Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free (Revised and Updated)
by Ellen Hodgson Brown
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Book Summary Information
Author: Ellen Hodgson BrownEdition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2008-01-31
ISBN: 0979560810
Number of pages: 528
Publisher: Third Millennium Press
Book Reviews of Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free (Revised and Updated)
Book Review: This is one of the best books I've ever read.
Summary: 5 Stars
If you are worried about what is going on in America right now, you must read this book! It is arguably one of the most important books of our time and should be required reading for all college students and every adult that has money, or wants to have money, in their lifetime!
Ellen Hodges Brown does an excellent job explaining the complexity behind our economic woes today by leading the reader through arresting facts, colorful stories, and a blow-by-blow history of our US money system, with a time line of political and financial decisions and events that have shaped the takeover of our personal and American financial freedoms and led us blindly as a people into today's economic crisis and escalating federal deficit.
Read this nation's monetary story and understand facts that are not disputed by experts and leading authorities and historians, but are simply not discussed `in public' for fear of causing public panic or protest. In the Web of Debt the author maps out the alarming truth of how value and money is actually created by banks `out of thin air', on paper and on electronic banking systems, and put into the greater money supply by exponentially giving and leveraging commercial, consumer and government loans. It won't take you long to realize how and why the last decade of perceived growth was funded by the creation of ever-expanding loans to consumers, and consequently the real underlying drivers of the mortgage and credit crisis. They're not telling you everything.
One of the more important insights the book outlines in depth is the history of the Federal Reserve and why it's name is so misleading: it is neither `federal' nor does it hold cash reserves as we the people have all been led to believe. Rather the Federal Reserve is a privately-held corporation, held by a few secret wealthy banking families and a consortium of the 10 largest US banks (i.e. Citibank, Bank of America, and JP Morgan Chase) and it has no direct accountability to the US government. Actually, the Federal Reserve acts independently and maintains careful control over our US lawmakers and leaders in ways we've never been explicitly told. This gives you the insight to understand what's really going on when a top 10 bank receives bailout money: they have been in essence bailing themselves out with our taxpayer money.
You'll read how our financial markets, economic measures, and the value of the dollar are artificially manipulated and created by a small powerful private banking cartel, private financial institutions, and even a secret group called "The Plunge Protection Team" that pull the strings on the larger financial system which is now completely out of control. Knowing the history and what's been going on in the financial system helps us understand the unconstitutional factors enslaving us, as Americans and as the US workforce, with ever-increasing addictive productivity demands just to keep our heads above water, and why that deterioration has also taken the bottom out of the stock market and corporate business value.
The author has done an incredible job making the very complex story easier for us regular folks to grasp. But it's not all gloom and doom. There are solutions IF our elected leaders and banking institutions make the right choices going forward. But what are the right choices? The journey you go on through this book makes the choices clear for you so you can determine yourself what is the lasting solution that will fix the big mess systemically. We all know that temporary band-aids will no longer fix the American economy and restore us as taxpayers and workers to whole - it's going to require major surgery and a fundamental change in our financial paradigm and systems. The book outlines what has worked in world history, what has not worked, and how we can truly restore our economic freedom and return to the banking system of the US Constitution, prior to the Federal Reserve Act of 1913. If we ever want to break free of the old debt-based monetary system, and the chains of the ever-growing mega national debt, and live free and comfortably under the democratic principles that made this country great, we the people are going to have to take more interest, control and responsibility for shaping the future, and we're going to have to do it by understanding the behavior and the implications that are driving the socio-economic political institutions that we have empowered.
A friend told me to read this book last summer but I didn't get around to it. I sure wish I had read it then, before the economic collapse hit the news in the fall and the subsequent events. Having read it my eyes are open now. I encourage you to read it and better understand the implications of the news and historic events going on in our country today. Other books on the Federal Reserve have been written, but if you're only going to read one book on the subject, in my opinion 'The Web of Debt' is the one to read as it is comprehensive, well-written, and intriguing. Knowledge is power and every US citizen should be empowered by this knowledge to insist that 'we the people' act to keep our democracy and our financial futures more secure.
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Summary of Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free (Revised and Updated)
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.Economics Books
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