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The Web of Debt Paperback – March 10, 2010
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Ellen Hodgson Brown may have done the impossible. She wrote a book about the most stupefying subject in the world money, where it comes from and how it is manipulated and made it readable, compelling, even suspenseful. Web of Debt is a page-turner that explains the origin of the Federal Reserve, the functioning of our money supply, currency speculation, capital flows, and the rest. . . . Her overarching theme, that money must be made to serve the public good instead of private masters, carries the force of conviction.
--Acres USA, April 2010
Most people need backing of some sort to break through and capture a share of the public mind, but Ms. Brown has seemingly accomplished this all by herself, without funding of any kind. It almost defies comprehension. If we wore a thousand hats, they would all be doffed in respect to Ms. Brown's courageous and apparently independent intellectual journey. We are impressed enough with Ms. Brown's approach to award her a title all her own, in fact. There are in our opinion, in modern economic thought, now Keynesians, Austrians and Brownians.
--The Daily Bell, October 8, 2009
It's frankly difficult to find a good book that will help a person become literate about our modern money supply. Most that are accurate are hopelessly dense and written for graduate students in economics....Ellen Brown has translated a dense subject into a readable and fascinating story....Web of Debt by Ellen Brown not only demystifies money, but provides some thought-provoking and realistic solutions to our nation's dangerous dependence on a for-profit banking system that is sucking the financial lifeblood out of our nation....Buy it, read it, and get active!
--Thom Hartmann's Review of the Month for Buzzflash, April 2009
Ms. Brown has taken two subjects considered boring – history and monetary policy – and turned them into a book as thrilling as any Tom Clancy novel, except that this book is true. . . . If you are looking to have an understanding of the monetary mess we are in, this is an excellent historical overview with some truly elegant and ingenious ideas about correcting the problems we presently face. As you read this book you may find yourself feeling like “Neo” in The Matrix, newly awakened from the slumber of ignorance and deceit. Best of all, she offers viable solutions to the problems that have plagued our planet for millennia. This may well be one of the most important books you will ever read.
– American Free Press, April 21, 2008
If there is one book, one newspaper, one blog, one article, that one should read to understand the current economic crisis, to understand the root of the problem, and to understand the solution, it is The Web of Debt . . . . The only ideology presented is one of fairness, integrity, and common sense.
-- Online Journal Reviews, March 2, 2009
From the Back Cover
Ellen Brown has applied her training as a litigating attorney, researcher and writer to the monetary field, unearthing facts that even the majority of banking and financial experts ignore: ranging from the privatization of money creation, to the Plunge Protection Team, to the Federal Reserve's "Helicopter Money." Read it; you'll get information you need in order to understand what is going on in our financial markets today.
- Bernard Lietaer, former European central banker, author of "The Future of Money" and "Of Human Wealth"
Literacy on the topic of money is at an all-time low. This book is tremendously important not only in its presentation, but by drawing attention to an age-old topic that should have a major presence in the public mind.
- Benjamin Gisin, Author of "Farmers and Ranchers Guide to Credit," publisher of "Touch the Soil" magazine, and a senior loan officer for a top 10 bank --This text refers to an out of print or unavailable edition of this title.
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Reader will have to take notes and reorganize the disjointed time line to grasp the flow of US and world economy.
But then,,, it is economics.
The author here recounts the economic history of the U.S. It is straightforward. No deep insights are offered. It is surprising how Alan Greenspan, Chairman of the Fed, is almost missing from the litany. He was arguably the second most powerful man in Washington for 19 years. He expounded the wisdom of Ayn Rand that some people take seriously.
Alan always appeared on television as running with a sheaf of papers under his arm. He looked always serious as if he were running to an earth-shattering meeting. It was an illusion, a PR move. The web of debt appeared after about 1980 showing a high correlation to his being in town. He certainly shared a great deal of responsibility for the fiasco.
I particularly liked the author's use of the Wizard of Oz metaphor. Dorothy's team pulled back the screen and there stood Hollywood's old Frank Morgan pulling levers. He was only an engineer making the world seem magical. His levers and meters were the technology of Oz. It determined the wealth of Oz and the Emerald City.
The technology of Oz produced wealth and determined the standard of living just as it does in our time. Wall Street does not produce wealth and it now fails its fundamental objective to allocate resources in a rational manner.
This is a well written, thoughtful book. It is well worth reading. I recommend it.
The author provides an extensive glossary with definitions of key financial terms like bear raid, cartel, central bank, derivatives, Federal Reserve banks, fiat money, leveraging, money supply, moral hazard, Ponzi scheme, privatization, proprietary trading, reserve requirement, short sale, specie, structural adjustment, tight money, uptick rule and so forth. The bibliographic notes and reading list alone are worth many times the price of the book. Best of all is the final chapter which recaps the previously discussed features of money systems and from this reassembly proposes a 12-point platform for any political party (whatever it calls itself) with intent to genuinely resolve our present disaster. The platform is focused around this project: "Either repeal of the Federal Reserve Act as in violation of the Constitution, or amendment of the act to make the Federal Reserve a truly federal agency, administered by the U.S. Treasury."
I can hardly overstate my conviction that this is a must-read book for all Americans who still read books and who still care actively about the future of our beloved country.