Web of Debt: The Shocking Truth about Our Money System and How We Can Break Free (Revised and Updated)

by Ellen Hodgson Brown

book data

9 ratings, 3.67 average rating, 6 reviews (more data...)

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5		66%
4		33%
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published

January 31st 2008 (first published 2007) by Third Millennium Press

binding

Paperback, 524 pages

isbn

0979560810 (isbn13: 9780979560811)

description

EXPLODING THE MYTHS ABOUT MONEY Our money system is not what we have been led to believe. The creation of money has been "privatized," or...more

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04/18/09

Joel. rated it:

(review of isbn 0979560802)

Read in April, 2009

This is an excellent book to read if you want misleading, incomplete and confusing information regarding this history of banking and finance.
Her core argument is that a fractional reserve banking system is dangerous and that the federal reserve system in the United States does not operate in the best interests of the citizenry - topics that could be effectively argued. But the author fails miserably in this poorly researched, confusingly-argued screed.
On basic theory...more This is an excellent book to read if you want misleading, incomplete and confusing information regarding this history of banking and finance.
Her core argument is that a fractional reserve banking system is dangerous and that the federal reserve system in the United States does not operate in the best interests of the citizenry - topics that could be effectively argued. But the author fails miserably in this poorly researched, confusingly-argued screed.
On basic theory she is simply wrong. She confuses the gold standard and the gold currency standard. She gives simplistic explanations of specific financial crises that turn reality on its head. For example she argues that the inflation during Germany in the 1920's was caused by international short-selling of the currency, and not the deliberate and massive injection of large quantities of bank notes into the economy by the government in their effort to pay off the reparations from WWI.
She finds conspiracy and cover-up in all corners of history. Any episode in history that benefits a particularly evil group of men, i.e. bankers - must have happened because of a giant conspiracy. Did you know that President Abraham Lincoln may have been shot as revenge for issuing Greenbacks that challenged the hegemony of the British banking cartel? She offers little evidence to back up these assertions, because they're conspiracies. Give me a break.
The majority of her references are secondary sources that constantly juxtapose opinion and fact. For example, to confirm that the Federal Reserve is evil, she quotes congressmen and senators who say that it is evil. Knocked out that chapter before breakfast, eh Ms. Brown? The author also manages to cite Wikipedia - extensively - as a source. Blogs, political speeches, fellow conspiracy-theorists - these are passed off as factual sources. Classy, eh?
The whole book has the feel that it was researched and written with a few Internet searches over the course of a few months. Any historical episode that promotes her "Federal Reserve = Bad" argument is thrown in the mix. You would need another book just to correct all the errors in this book.(less)

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06/10/09

Doni Tamblyn rated it:

(review of isbn 0979560802)

Let me make my position clear. Never schooled in finance myself, I am admittedly not someone whose opinion you want to rely on in this matter. Nonetheless, I am offering it. My key point: Since its 2007 publication, MANY OF THE ALARMING ECONOMIC PREDICTIONS IN THIS BOOK HAVE ALREADY COME TO PASS, EXACTLY AS DESCRIBED.

I do NOT suggest here that Ms. Brown is a prophet -- virtually everything in her book is drawn from other sources (and scrupulously cited) -- but simply that she has got...more Let me make my position clear. Never schooled in finance myself, I am admittedly not someone whose opinion you want to rely on in this matter. Nonetheless, I am offering it. My key point: Since its 2007 publication, MANY OF THE ALARMING ECONOMIC PREDICTIONS IN THIS BOOK HAVE ALREADY COME TO PASS, EXACTLY AS DESCRIBED.

I do NOT suggest here that Ms. Brown is a prophet -- virtually everything in her book is drawn from other sources (and scrupulously cited) -- but simply that she has got her facts straight. This being the case, her book should be read by anyone who wants a modicum of understanding of our global financial situation. It should also, I think, be required reading for anyone in government.

In reading this book, I was amazed at how coherently the monetary system could be described to a lay person. I'd never have guessed, from all the boring, jargon-filled discourses of our venerable "financial experts," that this was an issue that could be addressed in common sense language. And before anyone thinks I'm just some lay person who is delighted to understand SOMETHING about global finance and hasn't analyzed the data: I have in fact heard and read many arguments against the salient points in this book. I've also posted questions to some of them online -- in particular, about TALLIES and LOCAL CURRENCIES, two alternatives Ms. Brown mentions. I've been fascinated to see that no one so far has even acknowledged my questions, even though both tallies and local currencies have long been used with great success in many places in the world up to the present time. Instead, people more informed than I continue to call for "a return to the Gold Standard," a system guaranteeing scarcity and inflation, as far as I can see. It seems that the human urge to ignore "the Emperor's clothes" continues even into this current historic economic crisis. We humans hate considering a new paradigm. And so we continue along the old routes, keeping the major players in their jobs and the current structures afloat, despite their catastrophic track record and the alarming future staring us in the face.

For any who may still think that I am an uninformed alarmist, I will simply point out that this book is strongly supported by world-renown economist BERNARD LIETAER, among other high-profile financial and economic experts. These are people who know what they're talking about, and they believe Ms. Brown does, too. One may ignore my opinion, but I can't see how theirs can be easily dismissed.

The information in this book needs to be common knowledge to every citizen of every country in the world. If the price of liberty is eternal vigilance, so is the price of financial freedom. The economic crisis did NOT start in 2008. Its roots are deep and far-spreading -- it is the logical result of a centuries-long systemic shell game. I believe we could cut the taproot, if we only identified it correctly. Then, with the right steps, we could create a flourishing garden. I hope we will do so.(less)

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05/16/09

Toma is currently reading it (review of isbn 0979560802)

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Read in May, 2009

There is a huge flaw in the world we live in and almost no-one talks about it. This book explains the monetary and banking system that enslaves us. In depth view to the history of banking, how we got to this point and what should we do about it.

One of those books everyone should read.

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02/18/09

Angie rated it:

(review of isbn 0979560802)

Read in December, 2008

Interesting book but the I am not sure I believe everything the author says. She is somewhat of a conspiracy theorist but she does make some good points.

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11/05/08

Suzy is currently reading it (review of isbn 0979560802)

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Essential book for understanding our monetary system, how we got here, and how to get out of it. Love it!

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11/10/08

Naaj is currently reading it

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Very interesting so far. A lot of the information presented is contained in the movie zeitgeist addendum