HE WHO HAS THE GOLD MAKES THE RULES

This is true, to a degree.

A more accurate statement should be,

He who makes others think he has the gold makes the rules.

There is only a certain amount of gold.

Assume Bank X has £X in gold, and bank Y has £Y in gold.

Due to demand for loans, bank X can issue £10X of gold, but in notes, while the other bank does the same, i.e. £10Y in gold, but in notes.

NB £X in gold is turned magically into £10X, but in paper notes.

Everyone then believes that bank X has £10X in gold (for they are not told about the magic of fractional reserve banking which by law they should). Similarly for bank Y.

So everyone bows down before banks X and Y to worship, praise and obey them.

Basically, money has become psychology. We have so far believed that the banks have the gold, and have so far obeyed them.

But if you know they do not have the gold, should you obey them?

Are the banks, despite their wealth, perfect? Are their laws perfect? Are their morals perfect? Are their corporate social responsibilities perfect?

Nothing or nobody is perfect. Their law is not perfect, despite their arrogance.