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Glossary From Ellen Brown's "Web Of Debt"

Adjustable Rate Mortgage (ARM): a type of mortgage loan program in
which the interest rate and payments are adjusted as frequently as
every month. The purpose of the program is to allow mortgage interest
rates to fluctuate with market conditions.
Bankrupt: unable to pay one’s debts, insolvent, having liabilities in
excess of a reasonable market value of assets held.
Bear raid: the practice of targeting the stock of a particular company
for take-down by massive short selling, either for quick profits or for
corporate takeover.
Bears versus bulls: Bears think the market will go down; bulls think it
will go up.
Book value: the total assets of a company minus its liabilities such as
debt.
Bubble: an illusory inflation in price that is grossly out of proportion to
underlying values.
Business cycle: a predictable long-term pattern of alternating periods
of economic growth (recovery) and decline (recession).
Capitalization: market value of a company’s stock.
Cartel: a combination of producers of any product joined together to
control its production, sale and price, so as to obtain a monopoly and
restrict competition in that industry or commodity.
Central bank: a non-commercial bank, which may or may not be
independent of government, which has some or all of the following
functions: conduct monetary policy; oversee the stability of the
financial system; issue currency notes; act as banker to the government;
supervise financial institutions and regulate payments systems.
Chinese walls: information barriers implemented in firms to separate
and isolate persons within a firm who make investment decisions from
persons within a firm who are privy to undisclosed material
information which may influence those decisions, in order to safeguard
inside information and ensure there is no improper trading.
Compound interest: interest calculated not only on the initial principal
but on the accumulated interest of prior payment periods.
Conspiracy: an agreement between two or more persons to commit a
crime or accomplish a legal purpose through illegal action.
Counterfeit: to make a copy of, usually with the intent to defraud.
Counterparties: parties to a contract, usually having a potential
conflict of interest. Within the financial services sector, the term market
counterparty is used to refer to national banks, governments, national
monetary authorities and multinational monetary organizations such
as the World Bank Group, which act as the ultimate guarantor for loans
and indemnities. The term may also be applied to companies acting in
that role.
Currency: Money in any form when in actual use as a medium of
exchange, facilitating the transfer of goods and services.
Customs: duties on imported goods.
Deficit spending: government spending in excess of what the
government takes in as tax revenue.
Deflation: A contraction in the supply of money or credit that results
in declining prices; the opposite of inflation.
Demand deposits: bank deposits that can be withdrawn on demand at
any time without notice. Most checking and savings accounts are
demand deposits.
Depository: a bank that holds funds deposited by others and facilitates
exchanges of those funds.
Derivative: A financial instrument whose characteristics and value
depend upon the characteristics and value of an “underlier,” typically
a commodity, bond, equity or currency. Familiar examples of
derivatives include “futures” and “options.”
Discount: The difference between the face amount of a note or
mortgage and the price at which the instrument is sold on the market.
Equity: ownership interest in a corporation.
Equity market: the stock market – a system through which company
shares are traded, offering investors an opportunity to participate in a
company’s success through an increase in its stock price.
Excise taxes: internal taxes imposed on certain non-essential consumer
goods.
Federal funds rate: the rate that banks charge each other on overnight
loans made between them.
Federal Reserve: the central bank of the United States; a system of
federal banks charged with regulating the U.S. money supply, mainly
by buying and selling U.S. securities and setting the discount interest
rate (the interest rate at which the Federal Reserve lends money to
commercial banks).
Federal Reserve banks: The banks that carry out Federal Reserve
operations, including controlling the money supply and regulating
member banks. There are 12 District Feds, headquartered in Boston,
New York, Philadelphia, Cleveland, St. Louis, San Francisco,
Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas.
Floating exchange rate: a foreign exchange rate that is not fixed by
national authorities but varies according to supply and demand.
Fiat: Latin for “let it be done;” an order or decree.
Fiat money: Legal tender, especially paper currency, authorized by a
government but not based on or convertible into gold or silver.
Fiscal year: The U.S. government’s fiscal year begins on October 1 of
the previous calendar year and ends on September 30.
Float: The number of shares of a security that are outstanding and
available for trading by the public.
Fraud: a false representation of a matter of fact, whether by words or
by conduct, by false or misleading allegations, or by concealment of
that which should have been disclosed, which deceives and is intended
to deceive another so that he shall act upon it to his legal injury.
Free trade: trade between nations unrestricted by import duties, export
bounties, domestic production subsidies, trade quotas, or import
licenses. Critics say that in more developed nations, free trade results
in jobs being “exported” abroad, where labor costs are lower; while in
less developed nations, workers and the environment are exploited by
foreign financiers, who take labor and raw materials in exchange for
paper money the national government could have created itself.
Glass Steagall Act: A federal act which prohibited any one bank
from taking deposits and underwriting securities.
Globalization: the tendency of businesses, technologies, or
philosophies to spread throughout the world, or the process of making
them spread throughout the world.
Gold standard: a monetary system in which currency is convertible into
fixed amounts of gold.
Gross domestic product: the value of all final goods and services
produced in a country in a year.
Hedge funds: investment companies that use high-risk techniques, such
as borrowing money and selling short, in an effort to make
extraordinary capital gains for their investors.
Hyperinflation: a period of rapid inflation that leaves a country’s
currency virtually worthless.
Inflation: a persistent increase in the level of consumer prices or a
persistent decline in the purchasing power of money, caused by an
increase in available currency and credit beyond the proportion of
available goods and services.
Infrastructure: the set of interconnected structural elements that
provide the framework for supporting the entire structure. In a
country, it consists of the basic facilities needed for the country’s
functioning, providing a public framework under which private
enterprise can operate safely and efficiently.

