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to fascism g edward griffin i appreciate and applaud your efforts to accomplish something specific in the area of monetary reform i do not hesitate to recommend that people view the money masters for the excellent overview of fraudulent banking which it presents g edward griffin author of the creature from jekyll island a second look at the federal reserve w cleon skousen this is undoubtedly the most comprehensive presentation of the history of our money system and who is responsible for the disastrous consequences that has left us with an unconstitutional money system and multi trillion dollar debt dr w cleon skousen author of the naked capitalist and the naked communist ian woods this 3 ½ hour video is professionally produced in the style of a e biography and covers the history of monetary reform from roman times to the present it is packed with great quotations which make for a powerful argument for the need to reform the money system a must for serious activists ian woods publisher of monetary reform magazine at last somebody has put together a video on the fed that the average person can understand betty faulk huntington house publishers the money masters is by far the best and most complete production on the subject of money that we have seen we are pleased to endorse it special thanks for your efforts on the most important subject that we face robert carroll humane world community inc outstanding the best video yet on the history of the federal reserve and the mysterious disappearance of america s gold reserves fast paced and riveting larry bates former bank ceo former chair of the tennessee house banking committee author of the new economic disorder chief economist famc as you know this material is vital for an understanding of our sovereignty s transition into the u n you are to be commended for the video george s gabric gsg publishers we highly recommend that every american watch the money masters zeldon nelson ceo national center for constitutional studies the money masters is a great video bryon dale the coalition to reform money absorbing and very enlightening there was not a boring minute in the whole thing marilyn brannan associate editor monetary and economic review 719 930 7549 info themoneymasters com home the money masters famous quotations on banking synopsis chapter headings reviews and comments viewers comments milton friedman end the fed recommended reading the 2008 bank bailout faqs interview requests public broadcasts monetary reform act implementing the trump agenda principles of monetary reform modern money mechanics the five bank wars links the secret of oz erratum home home wes904 2023 07 10t14 32 11 00 00 the main cause of income inequality link to article by patrick s j carmack j d 2020 published in studia gilsoniana a journal in classical philosophy vol 8 issue 4 2019 the money masters basel i in 1988 a faceless un elected group of bankers met in basel switzerland at the bank for international settlements bis the central banker s bank which even swiss authorities may not enter and in their basel i accords agreed to a set of minimum capital requirements 8 for banks this was a number fine for some banks but higher than what was in place for france and especially japanese banks to raise more capital to reach the 8 level french and japanese banks had to reduce loans causing a recession in france and a depression in japan one from which japan has never fully recovered basel ii in 2004 the same group met and agreed to basel ii the return of basel i which required banks to value their capital based on market values or mark to the market these rules were approved for the us on november 1 2007 the declining housing market set off a chain reaction due in part to basel ii which banks knew was coming and constricted credit in anticipation of the next month december 2007 the stock market collapsed and the great recession began in earnest this should have been no surprise to the japanese nor to the bis bankers full implementation of basel ii was subsequently delayed in the us until 2009 basel ii has been blamed for actually increasing the effect of the housing crisis as banks had to reduce lending to increase their capital as the value of mortgages they hold declined this produced a downhill snowball effect on home prices and then on nearly everything else as lending and the economy contracted basel iii not content with two massive regulatory failures the same bankers have now produced basel iii the revenge of basel i ii like basel i ii basel iii increases capital requirements yet again in a series of steps beginning in 2013 with the start of the gradual phasing in of the higher minimum capital requirements not completed until 2018 the bis bankers have imposed this and are forcing their home governments to get in line as has the uk the us and most other developed nations it is truly a global rule by central bankers acting in concert cabal an oecd study estimates that the medium term harmful impact of basel iii implementation on gdp growth is in the range of 0 05 to 0 15 per year just what s needed in a worldwide recession to meet the capital requirements effective in 2015 banks are estimated to need to increase their lending spreads on average by about 15 the capital requirements effective as of 2019 could increase bank lending spreads by about 5 rising interest rates could significantly hurt small bank capital positions because a 3 upward swing in interest rates could drop a bank s capital by 30 placing the bank in an undercapitalized position forcing it dramatically to reduce loans again the downhill snowball effect the proposed basel iii regulatory capital requirements are an immense and unnecessary burden that will actually threaten the existence of banks with under 1billion in assets these new regulations will further drive consolidation into a few bigger banks some on wall street like mergers and acquisitions expert john slater predict that basel iii s compliance costs will lead to a merger boom and that in the next 3 5 years 20 30 percent of all banks will merge further consolidating wealth in fewer and fewer hands that is the object world bank economic and hence political control by a handful of un elected unaccountable international bankers beholden to no one many of whom have ethics only machiavelli could admire and worldviews that most people on earth would consider abhorrent help spread the warning international monetary fund researchers back full reserve banking but don t hold your breath waiting for the imf to adopt it our monetary reform act written in 1996 by patrick s j carmack j d and supported by dr milton friedman is largely based on the monetary reform plan that came out of the university of chicago during the great depression in 1933 with added safeguards recently two researchers working for the imf perhaps not for long now discovered the plan dusted it off and have noted five major and real benefits of the plan while there is slim to no chance the imf will promote the plan despite it s obvious advantages to the public still it is very interesting that it s own researchers discovered compliment and hoped to advance it the advantages of the chicago plan monetary reform act 1 better control reduction of business cycle fluctuations the boom bust cycles 2 elimination of bank runs 3 dramatic reduction of the national debt elimination when