Meaning: This quote by Richard McKenna succinctly captures the immense power and influence that banks and those who control credit hold over a nation's economy and its people. The quote sheds light on the often opaque and complex mechanisms through which money is created and destroyed by banks, and how this process ultimately shapes government policies and impacts the lives of ordinary citizens.

At the heart of this quote is the concept of fractional reserve banking, which allows banks to create money through the issuance of loans and credit. When a bank issues a loan, it effectively creates new money by increasing the borrower's account balance. This process is based on the fractional reserve system, where banks are required to hold only a fraction of their deposits as reserves, allowing them to lend out the rest. As a result, banks have the power to create money out of thin air, a concept that may be unsettling to the ordinary citizen who may not be aware of the intricacies of the banking system.

Moreover, the quote highlights the intertwining of financial power and political influence. Those who control the credit of a nation, such as central banks and influential financial institutions, wield significant sway over government policies and decision-making. The ability to influence the supply of money and credit gives these entities the leverage to shape economic policies, interest rates, and investment priorities, ultimately impacting the direction and stability of the economy.

In essence, the quote emphasizes the concentration of economic power in the hands of a select few who determine the flow of money and credit within a nation. This concentration of power raises concerns about the potential for undue influence and manipulation, as well as the implications for the broader population. The destiny of the people, as McKenna suggests, is held in the hollow of the hands of those who control the credit, implying that the economic well-being and opportunities of individuals and communities are subject to the decisions and actions of a powerful minority.

This quote also resonates with broader discussions about economic inequality and the distribution of wealth and resources within societies. The ability of banks and credit controllers to shape economic outcomes underscores the potential for disparities in access to financial resources and opportunities. Moreover, it raises questions about the accountability and transparency of the financial system, as well as the need for effective regulation to ensure that the creation and destruction of money serve the broader interests of society.

In conclusion, Richard McKenna's quote serves as a thought-provoking commentary on the dynamics of money creation, the influence of credit controllers, and the far-reaching implications for the governance and prosperity of nations. It underscores the need for greater awareness and understanding of these complex economic processes, as well as the importance of responsible and equitable management of financial power for the benefit of all citizens.