Modern money is bank credit created by government and commercial banks. All wealth flows to the creators of credit.

Our system works only with credit.

Keeping Our Money Healthy, Federal Reserve Bank of New York.

For the love of money is the root of all Evil.

I Tim 6:10


Everything we do, every thought we have in this mundane world consciously or unconsciously is related to money. Money is our aura. It is our mantle of prestige, our security blanket. It stands as a mystique to supply our insatiable wants. We equate it to ultimate happiness. It is the emotion of our being. It is love, fear and greed all in one.

No one would think the thought, but money is our god. Yes, our modern religious system has a divine dependence on money. Money inspires and finances the construction of churches, cathedrals, and synagogues. Even in death, money is dignity, notoriety and sainthood. Money has even been used to attempt to bribe the Holy Spirit. Acts 8:20.

Money is deity of government and its politicians. Money is the force and power of government. It is the spirit and soul of modern Babylon.

Money is used by government to manipulate the people against their own interest. It is used to expropriate wealth by transferring the wealth and production of the people to the government without payment. There is a propaganda ministry and a propaganda industry created to perpetuate the mystery of money and confound the public mind. Code words and code terms like the national debt and balancing the budget overwhelm our minds, dominate our thoughts, and shut out rationality. The educated millions, the intellectual elite, and the captains of industry and finance are ignorant of the nature of money, its source of creation, its force and power over their very thoughts and their lives.

Never in history have the populations of the world been so focused on deception, so motivated by a monumental fraud and nobody even questions money.

This book is an introduction to the real and only issue that can reveal the hidden despotism of government and the deceit of politics. It will expose the faceless and spineless politicians, all politicians, who perpetuate themselves and the system on spurious issues. General understanding of this material will more than anything else restore human liberty that Americans don’t even know that we have lost. For the first time, you will understand what slavery is in the modern world.

To the Reader: You can enjoy the newly enlightened who are beginning to really understand. The time is now. Your children’s future is at stake.

Curiosity — Reason For Inquiry

Far back in the dim and distant past, people labored upon the resources of the earth to produce useful things (wealth) of many kinds which they either consumed, stored, or traded (bartered) with each other.

Important Definition:

WEALTH: is anything produced by human exertion and having barter potential.

Among the many kinds of wealth were various metals such as iron, gold, tin, silver, lead, copper, platinum, etc. However, there has never been any money produced from the resources of the earth by laboring people. What then IS MONEY? Where does it come from? What is its purpose?

Money is such a routine part of everyday living that its existence and acceptance are ordinarily taken for granted. A user may sense that money must come into being either automatically as a result of economic activity or as an outgrowth of some government operation. But just how this happens often remains a mystery.

Modern Money Mechanics, Federal Reserve Bank of Chicago, p. 2. (1975).

This book is an attempt to clear up the mystery of money. Its evolution will be briefly traced in order to reveal its origin, its true nature, and its only purpose.

Hindsight — History Not Found Elsewhere

Among the people of every society, there have been robbers and thieves who have preferred to rob or steal the wealth produced by others rather than to produce their own.

To protect their lives and their property from robbers and thieves, the people banded together in tribes, communities, and nations, having laws against robbery and thievery — laws against plunder.

In order to enforce such laws and to recover the stolen property, if possible, the people hired an armed force and entrusted it to those in charge of enforcing the laws — the government officials.

All too often, those in charge of the hired guns became the most notorious robbers of all. This caused the plundered masses to rise up in revolt, from time to time throughout history, and to replace those in charge of the hired guns. But that's another story - that story of mankind's continual struggle against criminal use of the collective-hired force by government officials in order to openly plunder the masses and in arrogant dereliction of their duty to protect the lives and property of the masses!

Now the serpent was more subtle than any beast of the field which the Lord God had made.

Genesis 3: 1.

This story is about a system of plunder by private thieves — a system which is so subtle and so cunningly contrived that not only has it endured virtually undetected for hundreds of centuries, but it is fostered, preserved, and perpetuated by the very victims of it, most of whom, being cleverly deceived, remain unaware of the crime being perpetrated against them. While many, including corporate executives, government officials, teachers, preachers, economists, lawyers, and others, aid and abet the thieves in order that they may share the loot. It’s FRAUD and CONSPIRACY on a gargantuan scale.

The few who can understand the system (check, money, and credit) will either be so interested in its profits, or so dependent on its favors, that there will be no opposition from that class. While on the other hand, the great body of people mentally incapable of comprehending the tremendous advantage that capital derives from the system will bear their burdens without complaint, and perhaps, without even suspecting that the system is inimical to their interests.

Rothschild Brothers of London (emphases added)

The system referred to in the above quote developed as a result of the customary trading activities of the producers of wealth in ancient times.

It became customary for the producers of perishable goods to trade their surplus production for the more durable metals, gold and/or silver. This reduced their losses due to spoilage, and it provided them with a convenient store of wealth.

It became customary, also, for the producers of gold and/or silver to deliver their products to someone whom they felt they could trust — their government officials — who would fashion the gold and silver into uniform increments (coins) bearing special markings to indicate their authenticity in substance (chemical composition) and weight.

This practice resulted in reduced loss for traders due to theft by counterfeiting the gold and silver, and it eliminated the need to weigh those metals during every trading transaction in which they were involved, a cumbersome and time-consuming activity,

The coins of a nation, having a particular composition and weight, became popularly known by name, such as, shekel, ducat, peso, dirham, franc, dollar, yen, shilling, gilder, mark, rupee, lira, and many others around the globe.

