Billions for the Bankers – Debts for the People

The Real Story of the
Money-Control Over America

This study on money is not copyrighted. It may be
reproduced in whole or in part for the purpose of helping the American people.

“If the American people
ever allow private banks to control the issue of their money, first by
inflation and then by deflation, the banks and corporations that will grow up
around them (around the banks), will deprive the people of their property until
their children will wake up homeless on the continent their fathers conquered.”
Thomas Jefferson

Americans, living in what is called the richest
nation on earth, seem always to be short of money. Wives are working in
unprecedented numbers, husbands hope for overtime hours to earn more, or take
part-time jobs evenings and weekends, children look for odd jobs for spending
money, the family debt climbs higher, and psychologists say one of the biggest
causes of family quarrels and breakups is “arguments over money.”
Much of this trouble can be traced to our present “debt-money”
system. Too few Americans realize why Christian Statesmen wrote into Article I
of the U.S. Constitution: Congress shall have the Power to Coin Money and
Regulate the Value Thereof.

They did this, as we will show, in prayerful hope
it would prevent “love of money” from destroying the Republic they
had founded. We shall see how subversion of Article I has brought on us the
“evil” of which God’s Word had warned.


Economists use the term “create” when speaking of the process by
which money comes into existence. Now, creation means making something that did
not exist before. Lumbermen make boards from trees, workers build houses from
lumber, and factories manufacture automobiles from metal, glass and other
materials. But in all these they did not “create,” they only changed
existing materials into a more usable and, therefore, more valuable form. This
is not so with money. Here, and here alone, man actually “creates”
something out of nothing. A piece of paper of little value is printed so that
it is worth a piece of lumber. With different figures it can buy the automobile
or even the house. Its value has been “created” in the true meaning
of the word.


As is seen by the above, money is very cheap to make, and whoever does the
“creating” of money in a nation can make a tremendous profit!
Builders work hard to make a profit of 5% above their cost to build a house.

Auto makers sell their cars for 1% to 2% above the
cost of manufacture and it is considered good business. But money
“manufacturers” have no limit on their profits, since s few cents
will print a $1 bill or a $10,000 bill.

That profit is part of our story, but first let us
consider another unique characteristic of the thing – money, the love of which
is the “root of all evil.”


An adequate supply of money is indispensable to civilized society. We could
forego many other things, but without money industry would grind to a halt,
farms would become only self-sustaining units, surplus food would disappear,
jobs requiring the work of more than one man or one family would remain undone,
shipping, and large movements of goods would cease, hungry people would plunder
and kill to remain alive, and all government except family or tribe would cease
to function.

An overstatement, you say? Not at all. Money is
the blood of civilized society, the means of all commercial trade except simple
barter. It is the measure and the instrument by which one product is sold and
another purchased. Remove money or even reduce the supply below that which is
necessary to carry on current levels of trade, and the results are
catastrophic. For an example, we need only look at America’s Depression of the early


In 1930 America
did not lack industrial capacity, fertile-farm land, skilled and willing
workers or industrious farm families. It had an extensive and highly efficient
transportation system in railroads, road networks, and inland and ocean
waterways. Communications between regions and localities were the best in the
world, utilizing telephone, teletype, radio, and a well-operated government
mail system. No war had ravaged the cities or the countryside, no pestilence
weakened the population, nor had famine stalked the land. The United States of America
in 1930 lacked only one thing: an adequate supply of money to carry on trade
and commerce. In the early 1930’s, Bankers, the only source of new money and
credit, deliberately refused loans to industries, stores and farms.

Payments on existing loans were required however,
and money rapidly disappeared from circulation. Goods were available to be
purchased, jobs waiting to be done, but the lack of money brought the nation to
a standstill. By this simple ploy America was put in a
“depression” and the greedy Bankers took possession of hundreds of
thousands of farms, homes, and business properties. The people were told,
“times are hard,” and “money is short.” Not understanding
the system, they were cruelly robbed of their earnings, their savings, and
their property.


World War II ended the “depression.” The same Bankers who in the
early 30’s had no loans for peacetime houses, food and clothing, suddenly had
unlimited billions to lend for Army barracks, K-rations and uniforms! A nation
that in 1934 couldn’t produce food for sale, suddenly could produce bombs to
send free to Germany and Japan! (More on
this riddle later.)

