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wfhummel.net (March 17, 2004).
Richard Milhous Nixon (New York:
S. Erikson Inc., 1972). 3. W. Hummel, “Bank Lending and
Reserves,” ibid. (June 23, 2004).
7. Peter White, “The Power of Money,”
4. Murray Rothbard, “Fractional
National Geographic (January 1993),
Reserve Banking,” The Freeman
pages 83-86.
(October 1995), reprinted on
8. J. Voorhis, op. cit.
lewrockwell.com.
9. E. Flaherty, op. cit. 5. Carmen Pirritano, “Money & Myths”
10. Murray Rothbard, The Case Against (May 1993), http://69.69.245.68/
money/debate06.htm.
the Fed (1994). See also Chapter 2.
6. Kevin LaRoche, “Investment Banks
11. “United States Debt,” Wikipedia.
and Commercial Banks Are Analo-
12. G. Edward Griffin, The Creature
gous to Oil and Water: They Just Do
from Jekyll Island (Westlake Village, Not Mix,” Boston University,
California: American Media, 1998), bu.edu/econ/faculty.
pages 192-93.
7. Kate Kelly, “How Goldman Won Big
13. Federal Reserve Bank of New York, on Mortgage Meltdown,” Wall Street
“Reserve Requirements,” ny.frb.org/ Journal (December 14, 2007).
aboutthefed/fedpoint/fed45.html 8. Emily Thornton, “Inside Wall Street™s
(June 2004). Culture of Risk: Investment Banks
Are Placing Bigger Bets than Ever
14.“Savings Account,” Wikipedia.
and Beating the Odds “ at Least for
15.E. Flaherty, op. cit. Now,” BusinessWeek.com (June12,
16.Board of Governors of the Federal 2006).
Reserve System, Annual Report; see 9. Sean Corrigan, “Speculation in the
E. Flaherty, op. cit. Late Empire,” LewRockwell.com
(January 14, 2006).
17.The Federal Banking Agency Audit
Act of 1978. 10. Barry™s Bulls Newsletter, “Those
Bond Bums,” Barron™s Online (June
18.Wright Patman, “Money Facts,”
30, 2006).
Supplement to a Primer on Money
(88th Congress, 2nd Session 1964);
Chapter 19
Stephen Zarlenga, The Lost Science of
Money (Valatie, New York: Ameri- 1. Richard Geist, “New Short Selling
can Monetary Institute, 2002), page Regulations,” Bull & Bear Financial
Report (March 4, 2004).
673.
2. David Knight, “Short Selling =
Chapter 18 Counterfeiting?”,
www.marketocracy.com (2005).
1. Chicago Federal Reserve, Modern
3. Bob Drummond, “Corporate Voting
Money Mechanics (1963), originally
Charade,” Bloomberg Markets (April
produced and distributed free by the
2006).
Public Information Center of the
Federal Reserve Bank of Chicago, 4. Daniel Kadlec, “Watch Out, They Bite!
Chicago, Illinois, now available on How Hedge Funds Tied to Embattled
the Internet at http://landru.i-link- Broker Refco Used ˜Naked Short
2.net/monques/mmm2.html.
Selling™ to Plunder Small
2. William Hummel, “The Myth of the Companies,” Time (November 6,
Money Multiplier,” in Money: What 2005).


