The Money Masters

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Money Masters logo
Money Masters logo

The Money Masters is a 1995 documentary on the history of central banking, monetary policy the bond system and fractional-reserve banking. The film was produced by Patrick S. J. Carmack and was directed and narrated by Bill Still. The Money Masters should not be confused with the company Money Masters LLC, which is a Registered Investment Advisory Firm. A book with that title is from different authors and deals with other subjects.

Contents

[edit] Argument

The Money Masters the documentary discuss the topics of money (as it relates to central banking and fractional reserve banking), debt, taxes and their development from the dark ages, continued throughout the modern world. Like Jesus opposed the money changers at the temple, it argues that the safe and easy guaranteed huge profit made by printing money should return into public hand, as has been the case during 4 periods in American history.

[edit] Private central banking and fractional reserve banking

The documentary criticises the control aspects of modern centralized banking systems and regulation. The film uses as evidence the history of money and banking, showing the viewer how central banks came to be what they are today, and how they operate. It supports its assertions by references and quotations from past Presidents and major players in the banking industry.

[edit] Money Creation

The film argues that the U.S. Congress has given the power of money creation to private banks, and that these banks are accumulating unfair interest and unfair amounts of money because of this power, and that this results in slowly drawing money into the hands of a small number of banking elite, while the general population suffers.

The film argues that the current money creation system is flawed in that the government can issue Bonds, which it must repay with interest, without any backing. The bonds are only accepted on the faith that the government has the power to eventually repay them. If the government can create bonds, surely they can also simply create money themselves, with just the faith that the government will be able to make sure the value of the money is retained. In this case no interest is payable and banks would not draw unfair interest, as they would no longer control the creation of money.

[edit] Federal Reserve Gold

The film argues that there is no gold left in Fort Knox, because it now belongs to banks as collateral holding against the government's debt. The film argues that since the gold was accumulated by making it illegal for citizens to hold gold, that the people's gold has been essentially stolen by private banks. The film also claims that this gold was used as holding on government loans to escape the Great Depression, and that the majority of this gold went to overseas banks, which used it to fund Nazi Germany.

[edit] Depressions

The film argues that the federal reserve system enables the banks the power to force depressions at will, and this is exactly what they have done with the many major depressions after the federal reserve was created in 1913. They do this by refusing to offer new loans, and demanding payment on existing loans, thus drawing money out of circulation and creating a money shortage.

[edit] Media control

The film contends that by the end of World War I private central banks owned and controlled much of America's large media, paper and film outlets, and that they achieved this through the large consolidation of wealth generated by Fractional-reserve banking and later a fractional based finance system. The film contends this alleged near-monopoly of the financial system goes largely unnoticed or redacted from the human history because of the control of human information exchange through this mainstream media ownership.

[edit] Tax

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

[edit] Monetary Reform Act

By way of conclusion, the film presents an option for a different kind of monetary policy for the United States of America. The film suggests that the fractional reserve banking be abolished in favour of 100% reserve. These reserve will come from the government, which will issue non-interest generating notes to repay the public debt to the banks. This will happen over a gradual period of one year. As the government repays its debt with printed notes, the banks will be required to hold the notes as reservers, as the reserve rate is slowly increased to 100%, and thus no inflation or imbalance in the amount of money will occur. An extra 3% of the total notes in circulation will then be supplied each year by the government into the economy, varying only with variations in the population of the country. When all government debt is repaid, the government shall distribute the money as a tax refund to tax payers, which will then lead to the abolition of income tax.

[edit] Film segments

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

[edit] Historical impact

According to the producer, 50,000 units of The Money Masters were sold between 1995 and 2001.[1] An article containing the basic ideas of this documentary has appeared on the Nexus magazine in various languages.[citation needed]

[edit] Errata

The film states, that the 1913 Fed legislation was passed with only 3 congessmen present, 3 is incorrect.[citation needed]

[edit] References

  1. ^ The Money Masters Video - Background Account by the Producer, Patrick S.J. Carmack

[edit] See also

[edit] External links

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