With the sudden increase in money, people were
hired, farms sold their produce, factories went to two shifts, mines re-opened,
and “The Great Depression” was over! Some politicians were blamed for
it and others took credit for ending it. The truth is the lack of money (caused
by the Bankers) brought on the depression, and adequate money ended it. The
people were never told that simple truth and in this article we will endeavor
to show how these same Bankers who control our money and credit have used their
control to plunder America
and place us in bondage.


When we can see the disastrous results of an artificially created shortage of
money, we can better understand why out Founding Fathers, who understood both
money and God’s Laws, insisted on placing the power to “create” money
and the power to control it ONLY in the hands of the Federal Congress. They
believed that ALL citizens should share in the profits of its
“creation” and therefore the national government must be the ONLY
creator of money. They further believed that ALL citizens, of whatever State or
Territory, or station in life would benefit by an adequate and stable currency
and therefore, the national government must also be, by law, the ONLY
controller of the value of money.

Since the Federal Congress was the only legislative
body subject to all the citizens at the ballot box, it was, to their minds, the
only safe depository of so much profit and so much power. They wrote it out in
the simple, but all-inclusive: “Congress shall have the Power to Coin
Money and Regulate the Value Thereof.”


Instead of the Constitutional method of creating our money and putting it into
circulation, we now have an entirely unconstitutional system. This has resulted
in almost disastrous conditions, as we shall see.

Since our money was handled both legally and
illegally before 1913, we shall consider only the years following 1913, since
from that year on, ALL of our money has been created and issued by an illegal method
that will eventually destroy the United States if it is not changed.
Prior to 1913, America
was a prosperous, powerful, and growing nation, at peace with its neighbors and
the envy of the world. But – in December of 1913, Congress, with many members
away for the Christmas holidays, passed what has since been known as the
FEDERAL RESERVE ACT. (For the full story of how this infamous legislation was
forced through our Congress, read Conquest or Consent, by W. B. Vennard).
Omitting the burdensome details, it simply authorized the establishment of a
Federal Reserve Corporation, with a Board of Directors (The Federal Reserve
Board) to run it, and the United
States was divided into 12 Federal Reserve

This simple, but terrible, law completely removed
from Congress the right to “create” money or to have any control over
its “creation,” and gave that function to the Federal Reserve
Corporation. This was done with appropriate fanfare and propaganda that this
would “remove money from politics” (they didn’t say “and
therefore from the people’s control”) and prevent “Boom and
Bust” from hurting our citizens. The people were not told then, and most
still do not know today, that the Federal Reserve Corporation is a private
corporation controlled by bankers and therefore is operated for the financial
gain of the bankers over the people rather than for the good of the people. The
word “Federal” was used only to deceive the people.


Since that “day of infamy,” more disastrous to us than Pearl Harbor, the small group of “privileged”
people who lend us “our” money have accrued to themselves all of the
profits of printing our money’ – and more! Since 1913 they have
“created” tens of billions of dollars in money and credit, which, as
their own personal property, they then lend to our government and our people at
interest. “The rich get richer and the poor get poorer” had become
the secret policy of our National Government. An example of the process of
“creation” and its conversion to people’s “debt” will aid
our understanding.


We shall start with the need for money. The Federal Government, having spent
more than it has taken from its citizens in taxes, needs, for the sake of illustration,
$1,000,000,000. Since it does not have the money, and Congress has given away
its authority to “create” it, the Government must go the
“creators” for the $1 billion. But, the Federal Reserve, a private
corporation, doesn’t just give its money away! The Bankers are willing to
deliver $1,000,000,000 in money or credit to the Federal Government in exchange
for the Government’s agreement to pay it back – with interest! So Congress
authorizes the Treasury Department to print $1,000,000,000 in U.S. Bonds, which
are then delivered to the Federal Reserve Bankers.

The Federal Reserve then pays the cost of printing
the $1,000,000,000 (about $1,000) and makes the exchange. The Government then
uses the money to pay its obligations. What are the results of this fantastic
transaction? Well, $1 billion in Government bills are paid all right, but the
Government has now indebted the people to the Bankers for $1 billion on which
the people must pay interest! Tens of thousands of such transactions have taken
place since 1913 so that by the 1980’s, the U.S. Government is indebted to the
Bankers for over $1,000,000,000,000 (trillion) on which the people pay over
$100 billion a year in interest alone with no hope of ever paying off the
principal. Supposedly our children and following generations will pay forever
and forever!




In 1910 the U.S. Federal debt was only $1 billion, or $12.40 per citizen. State
and local debts were practically non-existent.

By 1920, after only 6 years of Federal Reserve
shenanigans, the Federal debt had jumped to $24 billion, or $226 per person.