In the trading of their surplus wealth for gold and silver coins, traders would accumulate many such coins, and they needed a place where they could conveniently store those coins in reasonable safety from robbers and thieves. To fill that need, the banking business began.

Traders would deposit their gold and silver coins in a bank, and the banker would give the depositor a receipt, or claimcheck, or certificate of some kind, for the coins. The depositor could return at a later time, surrender the claimcheck and get back the coins if the banker could be trusted.

This amounted to the same thing as lending the gold and silver to the banker without charge. However, the bankers viewed it as a service of storing the gold and silver in their vaults, and for this service, they charged a fee.

Nevertheless, the claimcheck was physical evidence of the banker's obligation to pay a specified quantity of gold or silver in coin to the bearer of the claimcheck upon presentation thereof (upon demand.) It was physical evidence of a banker's debt to someone.

With their gold and silver coins safely stored away in a banker's vault, traders adopted the popular practice of exchanging their claimchecks in trade for the goods or services of other traders who might trust the banker enough to accept them.

Using a claimcheck for gold or silver coins in a trading (barter) transaction introduced the element of time along with a third party, the banker, into every such transaction (exchange).

Important Definition:

MEDIUM (noun) is something (or someone) in a middle position; an intermediary; a go-between.

Whenever anyone accepted a claimcheck for gold or silver coins in exchange for his product or service, the exchange was incomplete. The exchange was not completed until the holder of the claimcheck presented it to the banker and was paid the gold or silver coins. Thus, the banker was a go-between in the exchange transaction — someone in a middle position — a medium.


The beginning of wisdom is to call things by their right names.

Old Chinese Proverb, The Great Quotations, p. 678.

Since the claimcheck issued by a banker was physical evidence of the banker's debt to someone (the holder of the claimcheck), it served as an extension of the banker. Therefore, it too was considered to be a medium of exchange.

The masses were educated by those in charge of mass education, to believe that:

Whatever is used as a Medium of Exchange is ‘Worthy Money.'

Giving a banker's debt the identity of money is nothing more nor less than the monetization of debt, a process that's been going on since the beginning of the banking business and continues to this day with a most subtle variation as will be shown later.

Important Note: In any trading transaction in which gold or silver coins are directly involved, the exchange is complete. There is no go-between — no medium — involved. Gold and silver 'coins have never been general mediums of exchange! Gold and silver coins have never been money despite popular false belief to the contrary! Money is, and always has been, DEBT which is represented by physical evidences thereof, which when used in trading transactions are a medium of exchange.

Thus the first question that this book proposes to answer has been answered; namely, What is money?

Answer: Money is DEBT!

But this raises the question, Whose debt is owed to whom?

This question must be answered before it can be determined where money comes from in answer to our second question.

It has been observed that money was at first a banker’s debt in gold and silver coins owed by the banker to the holder of a claimcheck that the bank issued.

But that did not remain true for very long before the bankers had engineered a subtle change — a cunningly contrived switch-a-roo. By means of satanic trickery and deception, they were able to extinguish their own interest-free debts while placing their patrons into interest-laden debt to them, the bankers.

The bankers accomplished this feat by engaging in the diabolical practice of usury — the lending of money for increase (at interest).

Go to, let us go down, and there confound their language …

Genesis 11: 7

Whatever God can do to confound a language, Satan can do also, and perhaps worse. For it is Satan, and not God, who is the master deceiver, and words and phrases are his chief instruments.

Since money was a banker’s debt to someone, the lending/borrowing of money was simply the swapping of debts, one of which, the borrower’s, included a percent increase (interest), while the other, the banker’s, did not.

This swapping of unequal debts was accomplished by the swapping of written evidences of debt.

But all the written evidences of the banker’s debt (the claimchecks issued by the banker) were in the hands of his depositors who were using them in the marketplace as mediums of exchange called paper money. So the banker had none to swap — no money to lend.

The bankers overcame this obstacle by issuing claimchecks for numbers of shillings, pesos, or dollars, etc., which were not currently on deposit, but which, supposedly, would be deposited (paid) at some time in the future by whatever party would be willing to assume that obligation by swapping debts with them (borrowing money from them).

Thus the bankers discovered how to make gold and silver out of pure imagination!

These imaginary (future) deposits of a number of pesos, shillings, or dollars, etc., were called credit.

The claimchecks issued by the banker against these imaginary (future) deposits of gold and silver coins (pesos, shillings, or dollars, etc.) served as mediums of exchange alongside the claimchecks that were issued against currently existing deposits. Therefore, they too were called paper money, and bankers became known as creditors, meaning, pretending lenders of imaginary gold and silver coins, or perpetrators of fraud.

These bogus claimchecks that bankers issued for nonexistent, imaginary deposits of pesos, shillings, or dollars, etc., were inflation.

Inflation is imaginary barter!

It is a claimcheck for Nothing!

Is Nothing Sacred?

I can find no benefits accruing to the whole of society from debt monetization, but the risks are very serious and can be expressed in one word — inflation.

Darryl R. Francis, former President of the Federal Reserve Bank of St. Louis, Missouri, in a statement before The Committee on Banking and Currency in the House of Representatives, Washington, D.C., July 18, 1974.

… Debt Monetization … … Inflation …

The thieving character of inflation became painfully known, from time to time, by many depositors of gold and silver coins (shillings, or pesos, or dollars, etc.).

These depositors would return to the bank, present their claimchecks, and demand their coins. But much to their infuriating dismay, they were turned away empty-handed. Their gold and silver coins had already been paid out to someone else who had presented the bogus claimchecks that were loaned out by the banker.

