Reviewing Ellen Brown's "Web of Debt:" Part I

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By Stephen Lendman (about the author) Page 2 of 9 page(s)

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-- financial resources would be available to grow the nation economically and produce stable prosperity.

It's not pie-in-the-sky. It happened successfully under Abraham Lincoln and early colonists. More on that below.

Brown's book explains that:

-- the Federal Reserve isn't federal; it's a private banking cartel owned by its major bank members in 12 Fed districts;

-- except for coins, they "create" money called Federal Reserve notes, in violation of the Constitution under Article I, Section 8 that gives Congress alone the right "To coin (create) money (and) regulate the value thereof....;"

-- "tangible currency (coins and paper money comprise) less than 3 percent of the US money supply;" the rest is in computer entries for loans;

-- money that banks lend is "new money" that didn't exist before;

-- 30% of bank-created money "is invested for their own accounts;"

-- banks once made productive loans for industrial development; today they're "a giant betting machine" using countless trillions for high-risk casino-type operations - through devices like derivatives and securitization scams;

-- since Andrew Jackson's presidency (1829 - 1837), the federal debt hasn't been paid, only the interest - to private bankers and other owners of US obligations;

-- the 16th Amendment authorized Congress to levy an income tax; it was done "to coerce (the public) to pay interest to the banks on the federal debt;"

-- the amount has mushroomed to about $500 billion annually and keeps rising;

-- creating money doesn't cause inflation; it's "caused by banks expanding the money supply with loans;"

-- developing nations' inflation was caused "by global institutional speculators attacking local currencies and devaluing them on international markets;"

-- it could happen in America or anywhere else just as easily; and

-- escaping this trap is simple if Washington reclaims its money-issuing power; early colonists did it; so did Lincoln.

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I am a 72 year old, retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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