"A world system where all the money is created as debt is a perpetual  disaster in the making. It is like a giant balloon that the banks pump  full of debt. The balloon gets larger and larger until the debt load  becomes too heavy to carry, and then it is like a balloon with a pin  stuck in it. The system crashes and thousands or sometimes millions of  innocent people lose their jobs, homes, farms and businesses. 
The long-term influence of the banking cartel is incalculable. Their biggest coup was the establishment of the Federal Reserve System in the United States. The big New York banks really didn’t like the  idea of genuine competition, so a small group held a secret meeting at  the private resort of JP Morgan on Jekyll Island, off the coast of  Georgia [in 1910]. Their scheme, devised by Paul M. Warburg, and subsequently adopted by Congress, is a legal private monopoly of the US money supply operated for the benefit of the few under the guise of protecting and promoting the public interest.… 
To  put it bluntly, the Congress transferred its sovereign constitutional  right to create money to the sole custody of a group of private bankers.  The magnitude of the heist is unprecedented in the history of the world  – the numbers now are in the high trillions.…
--Paul Hellyer, Feb 2011