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User:Prius 2/The Money Masters

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The Money Masters
Directed byBill Still
Produced byPatrick Carmack
Narrated byBill Still
Release date
1996
Running time
210 minutes
Country United States
LanguageEnglish

"The Money Masters is a 3 1/2 hour non-fiction, historical documentary that traces the origins of the political power structure. The modern political power structure has its roots in the hidden manipulation and accumulation of gold and other forms of money. The development of fractional reserve banking practices in the 17th century brought to a cunning sophistication the secret techniques initially used by goldsmiths fraudulently to accumulate wealth. With the formation of the privately-owned Bank of England in 1694, the yoke of economic slavery to a privately-owned "central" bank was first forced upon the backs of an entire nation, not removed but only made heavier with the passing of the three centuries to our day. Nation after nation has fallen prey to this cabal of international central bankers."[1]

Argument

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The film argues that the profit from issuing money is currently being used in the United States to benefit a few wealthy individuals. It goes further and argues that this situation should be remedied, so that the profit benefits the public good, as during four periods in the history of the United States. Finally it presents a bill, the Monetary Reform Act, to implement such a remedy. As support, the film provides many quotations from notable figures including economists, members of the financial system, kings of England and United States presidents.

Private central banking and fractional reserve banking

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The film criticises fractional-reserve banking and the control aspects of both modern banking regulation and centralized banking systems such as the Federal Reserve System. It describes the history of money and banking, how central banks came to be and how they operate.

Money creation

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The film describes how the U.S. Congress gave the power of money creation to private banks through the Federal Reserve Act and how the banks accumulate large amounts of interest using this power. It asserts that wealth is slowly being drawn into the hands of a small banking elite at the expense of the general population.

Federal Reserve gold

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The film argues that there is no publicly owned gold left in Fort Knox because the gold belongs to private banks as collateral against the U.S. national debt. The film argues that since the gold was accumulated by prohibiting its possession, the public's gold has been stolen by private banks.

Depressions

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The film asserts that the Federal Reserve System enables private banks to force recessions at will by refusing to offer new loans while simultaneously demanding payment on existing loans. It asserts that this power has been used a number of times since the 1913 creation of the Federal Reserve, resulting in several depressions.

Media control

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The film asserts that by the end of World War I, private banks owned and controlled much of the United States' media, paper and film outlets and that they achieved this using consolidated wealth generated by fractional-reserve banking. It argues that these banks have influence over the mainstream media through their ownership and that this influence is used to prevent the financial monopoly from entering the general public's consciousness.

Tax

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The film touches briefly on the U.S. federal income tax. See also Tax protester constitutional arguments.

Monetary Reform Act

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By way of conclusion, the film presents an option for a different kind of monetary policy for the United States, the Monetary Reform Act. The film suggests that fractional-reserve banking and the Federal Reserve System be abolished in favour of 100% reserve banking. These reserves would come from the government, which would issue non-interest generating money to repay the public debt to the banks. This would happen over a gradual period of one year. As the government repaid its debt, the banks would be required to hold the government's new money as reserves and the reserve rate would slowly be increased to 100%. Thus, there would be no inflation or imbalance in the amount of money in circulation. The issuing of new money would then be controlled. In order to prevent inflation, issuance would be according to population statistics. After the public debt was repaid, money that would previously have been interest on the debt would be distributed by the government as a tax refund, leading to the abolition of income tax.

Film segments

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Introduction

The Export of Private Central Banking to America

Andrew Jackson Kills the Second Bank of the U.S.

The Rise of the Federal Reserve Act of 1913

Conclusion and Monetary Reform Act

Sister documentary

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Money as Debt is a 47 minute documentary which explains all the topics of money masters in animation and in brief.The film is about the so called debt-based monetary system used in the world economy today. It tries to explain the history of the current monetary system and the basic principles behind it, and questions whether an economy based on debt is sustainable especially in the United States and Canadian economies.

It has been vaunted by a lot of bloggers and monetary reform activists on the Internet, although criticized by some for being too simplistic.[2][1][2][3]

See also

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References

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  1. ^ theMoneyMasters.com
  2. ^ Hart, Keith. Money is always personal and impersonal. Anthropology Today, Volume 23, Number 5, pp. 12-16(5). October 2007.
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