CHAPTER 11 Part 2 HATCHING THE BANK OF ENGLAND The Lost Science of Money BANK OF ENGLAND Sir William Paterson Charles Montagu 1 st Earl of Halifax Michael Godfrey THEMES OF LOST SCIENCE OF MONEY BOOK 1.Primary importance of the money power 2.Nature of money purposely kept secret and confused 3.How a society defines money determines who controls the society 4.Battle over control of money has raged for millennia: public vs private 5.The misuse of the monetary system causes tremendous misery and suffering for the ordinary working people. Will Decker & Martin Dunn, February 2014 PARTS OF PRESENTATION 1.Science of Money Recovered But for Private Gain and Corrupt Power 2.Cantillons 1759 Observations on the Wars 3.Ricardo Attacks the Banks Money Creation Power, Warfare Expands the Debt 5.Ricardo Identifies the Banks War Motive 6.The South Sea Bubble in England 7.The Bank of England and the Irish Potato Famine, Gradual Development of the Bank 9.Separation of Money and State PART 1 Science of Money Recovered But for Private Gain and Corrupt Power THE TRUE NATURE OF MONEY IN SOCIETY MONEY IS A FIAT OF THE LAW: its value is found in the law, not in the material from which it is made. MONEY IS CREATED BY THE GOVERNMENT, THAT IS TO SAY, BY THE PEOPLE, acceptable by the government for taxes and dues. THE GOVERNMENT (PEOPLE) MUST CONTROL THE VOLUME OF MONEY TO ENSURE A STABLE PRICE. This is economic justice. FOR MOST OF RECORDED HISTORY, MONEY WAS THE SUPREME PREROGATIVE OF THE GOVERNMENT. During the monarchy, it was issued by the Kings mint. BILL OF CREDITCONTINENTAL BRITISH BRADBURY GREENBACK 1.The 1, 200,000 private capital raised (gold and silver) was to be lent wholly to the Government at 8%, the interest to be financed by levying a duty "upon the Tunnage of ships and vessels (interest yearly = 100,000). 2.In return for the loan, the Private Bank was to be granted a charter and the right to issue 1,200,000 of banknotes, secured only on that loan. The bank notes would circulate as money, redeemable in gold. 3.The private bank notes were not legal tender, but were to be acceptable by the government for all payments due, and of being paid out by the government for all state expenses. THE PROPOSAL: Bank of England Science of Money Recovered But for Private Gain and Corrupt Power The bank created paper money, but for private power and profit of a small group. This is usury a calculated misuse of the money system for private gain. Its franchise permitted it to accept as collateral the goods and services of the British People against its paper loans and to charge interest thereon. All this bounty was to cost them no more than paper ink and printing press. David Astle, Essay 2, Babylonian Woe. Science of Money Recovered But for Private Gain and Corrupt Power USURY: MONEY CREATED BY PRIVATE POWERS Christopher Hollis, The Two Nations, p. 33 Now, if a corporation lends money at interest and without risk, then re-lends the repaid loan and so on, never distributing more than a trifle of its profits either as wages or dividends, then, however small its original capital, however moderate its rate of interest, it is but a simple proposition in mathematics that in course of time it must necessarily become the possessor of the entire wealth of the country. Science of Money Recovered But for Private Gain and Corrupt Power The Bank of England is where we first see clearly and boldly this phenomenon of private money creation sweeping the all important Money Creative powers of the State, as it were, into the ashcan. For with the power to write money ad infinitum as was the reality of it, it merely did what any counterfeiter would do if suddenly having been given the sanction of Sovereign power for his previously criminal activities : it bought up the King, the State, Parliament, the People, and all their labours : past, present or future. It did what it willed, and created such industry as it willed in England itself David Astle, Appendix, Babylonian Woe PRIVATE MONEY CREATION The promoters of the Bank argued that the Bank would be founded upon a reserve that cannot fail but with the Nation the credit of the Nation. BUT the government could have created its own paper notes, based on the same security, and not paid any interest on it to anyone! BUT unlike the Bank of Amsterdam, which was owned by the Government, the Bank of England was owned and