In this way, the stored wealth of depositors was expropriated by some unknown party who had no right to it. The rightful owners of the stored wealth ended up holding worthless claimchecks for Vacuum! — Nothing! — Inflation! They ended up with paper disguised as paper money!

And many a rope ended up around the necks of some bankers, allowing them to swing in the empty void of their own deceitful treachery!

The only way a trader could, at least partially, recover his loss was to pass the bogus claimcheck on to some other trader in exchange for that trader's goods or services.

Now, the swapping of unequal debts with a banker, that is, the pretended lending/borrowing of imaginary deposits of pesos, shillings, or dollars, etc., is a matter of private contract.

The banker writes his note for a number of pesos, shillings or dollars which are not-yet on deposit. He then offers (tenders) his note in exchange for some patron's note or bond, bearing the patron's promise to pay the same number of pesos, shillings or dollars, etc., plus interest to the banker at some time in the future.

The patron who accepts the banker's offer contracts a debt owed to the banker.

In addition to a patron's note or bond, the banker requires a signed pledge (mortgage) of the patron's property, real and personal. Thus the patron's property becomes forfeitable collateral (security) for the pretended loan.

What better way to set people scrambling to increase their substance and give it to the banker than for the banker to hold a claim to their property in the event they should fail to do so?

And what better way to steal a man's farm, his equipment, his livestock, and everything else he owns without his awareness of the swindle?

(Preview: When the bankers collectively get their credit swindle authorized by law (legalized), they then make their notes a legal tender in exchange for all debts. But that's getting ahead of the story.)

The beginning of wisdom is the definition of terms.

Socrates, The Great Quotations, p. 979.


DEBT — a sin; …

Merriam-Webster Dictionary, 1967.

Banking was conceived in iniquity and born in sin … bankers own the earth. Take it away from them but leave them the power to create money, and with the flick of a pen, they will create enough money to buy it back again.

Sir Josiah Stamp, past President of the Bank of England.

Banking … conceived in iniquity …

… born in sin …

… the power to create money … — meaning:

Permission to pretend to lend imaginary substance at interest and against good collateral — the earth!

A written promise — a note, bond, claimcheck, or whatever — is a contract. A contract is of little meaning unless force can be applied in order to compel performance, or to seize forfeited property from those sinners (debtors) who might be reluctant to surrender it. And this brings us back to the law — a society’s common, collective force — sheriff, marshal, lawman, gendarme, etc. Now, the only legitimate purpose of a society’s common, collective force is to protect the lives, liberty, and property of all individuals in that society, equally. (See The Law, by Frederic Bastiat, 1850.)

Colonial Collusion — ‘Believe it or not, Mr. Ripley’

In order to acquire a monopoly on their credit fraud and make it legal, the bankers proceeded to weave their thieving scheme into the law. This would give them command of the common, collective force needed to compel public acceptance of their method of plunder and to seize the property of their selected victims.

The law has placed the collective force at the disposal of the unscrupulous who wish, without risk, to exploit the person, liberty, and property of others.

Frederic Bastiat. The Law.

A sophistic coterie of lawyers (twisters) have always been employed for that purpose.

A discussion of how such iniquity was accomplished in Asiatic and European societies is beyond the scope of this book.

This discussion will be restricted to showing how it was accomplished in the United States.

To begin with, in eighteenth-century Great Britain, the operators of the Bank of England issued bogus claimchecks for vast numbers of imaginary gold and silver coins (shillings, etc). They offered (tendered) these bogus claimchecks to King George III in exchange for his note or bond, by which he promised to pay the same number of genuine gold and silver coins (shillings, etc.), plus interest at some time in the future. This placed the King in a pretentious, immoral, and sinful, debt contract with the Bank of England.

In order to obtain the genuine gold and silver coins with which to pay his enormous, sinful debt to the bank, the King had to impose heavy tax burdens upon the people of his American colonies.

So incensed by such heavy taxes that they could not prosper, the American colonists rose up in revolt against the King, and drove his tax collectors (hired guns) back to Britain.

The colonies became separate, independent states. In convention at Philadelphia, September, 1787, these states joined together in a political pact (union) under a constitution. This constitution was to be, along with duly authorized treaties, The Supreme Law of the Land.

As should be expected, the European bankers were well represented at the Constitution Convention. Their sophistic lawyers were instrumental in the drafting of the Constitution. Let's look at the fruits of their labor.

Ye shall know them by their fruits.

St. Matthew, 7:16.

Article 1, Section 8, lists the powers that were to be granted, supposedly by the Christian American people, to the newly conceived lawmaking body, the Congress. Going down this list, we find:

The Congress shall have the power

(Clause 1) To lay and collect taxes … to pay the debts … of the United States.

lay and collect taxes to pay the debts

But that is what King George III had been doing! Surely the delegates at the convention were aware of the despotism resulting from such unlimited debts and the collecting of taxes to pay them! They had just fought a war because of it, hadn’t they?

If those Christian gentlemen wished to grant Congress the power of taxation, why didn’t they do so for the purpose of paying the costs of the national government? Why did they contemplate plunging the states and the Christian American people into debt to European bankers, and then, taxing the people to pay those sinful debts?

Were those Christian American delegates deliberately contemplating evil against the American people? Or were they threatened? In any case, the despicable result is the same.

(Clause 2) To borrow money on the credit of the United States.

borrow money on the credit

We've seen:

That money was a banker's debt to his depositors;

That this debt was represented (evidenced) by the claimchecks issued by the banker;

That these claimchecks were often used in the marketplace as mediums of exchange.

