Review of the Money Masters at http://en.wikipedia.org/wiki/The_Money_Masters_(film)
The Money Masters is a 1995 documentary, produced by attorney Patrick S. J. Carmack and directed and narrated by William
T. Still. It discusses the concepts of money, debt, and taxes, and describes their development from biblical times onward. It covers the history
of fractional-reserve banking, central banking, monetary policy, the bond market, and the Federal Reserve System in the United States. The film is widely available online.
film makers posit that the profit from issuing money is currently being used in the United States to benefit a few wealthy
individuals. It further argues that this situation should be remedied, so that the profit benefits the public good, as during
four periods in the history of the United States. Finally it presents a proposed piece of legislation, the Monetary Reform
Act, to implement such a remedy. As support, the film provides many quotations from notable figures including economists,
members of the financial
film criticises fractional-reserve
and the control aspects of both modern banking regulation and centralized
systems such as the Federal
It describes the history of money and banking,
how central banks came to be and how they operate.
film describes how the U.S.
gave the power of money creation to private banks through the Federal
and how the banks accumulate large amounts of interest using this power. It asserts that wealth is slowly being drawn into
the hands of a small banking elite at the expense of the general population. This can be seen through such events as the 1929
stock market crash
when a broker's
was issued, triggering the crash which further solidified the power of the federal reserve.
film argues that there is no publicly owned gold left in Fort
because the gold belongs to private banks as collateral against the U.S. national
The film argues that since the gold was accumulated by prohibiting its possession, the public's gold has been stolen by private
banks. The film also asserts that this gold was used as collateral against government loans used to escape the Great
and that the majority went to overseas banks who used it to fund Nazi
film also asserts that the Federal Reserve System enables private banks to force recessions
at will by refusing to offer new loans while simultaneously demanding payment on existing loans. It asserts that this power
has been used a number of times since the 1913 creation of the Federal Reserve.
film asserts that by the end of World
private banks owned and controlled much of the United States' newspaper, news magazine, and film outlets and that they achieved
this using consolidated wealth generated by fractional-reserve banking. It argues that these banks have influence over the
through their ownership and that this influence is used to prevent criticism of the financial monopoly from entering the general
film argues that placing our economy back on a gold standard will not solve the economic crisis. The scarcity
of gold means it is one of the easiest commodities to manipulate. Attempts have been made to outlaw silver, such as the Coinage
Act of 1873,
which caused outrage and was termed the crime of 1873.
way of conclusion, the film advocates a Monetary Reform Act and suggests that fractional-reserve banking and the Federal Reserve
System be abolished in favor of 100% reserve banking, also known as warehouse banking. These reserves would come from the
U.S. Treasury, which would issue non-interest generating money to repay the public debt to the banks. This would happen over
a period of one year. As the government repaid its debt, the banks would be required to hold the government's new money as
reserves and the reserve rate would slowly be increased to 100%. It is claimed that thus, there would be no inflation or imbalance
in the amount of money in circulation. The issuing of new money would then be controlled. In order to prevent inflation, issuance
would be according to population statistics. After the public debt was repaid, money that would previously have been interest
on the debt would be distributed by the government as a tax refund, leading to the abolition of the Federal
Distribution, reception, and longevity
to the producer, 50,000 units of The Money Masters were sold between 1995 and 2001.
An article containing the basic ideas presented in the documentary has appeared in Nexus
magazine in several languages.
Even 15 years after its release, the film still has considerable popularity, gaining interest from an audience first introduce
to this subject through other documentaries such as Zeitgeist.
As of February, 2010, the film ranked #18,629 of the more than 240,000 movies on DVD and tape cataloged by Amazon.com, and
it has a 4.5-star rating.
The film was aired in its entirety by PBS affiliate stations in 2002 and 2008.In a 2004 review, a VUE Weekly editor
wrote: "The fruit of Carmack and Still’s labour is The Money Masters, their notoriously lengthy but captivating 1995
documentary about the history of money and the people who have sought to control it over the past 300 years." In a 2006
critique, G. Edward Griffin stated that
he found the film worthwhile, but called William's Still's approach to monetary reform "naive." In a 2009
review, Nomi Prins writing
in Cineaste magazine
described the documentary as : "...[doing] a superb job of revealing the truth behind the Fed and the powerful global
financiers whose self-interest has dictated our banking system from the beginning. One gets the feeling that, had there been
a larger budget for this film, the rather drab and grainy production values might have been improved. But if you can get past
the low-budget style, you’ll find the content extremely compelling." (Prins has
been very critical of the banking establishment and the Federal Reserve.) In 2008,
the film was profiled in a review at the conservative WorldNetDaily news site. (http://www.wnd.com/news/article.asp?ARTICLE_ID=56677 a very positive review), As of February, 2010, the film is ranked #15 in the "Top 50 Documentaries" listed at the
Movies Found Online web site. As recently
as 2009, a review of the film was presented at an international monetary conference. ) The film has also been
cited by conservative commentators including Patrick J. Buchanan