controlled by private individuals. STEPHEN ZARLENGA, LOST SCIENCE OF MONEY Science of Money Recovered But for Private Gain and Corrupt Power THOROLD ROGERS, THE FIRST NINE YEARS OF THE BANK OF ENGLAND Science of Money Recovered But for Private Gain and Corrupt Power A PERMANENT NATIONAL DEBT WHO CAN THINK THAT POSTERITY WILL BE WILLING TO PAY A TAX OF 110,000 PER ANNUM (ON THE ORIGINAL LOAN) NOT FOR THE SUPPORT OF THEIR OWN GOVERNMENT, FOR THE TIME BEING, BUT TO GO INTO THE POCKETS OF PRIVATE MEN, STRANGERS AS WELL AS NATIVES PERMANENT NATIONAL DEBT WILLIAM LOWNDES Science of Money Recovered But for Private Gain and Corrupt Power The bank owners obscured the true nature of money while creating abstract paper money, they put forward a backward commodity concept of money as gold and silver Just as the people had been trained through the ages to think of money as precious metal, and precious metal as money, so they could be trained to think of paper money as representing their gold, or their silver! David Astle, Essay 2, Babylonian Woe. Science of Money Recovered But for Private Gain and Corrupt Power THE NATURE OF MONEY WAS HIDDEN. THE SCIENCE OF MONEY WAS CONCEALED. PART 2 Cantillons 1759 Observations on the Wars PHILIP CANTILLON, PHYSIOCRAT, d quoting DR. JONATHAN SWIFT hear the words of the late Dr. (Jonathan) Swift: Most of the Nobility and Gentry who invited over the Prince of Orange out of regard to the necessity of the Kingdom, and the Safety of the People but without intention of making it a standing measure soon after, a set of men who had nothing to lose to fasten wealthy people to the new Government proposed those expedients of borrowing money at great premiums and exorbitant interest. It was argued that the war could not last three campaigns but while the war continuing and growing more expensive, taxes increased and Funds (the debt) multiplied every day until they have arrived at the astonishing height where we now behold them; and that which was at first a corruption is at last grown necessary. there has been brought in such a complication of Knavery and Cozenage (fraud, cheating) such a mystery of iniquity, and such a jargon of unintelligible terms to involve it in, as were never known in any age or country of the World DR. JONATHAN SWIFT ( ) PART 3 Ricardo Attacks the Banks Money Creation Power, 1816+ DAVID RICARDO ( ) That the Bank have the power of reducing the circulation to the very narrowest limits will not be denied, even by those who agree in opinion with the Directors, that they have not the power of adding indefinitely to its quantity. Though I am fully assured that it is both against the interest and the wish of the Bank to exercise this power to the detriment of the public, yet when I contemplate the evil consequences which might ensue from a sudden and great reduction of the circulation, as well as from a great addition to it, I cannot but deprecate the facility with which the State has armed the Bank with so formidable a prerogative. PROPOSALS FOR A SECURE AND ECONOMIC CURRENCY, 1816 Ricardo Attacks the Banks Money Creation Power, It is evident, therefore, that if the Government itself were to be the sole issuer of paper money, instead of borrowing it of the Bank, the only difference would be with respect to the interest;the Bank would no longer receive interest, and the Government would no longer pay it: but all other classes in the community would be exactly in the same position in which they now stand.** It is evident too, that there would be just as much money in circulation; for it could make no difference, in that respect, whether the sixteen millions of paper money now circulating in London, were issued by Government, or by a banking corporation. PLAN FOR THE ESTABLISHMENT OF A NATIONAL BANK, 1824 BANK ISSUED GOVERNMENT ISSUED **Question: but without the increasing taxation to pay the interest on the national debt, would not the working class be less oppressed? PART 4 Warfare Expands the Debt WAR WAS A CONSTANT STIMULUS TO THESE PROPOSALS AND TO THE CREATION OF A PERMANENT PUBLIC DEBT Second Anglo-Dutch War ( ) Third Anglo-Dutch War ( ) Franco-Dutch War ( ) Nine Years War ( ) (England/Scotland, Germany, Netherlands, Savoy, Spain, and Sweden v France) Williamite War In Ireland (168891) War of the Spanish Succession ( ) (Great Britain, Germany, Dutch Republic, Portugal, and Savoy