We've seen:

That credit is imaginary shillings, pesos, or dollars, etc.;

That these imaginary coins are falsely evidenced by claimchecks (I.O.U.s) issued by the banker which are similar to those claimchecks mentioned above;

That these bogus claimchecks (I.O.U.s for imaginary coins) were also used in the marketplace as mediums of exchange, or paper money.

We've seen:

That the borrowing of money is merely the swapping of unequal I.O.U.s with a banker, the difference being the interest;

That in such a swap, the principals cancel, thus relieving the banker of his obligation and placing the borrower in a sinful debt condition by the amount of the interest;

That if the borrower is a government, the pretended debt can be paid only by collecting taxes in real substance from the people.

Now, why would those good Christian delegates wish to grant to the law-making body of the new government such immoral authority as to borrow money, and thus grant to European bankers the exclusive license to plunder the American people with the help of the common collective force?

Were those Christian delegates deliberately designing the legal machine that would allow a few foreign bankers to freely plunder the American people and reduce them to serfs — peasants — slaves? Or were those Christian gentlemen duped? Or were they bribed? Or were they threatened?

History shows that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain control over governments by controlling the money and its issuance.

President James Madison

Whether those Christian delegates were duped, bribed, or threatened, the despicable result is the same. A system of legalized immorality goes masquerading as valid law; and corruption is everywhere — in the offices of government — in the schools and universities — in the churches — in the publishing houses — in the broadcasting industry — in the movie industry — in every influential facet of American society.

It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder …

In the first place, it erases from everyone's conscience the distinction between justice and injustice.

No society can exist unless the laws are respected to a certain degree. The safest way to make laws respected is to make them respectable. When law and morality contradict each other, the citizen has the cruel alternative of either losing his moral sense or losing his respect for the law.

Frederic Bastiat, The Law.

Skipping Clause 3, let's now look at:

[Clause 4.] To … establish uniform laws on the subject of bankruptcies throughout the United States.


We know that bankruptcy is the complete ruin and impoverishment of a debtor (bank patron) by a creditor (pretending lender of imaginary gold and silver coins; banker).

Bankruptcy is the inevitable result of anyone playing a serious game of make-believe with Satan's cohorts and pledging the family farm as a guarantee that the make-believe will become a reality.

The only reality in such a game is the loss of the family farm along with the wailing and gnashing of teeth for having rendered unto seizer (Satan's cohorts) that which was God's.


DEBT — a sin;

Merriam-Webster Dictionary, 1967.

Now, why would those good Christian delegates who reportedly respected property rights and who loved liberty and justice for all wish to place The Supreme Law of the Land at the disposal of Satan and his cohorts so that they could legally disinherit the American people, one by one and acre by acre?

Were they duped? Were they bribed? Were they threatened? In any case, the despicable result is the same.

[Clause 5.] To coin money, regulate the value thereof, and of foreign coin (emphases added)

We know that the verb to coin means to create; invent. It also means to mint. The noun mint means a vast sum. A sum is any number greater than one (1) which results from adding units. The unit is the least whole number, the number one (1).


1+1=2 a sum

1+1+1=3 a sum

1+1+1+ … +1 can equal a vast sum such as:


(Five hundred nineteen trillion, six hundred forty-one billion, nine hundred eighty-five million, seven hundred fifty-six thousand, three hundred twenty-two.)

A sum of units (ones) is abstract.

A count (sum) of imaginary dollars is abstract.

The value of a sum is its magnitude. For example, what is the value of:


The value is nine (9).

Nine is the value of an abstract sum of abstract units ones (1).

An imaginary dollar is abstract. That makes it the same as, or similar to, the abstract unit one.

The abstract unit one (1) has to be represented by the symbol, 1.

The abstract dollar has to be represented by a symbol, $, known as the dollar symbol or dollar sign.

As noted earlier, 1+1+1=3; 3 is an abstract sum having a value of three.

Likewise, $1+$1+$1=$3; $3 is an abstract sum of abstract dollars having a value of three.

So the power to coin money and regulate the value thereof is simply the power to create a vast sum of imaginary ‘dollars' and regulate the magnitude of such abstract sum. This was nothing new.

Money became abstract, and lost touch with the real value it was supposed to represent. Individuals and communities got preposterously into debt, and the world was saddled by a class of rich men, who were creditors …

H. G. Wells — Roman Empire — The History of the World (1949).

Now, the noun coin is derived from the Latin word cuneus, meaning corner or wedge. The noun wedge means something (as an action or policy) that serves to open up a way for a breach, or change, or intrusion. (See the Merriam-Webster Dictionary.) Now, let's read Clause 5 again, only in plain language:

To create a vast sum, regulate the magnitude thereof, and evaluate foreign policies that serve to open up a way for a breach of trust, and for intrusion into the affairs of the States and the American people.

Now, why would those good Christian delegates plot so deceptively to embrace abstract sums as well as foreign policies that would serve to open up a way for a breach of trust and for intrusion into the affairs of the States and the American people? Was this their idea of liberty and justice for all? Or were they duped? Or were they bribed? Or were they threatened? In any case, the despicable result is the same: The root of evil planted in the Supreme Law of the Land.

So much for Article 1, Section 8. Let's look, now, at Article 1, Section 10. This is a list of things the various States were to be prohibited from doing.