Investment banks: Investment banks help companies and
governments issue securities, help investors purchase securities,
manage financial assets, trade securities and provide financial advice.
Unlike commercial banks, they do not take deposits or make
commercial loans; but the lines have blurred with the 1999 repeal of
the Glass Steagall Act, which prohibited the same bank from taking
deposits and underwriting securities. Leading investment banks include
Merrill Lynch, Salomon Smith Barney, Morgan Stanley Dean Witter and
Goldman Sachs.
Legal tender: money that must legally be accepted in the payment of
debts.
Leveraging: buying with borrowed money. Leverage is the degree to
which an investor or business is using borrowed money.
Liquidity: the ability of an asset to be converted into cash quickly and
without discount.
Margin: an investor who buys on margin buys with money he doesn’t
have, borrowing a percentage of the purchase price from the broker, to
be repaid when the stock or other investment goes up. People usually
open margin accounts, not because they’re short of cash, but because
they can “leverage” their investment by buying many times the amount
of stock they could have bought if they had paid the full price.
Margin call: a broker’s demand on an investor using borrowed money
to deposit additional money or securities to bring the margin account
up to a certain minimum balance. If one or more of the investor’s
securities have decreased in value past a certain point, the broker will
call and require the investor either to deposit more money in the
account or to sell off some of the stock.
Monetize: to convert government debt from securities into currency
that can be used to purchase goods and services.
Money market: the trade in short-term, low-risk securities, such as
certificates of deposit and U.S. Treasury notes.
Money supply: the entire quantity of bills, coins, loans, credit, and other
liquid instruments in a country’s economy. “Liquid” instruments are
those easily convertible to cash. The money supply has traditionally
been reported by the Federal Reserve in three categories – M1, M2, and
M3, although it quit reporting M3 after March 2006. M1 is what we
usually think of as money – coins, dollar bills, and the money in our
checking accounts. M2 is M1 plus savings accounts, money market
funds, and other individual or "small" time deposits. M3 is M1 and M2
plus institutional and other larger time deposits (including institutional
money market funds) and eurodollars (American dollars circulating
abroad).
Moral hazard: the risk that the existence of a contract will change the
behavior of the parties to it; for example, a firm insured for fire may take
fewer fire precautions. In the case of banks, it is the hazard that they
will expect to be bailed out from their profligate ways because they
have been bailed out in the past.
Mortgage: A loan to finance the purchase of real estate, usually
with specified payment periods and interest rates.
Multiplier effect: according to Investopedia, “the expansion of a
country’s money supply that results from banks being able to lend.”
Oligarchy: government by a few, usually the rich, for their own
advantage.
Open market operations: the buying and selling of government
securities in the open market in order to expand or contract the
amount of money in the banking system.
Ponzi scheme: a form of pyramid scheme in which investors are
paid with the money of later investors. Charles Ponzi was an
engaging Boston ex-convict who defrauded investors out of $6
million in the 1920s, in a scheme in which he promised them a 400
percent return on redeemed postal reply coupons. For a while, he
paid earlier investors with the money of later investors; but
eventually he just collected without repaying. The scheme earned
him ten years in jail.
Posse comitatus: a statute preventing the U.S. active military from
participating in American law enforcement.
Plutocracy: a form of government in which the supreme power is
lodged in the hands of the wealthy classes; government by the rich.
Privatization: the sale of public assets to private corporations.
Proprietary trading: a term used in investment banking to describe
when a bank trades stocks, bonds, options, commodities, or other
items with its own money as opposed to its customers’ money, so as
to make a profit for itself. Although investment banks are usually
defined as businesses which assist other business in raising money
in the capital markets (by selling stocks or bonds), in fact most of
the largest investment banks make the majority of their profit from
trading activities.
Receivership: a form of bankruptcy in which a company can avoid
liquidation by reorganizing with the help of a court-appointed trustee.
Reflation: the intentional reversal of deflation through monetary
action by a government.
Republic: A political order in which the supreme power lies in a body
of citizens who are entitled to vote for officers and representatives
responsible to them.
Repurchase agreement ("repo"): The sale or purchase of securities with
an agreement to reverse the transaction at an agreed future date and
price. Repos allow the Federal Reserve to inject liquidity on one day
and withdraw it on another with a single transaction.
Reserve requirement: The percentage of funds the Federal Reserve
Board requires that member banks maintain on deposit at all times.
Security: A type of transferable interest representing financial value;
an investment instrument issued by a corporation, government, or
other organization that offers evidence of debt or equity.
Short sale: Borrowing a security and selling it in the hope of being able
to repurchase it more cheaply before repaying the lender. A naked short
sale is a short sale in which the seller does not buy shares to replace those
he borrowed.
Specie: precious metal (usually gold or silver) used to back money.
Structural adjustment: a term used by the International Monetary
Fund (IMF) for the changes it recommends for developing countries
that want new loans, including internal changes (notably privatization
and deregulation) as well as external ones (especially the reduction of
barriers to trade); a package of “free market” reforms designed to
create economic growth to generate income to pay off accumulated
debt.
Tariff: a tax placed on imported or exported goods (sometimes called
a customs duty).
Tight money: insufficient money to go around, generally because the
money supply has been intentionally contracted by the financial
establishment.
Time deposits: deposits that the depositor knows are being lent out and
that he can’t have back for a certain period of time.
Transaction deposit: a term used by the Federal Reserve for checkable
deposits (deposits on which checks can be drawn) and other accounts
that can be used directly as cash without withdrawal limits or
restrictions. They are also called demand deposits, since they can be
withdrawn on demand at any time without notice. Most checking and
savings accounts are demand deposits.
Trust: a combination of firms or corporations for the purpose of
reducing competition and controlling prices throughout a business or
an industry.
Usury: the practice of lending money and charging the borrower
interest, especially at an exorbitant or illegally high rate.
Uptick rule: the SEC rule requiring that a stock’s price be higher than
its previous sale price before the stock may be sold short.