v France, Spain, Mantua, and the electorates of Bavaria and Cologne) Warfare Expands the Debt The Queens Regiment of Horse breaking through on the right flank of the French-Bavarian army. 1706, War of the Spanish Succession HISTORY OF THE BANK OF ENGLAND, Andreas Andreades, p , War of the Spanish Succession in the first place the expenses of the war would have to be met, and for this recourse must be had to a loan or to taxation, and in particular to taxation, a method of raising money for which the public always feels the strongest distaste; a distaste which was the more natural when we remember the irksome character of the taxes at that time, and that, thanks to the corruption of the officials who collected them, only a small part of the money raised ever reached the Exchequer. (note 1) (note 1) In Scotland, especially, throughout almost the whole of the 18 th century, the cost of collecting the customs exceeded the amount collected. TAXES UPON THE PEOPLE WERE NOT SUFFICIENT FOR WAGING WAR. NEW CREDIT MONEY WAS NEEDED FOR WAR. Warfare Expands the Debt The policy followed by the Bank was the same as the preceding war: 1.Support the Protestant dynasty 2.Give loans to the Government 3.Secure renewal and extension of its privileges BANK OF ENGLAND and THE WAR OF THE SPANISH SUCCESSION, Anne (1665 1714), Protestant Stuart, became Queen of England, Scotland, and Ireland in In 1707, under the Acts of Union, two of her realms, the kingdoms of England and Scotland, united as a single sovereign state, the Kingdom of Great Britain. Anne did more for the Bank than William III, her predecessor. She avoided encouraging such rivals as the Land Banks. Warfare Expands the Debt During the war, the private Goldsmith bankers tried to ruin their great rival, just before the renewal of its charter. Sir Francis Childs, one of the largest goldsmiths, refused to accept Bank notes. Then they tried to break the bank, by redeeming for coinage, 30,000 of its notes which they had hoarded. BANK OF ENGLAND and THE WAR OF THE SPANISH SUCCESSION, The Goldsmiths Attack, 1707 SIR FRANCIS CHILDS (c ) Child & Co (c.1580s), established in London, is today a constituent of The Royal Bank of Scotland. Warfare Expands the Debt The Directors of the Bank, however, won. The Directors made a 20% call on their shareholders. In addition, sums were advanced from the Dukes of Marlborough, Newcastle, and Somerset, nobles, merchants, and the Queen. The Directors also adopted a brilliantly simple strategy: they refused to redeem the goldsmiths Bank of England notes but redeemed notes of their other customers. BANK OF ENGLAND and THE WAR OF THE SPANISH SUCCESSION, The Goldsmiths Attack, 1707 Supporter of the Bank The Duke of Marlborough at the Battle of Blenheim, 1704; an original shareholder in Bank Warfare Expands the Debt In 1708 the Government was again in financial difficulties. The receipts from the taxes hardly covered half the expenditure. An agreement with the Bank was reached: Interest on original 1.2 million pound loan reduced from 8% to 6%. The Bank advanced a fresh loan of 400,000 at 6%. The Bank advanced a loan of 1.8 million, by buying the Governments Exchequer bills on security of the house duties, at 6% for interest and repayment of principal. The extension of the Banks privileges for 21 years. Permission to double its existing capital of 2.2 million. The entire subscription (2.2 million) was filled on Feb. 22, 1709, between 9 oclock and mid-day! The issuance of bank notes by a corporation exceeding 6 people was prohibited. This created a monopoly for the Bank. BANK OF ENGLAND and THE WAR OF THE SPANISH SUCCESSION, The Act of 1709 Renewal of the Banks Charter Supporter of the Bank John Holles, 1st Duke of Newcastle -upon-Tyne ( ) was Lord Keeper of the Privy Seal Warfare Expands the Debt After the Act of 1709, the total capital (outstanding loans and cash) of the Bank was 6.6 million: Original loan 2.2 million Double of capital (cash) 2.2 million Fresh loan.4 million Exchequer Bills (non-permanent loan) 1.8 million Total capital: 6.6 million NOTE: The Banks monopoly of issue was only limited by the formal order not to issue notes to an amount exceeding its capital. BANK OF ENGLAND and THE WAR OF THE SPANISH SUCCESSION, The Act of 1709 Renewal of the Banks Charter Supporter of the Bank Charles Seymour, 6th Duke of Somerset ( ) deserted James II