A History of Central Banking and the Enslavement of Mankind (2024)

A History of Central Banking

and the Enslavement of Mankind

Stephen Mitford Goodson

A History of Central Banking and the Enslavement of Mankind

Stephen Mitford Goodson

1st Edition 2014

4th Edition 2019

Copyright © 2019 Black House Publishing Ltd

All rights reserved. No part of this book may be reproduced in any form by any electronic or mechanical means including photocopying, recording, or information storage and retrieval without permission in writing from the publisher.

ISBN-13: 978-1-912759-20-0

Black House Publishing Ltd

Kemp House

152 City Road

London, United Kingdom



Email: info@blackhousepublishing.com

And you will never understand American history

or the history of the Occident durin’ the past 2000 years

unless you look at one or two problems;

namely, sheenies and usury.

One or the other or BOTH. I should say, both.

– Ezra Pound

Table of Contents



Chapter I

How Usury Destroyed the Roman Empire

The Copper Age (753 – 267BC)

The Silver Age (267 – 27BC)

Julius Caesar

The Gold Age (27BC – 476AD)

Role of the Church in the Decline and Fall


Chapter II

The Hidden Origins of the Bank of England

Ancient England

First Jewish Migration and Expulsion

The Glorious Middle Ages

End of a Golden Era

Cromwell and the English Civil War

The Regicide of King Charles I

Establishment of the Bank of England

War and Debt Slavery in Perpetuity


Chapter III

Napoléon and the Banque De France

France under the Bourbons

Napoléon the Monetary Reformer

The State Bank of the French Empire

Achievements of the French State Banking System

Chapter IV

A Century of Struggle : Rothschild versus the People

Central Banking in the United States

Establishment of the United States Federal Reserve Bank

The State Bank of the Russian Empire

The Creation and Control of the Soviet Union

The Anglo-Boer War

The Commonwealth Bank of Australia

World War I

Chapter V

The Great Depression

The Bank for International Settlements

United States Federal Reserve Bank

Clifford Hugh Douglas

Irving Norton Fisher

Chapter VI

The Rise and Fall of State Banking (1932-1945)

The State Bank of National Socialist Germany

Post World War II Developments

Fascist Italy

The State Bank of Japan

How Japan Was Forced into World War II

Post World War II Developments

Chapter VII

Modern Forms of State Banking

Bank of North Dakota

The States of Guernsey

Central Bank of Libya

Chapter VIII

The Banking Crisis

Historical Overview

The Banking Crisis 2007-


The Great Depression of the 21st Century

Appendix I

Appendix II

An Analysis by Matthew Johnson



This book is bound to be controversial and engender strong reactions. Why would a seemingly arid subject matter such as the history of central banking and of the monetary system give rise to such strong reactions?

Goodson has the credentials and track-record to make a credible presentation of a subject matter which he has researched for decades and which he has lived personally as a non-executive Director of the South African Reserve Bank.

I do not have the expertise to say whether Goodson’s findings are accurate, but I do know that the raw nerves he touches are on account of central banking and the monetary system created thereunder being at the core of the persistent profound and inhumane differences in wealth distribution within any given country, and among countries. For this reason, for several years, my Party and I have argued that South Africa should reform its central banking and monetary system, even if that means placing our country out of step with iniquitous world standards.

Books on economics and banking are generally viewed as being abstruse, whose readers are confined mainly to academia and the business world. In this case we have a notable exception.

This work provides not only a broad sweep of the history of economics over almost two millennia, but insights into how the problems of usury have been confounding and enslaving mankind since its civilized existence first began.

It may shock some to realise that central banks throughout the world, including our own South African Reserve Bank, do not serve our own best interests and are in fact in league with private banks. This not only undermines our sovereignty, but deprives us of the means of having publicly-issued debt-free money which belongs to the people as its sovereign debt, and interest-free means of exchange. Instead, in our country, as in other countries, we use private money produced out of debt by the private banking system. Shifting from bank-notes to government-notes would provide our people with a decent life, which is blessed, prosperous and sustainable. But such a simple reform would be a real revolution, more difficult to bring about than any other reform or social change imaginable.

Although South Africa gained its freedom in 1994 in all its outward manifestations; inwardly, with the exception of a small minority of black and white entrepreneurs, the general population has neither benefitted nor thrived, and moreover has not realised its latent potential, mainly because of the defects in the monetary system.

If we are to achieve real freedom, it is imperative that monetary reform be pursued with the same vigour and intensity as was displayed towards political reform during the struggle years. But that requires understanding the complex issues of how money is created, whom it belongs to and whose interests it serves.

In this book, Goodson has not only sketched numerous successes of previous states rather than private banking systems, but has also provided us with a blueprint which may address many of our entrenched social problems, such as low economic growth, high unemployment and declining services.Albeit decidedly controversial, this is a book which thinking South Africans should read as an inspiration for political action.

In his address before the American Newspaper Publishers Association on 27 Apri, 1961, President John F. Kennedy famously stated: Without debate, without criticism, no administration and no country can succeed – and no republic can survive. That is why the Athenian lawmaker Solon decreed it a crime for any citizen to shrink from controversy.