Index to Ellen Brown's "Web Of Debt" (page numbers from the book are listed)

A
Adams, John 47, 343
adjustable rate mortgages (ARMs) 287-290, 455
Aldrich, Nelson 123-124, 129, 134, 138
Ambac 474-75
American Monetary Institute (AMI)
American Monetary Act 373, 397
American Revolution 14, 19, 42, 48, 84, 101, 224, 225, 341, 388
“American system” of economics 51, 55, 80, 86, 230, 249, 460
Argentina, hyperinflation in 243, 348
Aristotle 60
Asian crisis of 1997-98 209, 212, 252
Asian Monetary Fund (AMF) 253
Augustin, Chuck 316
Auriti, Giacinto 342
Australia, Commonwealth Bank 414

B
Bacon, Sir Francis 35
Bagley, R. Colt 301
bailout of banks 331, 417, 419, 456, 468-69, 477
Baker, Dean 423
Bamford, James 205
Bank of America 468m 477
Bank of England 36, 40, 65, 68, 69, 71, 72, 73, 394, 468-69
Bank of Japan 251, 385, 386
Bank of the United States. See United States Bank
Bank of the United States, Second 77
Bankers Manifesto of 1892 107
Bankers Manifesto of 1934 149
banking, central 72, 88, 124, 259
banking, commercial 213, 330, 400, 411, 418, 419, 457
banking, community 346
investment 177, 329, 330, 401, 457
Islamic 399, 401
Islamic money center 185, 329, 330
Islamic national 93, 225, 259, 393, 426
BankOne 128, 326
bankruptcy 280, 348
bankruptcy Code, revision of 280
bankruptcy corporate 281
bankruptcy of banks 325, 333, 419, 455
Barings Bank 470
Barnard, Harvey 365
Basic Income Guarantee 428
Baum, L. Frank 11, 109, 337
Bear Stearns 323, 465-66
Berkshire Farm Preserve Notes 350
Bernanke, Ben 382-384, 421
Biddle, Nicholas 80, 81
Bilderbergers 129, 130, 309
Bismarck, Otto von 91, 93
Bohnsack, Ken 432
Bolser, Michael 313, 315, 321
Bonus Bill 111
Boyko, Christopher 299, 476, 478
Bretton Woods
Accords 438, 443, 445
Conference 129, 207
gold standard 207
British East India Company 66
“British system” of Economics 51, 80, 223, 225
Bromsgrove Group 432
Brouillet, Carol 353
Bryan, William Jennings 7, 11, 13, 15, 16, 17, 18, 19, 20, 112, 393
Buffett, Warren 189, 281, 331, 522
Bureau of Engraving and Printing 73
Burien, Walter 433
Burr, Aaron 54
Bush, George H. W. 468
business cycle 288, 451, 454
Butler, Smedley 160
Byrne, Partick 188, 330