to bear arms for William of Orange in the Revolution of 1688 Warfare Expands the Debt If for every debt the Government incurs, an equal amount of money is to be created, why here we have the philosopher's stone at once. What is the long sought El Dorado compared to this? Even there the gold required to be picked up, and fashioned into coin. Besides, people in this country would have to go round the globe in search of it. But let us coolly consider the principle involved in this plan of issuing notes upon the security of the public debts. Stated in simple language, it is this: That the way to CREATE money is for the Government to BORROW Money. That is to say A lends B money on mortgage, and on the security of the mortgage, A is allowed to create an equal amount of money to what he has already lent! ! Granting that to a small extent this may be done without any practical mischief, yet, as a general principle, what can be more palpably absurd ? Henry Dunning Macleod, THEORY AND PRACTICE OF BANKING, 5 th Ed., orig The Banks Power of Note Issue is Criticized The Alchymist In Search of the Philosophers' Stone THE BANKS MAIN PROTECTION: ITS COMPLEXITY KEPT PEOPLE FROM UNDERSTANDING THE TRUE SOURCE OF ITS POWER THE MONEY CREATION PROCESS THE BANK ACCUMULATED POWER OVER THE PEOPLE Warfare Expands the Debt The Bank made another loan to the Government, and secured the continuation of its charter until Queen Anne died and the Hanoverian dynasty was now established on the English throne 1716 new agreement with Bank in return for redemption of the previous debts and for further advances at 5 percent. This Act also exempted the Bank from the usury laws Last Year of the War GEORGE I OF GREAT BRITAIN Warfare Expands the Debt ENGLANDS NATIONAL DEBT (in millions of ) war period cost of the war accrued national debt (Nine Years War) 32.6 million (War of Spanish Succession) (War of Austrian Succession) (Seven Years War) (U.S. War for Independence) (The Napoleonic Wars) TH CENTURY INCREASE IN THE NATIONAL DEBT PART 5 Ricardo Identifies the Banks War Motive It must, I think, be allowed, that the war, which has pressed heavily on most of the classes of the community, has been attended with unlooked-for benefits to the Bank; and that in proportion to the increase of the public burdens and difficulties have been the gains of that body. The restriction on the cash payments of the Bank, which was the effect of the war, has enabled them to raise the amount of their notes in circulation from 12 millions to 28 millions The war, too, has raised the unredeemed public debt, of which the Bank have the management, from 220 to 830 millions; and, notwithstanding the reduced rate of charge, they will receive for the management of the debt alone, in the present year, 277,000l., whereas, in 1792, their whole receipt on account of the debt was 99,800l. It is to the war that the Bank are also indebted for the increase in the amount of public deposits. In 1792 these deposits were probably less than 4 millions. In and since 1806 we know that they have generally exceeded 11 millions. RICARDO, PROPOSALS FOR A SECURE AND ECONOMIC CURRENCY, 1816 NAPOLEONIC WARS (18031815) PART 6 The South Sea Bubble in England MANIPULATION OF THE MONEY SYSTEM BRINGS SPECULATION USURY = MISUSE OF THE MONEY SYSTEM = CAPITALISM arose in Holland and crossed the English Channel to London Usury nurtures financial speculation and manipulation, and the accompanying neglect of the Real Economy. Usury concentrates wealth to a small group of wealthy parasitic financiers, taxing the common people, not the wealthy. TULIP MANIA SOUTH SEA STOCK HAWKER The South Sea Bubble in England Wagon of Fools by Hendrik Gerritsz Pot, 1637Hendrik Gerritsz Pot Followed by Haarlem weavers who have abandoned their looms, blown by the wind and flying a flag emblazoned with tulips, Flora, goddess of flowers, her arms laden with tulips, rides to destruction to the sea along with tipplers, money changers and the two-faced goddess Fortuna. DUTCH TULIP MANIA THE FINANCIAL SYSTEM AND ITS SPECULATION ORIGINATED WITH THE 17 TH CENTURY DUTCH THOROLD ROGERS, THE FIRST NINE YEARS OF THE BANK OF ENGLAND The South Sea Bubble in England MANIPULATION OF THE MONEY SYSTEM BRINGS SPECULATION in 1602, the Dutch East India Company issued shares, that were made tradeable on the Amsterdam Stock Exchange. This invention enhanced the