This book covers chronologically the evolutionary development of privately owned banking from the time Jesus formed a “scourge of cords” and drove the moneychangers out of the Temple to the present trillion dollar bailout of Wall Street. In sequence it covers the cunning concept of “reserve lending” which the Goldsmiths of the 17th Century evolved, through the centuries that the Rothschild’s dominated Europe to the foisting of the Federal Reserve System on this nation, spear-headed by Paul Warburg of the German Banking House of Warburg and Sons.
There is documented historical coverage of private banking in this nation with all its devastating affect on the lives of the people. Covered are the heroic efforts of men like Congressman Charles Lindberg, father of the “Lone Eagle, Congressmen Patman, Congressman McFadden and Congressman Rarick who introduced impeachment resolutions to return the issue of money and credit to the American people as specified in the Constitution.
The author doesn’t leave the reader in a open sea of distress but outlines proposals that would erect a national haven of economic justice, political sovereignty, full implementation of human rights, and a society devoid of indebtedness and violence. The proposal is a National Cooperative Commonwealt
Interwoven throughout this book is the focus that the supreme power is in the hands of the sovereign citizens to make any change that will enhance their economic and political betterment. In their hands is the inherent, and constitutional power, to eliminate suffering and injustice the moment they intelligently understand the root causes of the problems and what solutions will solve those problems. Every waking morning the people should be inspired and energized by what President Lincoln said in his first inaugural address, March 4, 1961: This country with its institutions belongs to the people who inhabit it. Whenever they shall grow weary of existing government, they can exercise their consti- tutional right of amendment, or their revolutionary right to dismember or overthrow it. Thomas Jefferson, author of the Declaration of Independence, the Republic’s third President, and the nation’s staunchest pleader for a democratic society, expressed even more explicitly the absolute power of the people. He stated: I know of no safe depository of the ultimate power of society but the people themselves, and if we think them not enlightened enough to exercise their control with a wholesome discretion, the remedy is not to take it from them but to inform their discretion by education. It becomes crystal clear throughout the book that those who exercise usurped economic, financial and political power will not unseat themselves. They only fear two conditions: 1) proposals that will destroy their despotic control, and 2) an informed citizenry that will introduce and carry out those proposals. There is no economic force as predatory and devastating to the lives and survival of the people as the private control of the nation’s money and credit. Throughout the nation’s history, tens of millions have lost their homes and tens of millions have lost their jobs, along with loss of lifetime savings, because of private ownership and control of the nation’s banking. The author presents a chronological coverage of private banking from the time that Jesus formed a scourge of cords and drove the “money changers out of the Temple” to the setting up of a privately owned Federal Reserve System in the United States. The current meltdown of the entire financial system was inevitable because it was built on compounding “interest bearing debt” and unchecked abusive power. It was only a matter of time when the whole financial stack of cards would collapse. But unconstitutional control of the nation’s money and credit is only half the picture. Relevant questions come to mind. What are the major flaws in the economic and political systems themselves that allows an unconstitutional monetary system to operate? Four basic flaws of private capitalism are cited. 1. There were no economic safeguards in the Constitution precluding the corporate take over of the natural resources, technology and machinery of the nation’s productive capability. Acts by Congress like the Sherman and Clayton anti-trust laws have been nullified by the political strength of the corporate lobbyists. A maniac of mergers and hostile takeovers has placed the ownership of the nation’s whole productive plant in the hands of fewer and fewer corporate giants, and their privileged stockholders. The nation’s workers, consumers and taxpayers have been short suited of their rightful proportionate equity. 2. The unconstitutional control of the nation’s economic blood stream by private banking. 3. Industrial and financial control have led to arbitrary control of the nation’s legislative acts and political policies. 4. The private capitalist framework is unable to accommodate the nation’s best science and technology for the equitable and constructive benefit of the majority of the people. What makes the book so complete in its presentation is that after the major flaws and inequities have been set down, it devotes equal apace to outlining the proposals of a National Cooperative Commonwealth, which would bring about a renovated society, and would unleash its full productive capability for a prosperous and equitable life for all the people. The author sets down the main pillars upon which the Commonwealth is anchored: 1. Every solitary citizen is equally important and has equal inviolate human rights. 2. The quality of life is paramount not only in respect to all human relations but in measuring the quality of all institutions, including government itself. 3. The final decision power as to policies, especially war, rests with the people who pay the taxes and sacrifice their lives. The framework and function of the Commonwealth are clearly presented. Uncannily, it uses the same incorporation concept that main businesses employ in this nation. However, instead of functioning only for a minority of privileged stockholders it functions for the entire citizenry. Its members coordinate all the functions of the Commonwealth as both a common shareholder, giving it decision-making power, and as a preferred shareholder, giving each a dividend-receiving role. A special unique feature of the book is its outlining of the efforts that are necessary to achieve the actuality of a National Cooperative Commonwealth. Instead, of organizing against all the injustices that exist, it stresses the more productive way is espousing the proposals for which the people are working. Those exercising abusive control and abusive ownership would automatically arise and oppose the proposals being espoused. In short, they would expose themselves without the people having to fire a single shot. There is poetic justice in such happening! Edward Bellamy is best identified with his book Looking Backward. However, it is his suppressed book Equality that is more relevant and significant to the efforts of this book. In one short paragraph Bellamy capsulates the essence of this book and its efforts toward that better society. The capitalists have destroyed the competitive system. Do not try to restore it, but rather thank them for the work, if not the motive, and set about not to rebuild the old village of hovels, but to rear on the cleared place, the temple Humanity so long has waited for. Heartily, Bellamy would salute the Prince of Peace for “ driving the money changers out of the Temple”!
The author, 93 years young, is a lifetime activist for social change. He is author of “Challenge to Crisis,” “There is a Way!,” “Blueprint for Survival” and “The Price of Truth.” All four books, especially this current book “Scourge of Cords,” document the devastating abuse by the privately owned Federal Reserve System.