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Brown - Web of Debt, 3rd ed. rev. (2008) - Synopsis

Brown - Web of Debt, 3rd ed. rev. (2008) - Synopsis

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Published by Mark K. Jensen
Synopsis of Ellen Hodgson Brown, Web of Debt: The Shocking Truth about Our Money System and How We Can Break Free, 3rd ed. revised and expanded (Baton Rouge: Third Millennium Press, December 2008; originally published July 2007). -- Discussed at Digging Deeper (www.ufppc.org) on August 10, 2009.
Synopsis of Ellen Hodgson Brown, Web of Debt: The Shocking Truth about Our Money System and How We Can Break Free, 3rd ed. revised and expanded (Baton Rouge: Third Millennium Press, December 2008; originally published July 2007). -- Discussed at Digging Deeper (www.ufppc.org) on August 10, 2009.

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Published by: Mark K. Jensen on Aug 10, 2009
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UFPPC (www.ufppc.org) Digging Deeper XCI August 10,  2009, 7:00 p.m.
Ellen Hodgson Brown,
Web of Debt: The Shocking Truth about Our Money System and How We Can Break Free
, 3
rd
ed. revised and expanded
 
(BatonRouge: Third Millennium Press, December 2008; originally published July2007).
[
Thesis.
That the U.S. monetary systemis based on a combination of fraud andsleight of hand that allows private debt(i.e. debt created by private banks) tomasquerade as public money. This haspermitted a shadowy, parasitical, malignélite she calls “the banking spider” toenrich itself while dominating the globaleconomy and, more often than not,politics. Brown, an admirer of theeconomic views of 19
th
-centuryeconomist Henry Carey, wants the powerto create money be returned to thehands of the people (specifically, toCongress). A critique follows thesynopsis.]
Author’s Note to Third RevisedEdition.
 The author began her researchin the 1970s (viii). In a “disclaimer,” shedenies any endorsement of the politicalpositions of her “controversial” sources(viii).
Acknowledgments.
“[M]any astutefriends” (ix). “My children Jeff and JamieBrown challenged [this book] as graduatestudents in economics” (ix).
Foreword by Reed Simpson, M.Sc.,Banker and Developer.
Banking ismystified; corruption is rampant (xi-xii).Quotes from FDR (1933) and Rep. LouisMcFadden (1932) show that privatecontrol of the money supply was oncewell-known but “is largely unknowntoday” (xii-xiii). Brown presents“credible evidence . . . of a world powerelite intent on gaining absolute controlover the planet and its naturalresources” (xiii). [Note: Simpson has aB.A. in Business Administration from theUniv. of Arizona and a Master’s degree inarchitectural management from KansasUniversity; he has had a 20-year careerin business, banking and real estate (cf.
Investcorp v. Simpson Investment 
Company, Kansas Supreme Court, 1999).Simpson is part of the 9/11 truthmovement and believes the Sept. 11attacks were “certainly a ‘false flag’event.”]
Introduction: Captured by the DebtSpider.
Prof. Carroll Quigley [1910-1977] of Georgetown U. said an “eliteclique of global financiers” control theworld (1-2). Henry C.K. Liu called ourmonetary system a “cruel hoax” (2). Thepower to create money should bereturned to the government (3).Summary of little-known facts aboutmoney (3-6). Baum’s
The WonderfulWizard of Oz 
(1900) was a monetaryallegory about the struggle against the“the Morgan/Rockefeller banking cartel”(6-8).
SECTION I: THE YELLOW BRICK ROAD: FROM GOLD TO FEDERALRESERVE NOTESCh. 1: Lessons from the Wizard of Oz.
Henry Littleton’s 1964 article arguedthat
The Wonderful Wizard of Oz 
[thisvolume is the source of most of thechapter epigraphs in
The Web of Debt 
]was based on Jacob Coxey’s 1894 marchon Washington (11-21).
Ch. 2: Behind the Curtain: TheFederal Reserve and the FederalDebt.
The Federal Reserve chairman isnot accountable to the public (23-24). The “Fed” is not federal; it is actually aprivate corporation owned by other
 