ability of joint-stock companies to attract capital from investors as they now easily could dispose of their shares. The South Sea Bubble in England The South Sea Company was formed by Robert Harley as a Tory competitor for the Whig Bank of England. The company was promised a monopoly of all trade to the Spanish colonies in South America in exchange for debt buyout and consolidating the national debt raised by the War of Spanish Succession ( ). The proliferation of taxes by 1710 could not be increased without endangering the economic life of the nation. The South Sea Bubble in England The South Sea Company originated in a government loan From its own capital cash, the company provided the money due to the army and navy, as well as for other parts of the unfunded (floating) debt. The government provided: (1) 6% interest on the security of various duties, and (2) the monopoly of trading in the South Seas (Pacific Ocean lands). The Treasury interest payment would be dividends to the SSC stockholders, along with the trading profits. However, the company never realised any significant profit from this monopoly. The South Sea Bubble in England The founders of the company would persuade those holding the debt/annuities to exchange them for shares in the SSC. This was called subscribing the debt into the stock of the company. The government creditors became company shareholders. The SSC now would be a major holder of government debt. Company dividends would come from the governments interest payments and company trading profits. The exchange of government debt for stock was to occur in five separate lots. The first two of these, totaling 2.75 million from about 200 large investors, had already been arranged before the company's charter was issued on 10 September The government itself exchanged 0.75 million of its own debt held by different departments. CULMINATION OF FINANCIAL INNOVATION: SWAP DEBT FOR EQUITY The South Sea Bubble in England The SSC trading profits had not materialized. Inspired by John Laws success in France, the SSC directors decided to concentrate on financial operations. The directors of SSC watched John Law's remarkable success: in 1719, Laws Mississippi Company bought out the entire national debt of France and acquired many privileges from the government. The MCs share price went from 300 livres in May to 18,000 livres by December! The SSC directors decided to concentrate on financial operations. But the rulers too were partly responsible for the misfortunes which followed. The crisis originated, if Smollett is to be believed, from the Kings recommendation to the Commons (Nov 1719) to consider the proper means for lessening the national debt. Andreas Andreades, HISTORY OF THE BANK OF ENGLAND, p SOUTH SEA COMPANY INSPIRED BY JOHN LAW IN FRANCE JOHN LAW The South Sea Bubble in England The scheme to lighten the burden of the national debt by reducing all the public debts into one: The SSC would use its capital to buy all the public debt of the government ( 31 million), in return for interest of 5% until 1727 and 4% after that date. In return, the SSC would give the government 7 million. Adopted by government. Accepted only after prolonged and violent debates in Parliament (and bribery totaling 1.3 million in form of low priced SSC shares promised to officials). JANUARY APRIL, 1720 SSC AND BANK OF ENGLAND FIGHT TO TAKE OVER CONSOLIDATED DEBT OF COUNTRY SSC WINS Principal opponent of debt consolidation scheme The South Sea Bubble in England THE BUBBLE BEGINS AND ENDS PRICE OF SSC SHARES (IN ) LAW PASSED, AFTER SUCCESS OF FIRST SUBSCRIPTION 500 JUNE, END OF JUNE, ,000 AUG 24, 1720 FOURTH & FINAL SUBSCRIPTION (TOTALLY FILLED IN 3 HRS) 1,000 SEPT 28, The South Sea Bubble in England FEVERISH SPECULATION WARPS MENTALITY OF PEOPLE The same thing happened in Change Alley in London as had happened in the Rue Quincampoix in Paris; nobles and citizens, merchants and country squires, judges and bishops, women belonging to all classes of society, crowded together there. The South Sea Bubble in England Although women had been investing in the stock market since its inception, the years leading up to the South Sea Bubble saw a sharp rise in the number of women passionately involved in buying and selling stocks. The sheet music shown here satirizes the influence of stock trading on women from all classes of society. The