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Chapter 2. or Compound Interest?”,
webofdebt.com/articles (November
9. American Monetary Institute, “The
13, 2007); E. Brown, “Why Is Iran
American Monetary Act” (September
Still in the Cross-hairs? Clues from
2006), “Proposed Legislation,”
the Project for a New American
monetary.org.
Century,” ibid. (January 9, 2007).
10. “Monetary Reform Act,”
4. The Project for the New American
themoneymasters.com (2006).
Century, ”Rebuilding America™s
11. Table B-72, “Bank Credit of All
Defenses,” newamericancentury.org
Commercial Banks, 1959-2005,”
(2000).
http://a257.g.akamaitech.net/7/257/
5. See John Perkins, “Confessions of an
2422/15feb20061000/
Economic Hit Man” (Plume 2005).
www.gpoaccess.gov/eop/2006/
B72.xls. 6. Haitham Al-Haddad and Tarek El-
Diwany, “The Islamic Mortgage:
12. William Hummel, “A Plan for
Paradigm Shift or Trojan Horse?”,
Monetary Reform,” Money: What It
islamic-finance.com (November
Is, How It Works, http://
2006).
wfhummel.net (December 7, 2006).
7. Abdul Gafoor, Interest-free Com-
13. Nouriel Roubini, “With the Reces-
mercial Banking (1995), chapter 4,
sion Becoming Inevitable the
“Islamic Banking;” “Sweden™s
Consensus Shifts Towards the Hard
Sustainable Finance System,” Global
Landing View,” rgemonitor.com
Public Media (October 16, 2007).
(November 16, 2007).
8. Margrit Kennedy, Interest and
14. Chris Cook, “Reversing the Polar-
Inflation-free Money (1995), see
ity,” Energy Risk (September 2007),
Deidre Kent, “Margrit Kennedy
pages 70-71; Chris Cook, “21st
Inspires New Zealand Groups to
Century Islamic Finance,” Al-
Establish Regional Money Systems,”
Jazeerah (February 12, 2006).
mkeever.com (2002).
15. Robert Guttman, How Credit-Money
9. Ellen Brown, “Sustainable Energy
Shapes the Economy (Armonk, New
Development: How Costs Can Be
York: M. E. Sharpe, 1994).
Cut in Half,” webofdebt.com/articles
16. “History of the U.S. Postal Service,
(November 5, 2007).
1775-1993,” usps.com.
10. Betty Reid Mandell, “Privatization
17. W. Hummel, “A Plan for Monetary
of Everything,” New Politics 9(1-2)
Reform,” op. cit.
(2002).
11. See Chapter 28.
Chapter 42
12. David Kidd, “How Money is Created
1. Roger Langrick, “A Monetary
in Australia,” http://dkd.net/
System for the New Millennium,”
davekidd/politics/money.html
worldtrans.org/whole/
(2001).
monetarysystem.html.
13. Ministry of Works, State Housing in
2. Reuters, “Iran Mulls ˜Interest-free™
New Zealand (1949), page 7, quoted
Banking,” arabianbusiness.com
by Stan Fitchett in “How to Be a
(September 6, 2007).
Billionaire,” Guardian Political


515
Endnotes

Review (Winter 2004), page 25. Transaction Taxes: The Need to Tax
Derivatives,” Center for Economic
14. Lyndon LaRouche, “Economics: The
and Policy Research, cepr.net (June
End of a Delusion (Leesburg,
19, 2001).
Virginia, April 2002), page 88.
10. Dean Baker, “Taxing Financial
15. B. Mandell, op. cit.
Speculation: Shifting the Tax Burden
16. See Harvey Wasserman,
from Wages to Wagers,” cepr.net
“California™s Deregulation Disaster,”
(February 2000).
The Nation (February 12, 2001).
17. Catherine Austin Fitts, “How the
Chapter 44
Money Works,” SRA Quarterly,
London (November 2001). 1. “Federal Budget Spending and the
National Debt,” federalbudget.com
18. See Chapter 29.
(October 20, 2005).
Chapter 43 2. Federal Reserve, “Assets and
Liabilities of Commercial Banks in
1. Richard Russell, “The Takeover of the United States,”
U.S. Money Creation,” Dow Theory federalreserve.gov/releases/h8/
Letter (April 2005). Current/ (December 30, 2005).
2. Hans Schicht, “The Death of Banking 3. John Williams, “Monthly Commen-
and Macro Politics,” 321gold.com/ tary,” Shadow Government Statistics,
editorials (February 9, 2005). shadowstats.com/cgi-bin/sgs/
archives (August 2006).
3. Insurance Information Institute,
Financial Services Fact Book (2005), 4. See Chapter 38.
http://financialservicefacts.org/
5. Bill Fleckenstein, “The Numbers
financial2/banking/commercial/
Behind the Lies,” MSN Money, http:/
content.print.
/moneycentral.msn.com (March 6,
4. William Hummel, “Deposit Insur- 2006).
ance and Bank Failures,” in Money:
6. Jan Vandermoortele, Are the MDGs
What It Is, How It Works, http://
Feasible? (New York: United
wfhummel.net (April 15, 2000).
Development Program Bureau for
5. G. Edward Griffin, The Creature from Development Policy, July 2002).
Jekyll Island (Westlake Village,
7. Richard Cook, “Gap Between GDP
California: American Media, 1998),
and Purchasing Power,” Global
pages 63, 65.
Research (April 26, 2007).
6. Emily Thornton, Mike France, “For
Enron™s Bankers, a ˜Get Out of Jail 8. “Economic Democracy,” Wikipedia.
Free™ Card,” businessweek.com
9. “$1 Trillion in Mortgage Losses?”,
(August 11, 2003).
Calculated Risk (December 28,
7. Martin Weiss, “Global Vesuvius,” 2007).
Safe Money Report (November 2006).
10. Sean Olender, “Mortgage Melt-
8. John Hoefle, “The Federal Reserve
down,” San Francisco Chronicle
Vs. The United States,” Executive
(December 9, 2007).
Intellligence Review, April 12, 2002.
11. “ECB Buys Time, But Doesn™t
9. Dean Baker, “Effective Currency

