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The Secret of Oz

Page history last edited by Jonathan Chambers 12 years, 4 months ago

 

Video Description: The world economy is doomed to spiral downwards until we do 2 things: outlaw government borrowing; 2. outlaw fractional reserve lending. Banks should only be allowed to lend out money they actually have and nations do not have to run up a "National Debt". Remember: It's not what backs the money, it's who controls its quantity.

 

Note from Jon C: Bill Still has a cult following amongst US-based monetary reformists, and he's the current presedential candidate for the US Libertarian party. He's been making documentaries about the fractional reserve swindle for quite some time. In fact, this film is a revised version of a much longer documentary that he made in the mid 90s (see The Money Masters). All the arguments are the same in this later film, but he places them in a post-crash context and also tries to make the subject matter more interesting by suggesting that L. Frank Baumthe author of "The Wonderful Wizard of Oz", hid monetary reformist symbolism in the book that made his fortune. Although this video focusses on the US banking system, all the arguments Bill makes are equally applicable to the UK. There is actually a short section that covers the history of fractional reserve banking in the UK specifically (this starts about a quarter of an hour in at 15:50). This film is also full of quotes by famous industrialists, academics and politicians expressing negative opinions of the fractional reserve system.

 

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