The Web of Debt

The international banking cartel has ensnared the whole planet in a web of debt. Virtually all of the money supply is created as promises-to-pay between borrowers and lenders in the form of loans. Interest is attached to the principal of the loan, but since the entire money supply originates from only the principal, that means the only way for the borrower to fulfill the loan contract is to run on the treadmill of perpetual indebtedness. This creates an atmosphere whereby there is a permanent “transfer” of wealth through fraud from the real producers of the world to parasitic bankers and the governments who granted them monopoly privileges over the issuance of currency and credit.



Most of the chapters of this book begins with a quote taken from L. Frank Baum’s The Wonderful Wizard of Oz. The author maintains that Baum’s story is in fact an allegory on “monetary policy.” This assertion is used to propagate the Greenbacker Populist perspective of economics, that is, that the government can issue a fiat national currency backed only by its own full faith and credit interest-free and therefore debt-free. Sounds nice, huh? Problem is, there are several inherent flaws with manipulating The Wonderful Wizard of Oz in such a manner so as to promote a school of economic thought and, by extension, an active plan for monetary reform.

First, The Wizard of Oz cannot be a monetary allegory due to the inherently subjective nature of literary interpretation. Even Hugh Rockoff conceded in his academically published position paper that his interpretation was but one way of doing so, and this is further supported by the several different political interpretations of The Wizard of Oz. I earlier postulated a completely original literary interpretation of Baum’s tale that more or less favored the gold standard, so as to illustrate the malleability of such interpretation with the ultimate goal of demonstrating why basing any serious plan of action strictly upon a subjective interpretation of a work of fiction is simply fallacious.

Secondly, the proposed solution for somehow transferring to the Congress the ability for them to issue their own interest/debt free fiat currency suffers from a lack of understanding about the fields of economics, politics, and history. The author gives a one-sided portrayal of debt-free fiat currencies without examining the case studies where the exact same treatment was given that resulted in horrendous consequences. Alternatively, in those case studies where she does examine obvious government culpability, she instead lays blame onto mildly benefiting scapegoats (such as currency speculators) instead of those actors who were truly responsible for the massive thefts (who are the governments and the central banks they empower). Incredibly, she reveals her true interests as not being against the Federal Reserve exclusively, but as being for the expansion of the welfare State through the issuance of nearly limitless government issued currency that are to be used to bankroll free lunches.

A common theme I noticed throughout her book is that the author really likes to whine and bitch a lot about various financial bad things ad nausuem and ad infitium (to the point of nausea and beyond). She complains incessantly about everything ranging from short selling to foreclosures, taxes, the Plunge Protection Team, derivatives, the gold standard, hedge funds, and the national debt. I understand that (as most of the alternative media unfortunately limits itself to) she is attempting to perform a watchdog function against the Establishment, but spending hundreds of pages on simply reciting what most of us are pretty much already aware of is not at all productive. This, combined with her 21 economic errors and 31 historical errors, begs the question as to her competency regarding her watchdog capabilities as well.

To be fair, some of the other non-fiat currency proposed solutions are potentially viable in terms of raw utility; however, some of them rely upon the government (such as the Congress or the Treasury department) in some way, shape, or form to do something of their own accord. What should be painfully realized here is that by virtue of the fact that some of these other solutions necessarily require the coercive power of the State, they are realistically outside the power of the common man to do, either by himself or with the voluntary cooperation of others within the free market (and writing your congresscritter does not count, since it just doesn’t work). Therefore, any such batch of proposed solutions are not viable in this context since it necessarily relies upon the enemy rebel government to act contrary to its own despotic interests by working against the international banking cartel; nothing short of a miracle will resolve this obvious contradiction.

In the course of examining the background and current activities of the author in preparation for this literature review, I kept coming across these claims by some of her readers and faithful disciples that “she is such a terrific writer,” or something to that effect. I hate to break it to you nice folks, but Brown is a terrible writer. These assertions of how her book was “entertaining and easy to read” truly dumbfound me; I had to force myself to survive all the way to the bitter end. I have read mainline college textbooks cover to cover that were more “entertaining and easy to read,” like my dry oceanography textbook (pun intended). At least there were a lot of pictures and graphs amongst the technical data to spread out the density of the paragraphs, which I can’t say for Brown’s lengthy treatise.

Ah, but the carnival of this book doesn’t stop there. Even her own fellow Greenbackers do not support her, such as Stephen Zarlenga of the American Monetary Institute (AMI). As was stated by a fellow AMI researcher, “Unfortunately, this book doesn’t live up to its promises because it’s conclusion still leaves us all stuck in a web of debt.” It also turns out the Brown admitted that the Federal Reserve’s QE2 is “the Populist Solution,” given that it’s “the next best thing.” As if being the Federal Reserve’s cheerleader wasn’t bad enough, she openly stated in her book that she is completely in favor of a global reserve currency issued through a global central bank by what she called a “World Parliament” formed by a “World Constitution.” She wrote very favorably of the World Constitution and Parliament Association attempting to openly form an “Earth Federation” that is to be the “Common Wealth of the Earth.” Silly me……this entire time, that’s what I thought the globalist bankers always wanted, wasn’t it?

I DO NOT recommend anyone waste their money (ironically) so they can read Ellen Brown’s The Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free. She has no workable plan, her analysis is rubbish, and her proposed methodology leaves much to be desired. This lawyer is no economist or even a competent historian from what I can tell. What does come through clearly is her desire to ignore TANSTAAFL, regardless of the unintended consequences resulting from her desire for welfare statism. As president of the Public Banking Institute, Brown is plunging headlong towards the establishment of state-level government owned banks modeled on the Bank of North Dakota. Ellen Brown is no Messiah, and based on her treatment of detractors from both the Goldbug and Greenbacker camps, she deserves to be ostracized from all American political dissident circles so that her diversionary and disruptive influence can be mitigated as much as possible since she is an operative within the Carnival of Distractions.

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