No State shall … make any thing but gold and silver coin, a tender in payment of debts …

This assured the European bankers that they would not be compelled to accept tobacco, or creosote, or alcohol, or coal, or nitric acid, or sunflower seeds, or steel washers, or paper bags, or roller skates, or any other thing except genuine gold and silver coins in payment of the pretended debts of their naive or collusive patrons.

If those European bankers were to plunder the American people, it would be necessary to steal their gold and silver first. After that, they could get all other wealth produced, as well as the land it's produced on, either by bankruptcy and foreclosure proceedings, or by purchase with imaginary money (credit,) which costs them nothing!

Spiritual Abomination Identification — Law or False Religion?

Neither bank credit ($) nor pretended debt money ($) — can be weighed or measured. It cannot even be described as can leprechauns, mermaids, Santa Claus and other such figments of imagination. Money can only be symbolized, usually by a picture of a bag bearing the symbol, likewise, the unit (dollar) of bank credit of pretended debt — the unit (dollar) of money — can only be symbolized, thusly, $1.00.

The law is permeated with references to the symbol for that which cannot be weighed, measured, nor described. Taxes, fines, fees, penalties, costs, etc., are all expressed in that same symbol ($). Perhaps this is why the dollar ($1.00) has often been compared to a god — The almighty dollar. It is a spiritual abomination that exists only in the minds of its deceived followers (Believers.)

Do we have courts of law or are they religious tribunals?

This spiritual abomination ($) has only one function, and only one purpose. Its function is expropriation of wealth — the stealing of the wealth and property of the laboring producers for the exclusive enjoyment of the superrich bankers, and their cohorts and accomplices. The only purpose of money is for enslavement of billions of wealth producers toiling in gigantic labor camps around the world, called nations, by a few master swindlers called international bankers.

The rich ruleth over the poor, and the borrower is servant to the lender.

Solomon, Proverbs, 22:7.

The borrower is servant to the lender.

And servants have no rights!

The world is governed by very different personages from what is imagined by those who are not behind the scenes.

Benjamin Disraeli

Not just the United States of America, but

The world is governed

The rich ruleth over the poor

The borrower is servant to the lender.

The Dirtiest Dozen — ‘Boxcars! You Lose!’

In the United States, there are twelve private engines of fraud (banks) that were joined in a federation known as the Federal Reserve.

Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks … This evil institution has impoverished and ruined the people of the United States.

Some people think the Federal Reserve Banks are United States government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers; … and there are those who maintain an international propaganda for the purpose of deceiving us. (emphases added)

Congressman Louis T. McFadden (R-PA), Chairman of the Committee on Banking and Currency, in an address to The House of Representatives, Washington, DC, June 10, 1932.

Corrupt Institutions … Federal Reserve Banks … What are they?

… Private credit monopolies …

Which do what?

… Prey upon the people …

For whose benefit?

… For the benefit of themselves and their foreign customers …

What is the result?

… Impoverished and ruined the people of the United States …

How did they get by with it?

… There are those who maintain an international propaganda for the purpose of deceiving us …

What is ‘Money’?

We’ve seen that money is pretended debt which is falsely believed to be owed to a banker by his patrons (borrowers of imaginary gold and silver coins). In other words, money is a psychogenic entity (false belief) that expropriates wealth!

Pretense — Public and Private

There are two general kinds of pretended debt: public and private. Therefore, there are two general kinds of money: public and private. Let's examine them both; but first, a mental preparation by a simple philosophical inquiry:

When you ride a public bus, you go where the bus driver takes you; but when you drive your own car, you can go almost anywhere you please. So why follow a public bus, especially one driven by a drunken driver headed for the slaughter house?

Are United States officials drunk on their power of deception?

You shall know them by their fruits — not by their words.

Pretended Public Debt (‘Money’) — ‘Drunken Bus Drivers.’

This is the debt contracted by U.S. officials. It can best be seen by an example, as follows:

In the United States, the U.S. Treasury prints a bond (I.O.U.) thereby promising to pay, in thirty years, at sum of fifty million dollars — or units (1s) — ($50,000,000) plus interest computed at the rate of six percent per year.

Thus the U.S. Treasury promises to pay in thirty years, to the bondholder:

$50,000,000 + ($50,000,000 × 6/100 × 30) = $140,000,000

The U.S. Treasury pretends to sell this bond to the Federal Reserve. The Federal Reserve simply writes the abstract sum ($50,000,000) into the Treasury’s checking account. This provides the U.S. Treasury with fifty million abstract dollars to spend by issuing checks. This is pretended money creation — the monetization of public debt.

The Federal Government, in cooperation with the Federal Reserve, has the inherent power to create money — almost any amount of it.

The National Debt, Federal Reserve Bank of Philadelphia, p. 9.

Now, as long as the American people had any genuine gold and silver coins on deposit in their banks, the recipient of a U.S. Treasury check could get it cashed in such coin.

But since paper is easier to carry than metal, most recipients of a Treasury check prefer to cash it in claimchecks which can be better used in the marketplace as mediums of exchange.

And therefore, the U.S. Treasury prints Federal Reserve Notes in denominations of 1, 5, 10, 20, 50 and 100, totaling fifty million (50,000,000) and gives them to the Federal Reserve (Fed) at no cost, whatsoever.

These Federal Reserve Notes are physical evidence of the Fed's non-interest debt to the American people through the U.S. Treasury.

The Fed tenders these I.O.U.s to the American people in exchange for their debt which is evidenced by the U.S. Treasury Bond. Hence the wording on Federal Reserve Notes that reads:

This note is legal tender for all debts, public and private.

It’s merely the swapping of unequal debts as hereinbefore observed.