text has been attributed to Anne Finch, a successful poet and friend of Jonathan Swift and Alexander Pope. The South Sea Bubble in England HOW TO MAINTAIN THE ARTIFICAL PRICE LEVELS? PROMISES OF PROFITS OF 50% ACQUISITION OF DISTANT AND INVALUABLE MARKETS MINES AND HIDDEN TREASURES DISCOVERED STOCK JOBBING PLAYING CARDS The South Sea Bubble in England ARTIFICIAL RISE IN SHARE PRICE PRODUCED: 1.ARTIFICIAL INCREASE OF WEALTH 2.IMMENSE RISE IN GENERAL PRICES PEOPLE WITH MODERATE INCOMES WERE FORCED EITHER TO SPECULATE OR LIVE IN POVERTY PART 7 The Bank of England and the Irish Potato Famine, 1845 THE IMPROVERISHMENT OF THE POPULATION NOT ONLY CAME FROM FINANCIAL SPECULATION BUT WAS BUILT INTO THE VICIOUS SYSTEM OF GIVING THE PREROGATIVE OF PUBLIC MONEY CREATION TO PRIVATE PARTIES IRISH FAMINE SHIP, 1845 The Bank of England and the Irish Potato Famine, 1845 The Irish famine was not caused by a failure of the countrys food supply. Only the potato crop failed. 1,029,000 people out of the total population of 8 million died of starvation or under-nourishment in Ireland during the famine. During 1845, the following food was exported from Ireland: 1.779,000 quarters of wheat and wheat-flour 2. 93,000 quarters of barley 3.2,353,000 quarters of oats enough to feed for 12 months every person in Ireland who died of starvation, nearly four times over. WHAT CAUSED THE IRISH POTATOE FAMINE? The Bank of England and the Irish Potato Famine, 1845 THESE EXPORTS OF FOOD FROM IRELAND HAD NO IMPORTS TO BALANCE THEM. THEY WENT OUT, TO SOME EXTENT, TO PAY THE RENTS TO ABSENTEE LANDLORDS.. BUT, MAINLY, TO PAY THE INTEREST ON THE MORTGAGES IN ENGLISH-BANK-MANUFACTURED MONEY, WHICH THE IRISH LANDLORDS, LIKE THE ENGLISH LANDLORDS, HAD RAISED TO PAY THE TAXATION REQUIRED TO MEET THE INTEREST ON THE Napoleonic War Debt. WHAT CAUSED THE IRISH POTATO FAMINE? PART 8 Gradual Development of the Bank For many years, its notes circulated only in London. Act of 1697 no other bank should be allowed by Act of Parliament; but it did not forbid the formation of other joint-stock companies, nor of any banking company 1698 clause enacted permitting Treasury to accept Banks notes for taxes Act of 1708 a clause forbid another corporation like the Bank of England or a partnership exceeding 6 persons to borrow, owe, or take up any sum or sums of money on their bills or notes, payable at demand, or at any less time than six months from the borrowing thereof Act of 1709 Bank made new loan to government; charter renewed for 21 years with right to double its capital and note issue 1713 Bank made new loan to government; charter continued to Bank of England notes are made legal tender 1844 given monopoly on the printing of new bank notes. The Act exempted demand deposits from the legal requirement of a 100-percent reserve which it did demand for the issuance of paper money THE BANK ACCUMULATED POWER SLOWLY BANK Gradual Development of the Bank J. Keith Horsefield, BRITISH MONETARY EXPERIMENTS , 1960 A favorite accusation was that the Bank had fallen into the hands of a close ring of related families which put their interests above those of the commercial world generally. THE BANKS SLOW GROWTH IN PRIVILEGES INDICATES ITS POWER WAS KEPT WITHIN A SMALL CIRCLE OCTOBER, 2010 PART 9 Separation of Money and State THE ENGLISH SEPARATION OF MONETARY POWER FROM THE NATION WAS REPEATED IN ENGLISH-SPEAKING COUNTRIES. 1.IN STRUGGLES WITH LEGISLATURES, THE BANKERS UNDERSTOOD THE ISSUES & ITS BENEFITS REPRESENTATIVES OF THE PEOPLE WOULD NOT UNDERSTAND THE COMPLEXITIES 2.REWARDS OF INTRIGUES, BRIBES AND ASSASSINATIONS WERE LARGE, IMMEDIATE, & SELF-FINANCING 3.TAKING ACTION AGAINST THE INJUSTICE BROUGHT IMMEDIATE PERSONAL SACRIFICES 4.THE PEOPLE OCCASIONALLY UNDERSTOOD THE ISSUE NEVER IN THE 20 TH CENTURY: The horrors of war and ever increasing taxation ground the people down, reducing their ability to consider political and social questions. Financial control of mass communications, starting with pulpit and newspapers, then radio, movies, tv, to say nothing of the universities, would keep the money question OUT OF SIGHT. The financial power must expend huge amounts of energy and money for centuries to keep this fraudulent system hidden from the public. Q & A WILL DECKERS CONCLUSION: THE CONTROL OF MONEY -- WITHOUT CONTROL FROM THE PUBLIC -- LEADS TO CORRUPTION USURPATION SLAVERY.