501
Endnotes

5. Judith Burns, “SEC Proposes Barring 4. Christopher White, “How to Bring
Restrictions on Stock Transfers,” the Cancerous Derivatives Market
Dow Jones Newswires (May 26, Under Control,” American Almanac
2004). (September 6, 1993); R. Colt Bagley
III, “Update: Record Derivatives
6. “Short Selling,” Wikipedia (August
Growth Ups System Risk,”
31, 2006).
moneyfiles.org/specialgata04.html
7. In Karl Thiel, “The Naked Truth on
(July 29,2004), reprinted from
Illegal Shorting,” The Motley Fool,
LeMetropoleCafe.
fool.com (March 24, 2005).
5. See Gary Novak, “Derivatives
8. Securities and Exchange Commssion,
Creating Global Economic Col-
17 CFR parts 240 and 242, July 3,
lapse,” http://nov55.com/
2007; sec.gov/rules/final/2007/34-
economy.html (June 30, 2006).
55970.pdf.
6. Interview of John Hoefle, “Hedge
9. “Stockgate: DTCC Sued Again,”
Fund Rescue, and What to Do with
Investors Business Daily,
the Blow Out of the Bubble?,” EIR
investors.com (July 28, 2004).
Talks (October 2, 1998).
10. Mark Faulk, “Faulking Truth
7. Martin Weiss, Global Vesuvius: $285
Recommends Abolishing the SEC,”
Trillion in Very High-risk Debts and
faulkingtruth.com (April 27, 2006). Bets!,” Safe Money Report (Novem-
11. Patrick Byrne, “The Darkside of the ber 2006); Hamish Risk, “Derivative
Looking Glass: The Corruption of Trades Jump 27% to Record $681
Our Capital Markets,” Trillion,” bloomberg.com (December
businessjive.com/nss/darkside.html 10, 2007).
(2004-05). 8. Thomas Kostigen, “Sophisticated
12. Warren Buffett, “Avoiding a ˜Mega- Investor: Derivative Danger,”
catastrophe™: Derivatives Are MarketWatch (September 26, 2006).
Financial Weapons of Mass Destruc- See also Ari Weinberg, “The Great
tion,” Fortune (March 3, 2003). Derivatives Smackdown,”
forbes.com (May 9, 2003); Michael
Chapter 20 Edward, “Cooking the Books Part II “
US $71 Trillion Casino Banks,”
1. Bob Chapman, “The Derivatives rense.com (March 27, 2004).
Mess,” International Forecaster
9. G. Novak, op. cit.
(November 11, 1998), reprinted in
10. Christopher White, Testimony
usagold.com (November 2005)
Submitted on April 13, 1994 to the
(editor™s note).
House Committee on Banking,
2. Robert Milroy, Standard & Poor™s
Finance and Urban Affairs, “The
Guide to Offshore Investment Funds
Monetary System Is Collapsing,” The
28 (2000); David Chapman, “Deriva-
New Federalist (May 30, 1994).
tives Disaster, Hedge Fund Mon-
11. M. Weiss, op. cit.
sters?”, gold-eagle.com (November
11, 2005). 12. C. White, op. cit.
3. Richard Freeman, “London™s Cayman 13. IMF Research Department Staff,
Islands: The Empire of the Hedge “Capital Flow Sustainability and
Funds,” Executive Intelligence Speculative Currency Attacks,”
Review (March 9, 2007). worldbank.org (November 12, 1997).


502
Web of Debt
14. “A Hitchhiker™s Guide to Hedge Paper Currency,” friesian.com/
Funds,” The Economist (June 13, notes.htm#us (1997).
1998). 4. See, e.g., “JFK Assassination,”
15. George Soros, The Crisis of Global geocities.com/
Capitalism, excerpted in Newsweek northstarzone.JFK.html; M. Sickler,
International (February 1, 1999). op. cit.
16. “Credit Derivatives Led by Too Few 5. David Ruppe, “Book: U.S. Military
Banks, Fitch Says,” Bloomberg.com Drafted Plans to Terrorize U.S. Cities
(November 18, 2005). to Provoke War With Cuba,” ABC
News (November 7, 2001),
17. John Hoefle, “EIR Testimony Scored
abcnews.com, reviewing Friendly
Scorched-Earth Looters,” Executive
Fire by James Bramford; see also
Intelligence Review (May 27, 2005).
“JFK Assassination,”op. cit.
18. Michael Rowbotham, “How to
6. William Engdahl, “A New American
Cancel Third World Debt,” in
Century? Iraq and the Hidden Euro-
Goodbye America! Globalisation,
dollar Wars,” Current Concerns
Debt and the Dollar Empire
(November 1, 2003).
(Charlbury, England: Jon Carpenter
Publishing, 2000). See also G. 7. Henry C K Liu, “The Wages of Neo-
Edward Griffin, The Creature from Liberalism, Part 1: Core Contradic-
Jekyll Island (Westlake Village, tions,” Asia Times (March 22, 2006);
California: American Media, 1998), Stephen Zarlenga, The Lost Science of
page 27. Money (Valatie, New York: Ameri-
can Monetary Institute, 2002), chapter
19. See Chapter 31.
22.
20. Sean Corrigan, “Speculation in the
8. Hans Schicht, “Financial Spider
Late Empire,” LewRockwell.com
Webbing,” gold-eagle.com (February
(January 14, 2006).
25, 2004).
21. Quoted in “History of Money,”
9. Joan Veon, “Does the Global
www.xat.org.
Economy Need a Global Currency?”,
22. See Introduction.
NewsWithViews.com (August 16,
2003); William Engdahl, A Century
Chapter 21
of War (New York: Paul & Co., 1993);
Antal Fekete, “Where Friedman
1. Donald Gibson, Battling Wall Street:
Went Wrong,” lemetropolecafe.com
The Kennedy Presidency (New York:
(December 1, 2006).
Sheridan Square Press, 1994), pages
41 and 79, and chapter 6. 10. Antal Fekete, “Dollar, My Foot,”
Asia Times (May 28, 2005).
2. Compare Melvin Sickler, “Abraham
Lincoln and John F. Kennedy: Two 11. J. Veon, op. cit.
Great Presidents Assassinated for the 12. M. Rowbotham, op. cit., pages 77-84;
Cause of Justice,” prolognet.qc.ca/ Bernard Lietaer, “The Terra TRC
clyde/pres.htm; and G. Edward White Paper,” terratrc.org.
Griffin, “Updates to Creature: The
13. John Perkins, Confessions of an
JFK Myth,” realityzone.com/
Economic Hit Man, (San Francisco:
creatup.html (2000).
Berrett-Koehler Publishers, Inc.,
3. “What Is the History of Gold and 2004), page 91; W. Engdahl, A
Silver Use?,” jaredstory.com; Kelley Century of War, op. cit., pages 135-
Ross, “Six Kinds of United States 39.