fully implemented 4 dramatic reduction of private debt 5 national output gains of 10 the imf authors noted that all five benefits of the plan were supported by their research that is true caveat however absent safeguards the chicago plan per se would dangerously increase leviathan s the state control over the economy while reducing direct private bank control a good thing in itself and it does not abolish fiat money which would be even more subject to political control under the chicago plan as noted in the monetary reform act and by dr friedman remedies to those two deficiencies would be that either monetary growth must be regulated by a constitutional amendment establishing either a zero i e stable supply no change or a low fixed rate of annual growth such as 3 or by legislation or fiat money must be abolished and replaced with a commodity based money such as gold and or silver or whatever a real free market develops as money unfortunately legislation is subject to political manipulation such as the how cpi is currently manipulated to indicate inflation is under 2 when it is closer to 10 and relatively easy change so this is not the ideal but is of course much more easily passed such a constitutional amendment would far less subject to manipulation as would be a commodity gold backed money but even those can be manipulated in various ways they would be preferable to legislation if those safeguarding elements were added we believe this would be a huge improvement over the current system it would in fact have the 5 advantages noted by the imf researchers and if bankers back it they would be either marvelously philanthropically motivated or will have given up on their scheme s for world economic control neither is very likely so beware of any push to implement the chicago plan without those or similar safeguards the combination of international bank control of the world economy via the bis imf world bank and state control is as we all know gradually heading for international totalitarianism any increase in power to either element is fraught with danger and must be very carefully examined to read the imf paper visit link to http www imf org external pubs ft wp 2012 wp12202 pdf the money masters explains the history behind the current world depression and the bankers goal of world economic control by a very small coterie of private bankers above all governments the central bankers bank for international settlements bis in 1988 in the basel i regulations imposed an 8 capital reserve standard on member central banks this almost immediately threw japan into a 15 year economic depression in 2004 basel ii imposed mark to the market capital valuation standards that required international banks to revalue their reserves according to changing market valuations such as falling home or stock prices the us implemented those standards in november 2007 in december 2007 the us stock market collapsed and credit began drying up as banks withheld loans to comply with the 8 capital requirement as collateral valuations began to drop the snowball effect of tightening credit which reduces economic activity and values further which resulted in further tightening of credit etc has produced a worldwide depression which is worsening those capital standards have not been relaxed despite the crushing effects on the world economy the credit contraction it requires has caused why because the purpose of this financial crisis is to take down the u s dollar as the stable datum of planetary finance and in the midst of the resulting confusion put in its place a global monetary authority gma run directly by international bankers freed of any government control a planetary financial control organization bruce wiseman the u s did modify these rules somewhat a year after the devastation had taken place here but the rules are still fully in place in the rest of the world and the results are appalling the powers of financial capitalism had a far reaching plan nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole their secret is that they have annexed from governments monarchies and republics the power to create the world s money prof carroll quigley renowned late georgetown macro historian mentioned by former president clinton in his first nomination acceptance speech author of tragedy and hope he carroll quigley was one of the last great macro historians who traced the development of civilization with an awesome capability dr peter f krogh dean of the school of foreign service georgetown the two step plan to national economic reform and recovery 1 directs the treasury department to issue u s notes like lincoln s greenbacks can also be in electronic deposit format to pay off the national debt 2 increases the reserve ratio private banks are required to maintain from 10 to 100 thereby terminating their ability to create money while simultaneously absorbing the funds created to retire the national debt these two relatively simple steps which congress has the power to enact would extinguish the national debt without inflation or deflation and end the unjust practice of private banks creating money as loans i e fractional reserve banking paying off the national debt would wipe out the 400 billion annual interest payments and thereby balance the budget this act would stabilize the economy and end the boom bust economic cycles caused by fractional reserve banking for the full text of the act click here to read the monetary reform act the austrian school got it right the monetarist school of which dr milton friedman was the acknowledged head has been rightly criticized by the austrian school of economics for failing to recognize and deal with the fact that no fiat money system has ever lasted long before the government instituting it succumbed to the temptation to inflate the money supply as an indirect tax on the people proportionately decreasing the value of their savings and wages and transferring their wealth into the hands of the government this is certainly a valid critique the so called great recession beginning in 2007 tarp qe1 qe2 etc and the staggering increase in the national debt has proven the validity of that critique the austrian school was right to be fair to dr friedman he did write that we do need a commitment to sound money the best arrangement currently would be to require the monetary authorities to keep the percentage rate of growth of the monetary base within a fixed range this is a particularly difficult amendment to draft because it is so closely linked to the particular institutional structure one version would be congress shall have the power to authorize non interest bearing obligations of the government in the form of currency or book entries provided that the total dollar amount outstanding increases by no more than 5 percent per year and no less than 3 percent however given the near impossibility of passing such a constitutional amendment it can fairly be argued that dr friedman really had no practical means only the theoretical one above to offer to restraint the government from debasing the currency and inflating away the wealth of the people that being so we part company with dr friedman s conclusion that it is neither feasible nor desirable to restore a gold or silver coin standard again to be fair to him dr friedman later softened his stance against gold and stated that it would be preferable to what we have a fractional reserve banking s...