516
Web of Debt

Resolve Credit Problems,” Market 2. Abraham McLaughlin, “Debt
Forgiveness Gathers Steam,”
Watch (December 18, 2007).
Christian Science Monitor
12. Harry Magdoff, et al., “The New (September 30, 2004).
Face of Capitalism: Slow Growth,
3. Michael Rowbotham, “How Third
Excess Capital, and a Mountain of
World Debt Is Created and How It
Debt,” Monthly Review (April 2002);
Can Be Cancelled,” Sovereignty
Michael Hodges, “America™s Total
(May 2002), sovereignty.org.uk,
Debt Report,” http://
excerpted from M. Rowbotham,
mwhodges.home.att.net (March
“The Invalidity of Third World
2006).
Debt” (1998), pages 14-17, and M.
13. “Sovereignty Loans,” FOMC Alert Rowbotham, Goodbye America!
(June 29-30, 1999); “H.R. 1452 [106th]: (Charlbury, England: Jon Carpenter
State and Local Government Eco- Publishing, 2000), pages 135-36 and
nomic Empowerment Act,” 140-43.
govtrack.us/congress.
4. See Chapter 25.
14. New Zealand Democratic Party for
Social Credit, democrats.org.nz; 5. Andrew Berg, et al., “The
Canadian Action Party, Dollarization Debate,” Finance
canadianactionparty.ca; Bromsgrove Development (March 2000); “Mixed
Group, prosperityuk.com; Forum for Blessing: Can Dollarized Ecuador
Stable Currencies, ccmj.org; London Avoid the Argentine Trap?”,
Global Table, globaltable.org.uk; Financial Times (January 24, 2002);
American Monetary Institute, “El Salvador Learns to Love the
monetary.org. Greenback,” Economist (September
26, 2002); Marcia Towers, “The
15. Rodney Shakespeare, The Modern
Socioeconomic Implications of
Universal Paradigm (2007), pages
Dollarization in El Salvador,” Latin
95-96.
American Politics and Society (fall
16. “CAFRs: The Biggest Secret,” 2004).
rense.com (June 30, 2000); Tom
6. See Ellen Brown, “Sustainable
Valentine, “Media Watchdogs Won™t
Energy Development: How Costs
Expose Hidden Slush,” American
Can Be Cut in Half,”
Free Press, americanfreepress.net.
webofdebt.com/articles (November
17. “Debate Continues on Alaska Oil 5, 2007).
Drilling,” CNNfyi.com (March 23,
6. Glen Martin, Ascent to Freedom: The
2001).
Practical and Philosophical
18. Roger Langrick, “A Monetary Foundations of Democratic World
System for the New Millennium,” Law (Sun City, Arizona: Institute for
worldtrans.org/whole/ Economic Democracy, 2008).
monetarysystem.html.
Chapter 46
Chapter 45 1. “Colonial Currency “ Massachusetts
Treasury Certificates,” Department
1. Martin Khor, “IMF: Bailing Out
of Special Collections, Notre Dame,
Countries or Foreign Banks?”, Third
coins.nd.edu.
World Network (February 18, 2005).
2. Michael Rowbotham, “An

517
Endnotes

Indispensable Key to a Just World Mike Whitney, “Tuesday™s Market
Economy,” Prosperity, Meltdown,” counterpunch.org
(March 1, 2007).
prosperityuk.com (October 2001).
3. Thomas Greco, “New Money: A 2. See, e.g., “The James Joyce Table,”
Creative Opportunity for Business,” lemetropolecafe.com (February 28,
The Global Development Research 2007); and see Chapter 33.
Center, www.gdrc.org.
3. M. Whitney, op. cit.
4. Bernard Lietaer, “A ˜Green™
Postscript
Convertible Currency,”
www.transaction.net.
1. Mark Gilbert, “Opaque Derivatives,
5. Frederick Mann, “Economic Means
Transparent Fed, ˜Bubblenomics™,”
to Freedom “ Part V,”
bloomberg.com (June 27, 2007).
buildfreedom.com (October 2, 1998).
2. Alex Gabor, “The Penny King
6. Doug Gillespie, “™Core™ Inflation
Declares ˜SEC Should Investigate Mr.
Doesn™t Work in Either Your Stom-
Mozillo of Countrywide Financial,”
ach or Your Gas Tank!”,
americanchronicle.com (August 22,
PrudentBear.com (May 26, 2005); Tim
2007).
Iacono, “Home Ownership Costs and
Core Inflation,” http:// 3 Iain Dey, et al., “Angry Savers Force
themessthatgreenspanmade.blogspot.com Northern Rock to Be Sold,”
(October 17, 2005). Telegraph.Co.Uk (September 16,
7. Lyndon LaRouche Political Action 2007).
Committee, “A New Bretton Woods
4. “Fears Over Rock™s Online Ac-
Now!”, larouchepac.com (April 29,

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