In 1960 the Federal debt reached $284 billion, or
$1,575 per citizen and State and local debts were mushrooming.

By 1981 the Federal debt passed $1 trillion and
was growing exponentially as the Banker’s tripled the interest rates. State and
local debts are now MORE than the Federal, and with business and personal debts
totaled over $6 trillion, 3 times the value of all land and buildings in America.

If we signed over to the money-leaders all of America we would still owe them 2 more Americas (plus
their usury, of course!)


Imagine yourself in a poker or dice game where
everyone must buy the chips (the medium of exchange) from a “banker”
who does not risk chips in the game, but watches the table and every hour
reaches in and takes 10% to 15% of all the chips on the table. As the game goes
on, the amount of chips in the possession of each player will go up and down
with his “luck.”

However, the TOTAL number of chips available to
play the game (carry on trade and business) will decrease rapidly.

The game will get low on chips, and some will run
out. If they want to continue to play, they must buy or borrow them from the
“banker.” The “banker” will sell (lend) them ONLY if the
player signs a “mortgage” agreeing to give the “banker”
some real property (car, home, farm, business, etc.) if he cannot make periodic
payments to pay back all of the chips plus some EXTRA ones (interest). The
payments must be made on time, whether he wins (makes a profit) or not.

It is easy to see that no matter how skillfully
they play, eventually the “banker” will end up with all of his
original chips back, and except for the very best players, the rest, if they
stay in long enough, will lose to the “banker” their homes, their
farms, their businesses, perhaps even their cars, watches, rings, and the
shirts off their backs!

Our real-life situation is MUCH WORSE than any
poker game. In a poker game none is forced to go into debt, and anyone can quit
at any time and keep whatever he still has. But in real life, even if we borrow
little ourselves from the Bankers, the local, State, and Federal governments
borrow billions in our name, squander it, then confiscate our earnings from us
and pay it back to the Bankers with interest. We are forced to play the game, and
none can leave except by death. We pay as long as we live, and our children pay
after we die. If we cannot pay, the same government sends the police to take
our property and give it to the Bankers. The Bankers risk nothing in the game;
they just collect their percentage and “win it all.” In Las Vegas and at other
gambling centers, all games are “rigged” to pay the owner a
percentage, and they rake in millions. The Federal Reserve Bankers’
“game” is also rigged, and it pays off in billions!

In recent years Bankers added real
“cards” to their ‘game. “Credit” cards are promoted as a
convenience and a great boon to trade. Actually, they are ingenious devices by
which Bankers collect 2% to 5% of every retail sale from the seller and 18%
interest from buyers. A real “stacked” deck!


Democrat, Republican, and Independent voters who have wondered why politicians
always spend more tax money than they take in should now see the reason. When
they begin to study our “debt-money” system, they soon realize that
these politicians are not the agents of the people but are the agents of the
Bankers, for whom they plan ways to place the people further-in debt. It takes
only a little imagination to see that if Congress had been “creating,”
and spending or issuing into circulation the necessary increase in the money
supply, THERE WOULD BE NO NATIONAL DEBT, and the over $4 Trillion of other
debts would be practically non-existent. Since there would be no ORIGINAL cost
of money except printing, and no CONTINUING costs such as interest, Federal
taxes would be almost nil. Money, once in circulation, would remain their and
go on serving its purpose as a medium of exchange for generation after
generation and century after century, just as coins do now, with NO payments to
the Bankers whatever!



Let’s now consider the correct method of providing the
money (medium of exchange) needed by our people.



If we would have used the Constitutional way of “creating” the money
needed in the nation, the Federal Congress would spend most of its time and
study on the issuance and control of an adequate supply of stable money for the
people. If an increase of population and production required an increase in the
medium of exchange, Congress would authorize the “coining,” (i.e.,
printing) of the determined amount. Some could be used to pay current
legitimate expenses of the Federal Government, with the balance paid directly
to the citizens. Records for payment would be similar to Social Security
records, except a citizen would be recorded at birth, instead of when he first
goes to work. Each person on the records as of the date of the Congressional
authorization would receive an equal amount just as if he were a stockholder
holding one’ share. Just think – a payment of only $20 to each citizen would
put $4 billion of debt-free and interest-free money into circulation.


Such a suggestion always scares
the Bankers. Their propagandists will immediately cry, “printing press
money.” and warn that it would soon be “worthless” and would
“cause inflation.”