C
CAFRs (Comprehensive Annual
Financial Reports) 433
Cahn, Edgar 350
Caldicott, Helen 268
Canadian Action Party 432
“capital flight” 211
carbon credits 351
Carey, Henry 85, 223, 225, 230, 249, 263, 389
Carey, Matthew 51, 85
Caribbean pirates 369
Carlyle Group 104
Carmack, Patrick 60, 398
Carnegie, Andrew 118, 137, 338
Carribean pirates 388
carry trade 413
Cayman Islands 192, 322
CDO. See collateralized debt obligations
central banking 72, 259
Channel Islands, money system 100
Chase Manhattan Bank 54, 120, 127
Chase, Salmon P. 94, 95, 120
Chicago Federal Reserve 171-176
China 99, 257-265, 270, 411
Chinese renminbi 258, 264
Chossudovsky, Michel 5, 220, 253
Citibank 24, 196, 302, 331, 421
Citigroup 128, 305, 326, 475, 477
Civil War , U. S. 19, 91, 95, 120, 121, 123
Clay, Henry 51, 57, 79, 80, 83, 85, 86
Cleveland, President Grover 15, 16
Clinton, Hillary 470
Coinage Act of 1792 365
Cold War 228
collateralized debt obligations (CDOs) 397, 465-66, 478
commercial banking. See banking, commercial
Commodities Futures Trading Commission 193
Communist Party 227
community currencies 347-356, 390
compound interest 32, 410
chart 32
Confederacy 89
Congress 8, 12, 45, 48, 75-84, 93, 96, 371, 378, 388, 457-460
Constitution, U.S. 48, 50, 55, 78, 95, 309, 393, 451
Constitutional Convention 48
Consumer Price Index 444, 445, 448
Continental Congress 43
Continental currency 43, 44, 45, 48
Continental Illinois, bankruptcy of 420, 421
Countrywide Financial 466, 468-69, 472
Cook, Chris 400
Cook, Richard 428
corporations 102
Corrigan, Sean 199
Council on Foreign Relations 129
Counterparty Risk Management Policy Group (CRMPG) 318, 453
Countrywide Financial 466
Coxey’s Army 12, 14, 108, 110, 155, 234, 279, 446
Cramer, Jim 472
credit card 277, 282, 283, 284, 412
credit card debt 282, 422
credit clearing exchange 443
credit default swap 471, 474
Crime of ’73 18, 95, 112
CRMPG report 320
Cromwell, James 63, 67, 70
Crudele, John 312, 313
Currency Act of 1764 41
currency board 244
currency exchange rates 209, 212, 220, 239, 453
currency basket of commodities standard 442
currency -- Bretton Woods gold standard 207
currency -- Consumer Price Index standard 444, 448
currency -- Consumer Price Index -- floating currencies 209
currency -- Consumer Price Index -- floating currencies pegged to dollar 211, 216
currency -- Consumer Price Index --floating currencies --
currency -- renminbi 260

D
Daly, Jerome 28-30
Damon, Frank 258
Dann, Marc 478
Daughty, Richard 307
Day of Jubilee 435
de Fremery, Robert 396
debt, Federal. See federal debt
debt, household, chart 286
debt, state and local 432
debt-free money 12, 14, 20, 88, 95, 96, 148, 153, 371, 382, 426, 428, 431,
Declaration of Independence 334, 338
deflation 384, 419, 430
Del Mar, Alexander 42, 66
Democratic Party 86
Democratic Republicans 54
Denmark 411
depository 402, 404
Depository Trust and Clearing
Corporation (DTCC) 186, 187
Depression, Great 13, 42, 85, 127, 141, 144, 146, 147, 151, 153, 180, 181,
187, 197, 203, 229, 347, 360, 385, 405
derivatives 3, 191-197, 209, 301-306, 309, 327, 421-24, 438, 446, 470, 475
derivatives crisis 301, 304, 305, 306, 459
Deutsche Bank, 299, 476-77
devaluation of currency 210, 239, 243, 244, 246, 247
devaluation of Argentine peso 243
devaluation of Mexican peso 216
devaluation of Zimbabwe currency. 247
DiLorenzo, Thomas 85
Dinar, Gold 446
Dow Jones Industrial Average 181, 308, 451, 466
Dow Jones Industrial Averagechart 381