503
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14. Michael Rowbothan, Goodbye Populism: 1970 to 1982,” http//
America! Globalisation, Debt and the :daphne.palomar.edu (1996).
Dollar Empire (Charlbury, England: 3. Henry C. K. Liu, “China, Part 2:
Jon Carpenter Publishing, 2000), Tequila Trap Beckons China,” Asia
pages 79-80. Times (November 6, 2004).
15. Bernard Lietaer, The Future of 4. W. Engdahl, op. cit.
Money: Creating New Wealth, Work,
5. Jane Ingraham, “A Fistful of . . .
and a Wiser World (Century, 2001).
Pesos?”, New American (February
16. Robert Schenk, “Fixed Exchange 20, 1995).
Rates,” Cyber-Economics,
6. H. C. K. Liu, op. cit.
ingrimayne.com (April 2006).
7. Achin Vanaik, “Cancel Third World
17. Henry C. K. Liu, “China, Part 2:
Debt,” The Hindu, hindu.com.
Tequila Trap Beckons China,” Asia
(August 18, 2001).
Times (November 6, 2004).
8. J. N. Tlaga, “Euro and Gold Price
18. G. Edward Griffin, The Creature
Manipulation,” gold-eagle.com
from Jekyll Island (Westlake Village,
(December 22, 2000).
California: American Media, 1998),
9. Eqbal Ahmad, “The Reconquest of
page 107; Michael Rowbotham,
Mexico,” tni.org (March 1995).
“How Third World Debt Is Created
and How It Can Be Cancelled,” 10. Bill Murphy, “Blueprint for a GATA
Sovereignty (May 2002), Victory,” gata.org (August 6, 2000).
sovereignty.org.uk. 11. J. Ingraham, op. cit.
19. Vincent Ferraro, et al., “Global Debt
12. Joseph Stiglitz, “The Broken Promise
and Third World Development,” in
of NAFTA,” New York Times
Michael Klare et al., eds., World
(January 6, 2004).
Security: Challenges for a New
13. David Peterson, “Militant Capital-
Century (New York: St. Martin™s
ism,” ZMagazine (February 1996).
Press, 1994), pages 332-35.
20. William Engdahl, “Why Iran™s Oil 14. Christopher Whalen, “Robert
Bourse Can™t Break the Buck,” Energy Rubin™s Shell Game,” eco.utexas.edu
Bulletin (March 12, 2006). (October 10, 1995); Jim Callis, “What
NAFTA Has Brought to Mexicans,”
21. John Mueller, “Reserve Currency
cooperativeindividualism.org
Problems Need Golden Solutions,”

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