Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free
by Ellen Hodgson Brown
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Book Summary Information
Author: Ellen Hodgson BrownEdition: Paperback
Audio: German (Original Language); English (Unknown); English (Published)
Published: 2008-12-22
ISBN: 0979560829
Number of pages: 544
Publisher: Third Millennium Press
Book Reviews of Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free
Book Review: A few words about these reviews
Summary: 5 Stars
First, beware of reviewers who ignore the message, and attack/ridicule the messenger. (There's a strong mocking tone to most of the negative reviews I've read of this book.)
Second, beware of reviewers who link Web of Debt to antisemitism. either negatively or (God forbid) positively. Historically, the Greenback movement of the 19th century bore no marks of antisemitism, in fact featured a strong contingent of Jewish supporters. Moreover, the best chronicler of Wall Street control over American politics, Ferdinand Lundberg (in America's Sixty Families), was himself Jewish. Finally, Nazi atrocities do not erase the fact that Germany escaped the clutches of a Depression far worse than America's, and that happened BEFORE the armaments buildup began in earnest in the late 1930s.
Third, beware of reviewers who strain to fit Web of Debt into the normal Left/Right paradigm. Rather, Web of Debt proposes to place credit creation under democratic political control, which obviously allows for different Left/Right outcomes. Moreover, Web of Debt does not propose abolishing the banking system and its decentralized participation in dispensing credit, just its money-creating power.(Incidentally, as of today, we already have a command economy, and Wall Street is at the controls.)
Fourth, do not expect this book single-handedly to deliver a panacea. As I'm sure Ellen would agree, America's debt crisis is connected to our crisis of deindustrialization, which is handled more comprehensively by Michael Hudson, among others ([...]). Along with Ellen's sovereign credit prescription, we need to shift away from a tax system that favors capital gains over wages and profits, and in positive terms, an energy policy that follows in the footsteps of Enrico Mattei's ENI, which delivered Italy's economy from the clutches of the international oil cartel in the 1950's. (See Robert Sherrill's "The Oil Follies of 1970-1980")
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Summary of Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free
EXPLODING THE MYTHS ABOUT MONEY Our money system is not what we have been led to believe. The creation of money has been "privatized," or taken over by a private money cartel. Except for coins, all of our money is now created as loans advanced by private banking institutions -- including the private Federal Reserve. Banks create the principal but not the interest to service their loans. To find the interest, new loans must continually be taken out, expanding the money supply, inflating prices -- and robbing you of the value of your money. Web of Debt unravels the deception and presents a crystal clear picture of the financial abyss towards which we are heading. Then it explores a workable alternative, one that was tested in colonial America and is grounded in the best of American economic thought, including the writings of Benjamin Franklin, Thomas Jefferson and Abraham Lincoln. If you care about financial security, your own or the nation's, you should read this book.Economic History Books
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