E
Eccles, Marriner 32, 372
Ecuador 439
Edison 88, 224
El Salvador 439
Embry, John 316
Emergency Powers Act 309
Emry, Sheldon 47, 237, 347
Engdahl , William 206, 215, 241,242, 251,266
equity market 178
Exchange Stabilization Fund (ESF) 317

F
Fannie Mae (Federal National Mortgate Association) 295-299, 326
farm parity pricing 460
FDIC (Federal Deposit Insurance Corporation) 144, 145, 199, 328,
333, 404, 416, 419, 420, 421, 426, 432, 453, 459, 460, 468
FDIC receivership 144, 333, 404, 420, 456, 458
Feder, Gottfried 235
“Feder money” 234, 238
federal debt 4, 6, 23, 33, 100, 139, 154, 155, 164, 199, 262, 286, 307, 366-
382, 394, 399, 405, 406, 411, 426, 428, 452, 453, 457, 458, 460
federal deb chart 368
federal debt per person, chart 369
Federal income tax 133, 135, 136, 138, 426, 452
Federal Reserve, U.S. 23, 26, 29, 32 123-129, 141-146, 148, 155-176, 394
Federal Reserve, ownership of 129-131
Federal Reserve Act of 1913 8, 25, 134, 332, 458
Federal Reserve Bank of New York 24, 127, 142, 163, 166, 174
Federal Reserve Notes 3, 26, 73, 94, 162, 169, 365
Federalist Debates 133
Federalist Papers 50
Federalists 54
Fekete, Antal 208
FEMA (Federal Emergency Management Agency) 309
fiat 60
fiat money 60, 61, 85, 89, 165, 208, 233, 234, 235, 250, 390, 426, 440, 453
First National Bank of Montgomery vs. Daly 28
Fitts, Catherine Austin 278, 308, 434
floating exchange rates. See currency exchange rates
Ford Motor Corporation 304
foreclosures, home 28, 29, 107, 148, 151, 288, 290, 294, 311, 412, 429, 455
Foreclose, standing to 299
Forum for Stable Currencies 432
fractional reserve 30
Fractional Reserve Banking 332
fractional reserve banking 26, 27, 28, 69, 166, 174, 208, 332, 358, 396, 398, 431, 452
fractional reserve lending 451
Franklin, Benjamin 36, 37, 40, 260, 403, 407, 414
Freddie Mac (Federal National Mortgage Association) 295, 298
Free Coinage Act of 1666 67
free market 453
free trade 51, 86, 223, 230, 454
Freeman, Richard 295, 322
French Revolution 73
Friedman, Milton 208, 384, 426
Friendly Favors 352
full dollarization 439
Fuller, Buckminster 339

G
Galbraith, John Kenneth 32, 266
Galbraith, James 7
Garfield, James 96
GATA (Gold Anti-Trust Action
Committee) 315, 469
General Motors, bankruptcy of 304
George, David Lloyd 66
Germany 91, 233, 235, 236, 237, 263
Gibson, Donald 204
Gilded Age 95, 97, 118, 121, 123
Glass-Steagall Act 159, 177, 193, 329, 472, 475
Global Exchange Network 348
globalization 229, 454
Glover, Paul 349
gold price, chart 346
gold standard 8, 13-15, 17-19, 21, 86, 92, 97, 98, 101, 102, 203, 223, 452
Goldbugs 357-361
Goldman Sachs 104, 197, 218, 305, 308, 315, 316, 318, 475-77
Good Roads Bill 110
Goodwin, Jason 36
Grameen Bank of Bangladesh 345, 413
Grant, Uysses S. 249
Greco, Tom 353, 443
Greenback dollar 85, 87, 88, 89, 92- 96, 407
Greenback Law of 1878 205
Greenback Party 13, 95, 111
Greenback proposal 20
Greenbackers 13, 15, 96, 235, 357, 358
Greenspan, Alan 23, 295, 318, 319, 370, 383
Griffin, Ed 145, 165, 226, 227, 373, 420
Grillot, Greg 260
gross domestic product (GDP) 269
gross national product (GNP) 269
guaranteed basic income 428
Guernsey 100, 101, 247, 380
Guttman, Robert 327, 401

