by Stephen Lendman
May 13, 2009
Reviewing Ellen Brown’s “Web of Debt:” Part III
This is the third in a series of articles on Ellen Brown’s superb 2007 book titled “Web of Debt,” now updated in a December 2008 third edition. It tells “the shocking truth about our money system, (how it) trapped us in debt, and how we can break free.” This article focuses on global debt entrapment.
TO ORDER ELLEN BROWN’S BOOK
www.webofdebt.com and www.ellenbrown.com.
Global Debt Enslavement – From Gold Reserves to Petrodollars
“The gold standard (while it lasted) was a necessary step in giving bankers’ ‘fractional reserve’ legitimacy, but the ruse could not be sustained indefinitely” because exiting gold to defray foreign debts results in money backing it to be withdrawn from circulation. The result – contraction, recession, or depression, the very problem that forced FDR to drop the gold standard to prevent an even greater collapse. In 1971, Nixon did it permanently “when foreign creditors threatened to exhaust US gold reserves by cashing in their paper dollars for gold.”
John Kennedy was the last president to challenge Wall Street, contends Donald Gibson in one of his two books about him. In “Battling Wall Street: The Kennedy Presidency,” he said that Kennedy opposed “free trade,” believed industry should serve the nation, and that America should sustain its independence by developing cheap energy. That “pitted him against the oil/banking cartel,” intent on “raising oil prices to prohibitive levels in order to” entrap the world in a “web of debt.”
Evidence also suggests that “Kennedy crossed the bankers by seeking to revive a silver-backed currency,” independent of the Fed. In fact, on June 4, 1963, he issued Executive Order (EO) 11110 giving the president authority to issue currency. He then ordered the Treasury to print over $4 billion of “United States Notes” in place of Federal Reserve Notes. Some believe that he intended to replace them all when enough of the new currency was in circulation – to return money-creation power to the government where it belongs.