In addition to securities, the Federal Government issues non-interest-bearing debt-currency or paper money. Currency is so widely accepted as a medium of exchange that most people do not think of it as debt.

Two Faces of Debt, Federal Reserve Bank of Chicago, p. 6 (Revised Oct., 1972.)

The pretentious debt of abstract sums supposedly owed to the Fed by the American people is collected in genuine gold and silver coins (dollars) in the name of tax. (As long as such genuine dollars last.)

Such swapping of unequal debts and tax collecting activities can quickly transfer to the Fed all the gold and silver coins on deposit in the banks. In the first twenty years of the Fed’s existence, all the gold coins on deposit had been tendered to the Fed in payment of the pretended public debts of the American people.

EUREKA! We Lost It!

Consequently, the banks were closed by Executive Order of President Franklin D. Roosevelt in 1933, and all gold coins were removed (gone into captivity by the Fed). It was made unlawful for anyone (except the Fed) to own, or trade, gold. The Fed bankers had stolen it all!

Hi! Yo! Silver … Away!

Just thirty years later, by 1963, the Fed had claim, by virtue of the interest, on U.S. Treasury Bonds to all the silver coins on deposit in banks. These also went into Federal Reserve captivity. But instead of closing the banks, Congress authorized the counterfeiting of the silver coins, allowing nickel-plated copper coins to be substituted in their place. (See: The Coinage Act of 1965.) Thus private thieves, in collusion with government officials, had swindled the productive people out of their store of wealth and universal barter (gold and silver coins)!

Remember the Alamo?

Remember Pearl Harbor?

Remember the Constitution which has killed just as many?

Yes, killed!

Congress shall have the power to lay and collect taxes … to pay the debts of the United States.

To borrow money

To establish laws on the subject of bankruptcies

No state shall make anything but gold and silver coin a tender in payment of debts.

Yes, killed!

The Heathen, out of natural reasoning and understanding, were able to render an account that an usurer is a three-fold thief and murderer … natural sense and reason tells us that an usurer is a murderer; for who so sucks the maintenance of another, … he's even as great a murderer as he who starves and utterly destroys one.

Martin Luther, Colloquia Mensalia Martini Lutheri (1652).

Private Pretended Debt (‘Money’) — Following Drunken Bus Drivers To The Slaughter House

Private debt is that debt which is contracted by a private (non-government) party. It is similar to public debt, but differs greatly in the manner of payment. This can be best seen by example, as follows:

A private borrower of imaginary gold or silver coins (abstract dollars — credit) gives the banker a note (I.O.U.) promising to pay, in thirty years, a sum of fifty thousand dollars — or units (1s) ($50,000) plus interest computed at the rate of six percent per year.

Thus the private party, say, Ol’ McDonald, promises to pay to the banker, in thirty years:

$50,000 + ($50,000 × 6/100 × 30) = $140,000

In addition, Ol’ McDonald signs a mortgage against his farm which the banker values at, say, $30,000.

In exchange for this note and mortgage (Ol’ McDonald’s debt), the banker tenders Federal Reserve Notes (non-interest-bearing debt-currency — see Federal Reserve quote on page 31) totaling $50,000 to Ol’ McDonald.

Just why a sensible gentleman like Ol’ McDonald would promise to pay one hundred forty thousand genuine dollars ($140,000) to a banker, in thirty years, in exchange for the use of only fifty thousand abstract dollars ($50,000) today is a matter for psychiatric speculation.

Perhaps he believes that, within thirty years, he will be visited by an extremely generous toothfairy.

Or, maybe he thinks a rich relative will die within thirty years and will leave him a fabulous treasure.

Or, maybe he’s merely naive and does not really know what he's doing, placing too much faith and trust in the banker.

Maybe he's deceived — charmed.

Debt has a deceptive, something-for-nothing kind of charm. (emphases added)

The National Debt, Federal Reserve Bank of Chicago, p. 10.

Whatever the reason, and whether knowingly or unknowingly, he has just given away the farm for nothing (credit, inflation) and without awareness of having done so.

Of course, the farm is safe in the event a rich relative really does die and leaves him a treasure, or if he really is visited by an extremely generous tooth-fairy.

Ol' McDonald now has two pretended debts supposedly owed to the banker:

  1. His fair-share of the public debt evidenced by the Treasury Bonds.
  2. His own private debt evidenced by his own note.

This gives the banker two ways to steal the farm.

  1. By seizure for failure of Ol' McDonald to pay his fair share of the taxes to pay the public debt.
  2. By seizure through bankruptcy and foreclosure proceedings (legal theft proceedings) for failure of Ol' McDonald to pay off his own note.

Sorry, says the sheriff as he padlocks the door, but it's the law.

The law has placed the collective force at the disposal of the unscrupulous who wish, without risk, to exploit the person, liberty, and property of others. It has converted plunder into a right, in order to protect plunder.

Frederic Bastiat, The Law.

It has converted plunder into an exclusive right of bankers only. In order to favor and protect bankers!

Since all the gold and silver coins in America (there were many tons of them) were stolen and removed from circulation by bankers, taxes can no longer be collected in such coins.

Although no State shall make anything but gold and silver coin, a tender in payment of debts (see page 24), the bankers are at liberty to accept any other thing (in fact, everything) if they should choose to do so.

The U.S. government taxes the people out of everything by issuing checks. (The Internal Revenue Service (IRS) does not collect taxes!)

As we've seen, treasury checks are extensions of the Treasury Bonds which are evidence of the pretended public debt owed to the Fed by the American people. The checks represent your liability!