H
Hamilton, Alexander 42, 48, 49-55, 369, 375
Hanna, Marcus 15, 18, 19, 112
Harvey, William Hope 111, 146, 148, 149, 365
Hazard Circular 92
Heavily Indebted Poor Country Initiative (HIPC) 436
hedge funds 191-193, 196, 197, 323, 465
Hemphill, Robert H. 5, 155, 156, 160
Hepburn v. Griswold 95
Hitler, Adolf 234-36, 238
Hoefle, John 193, 197, 302, 325, 422, 465
Hogan’s Heroes 111
home ownership 107, 285, 286
Homeland Security Act 309
Homestead Act 84
Homestead Laws 144, 288
Hoskins, Richard 61, 63
housing bubble 286, 290, 455
housing crisis, possible solution 295, 306, 429
Hudson, Michael 290
Hummel, William 30, 173, 329, 330, 399, 402, 403, 405
Hurricane Katrina 309, 313
Hylan, John 1, 116
hyperinflation 218, 219, 230, 237-244, 246, 247, 263, 306, 347, 379, 388, 429

I
IMF. See International Monetary Fund.
“IMF riot” 309
income tax 3, 4, 100, 133-139, 295, 344, 366, 382, 416, 426-428, 453, 458, 459
India 265-72
India, farmer suicides 271
Industrial Revolution 62
inflation 4, 88, 97, 98, 100, 260, 262, 425, 454. See hyperinflation.
inflation chart 103
Ingraham, Jane 217
interest 31, 354, 406, 407
interest rates 213, 294
interest-free banking 411
International Monetary Fund 129, 207, 210, 213, 217, 219, 229,
240-242, 244-47, 252-254, 267, 269, 277, 348, 436, 453
investment banking. See banking.
Iran 370, 410-11
Iranian oil bourse 306
Iraq 58, 368
Islamic banking 354, 410-11, 446
Ithaca HOUR 349, 350

J
J. P. Morgan 119, 120, 122
J. P. Morgan Chase Company 24, 305, 316, 319, 326
J. P. Morgan Chase Bank 197, 302, 421
Jackson, Frank 477
Jackson, Andrew 1, 75, 76, 79, 80-83
Japan 249, 250-253, 385-388
Jefferson , Thomas 50, 52, 54, 75, 76, 78, 79
Jekyll Island 422
Johnson, Chalmers 250, 252
Johnson, Lyndon 205
Juilliard v. Greenman 95

K
Kennedy, John F. 204, 266
Kerensky, Alexander 226
Keynes, John Maynard 99, 152, 153, 154, 156, 207, 427
Keynesian economic theory 153
King Charles I 67
King Charles II 67
King George II 40
King George III 40, 47
King Henry I 61
King Henry VIII 66
King James II 65
King William III 66, 67, 69
Kirby, Rob 306, 369, 370
Kirchner, Nestor 245
Kissinger, Henry 210, 217, 309
Knox, Philander 137, 138
Knox v. Lee 95
Komp, Lothar 304
Krugman, Paul 281
Kucinich, Dennis 432
Kuhn, Loeb & Co. 120, 123, 226
Kuttner, Robert 473

L
land banks 38, 48, 414
Langrick, Roger 408, 434
LaRouche, Lyndon 193, 445
Law, John 71, 72
Lee, Barbara 432
legal tender 36, 369
Legal Tender Acts 87, 88, 95
LETS (Local Exchange Trading System) 351-53, 403, 406
Leverage 191
Lewis, Dave 331, 421
Liberty Dollar 343, 344
Lietaer, Bernard 31, 57, 211, 350, 351, 444
Lincoln, Abraham 8, 14, 79, 82, 83, 87-89, 91-93, 96, 103, 258
Lindbergh, Charles, Sr., 107, 124, 126, 139
Linton, Michael 351, 403
Littlefield, Henry 11, 17
Liu, Henry C. K. 2, 212, 216, 220, 236, 247, 259, 261, 263, 310, 327
local currencies 347-349, 350, 355
Local Exchange Trading System (LETS) 351
London Global Table 432
Long Term Capital Management (LTCM) 304, 318, 325, 468
Lord, Eleazar 101, 203
LTCM 304
Lub, Sergio 352

