion amongst the investing
public. No wonder it becomes possible for banks and other
big financial interests to hold 'blanket' mortgages not only (in
effect) over entire industries, but also (to all practical intents and
purposes) over whole countries."
A concrete example of the swindling depicted by The Builders'
Journal is given by the late Arthur Kitson in his book, The Bankers'
Conspiracy, published in 1933. On pages 79 and 80 of that
work, we read: "Some years ago the Bankers' Magazine gave a
startling example of the depreciation in the prices of 325 of our
representative investments caused by the withdrawal of £11,-
000,000 in gold from the Bank of England by a group of Ameri-
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