When you exchange your wealth, your property, or your labor for a government check, you are simply trading your assets for a record of your liability! You owe the Fed for the wealth, property, or labor that you give up to get the check!

If you cash the check in Federal Reserve Notes, you have legally tendered those notes for your debt evidenced by the Treasury Bond. You still owe the Fed for the wealth, property, or labor that you give up to get the check or Fed Notes.

Heads the Fed wins, Tails you lose

Large numbers of Federal Reserve Notes are almost as cumbersome and difficult to store as metal coins. Storing them in a bank and accepting claimchecks for them would be a moronic exercise in redundancy. So instead of issuing claimchecks for these bogus claimchecks (Fed Notes), the bankers merely created book entries called demand deposits for depositors of imaginary gold and silver coins (abstract dollars) which the depositors could spend by writing checks, just like the U.S. Treasury does. This is pretended money creation — the monetization of private debt.

Demand deposits are the modern counterpart of bank notes. It was a small step from printing notes to making book entries to the credit of borrowers which the borrowers, in turn, could spend by writing checks. (emphases added)

Modern Money Mechanics, Federal Reserve Bank of Chicago, p.4.

Our system works only with credit.

Keeping Our Money Healthy, Federal Reserve Bank of New York.

Numbers Racket — A Different Kind of Medium


MEDIUM — a means of effecting or conveying something.

Merriam-Webster Dictionary

We've seen that all wealth and property gravitates to the creditors (bankers) while the laboring producers get stuck with nothing. (abstract sums — numbers)

But numbers exist only in the mind. In order that bankers might exchange numbers for wealth and property, they needed a medium by which such exchange could be effected.

Paper has served that need very well. There is the paper that Federal Reserve Notes are printed on and the paper on which checks are written.

Paper, then, is a medium of exchange of numbers (psychogenic entities) for property and wealth.

But it’s the numbers which are the money, and not the paper.

That’s why money is a psychogenic entity (sums) that expropriates wealth!

And therefore, money is not whatever is used as a medium of exchange!

Meanwhile, Back At The Branch — (Member Bank of The Dirtiest Dozen)

So Ol’ McDonald, with checkbook in hand, leaves the bank. His total debt is $140,000, but he can only spend $50,000 of it. This he proceeds to do by writing checks, just as the U.S. Treasury does.

But Ol’ McDonald does not have the power of taxation by which he might pay his debt. And so he must get the abstract sum of $140,000 from other borrowers.

But these borrowers have their own debts to pay along with their fair share of the public debt. So they too are scrambling to get the required abstract sums (abstract dollars) from others, if they can, including Ol' McDonald.

Cannibals On The Playground — ‘Shall We Prey?’

This nation-wide mad scramble of millions of borrowers (debtors — sinners) to get, from each other; the abstract sums (imaginary dollars) with which to extinguish their debts transforms the nation of professing Christians (or Muslims, or Buddhists, etc.) into a nation of preying cannibals.

It would be ludicrous if it were not so tragic. While Americans prey upon each other (it’s called healthy business competition or some other deceptively catchy cover-up), they sink deeper and deeper into the bottomless pit of perpetual debt and eternal bondage — slavery everlasting!

This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation … If the banks create ample synthetic money, we prosper; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and its defects remedied very soon. (emphases added)

Robert H. Hemphill, eight years Credit Manager of the Federal Reserve Bank of Atlanta, Georgia.

In the mad scramble to get imaginary dollars away from ones neighbor, all manner of deceitful and treacherous schemes are devised. Evil engulfs the earth.

In fact, evil men and false teachers will get worse and worse deceiving many, they themselves having been deceived by Satan.

II Timothy 3:13.

Those who are the most skillful and unscrupulous in devising skullduggery of the most effective kind succeed in staying in business (for awhile). In such a society, good guys finish last! Or should we say, good guys are first to lose all!

Ol' McDonald was a good guy.

There is no surer, more subtle means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economics on the side of destruction and does it in a manner that not one man in a million can diagnose it …

If governments refrain from regulation, the worthlessness of the money becomes apparent and the fraud upon the public can be concealed no longer …

Though the process impoverishes many, it actually enriches some. (emphases added)

John Maynard Keynes, Economic Consequences of the Peace (1920).

the worthlessness of the money …

the fraud upon the public …

The Way Out

Let's look again at the Constitution for the United States, Article 1, Section 10:

No state shall … pass any law impairing the obligation of contracts …

We've seen that the swapping of unequal I.O.U.s is a matter of contract, however pretentious. The above quoted Constitution provision assured the bankers that their fraudulent contracts would not be impaired or nullified by the laws of any state.

But it has always been a fundamental maxim that a contract based upon fraud is null and void, and unenforceable. It is naught. This maxim is elementary. It is not dependent upon any state legislation. It has been acknowledged by the U.S. Supreme Court.

Fraud vitiates the most solemn contracts, documents, and even judgments.

U.S. vs. Throckmorton, 98 U.S. 61.

contracts documents (Constitutions) judgments

Thus the justification for nullifying the U.S. Constitution, or pertinent parts of it, by the various states along with all debt contracts, public and private, has been judicially recognized.

Such justification was also declared by the Congress itself on July 4, 1776.

It was declared that all men are created equal under the law, meaning that no man or class of men are to be favored above all others by the law.

It was declared that all men were endowed by their creator with certain unalienable rights, among these being life, liberty and the pursuit of happiness.