Prince Mangosuthu Buthelezi MP

President of the Inkatha Freedom Party

Republic of South Africa


History is the most crucial subject of any educational system superseding science and the humanities in importance. Within its fabric, it holds the culture, traditions, beliefs, ethos and raison d’etre necessary for the continued existence of any people. If history is compromised by falsifications and omissions, which are frequently imposed by outsiders, then that civilisation will decay and finally collapse, as may be observed in the slow disintegration of Western civilisation since 1945. George Orwell expressed a similar sentiment in ‘1984’ when he wrote: The most effective way to destroy people is to deny and obliterate their own understanding of history.

Winston Churchill once made the observation that the further one goes back into history, the clearer the picture becomes. By employing this technique the author is hopeful that any doubts, which readers may have concerning his analysis and exegesis of modern historical events will be assuaged, if not entirely eliminated.

For any nation/state/society/community to have full sovereignty and independence in its affairs, absolute control over the means it employs to exchange goods and services must reside with the organs which represent the people, and must not be delegated to private individuals.

Throughout recorded history periods of state control of the money supply have been synonymous with eras of prosperity, peace, cultural enrichment, full employment and zero inflation. However, when private bankers usurp control of the money creation process, the inevitable results are recurring cycles of prosperity and poverty, unemployment, embedded inflation and an enormous and ever increasing transfer of wealth and political power to this tiny clique, who control this exploitative monetary system. Whenever these private and central bankers have been opposed in the past by nations seeking restoration of an honest money system, these parasitic bankers have invariably invoked a patriotic war in order to defeat the much maligned enemy. This has been a feature of almost all wars during the past 300 plus years.

This book provides insights as to how private bankers since ancient times have abused monetary systems, whether they are based on coin, bank notes, cheque or electronic money, by creating money out of nothing as an interest bearing debt in order to arrogate supreme power to themselves. It also provides a record, both ancient and modern, of societies and civilisations which have flourished in an environment free from the burden of usury.

The solution is simple and self-evident. If we wish to obtain our liberation and sovereignty from the enslavement imposed by the private bankers, we must dismantle their fractional reserve system of banking and supporting central banks, or we ourselves shall be destroyed and consigned to oblivion.

Stephen Mitford Goodson

Chapter I

How Usury Destroyed the Roman Empire

Money, being naturally barren, to make it breed money is preposterous and a perversion from the end of its institution, which was only to serve the purpose of exchange and not of increase...Men called bankers we shall hate, for they enrich themselves while doing nothing.

– Aristotle, Politics

The monetary systems of the Roman era (753BC – 565AD) may be divided into three distinct periods, where units of three different metals were used as the means of exchanging goods and services.Although there is evidence of modern human occupation ( Homo sapiens sapiens ) in the Rome area going back 14,000 years (with Neanderthals having lived there approximately 140,000 years ago), Rome, as a city, is traditionally said to have been founded by Romulus and Remus in 753BC in a region surrounding the Palatine Hills, also known as Latium. According to the legend, Romulus (who killed his brother Remus) became its first king, but later shared the throne with Titus Tatius, the ruler of the Sabines.

Around 600BC Latium came under the control of the Etruscans. This lasted until the last king, Tarquin the Proud, was expelled in 509BC and the Roman Republic was established. The Etruscans, a people of Aryan origin, created one of the most advanced civilisations of that period and built roads, temples and numerous public buildings in Rome.

The first money used in Rome was the cow. This was not true money, but a barter system. Many early peoples used cattle as a medium of exchange. According to the legend of Herakles and the Augean stables, the cattle kept there, over 3,000 in number, represented the treasury of King Augeas.

THE COPPER AGE (753 – 267BC)

As time went on, the Romans took to using, instead of cattle, irregular lumps of copper or bronze. These lumps were called aes rude (rough metal) and had to be weighed for each transaction.

There was an increase in trade and Rome became one of the most prosperous cities in the ancient world. This prosperity was based on uncoined copper, later bronze, metal which was measured by weight according to a fixed system of units. It was issued by the Roman Treasury in the form of ingots weighing 3½ lbs (1.6kg) with the full backing of the state and was known as aes signatum (stamped metal), because it was stamped by the government with a cow, eagle or elephant or other image. Sometimes they were made to resemble a scallop shell. In 289BC these ingots were replaced by discoidal, cast leaded bronze coins aes grave (heavy metal). They represented national money and were paid into circulation by the state and only of value inasmuch as the symbols on which its numbers were recorded, were scarce or otherwise.¹ This money was thus based on law rather than the metallic content (although that content was standardised, and the coin did have some intrinsic value, unlike most coins today). This can be considered as an early example of the successful use of fiat money.

While fiat money is much criticised in some quarters, for example by the followers of Austrian economist Ludwig von Mises,² there is nothing wrong with it, as long as it is issued by government, not by private bankers, and is carefully protected against counterfeiters. Non-fiat money, in contrast, has the serious drawback that whoever sets the prices of gold and silver, i.e. private bankers, can control the nation’s economy.

