Last updated on 2025/07/14
Pages 24-119
Check Web Of Debt Section I Summary
"The great Oz has spoken! Pay no attention to that man behind the curtain!"
"Like the Populists, Dorothy and her troop discovered that they had the power to solve their own problems and achieve their own dreams."
"In the United States, the land of abundance, all you had to do was to realize your potential and manifest it."
"Money and debt are as opposite in nature as fire and water; money extinguishes debt as water extinguishes fire."
"The issue was not what money consisted of but who created it."
"If we can not at once, in justice to interests vested under improvident legislation, make our Government what it ought to be, we can at least take a stand against all new grants of monopolies..."
"If the American people ever allow the banks to control the issuance of their currency... the banks and corporations that will grow up around them will deprive the people of all property."
"Whosoever controls the volume of money in any country is absolute master of all industry and commerce..."
"I don’t know much about the tariff, but I know this much: When we buy manufactured goods abroad we get the goods and the foreigner gets the money."
"The money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few and the Republic is destroyed."
Pages 120-215
Check Web Of Debt Section II Summary
"No matter how dreary and gray our homes are, we people of flesh and blood would rather live there than in any other country, be it ever so beautiful. There is no place like home."
"People without homes will not quarrel with their leaders."
"For progressive movements, the future does not lie with electoral politics. It lies in street warfare – protest movements and demonstrations, civil disobedience, strikes and boycotts – using all of the power consumers and workers have in direct action against the government and corporations."
"Money is simply a receipt for labor and materials, which the government could and should issue itself."
"Many leaders hinted that the government was controlled by invisible puppeteers."
"Behind the ostensible government sits enthroned an invisible government owing no allegiance and acknowledging no responsibility to the people."
"These twelve private credit monopolies were deceitfully and disloyally foisted upon this Country by the bankers who came here from Europe and repaid us our hospitality by undermining our American institutions."
"We must proceed with caution and guard every move made, for the lower order of people are already showing signs of restless commotion."
"We have come to be one of the worst ruled, one of the most completely controlled governments in the civilized world."
"This Act establishes the most gigantic trust on earth. When the President signs this bill, the invisible government by the Monetary Power will be legalized."
Pages 216-289
Check Web Of Debt Section III Summary
"Once, we were a free people, living happily in the great forest, flying from tree to tree, eating nuts and fruit, and doing just as we pleased without calling anybody master."
"The currency for the time is annihilated. Prices fall, business is suspended, debts remain unpaid, panic and distress ensue, men in active business fail, bankruptcy, ruin, and disgrace reign."
"He crossed the banking community and the International Monetary Fund when he continued to give foreign aid to Latin American countries that had failed to adopt the bankers’ policies."
"With the dollar leading international currency, it is only natural that U.S. banks should gird themselves to play the same relative role in international finance that the great British financial institutions played in the nineteenth century."
"They see our troubles as a means to get us to accept certain regimes, to open our market to foreign companies to do business without any conditions."
"When all the mice had been harnessed, they were able to pull it quite easily."
"Countries that have been lured into this trap have wound up seeking financial assistance from the IMF, which has then imposed 'austerity policies' as a condition of debt relief."
"It took time for people to arrive at the perception that what was happening was not merely a series of individual tragedies, but a broader social calamity linked to official policy."
"The issuing government has the authority to issue money in domestic currency to repay its domestic debts."
"When the collective actions of people are harnessed, they can pull off miracles."
Pages 290-349
Check Web Of Debt Section IV Summary
"We are all threatened by a fierce enemy which has lately come into this forest. It is a most tremendous monster, like a great spider." — The Wonderful Wizard of Oz
"When the government cannot service its debt, it will have to declare bankruptcy, and the economy will collapse."
"What 'de-constructed' actually means is that a political regime... have, through a long period of fraud, abuse, graft, corruption and mismanagement, effectively collapsed the economy of that country."
"The country has been intentionally plundered and will eventually wind up in the hands of its creditors."
"This will all be described as a plan to 'save America' by recapitalizing it on a sound financial footing. In fact, this process will simply shift more capital continuously from America to other continents and from the lower and middle classes to elites."
"The wealthiest 1 percent of Americans held 33.4 percent of the nation’s wealth, up from 30.1 percent in 1989."
"Personal bankruptcy filings more than doubled from 1995 to 2005."
"Debt peonage is the system prevalent in the post-Civil War South, when debtors were forced to work for their creditors." — Paul Krugman
"The push to persuade homeowners to take out home equity loans recalls the 1920s campaign to persuade people to borrow against their homes to invest in the stock market."
"The looming derivatives crisis is another phenomenon often described with weather imagery."
Pages 350-405
Check Web Of Debt Section V Summary
‘You had to find it out for yourself. Now those magic slippers will take you home in two seconds.’ – Glinda the Good Witch to Dorothy
The world transforms again when Dorothy and her companions don green-colored glasses as they enter the Emerald City.
Thinking positively was a trait of the Robber Barons themselves, who for all their mischief were a characteristically American phenomenon.
‘I have learned,’ said Henry David Thoreau, ‘that if one advances confidently in the direction of his dreams, and endeavors to live the life he has imagined, he will meet with a success unexpected in common hours.’
The greatest discovery of my generation is that a human being can alter his life by altering his attitudes of mind.
‘The only thing we have to fear is fear itself,’ he said in 1933, when the ‘enemy’ was poverty and unemployment.
Believing that financial success could be reduced to a simple formula.
The capitalist spirit of achieving one’s dreams needed to operate within an infrastructure that insured and supported a fair race.
The revolution was in the hearts and minds of the people.
We can have all the abundance we need without taxes or debt. We can have it just by eliminating the financial parasite that is draining our abundance away.
Pages 406-503
Check Web Of Debt Section VI Summary
"Those who are opposed to this proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business... I stand with Jefferson... that the issue of money is a function of the government and that the banks should go out of the governing business."
"Returning the power to create money to the government would be more equitable and more Constitutional than the current system... The private banking system can no longer be saved with a stream of accounting-entry 'reserves'..."
"A model Monetary Reform Act... would impose a 100 percent reserve requirement... These accounts could not be the basis for loans but would simply be 'a warehousing and transferring service for which fees are charged.'"
"If we the people get our boots on and start marching... Nothing will happen until we wake up, get organized, and form a plan."
"The banking system is already bankrupt. The 300-year fractional-reserve Ponzi scheme has reached its mathematical end-point."
"The 'money of the Constitution' was money created by the people rather than the banks."
"If the Federal Reserve... had been vested with the exclusive authority to create the national money supply... the government would have access to enough money to spend on anything it needed or wanted."
"The issue of money could be transformed from a vice for wringing the lifeblood out of a nation of sharecroppers into a bell for ringing in the millennial abundance envisioned by our forefathers."
"Rather than propping up a bankrupt banking system, Congress could and should put insolvent banks into receivership, claim them as public assets, and operate them..."
"The magic of the government spending its own debt-free Greenback dollars could eliminate income taxes and the federal debt while expanding services it provides."