The truth is their immense usury
chases on their “created” credit (our debt) is the sole cause of
“inflation.” All prices on all industry, trade and labor must be raised
periodically to pay the ever increasing usury charges. That is the ONLY cause
of higher prices, and the money-changers spend millions in propaganda to keep
you from realizing that.

The money-creators (Bankers) know
that if we ever tried a Constitutional issue of debt-free, interest-free
currency, even a limited issue, the benefits would be apparent .immediately.
That they must prevent. Abraham Lincoln was the last President to issue such
debt-free and interest-free currency (in 1863) and he was assassinated shortly



Under a Constitutional system no private banks would exist to rob the people.
Government banks under the control of the people’s representatives would issue
and control all money and credit. They would issue not only actual currency.
but could lend limited credit at no interest for the purchase of capital goods,
such as homes. A $60,000 loan would require only $60,000 repayment, not
$255,931 as it is now. Everyone who supplied materials and labor for the home
would get paid just as they do today, but the Bankers would NOT get $195,931 in

History tells us of debt-free and interest-free money issued
by governments. The American colonies did it in the 1700’s and their wealth
soon rivaled England
and brought restrictions from Parliament, which led to the Revolutionary War.
Abraham Lincoln did it in 1863 to help finance the Civil War. He was later
assassinated by an agent of the Rothschild Bank. No debt-free or interest-free
money has been issued in America
since then. Several Arab nations issue interest-free loans to their citizens
today. The Saracen Empire for bad interest on money for 1,000 years, and its
wealth outshone even Saxon Europe. Mandarin China
issued its own money, interest-free and debt-free, and historians and
collectors of art today consider those centuries to be China’s
time of greatest wealth, culture and peace.


Germany issued debt-free and interest-free money from 1935 and on,
accounting for its startling rise from the depression to a world power in 5
years. Germany
financed its entire government and war operation from 1935 to 1945 without gold
and without debt, and it took the whole Capitalist and Communist world to
destroy the German power over Europe and bring Europe
back under the heel of the Bankers. Such history of money does not even appear
in the textbooks of public (government) schools today.




If the Federal Congress failed to act, or acted wrongly, in the supply of
money, the citizens would use the ballot or recall petition to replace those
who prevented correct action with others whom the people believe would pursue a
better money policy. Since the creation of money and its issuance in sufficient
quantity would be one of the few functions of Congress, the voter could decide
on a candidate by his stand on money, instead of the hundreds of lesser, and
deliberately confusing, subjects which are presented to us today. And since
money is, and would remain, a national function, local differences or local
factions would not be able to sway the people from the nation’s (citizens’)
interest. All other problems, except the nation’s defense, would be taken care
of in the State, County, or City governments where they are best handled and
most easily corrected.

An adequate national defense would
be provided by the same citizen-controlled Congress, and there would be no
Bankers behind the scenes, bribing politicians to give $200 billion of American
military equipment to other nations, disarming us, while alien nations prepare
to attack and invade the United
States of America.


With debt-free and interest-free money, there would be no high and confiscatory
taxation, our homes would be mortgage free with no $10,000-a-year payments to
the Bankers, nor would they get $1,000 to $2,500 per year from every automobile
on our roads. We would need no “easy payment” plans, “revolving”
charge accounts, loans to pay medical or hospital bills, loans to pay taxes,
loans to pay for burials, loans to pay loans, nor any of the thousand and one
usury-bearing loans which now suck the life-blood of American families. There
would be no unemployment, divorces caused by debt, destitute old people, or
mounting crime, and even the so-called “deprived” classes would be
deprived of neither job nor money to buy the necessities of life. 

A debt-free America
would mean mothers would not have to work. With mother at home, juvenile
delinquency would decrease rapidly. The elimination of the usury and debt would
be the equivalent of a 50% raise in the purchasing power of every worker. With
this cancellation of all debts, the return to the people of all the property and
wealth the parasitic Bankers and their quasi-legal agents have stolen by usury
and fraud, and the ending of their theft of $300 Billion (or more) every year
from the people, America would be prosperous and powerful beyond the wildest
dreams of its citizens today. And we would be at peace! (For a Bible example of
cancellation of debts to money lenders and restoration of property and money to
the people, read Nehemiah 5: 1-13.)


We realize this small, and necessarily incomplete, article on money may be
charged with oversimplification. Some may say that if it is that simple the
people would have known about it, and it could not have happened. But this
MONEY-LENDERS’ consPIRACY is as old as Babylon,
and even in America
it dates far back before the year 1913. Actually, 1913 may be considered the
year in which their previous plans came to fruition, and the way opened for
complete economic conquest of our people. 


