Book: The Web of Debt
The Web of Debt.
Ellen Hodgson. Third Millennium Press.
“Let me issue and control a nation’s money and I care not who writes its laws” Nathan Rothshild.1838. This book looks at the creation of money and the central bank systems. Many assume they are government run for the public benefit and are noble institutions. Few realise they are private corporations with money making directors.
The structure of the book recaps on the historical origins of paper money and bank lending. It uses as a theme the “Wizard of Oz” story, seeing this as an allegorical tale on banking by a newspaper editor who could not criticise capitalism directly for fear of losing his job. Thus the wicked witches of the east and west are the banking institutions. Emerald city is green with bank notes. The wizard bewitches with bluster but has no real power. The straw man is the agricultural worker and the tin man the factory hand, both robbed of dignity and strength by the system. The lion a weak polititian and the red ( silver ) shoes an alternative to the gold standard of the time.
The central theme is summed up in a quote on page 2 from Sir Josiah Stamp, Director of the Bank of England 1927. “The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight-of-hand that was ever invented. Banking was conceived in inequity and born in sin… But if you want to continue to be slaves of the bankers and pay the cost of your own slavery, then let the bankers continue to create money and control credit .”
The answer from Henry Ford is for the governments to manage their own debts and print their own money. This could mean a government without taxes or a national debt according to this book.