The Money Masters (film)

The Money Masters

This article describes the 1995 documentary film, which has no connection with either Money Masters LLC (a registered investment advisory firm), or the 2003 bookThe Money Masters of Our Time" by John Train''.

The Money Masters is a 1995 documentary, produced by attorney Patrick S. J. Carmack and directed and narrated by William T. Still. It discusses the concepts of money, debt, and taxes, and describes their development from biblical times onward. It covers the history of fractional-reserve banking, central banking, monetary policy, the BOND market, and the Federal Reserve System in the United States. The film is widely available online.

Premise

The film's makers posit that the profit from issuing money is currently being used in the United States to benefit a few wealthy individuals. It further argues that this situation should be remedied, so that the profit benefits the public good, as during four periods in the history of the United States. Finally it presents a proposed piece of legislation, the Monetary Reform Act, to implement such a remedy. As support, the film provides many quotations from notable figures including economists, members of the financial system, kings of England and United States presidents.

The film criticises fractional-reserve banking and the control aspects of both modern banking regulation and centralized banking systems such as the Federal Reserve System. It describes the history of money and banking, how central banks came to be and how they operate.

The film describes how the U.S. Congress gave the power of money creation to private banks through the Federal Reserve Act and how the banks accumulate large amounts of interest using this power. It asserts that wealth is slowly being drawn into the hands of a small banking elite at the expense of the general population.

The film argues that there is no publicly owned gold left in Fort Knox because the gold belongs to private banks as collateral against the U.S. national debt. The film argues that since the gold was accumulated by prohibiting its possession, the public's gold has been stolen by private banks. The film also asserts that this gold was used as collateral against government loans used to escape the Great Depression and that the majority went to overseas banks who used it to fund [...] Germany.

The film also asserts that the Federal Reserve System enables private banks to force recessions at will by refusing to offer new loans while simultaneously demanding payment on existing loans. It asserts that this power has been used a number of times since the 1913 creation of the Federal Reserve.

The film asserts that by the end of World War I, private banks owned and controlled much of the United States' newspaper, news magazine, and film outlets and that they achieved this using consolidated wealth generated by fractional-reserve banking. It argues that these banks have influence over the mainstream media through their ownership and that this influence is used to PReVENT criticism of the financial monopoly from entering the general public's consciousness.

By way of conclusion, the film advocates a Monetary Reform Act. The film suggests that fractional-reserve banking and the Federal Reserve System be abolished in favor of 100% reserve banking, also known as warehouse banking. These reserves would come from the U.S. Treasury, which would issue non-interest generating money to repay the public debt to the banks. This would happen over a period of one year. As the government repaid its debt, the banks would be required to hold the government's new money as reserves and the reserve rate would slowly be increased to 100%. It is claimed that thus, there would be no inflation or imbalance in the amount of money in circulation. The issuing of new money would then be controlled. In order to prevent inflation, issuance would be according to population statistics. After the public debt was repaid, money that would previously have been interest on the debt would be distributed by the government as a tax refund, leading to the abolition of the Federal income tax.

Distribution, reception, and longevity

According to the producer, 50,000 units of The Money Masters were sold between 1995 and 2001. An article containing the basic IDeaS presented in the documentary has appeared in Nexus magazine in several languages. Even 15 years after its release, the film still has considerable popularity. As of February, 2010, the film ranked #18,629 of the more than 240,000 movies on DVD and tape cataloged by Amazon.com, and it has a 4.5-star rating. The film was aired in its entirety by PBS affiliate stations in 2002 and 2008.

In a 2004 review, a VUE Weekly editor wrote: "The fruit of Carmack and Still’s labour is The Money Masters, their notoriously lengthy but captivating 1995 documentary about the history of money and the people who have sought to control it over the past 300 years." In a 2006 critique, G. Edward Griffin stated that he found the film worthwhile, but called William's Still's approach to monetary reform "naive." In a 2009 review, Nomi Prins writing in Cineaste magazine described the documentary as : "...[doing] a superb job of revealing the truth behind the Fed and the powerful global financiers whose self-interest has dictated our banking system from the beginning. One gets the feeling that, had there been a larger budget for this film, the rather drab and grainy production values might have been improved. But if you can get past the low-budget style, you’ll find the content extremely compelling." (Prins has been very critical of the banking establishment and the Federal Reserve.) In 2008, the film was profiled in a review at the conservative WorldNewDaily news site. As of February, 2010, the film is ranked #15 in the "Top 50 Documentaries" listed at the Movies Found Online web site. As recently as 2009, a review of the film was presented at an international monetary conference. The film has also been cited by conservative commentators including Patrick J. Buchanan.

References

See also

• Bank
• Money
• Gold as an investment
• Fractional-reserve banking
• Federal Reserve System
• Austrian Economics