M
M3 26, 33, 154, 164, 295, 305, 306, 308, 324, 340, 360, 370, 375, 376, 388, 426
M3 -- cessation of reporting of 305
M3 -- growth in, 307
Madison, James 77
Mahathir, Mohamad 254, 255, 446,
447
Mahoney, Martin 29
Makow, Henry 236
Malaysia 254
Mandarin China 61
Mandell, Betty Reid 415
manipulation of markets 180, 188, 189, 193, 208, 246, 320, 381, 405, 454, 458, 459
margin, trading on 191
Mark, Christopher 6
“market basket” standard for valuing currencies 443
market maker 185, 186
market manipulation 453
Martin, Al 273, 295, 309, 368
Marxist theory 225, 230
Massachusetts, colony of 36
MasterCard 128, 284, 422
Mather, Cotton 37
Matlack, Carol 470
MBIA 474-75
MBS. See mortgage-backed securities.
McFadden, Louis 155, 158-160
McKinley, William 16, 19, 112
Meiji Revolution of 1868 249
Merrill Lynch 475, 477-78
Mexico 215-220
Mexico bailout of 1994 218
Mexico peso devaluation 218
Middle Ages 59, 60, 62, 63
Milosevic, Slobodan 242
Minnesota bridge collapse 469
Mississippi bubble 72
MITI (Japanese Ministry of International Trade and Industry) 250
“Modern Money Mechanics” 26, 171, 283
monetary reform 20, 394, 446
monetization of debt 307, 369, 454
money center banks 329
money supply 25, 405, 426
monoline insurers 474
moral hazard 316, 320, 456
Morgan, J. P. 15, 18, 24, 118-122, 422
Morgan, House of 7, 119, 120
mortgage debt 107, 286
mortgage defaults 295, 298
mortgage-backed securities (MBS) 288, 295, 297, 326, 399, 429
Mozilo, Angelo 472
Murphy, Bill 313

N
NAFTA 217, 218
national banking. See banking.
National Banking Act of 1863-64 93
national credit 86, 221, 258, 263, 357
national debt. See federal debt.
National Dividend 249, 428, 433
National Economic Stabilization and
Recovery Act (NESARA) 365
National Republican Party 83, 86
negative trade balance 210, 257
Neoconervatives 228
NESARA. See National Economic Stabilization and Recovery Act.
“New Currency” 444
New Deal 85
New England colonies 39
New World Order 129, 272, 273
New Zealand Democratic Party for Social Credit 432
Nixon, President 203, 206, 208
Noninterest-Bearing Bonds Bill 110
NORFED (National Organization for the Repeal of the Federal Reserve
Act and the Internal Revenue
Code) 343, 344
Norman, Montagu 142
North, Gary 289
Northern Rock 467-78
Novak, Gary 194, 303
NWO (New World Order) 272, 273, 317, 430, 461

O
Olender, Sean 475-76
One Hundred Percent Reserve Solution 396-399, 403, 405
OPEC (Organization of the Petroleum Exporting Countries) 210, 266
open market operations 458
Operation Northwoods 205
Opium Wars 18, 223, 247, 249, 257

P
Paine, Thomas 43, 225
Palast, Greg 270
Panic of 1907 124
Parker, David 337
Parliament, British 67, 70
Parrington, Vernon 49, 85, 97, 102, 357
Paterson, William 68, 71
Patman, Wright 24-26, 32, 111, 116, 120, 156, 161, 162, 164, 168
Patriot Act 309
Paul, Ron 344, 468
Paulson, Henry 308, 315, 318, 475-76
payday loans 282
pegging of currencies. See currency exchange rates.
Price Index, Consumer 444
Pennsylvania, colonial, money system 39, 411, 413, 430
People’s Bank of China 258
Peron, Juan 243
Petras, James 104
petrodollars 213
Philadelphia Centennial of 1876 -- 224, 258
Pilger, John 368
Plunge Protection Team (PPT) 312, 314-17, 320, 388, 453, 465, 468, 470
Ponzi scheme 72, 220, 327, 330
populism 103
Populist Party 111
Populists 7, 11, 15, 16, 95, 109, 460
Powell, Chris 469
PPT. See Plunge Protection Team.
privatization 229, 268, 415

Q
Quantity Theory of Money 98, 262
Queen Elizabeth I 66
Queen Mary 66
Quigley, Carroll 1, 2, 143, 200

R
Rabushka, Alvin 38
Ralter, Peter 468
“real bills,” Real Bills Doctrine 364, 365, 413, 433
Real Estate Mortgage Investment Conduit (REMIC) 296
reflation 385
Renaissance 62
repurchase agreement (repo) 315
reserve currency, dollar as 213
Resumption Act of 1875 96
Robber Barons 25, 117, 118, 120 128, 130, 131, 142, 338, 418, 422
Robertson, James 395
Rockefeller, John D. 18, 25, 117-122 207, 422
Rockefeller, David 129, 207, 321
Rockoff , Hugh 11
Roosevelt, Franklin D. 20, 116, 151, 152, 154-160
Roosevelt, Teddy 112, 113, 116,
Rothbard, Murray 7, 112, 419
Rothschild, Amschel 77
Rothschild, House of 76, 77, 91, 93, 120
Rothschild, Nathan 65, 77
Rowbotham, Michael 20, 197, 210, 437, 442, 445
Roy, Arundhati 108
Rubin, Robert 218, 315
Ruble 239, 240
Russell, Richard 341, 383, 417
Russia 224-231, 239, 240, 242, 325
Russian Revolution 226
ruble, collapse of 240