The Federal Reserve has never been audited by the government since it took over
our money and credit in 1913. In 1975 a bill, H.R. 4316, to require an audit
was introduced in Congress. During the April, 1975 hearings, this author
submitted a statement favoring the audit, as did many others. Due to pressure
from the money controllers, it was not passed. No audit of the Fed has ever
been made.


Why haven’t they told you about this scandal – the greatest fraud in history
which has caused Americans and others to spill oceans of blood, pay trillions
of dollars interest on fraudulent loans and burden themselves with unnecessary





system of banking is a blot left in all our Constitutions, which, if not
covered, will end in their destruction.  I sincerely believe that banking
institutions are more dangerous than standing armies; and that the principle of
spending money to be paid by posterity… is but swindling futurity on a large



controls the volume of money in any country is absolute master of all industry
and commerce”.



Federal Reserve Banks are one of the most corrupt institutions the world has
ever seen.  There is not a man within the sound of my voice who does not
know that this Nation is run by the International Bankers”.



boasting of our noble deeds we’re careful to conceal the ugly fact that by an
iniquitous money system we have nationalized a system of oppression which,
though more refined, is not less cruel than the old system of chattel slavery”.



who will not turn a shovel full of dirt on the project (Muscle Shoals Dam) nor
contribute a pound of material, will collect more money from the United States
than will the People who supply all the material and do all the work.
This is the terrible thing about interest… but here is the point: If
the Nation can issue a dollar bond it can issue a dollar bill.  The
element that makes the bond good makes the bill good also.  The difference
between the bond and the bill is that the bond lets the money broker collect
twice the amount of the bond and an additional 20%.  Whereas the currency,
the honest sort, provided by the Constitution pays nobody but those who
contribute in some useful way.  It is absurd to say our Country can issue
bonds and cannot issue currency.  Both are promises to pay, but one
fattens the usurer and the other helps the People.  If the currency issued
by the People were no good, then the bonds would be no good, either.  It
is a terrible situation when the Government, to insure the National Wealth,
must go in debt and submit to ruinous interest charges at the hands of men who
control the fictitious value of gold. Interest is the invention of Satan”.



great industrial Nation is controlled by its system of credit.  Our system
of credit is concentrated.

growth of the Nation and all our activities are in the hands of a few men.
We have come to be one of the worst ruled, one of the most completely
controlled and dominated Governments in the world – no longer a Government of
free opinion no longer a Government by conviction and vote of the majority, but
a Government by the opinion and duress of small groups of dominant
men”.  Just before he died, Wilson
is reported to have stated to friends that he had been “deceived” and
that “I have betrayed my Country”.

was referring to the Federal Reserve Act passed during his Presidency. 



of the Bank of England in the 1920’s, the second richest man in Britain>>:
“Banking was conceived in iniquity and was born in sin.  The Bankers
own the earth.  Take it away from them, but leave them the power to create
deposits, and with the flick of the pen they will create enough deposits to buy
it back again.  However, take it away from them, and all the great
fortunes like mine will disappear and they ought to disappear, for this would
be a happier and better world to live in.  But, if you wish to remain the
slaves of Bankers and pay the cost of your own slavery, let them continue to
create deposits”.



modern Banking system manufactures money out of nothing.  The process is
perhaps the most astounding piece of sleight of hand that was ever invented.
Banks can in fact inflate, mint and unmint the modern ledger-entry currency”.



Secretary of the British Treasury>>: “Banks lend by creating credit.
They create the means of payment out of nothing”.



Manager of Federal Reserve Bank, Atlanta, GA>>:
“This is a staggering thought.  We are completely dependent on the
commercial Banks.  Someone has to borrow every dollar we have in
circulation, cash or credit.  If the Banks create ample synthetic money we
are prosperous; if not, we starve.  We are absolutely without a permanent
money system.  When one gets a complete grasp of the picture, the tragic
absurdity of our hopeless position is almost incredible, but there it is.
It is the most important subject intelligent persons can investigate and
reflect upon.  It is so important that our present civilization may
collapse unless it becomes widely understood and the defects remedied
very soon”.


Billions for the Bankers – Debts for the People

The Real Story of the Money-Control Over America

by Sheldon Emery 



One thought on “Billions for the Bankers – Debts for the People

  1. "If the American people
    ever allow private banks to control the issue of their money, first by
    inflation and then by deflation, the banks and corporations that will grow up
    around them (around the banks), will deprive the people of their property until
    their children will wake up homeless on the continent their fathers conquered."
    Thomas Jefferson

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