It was declared that to secure (protect) these rights, Governments are instituted among men. That when any form of government becomes destructive of these ends, it is the right of the people to alter or abolish it, and to institute new government, laying its foundation on such principles and organizing its powers in such form as, to them, shall seem most likely to effect their safety and happiness.

It was declared that when a long train of abuses (and favoritism toward a certain class of private thieves and slave-masters) evinces a design to reduce them under absolute despotism, it is their right, it is their duty, to throw off such government and to provide new guards for their future security.

‘Legal’ Plunder Parade In Review

What then have we learned about money?

We've seen that money is pretended debt which is reckoned in abstract sums of abstract dollars, shillings, or pesos, etc. Money, then, is the psychogenic entity which master swindlers (bankers) exchange for the property, the resources and the produced wealth of the people of a nation. Such thieving exchange is made by use of a paper medium on which the abstract sums are conveyed from one to another.

Tax — Tax — Tax;

Spend — Spend — Spend

Elect — Elect — Elect

Because the American people are too damn dumb to understand!

Harry Hopkins, Aide to President Franklin D Roosevelt

We have seen that throughout the centuries bankers have, with their credit fraud seized control of the facility of trade (universal barter). Thus they have invaded and destroyed the free market, gained command of the common collective force, perverted the law, and seized control of governments, including the government of the United States.

The real menace to our Republic is the invisible government which, like a giant octopus, spreads its slimy lengths over our city, state, and nation. At the head is a small group of banking houses, generally referred to as ‘international bankers.' This little coterie of international bankers virtually run our government for their own selfish ends.

John F. Hyland, Mayor of New York City (1922).

The history of U.S. government officials, under the Constitution and in collusion with private bankers, foreign and domestic, is a history of protected legal plunder having in direct object the establishment of an absolute tyranny over these states and the people thereof. They have fomented wars, and transformed a world of peaceful intercourse into a jungle of domestic cannibals and warring international currency blocs. In short, we find that money and those who control it have never brought law and order into a society, but instead, legalized lawlessness and disorder.

Let us face it: there is no international monetary order — all we have is disorder sometimes chaotic disorder.

F.W. Shulthess, former Chairman of the Board, Swiss Credit Bank, Zurich, Switzerland, in Recycling Petro Dollars, Pub. # 29, p. 3

A most repugnant example of such law is the IRS and its tyrannical administration of the Internal Revenue Code which derives its authority from the proposed Sixteenth Amendment which was never ratified by the states, and is, therefore, null and void on its face! (See The Law that Never Was by Bill Benson and Red Beckman.)

It's been stated that the IRS does Not collect taxes. The functions of the IRS are:

  1. To suborn perjury by those millions who may be deceived about money and banking;
  2. To regulate the American people's consumption by reducing their bank credit, thereby keeping prices from rising too fast, thus concealing the banking fraud;
  3. To fabricate pretended justification to seize the property and rights to property of the American people under color of law for the benefit of the Fed and their foreign customers.

Farms and homes have been seized, businesses closed, and property confiscated. Lives have been lost, and many imprisoned for refusal to report having received an income (gain) instead of having actually sustained a loss.

You [bankers] are a den of vipers and thieves! … If the American people only understood the rank injustice of our money and banking system, there would be a revolution before morning.

President Andrew Jackson

Such has been the rank injustice of the foul banking system and its corrupt legal system which these states and the people thereof have endured without understanding for so many, many years.

Liberty And Justice For All

And such is now the necessity which demands that they alter their current Satanic government of the people, by the lawyers, and for the bankers.

It is the necessity to return to the American people all the remaining wealth and property which were stolen from them with bank credit. (Refer to: A Treatise On Monetary Reform, by Merrill Jenkins, Sr. MR.)

It is the necessity to reestablish a system of universal barter using uniform increments of storable wealth (gold and silver coins). It is the necessity to strictly prohibit, under penalty of death, thievery by bank credit or by bogus claimchecks of any kind, or by the practice of usury.

It is a necessity to restore the law to its proper function of protecting the lives, liberty, and property of all the people, equally!

It is a necessity for Million-Man Marches upon every state capitol, if need be, in order to convey the will of the people to the various state legislatures and prod them uncompromisingly to provide these dire necessities without delay!

At stake is nothing less than the very foundation for the freedom and security of this generation and all those that follow!

For it is individuality, liberty, property, and equal protection by the law which are acknowledgments of God and His love.

But the love of money (credit, imaginary coins, pretended debt, inflation, abstract sums, the psychogenic entity that expropriates wealth) indeed the root of all evil and the seeds of hate and discord!

The Freedom Express!

Governments are instituted among men, deriving their just powers from the consent of the Governed …

Declaration of Independence

Silence implies consent!

Will Americans stand thoughtlessly on the apathy platform giving their silent consent to slavery by bankers’ fraud (Perpetual pretended debt)?

Or will they organize a Freedom Express and scramble aboard a million strong, or fifty million strong, to their state capitols and resoundingly proclaim liberty throughout all the land and unto all the inhabitants thereof?

It is hoped that this book has adequately unraveled the money mystery, exposed the legal-plunder swindle, and identified the spiritual abomination ($) problem. A guide to a workable solution has been offered.

Humanity stands at the crossroad with only two choices:

Nature's God and Law OR Satan and his Legal Plunder
Property OR Money
Freedom OR Slavery Everlasting!

Those in favor of Satan — Money — Slavery, Do Nothing! And Be Silent!

Those in favor of Nature's God — Property — Freedom, All Aboard!

Barney McCoy

Additional Copies Available @ $3.00 each, from: Liberty Books

Updated version available here.