Roman Aes Grave, bronze coins 241-235 BC.

Up to 300BC there was an unsurpassed increase in public and private wealth of the Romans. This may be measured in the gain in land. After the conclusion of the Second Latin War in 338BC and the defeat of the Etruscans, the Roman Republic increased in size from 2,135 square miles (5,525 sq km) to 10,350 square miles (26,805 sq km) or 20% of peninsular Italy. In tandem with the expansion of its land area the population rose from about 750,000 to one million with 150,000 persons living in Rome itself.

A partnership was formed between the Senate and the people known as Senatus Populusque Romanus (SPQR, the Senate and People of Rome). The political leaders were renowned for their frugality and honest virtue. The means of exchange was strictly regulated in accordance with the increase in population and trade and there was zero inflation. Debt-bondage nexum, whereby a free man offered his services as security for a loan + interest, and where in cases of non-payment the debt had to be worked off, was abolished after Plebian agitation by the lex Poetelia ³ in 326BC.


The traditional money system was destroyed in 267BC when the patrician elite obtained the privilege to mint silver coinage. This change was typified by a patrician who went to the Temple of Juno Moneta (from whence the word money is derived), and converted a sack full of silver denarii to five times its original value by the simple expedient of stamping a new value on the coins. He thus pocketed a very substantial difference in seigniorage for his own private account.

The early Roman silver coin was known as the drachma and was modelled on a coin used in the Greek south of the peninsula. It was later replaced with the smaller and lighter denarius. There was also a half denarius, called the quinarius and a quarter unit called the sestertius. Still later the system was supplemented with the victoriatus, somewhat lighter than the denarius and probably intended to facilitate trade with Rome’s Greek neighbours.

There were very few deposits of silver in the Italian peninsula and as a consequence the Roman army had to be expanded, in order to conquer territories to obtain supplies. The Roman peasants, who had provided the Republic with food independence, were drafted in increasing numbers into the army. Agricultural production, especially corn, declined and the peasant farms were replaced by latifundia, which were large estates worked by slaves. Wheat also had to be imported from North Africa.

Tensions about granting citizenship and enfranchisement between Rome and her Italic allies resulted in the Social War (90-89BC). This lack of enfranchisement had led to the fragmentation of Roman society and the alienation of

As an enthusiast with a deep understanding of the history of central banking, monetary systems, and their impact on civilizations, I find the provided excerpt from "A History of Central Banking and the Enslavement of Mankind" by Stephen Mitford Goodson quite intriguing. Goodson, a non-executive Director of the South African Reserve Bank, presents a comprehensive historical analysis of central banking, monetary policies, and their effects on societies.

The book covers various historical periods and their connection to central banking, usury, and the manipulation of monetary systems. Goodson delves into the Roman era, emphasizing the different metal-based monetary systems, including the Copper Age, the Silver Age, and the consequences of usury on the Roman Empire.

The author discusses the hidden origins of the Bank of England, the role of the Church in the decline of the Roman Empire, the establishment of the Bank of England, and the implications of war and debt slavery. The narrative extends to cover Napoléon and the Banque De France, the Rothschild influence, the United States Federal Reserve Bank, the State Bank of the Russian Empire, and the creation and control of the Soviet Union.

The Great Depression, the Bank for International Settlements, and key figures like Clifford Hugh Douglas and Irving Norton Fisher are explored, providing insights into the economic challenges of the time. The rise and fall of state banking during the 1932-1945 period, including the State Bank of National Socialist Germany, Fascist Italy, and the State Bank of Japan, are also covered.

The book continues to examine modern forms of state banking, such as the Bank of North Dakota, the States of Guernsey, and the Central Bank of Libya. It addresses the banking crisis, both historically and during the 2007-present period, shedding light on the causes and consequences.

The foreword by Prince Mangosuthu Buthelezi, President of the Inkatha Freedom Party in the Republic of South Africa, adds a political perspective, emphasizing the impact of central banking on wealth distribution, sovereignty, and the need for monetary reform.

In conclusion, "A History of Central Banking and the Enslavement of Mankind" provides a critical perspective on the historical evolution of central banking, usury, and their implications on societies. Goodson argues for monetary reform and dismantling the fractional reserve system to achieve liberation from the perceived enslavement imposed by private bankers.

A History of Central Banking and the Enslavement of Mankind (2024)
Top Articles
Latest Posts
Article information

Author: Nicola Considine CPA

Last Updated:

Views: 5547

Rating: 4.9 / 5 (49 voted)

Reviews: 80% of readers found this page helpful

Author information

Name: Nicola Considine CPA

Birthday: 1993-02-26

Address: 3809 Clinton Inlet, East Aleisha, UT 46318-2392

Phone: +2681424145499

Job: Government Technician

Hobby: Calligraphy, Lego building, Worldbuilding, Shooting, Bird watching, Shopping, Cooking

Introduction: My name is Nicola Considine CPA, I am a determined, witty, powerful, brainy, open, smiling, proud person who loves writing and wants to share my knowledge and understanding with you.