S
Salomon Brothers 331
savings and loan association, collapse of 289, 325, 331
Schacht, Hjalmar 237
Schicht 1, 129, 188, 207, 321, 418
Schiff, Jacob 120, 226
scrip, colonial 38, 40, 41, 43, 48, 49,
SDRs. See Special Drawing Rights.
Securities Act of 1933 159, 184, 188
Shays Rebellion 49, 360
Sherman Act 118
Shiva, Vendana 271
shock therapy 229, 240, 278
short selling 183-189
short selling, naked short selling 184-188, 330
silver certificates, U.S. Treasury 205
Silverites 15, 112
Simons, Henry 396
Sinclair, Jim 317, 471
Single Currency Solution 439
Sixteenth Amendment 134, 136-138, 453, 459
slavery 92
Small Business Administration (SBA) 414
Smith, Adam 51, 115, 364
Social Security crisis 377
Societe Generale 470
Soddy, Frederick 396
Soros, George 196
sovereign credit 221, 263
Sovereignty Loans 432
Special Drawing Rights (SDRs) 207, 440, 461
speculation in currencies 220
colonial 44, 49
Sperry, Paul 23
spider webbing 1, 129, 188
stagflation 293
Stamp, Josiah 2
Standard Oil 18, 119, 121
Stephanopoulos, George 313
Stiglitz, Joseph 255
Still, Bill 60, 65
stock market 311, 380
stock market crash 141, 143
structural adjustment 229, 267
subprime debt 32, 177, 178, 282, 289,
290, 299, 323, 397, 429, 475
Sumer, ancient 58
Sun Yat-Sen 257, 260
Sweden 411, 414

T
Taft, William Howard 125, 138
tally system 61, 63, 69, 73, 363
tax 38, 41, 262, 408, 425, 451, 459
tax on derivatives 422-425, 430
tax on income, see federal income tax
Tequila Trap 215, 216, 218, 220, 221, 241, 247
Tesla, Nikola 122
Table, London Global 432 xxxxxxxxxxxxxxxxxx
theosophical movement 16, 109
Third World debt 200, 212, 213, 311, 435
Third World debt, elimination of 436, 446
Thorn, Victor 6
Tobin tax 423
Towers, Graham 5
trade deficit 208, 214, 234, 278, 387, 438, 447
Treaty of Versailles 233, 237
Trilateral Commission 129
Trotsky, Leon 228
trusts 113, 118, 121

U
U.S. Postal Savings System 401, 414
U.S. Steel 118
Ukraine 242
unemployment statistics 427
UNICEF 268
United States Bank, First 53, 75, 76
United States Bank, Second 77, 81
United States Notes 85, 205
usury 31, 41, 59, 62, 73, 354
usury banks 73

V
Venezuela 370
Vietnam, real estate market 359
Visa 128, 284, 422
Volcker , Paul 213, 420
Voorhis, Jerry 164, 168, 169, 396
"vulture capitalism" 455
vulture funds 246

W
Walker, David M. 34, 277, 367
Wall Street 7, 15-19, 73, 93, 104, 119, 122, 159, 204, 424
Wallenstein, Alex 321
Wanniski, Jude 218, 228, 229
War of 1812 77
Weimar Republic 237
Wells Fargo Bank 477-78
Weisbrot, Mark 229, 245, 252
Weiss, Martin 301, 421
Whalen, Chris 471
Whigs 83
White, Harry Dexter 207
Whitney, Mike 278, 290, 368, 456, 472, 478
Wiggin, Addison 321
Williams, John 426
Wilson, Woodrow 125
Working Group on Financial Markets 312, 314
World Bank 129, 207, 210, 212, 271, 437
World Constitution and Parliament Association 440
World Trade Center 119, 205
World Trade Organization (WTO) 209, 267, 270-72
World War II 207

Y
Yugoslavia 241, 242
Yunus, Mohammad 413

Z
Zarlenga, Stephen 42, 44, 53, 61, 66, 88, 89, 94, 235, 237, 355, 358, 373, 396, 397
Ziaukas, Tim 11, 17
Zimbabwe 246
Zinn, Howard 108, 130