banks, esp. Citibank & J.P Morgan Chase;it has no assets back “Federal Reservenotes,” not even a “reserve” of its ownnotes—its “cash reserves” are merelybookkeeping entries (24-25). In apractice (fractional reserve lending) thatwould be a tort involving any otherproperty, banks create most money outof nothing, “by sleight of hand”;“Contrary to popular belief, loans
become
deposits rather than thereverse” (30; 26; 25-30). Since bankslend only the principal but demand thisback plus interest, “the system as awhole is always short of funds, and
somebody has to default 
”; inflation is“necessary to keep the scheme going”(31 [emphasis in original], 30-32). Themonetary system is based on debt that isnever repaid; the federal governmentplays that role (32-34).
Ch. 3: Experiments in Utopia:Colonial Paper Money as LegalTender.
Massachusetts was “the firstlocal government to issue its own papermoney” (36). By taking the place of banks and lending moderately,Pennsylvania financed its governmentwithout taxes from 1723 until the wars of the 1750s (38-39). Governments (unlikebanks) can both lend and spend moneyinto circulation (41). The BritishCurrency Act of 1764 that preventedcolonies from printing their own moneywas “the real reason for the Revolution”acc. to Benjamin Franklin (40-42). TheContinental Congress financed the warby printing “Continentals” which survivedBritish attempt to flood the market withcounterfeit bills, but speculators latersunk them (43-44).
Ch. 4: How the Government WasPersuaded to Borrow Money.
Discouraged by the collapse of theContinental and not realizing “the powerof the government-issued paper money,”the Founders omitted the creation of paper money from the Constitution (45-46). Hamilton’s solution to the monetaryproblems that resulted was monetizingthe debt and chartering of a nationalbank, which was accomplished through“sleight of hand” in 1791 over Jefferson’sopposition (47-50). When shares weresold to British financiers the bank “woundup largely under foreign ownership andcontrol” (51; 51-53; see also 73-74).
Ch. 5: From Matriarchies of Abundance to Patriarchies of Debt.
Money lending became a privateenterprise with usury in its train onlyafter the Indo-European invasions(following Lietaer,
The Mystery of Money 
[2000]) when patriarchy replacedmatriarchy (55-58). Fiat (‘let it be done’in Latin) money is legal tender bygovernment decree (58). The Englishtally system (59). A rosy, “revisionist”view of the Middle Ages (60-61).
Ch. 6: Pulling the Strings of theKing: The Moneylenders TakeEngland.
The power to determine whatwas money in England was an issue inthe English Civil War (63-65). William IIIgranted the Bank of England its charterin return for wartime loans (65-66). Theending of unfunded “paper tallies” wasthe end of “the money of the people”(68; 67-68). John Law innovated bothcentral banks and Ponzi schemes; centralbanks still survive, depending on the factthat “
the central bank never demand[s]the return of it s principal” 
(69; 68-70).“Stock” for “financial certificate” derivesfrom tally
stick 
(70-71).
Ch. 7: While Congress Dozes in thePoppy Fields: Jefferson and JacksonSound the Alarm.
War of 1812 debtled to the founding of the Second Bank of the United States, after the first ended in1811 (and was found to be 72% foreignowned) (73-74). Jefferson came tosupport the power of Congress to issuepaper money (76-77). Andrew Jacksonsuccessfully waged war on the SecondBank of the United States (77-80).
 
Ch. 8: Scarecrow with a Brain:Lincoln Foils the Bankers.
Advised byHenry Carey, Lincoln paid for the CivilWar with fiat paper money:“Greenbacks” (81-87).
Ch. 9: Lincoln Loses the Battle withthe Masters of European Finance.
Bismarck blamed the U.S. Civil War onfinanciers who believed the U.S. would beeasier to control as two weak states (89-90; apparently edited to disguise its anti-Semitism). Lincoln’s assassinationattributed to financial interests (90-91). The National Banking Act favored thebanks (91-93). The people demandedGreenbacks; the banks resisted (93-94).
Ch. 10: The Great Humbug: The GoldStandard and the Straw Man of Inflation.
The gold standard was justified on the basis of the quantitytheory of monetary inflation, but this ishumbug (95-100). Populism challengedcorporate dominance in the U.S. the1890s, but failed (100-02).
SECTION II: THE BANKERS CAPTURETHE MONEY MACHINECh. 11: No Place Like Home: Fightingfor the Family Farm.
Popular politicalresistance to the dominance of thefinancial class from Populism to TeddyRoosevelt (105-11).
Ch.1 2: Talking Heads and InvisibleHands: The Secret Government.
Bankers, esp. Morgan and Rothschild,were behind the Robber Barons; a rumorasserted that Morgan was a front toevade anti-Semitism (113-20).
Ch. 13: Witches’ Coven: The JekyllIsland Affair and the FederalReserve Act of 1913.
Achievement of the Federal Reserve Act was “a majorcoup for the international bankers” (124;121-25). The Federal Reserve (125-26). The “master spider” moved to America(127). The Bank of InternationalSettlements in Basel allows foreignbanking interests to control the U.S.Federal Reserve (128-29). TheBilderberg group controls media and themasses (universal education areelements of its design) (129-30).
Ch. 14: Harnessing the Lion: TheFederal Income Tax.
The income tax,whose proceeds go mostly to financingthe debt, is of dubious legality (131-37).
Ch. 15: Reaping the Whirlwind: TheGreat Depression.
The Fed “schemed”with the head of the Bank of England(Montagu Norman) to inflate the U.S.money supply so as to force all countriesonto the gold standard, politicalopposition notwithstanding (139-47).
Ch. 16: Oiling the Rusted Joints of the Economy: Roosevelt, Keynes andthe New Deal.
Roosevelt embraceddeficit spending out of desperation,restructured the Fed’s board of governors, took the U.S. off the goldstandard (inspiring an impeachmentmovement led by Rep. Louis McFadden),and survived a coup attempt by Morgan-backed interests (149-58).
Ch. 17: Wright Patman Exposes theMoney Machine.
Rep. Wright Patman,economic populist, exposed the nature of the Fed’s operations (159-61), whichwere the subject of a January 1993
National Geographic
article (161-62).“Virtually all money in circulation todaycan be traced to government debt thathas been ‘monetized’ by the FederalReserve and the banking system” (162). This money is then lent out multipletimes under the fractional reservelending, with the banks reaping theinterest (162-68). Thus banks cannot runout of money (168).
Ch. 18: A Look Inside the Fed’sPlaybook: “Modern MoneyMechanics.”
For the most part, bankreserves do not come from depositors’

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