Billions for the Bankers 5: Debt-Free Money

Part five of a series: Billions for the Bankers, Debts for the People: The Real Story of the Money-Control Over America by Sheldon Emry, this section deals with the fact that money is a social construct, and that we can constitutionally provide the medium of exchange (money) needed by our people, debt-free money, by bypassing the bankers.


interest free money

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 in 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 Money Masters – Full

THE MONEY MASTERS is a historical documentary that traces the origins of the political power structure. The modern political power structure has its roots in the hidden manipulation and accumulation of gold and other forms of money. The development of fractional reserve banking practices in the 17th century brought to a cunning sophistication the secret techniques initially used by goldsmiths fraudulently to accumulate wealth. With the formation of the privately-owned Bank of England in 1694, the yoke of economic slavery to a privately-owned “central” bank was first forced upon the backs of an entire nation, not removed but only made heavier with the passing of the three centuries to our day. Nation after nation has fallen prey to this cabal of international central bankers.


The truth is that their immense usury charges on their “created” credit (our debt) is the sole cause of “inflation”. All price 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 amount, the benefits would be apparent immediately. That they must prevent. Abraham Lincoln was the last president to issue such a debt-free and interest-free currency (in 1863) and he was assassinated shortly thereafter.


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 only require only $60,000 repayment, not $225,931 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 usury. AND THAT IS WHY THEY RIDICULE AND DESTROY ANYONE SUGGESTING GOVERNMENT (CITIZENS’) MONEY WITHOUT INTEREST AND WITHOUT DEBT.

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 rivalled 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 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.

Issuing money which doesn’t have to be paid back in interest leaves the money available to use in the exchange of goods and services and its only continuing cost is replacement as the paper wears out. Money is the paper ticket by which such transfers are made and should always be in sufficient quantity to transfer all possible production of the nation to ultimate consumers.

It is as ridiculous for a nation to say to its citizens, “You must consume less because we are short of money,” as it would be for an Airline to say “Our planes are flying, but we can’t take you because we are short of tickets.”


Money, issued in such a way, would derive its value in exchange from the fact that it had to come from the highest legal source in the nation, and would be declared to be legal to pay all public and private debts. Issued by a sovereign nation, not in danger of collapse, it would need no gold or silver or other so-called “precious” metals to back it. As history shows, the stability and responsibility of the government issuing it is the deciding factor in the acceptance of that government’s currency — not gold, silver or iron buried in some hole in the ground. Proof is America’s currency today. Our gold and silver are practically gone, but our currency is accepted. But if the government was about to collapse, our currency would be worthless. Also, money issued through the people’s legitimate government would not be under control of a privately owned corporation whose individual owners benefit by causing the money amount to fluctuate and the people to go into debt.


Under the present debt-usury system, the extra burden of usury forces workers and businesses to demand more money for the work and goods to pay their ever-increasing debts and taxes. This increase in prices and wages is called “inflation.” Bankers, politicians and “economists” blame it on everything but the real cause, which is the usury levied on money and debt by the Bankers. This “inflation” benefits the money-lenders, since it wipes out savings of one generation so they cannot finance or help the next generation, who must then borrow from the money-lenders, and pay a large part of their life’s labor to the usurer.

With an adequate supply of interest-free money, little borrowing would be required and prices would be established by people and goods, not by debts and usury.

wealth without debt


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.
For more on this vital topic, check out these links:

DebtFree United States Notes Were Once Issued Under JFK And

Most Americans have no idea that the U.S. government once issued debtfree money directly into circulation. America once thrived under a debtfree monetary.

Publish Date: 12/18/2011 20:22


The End of Capitalism As We Know It | Positive Money

You won’t hear this from orthodox economists and commentators for they do not take account of the way that money creation distorts the operation of the “free” economy. And they do not appreciate why The usual reason given for the bank’s refusal is that they are worried they won’t get paid back. The real reason is that they …. In what other circumstance could democratically elected Prime Ministers be superseded by anonymous BANKERS virtually overnight! [Reply]

Publish Date: 12/05/2011 6:01


Europe’s Transition From Social Democracy to Oligarchy « A

The reason for this disparity is that they lack a “public option” in money creation. Having a Federal Reserve Bank or Bank of England that can print the money to pay interest or roll over existing debts is what makes the United

Publish Date: 12/17/2011 22:05


Creating New Money: A Monetary Reform for the Information Age

Creating New Money: A Monetary Reform for the Information Age is a book written by James Robertson and Joseph Huber launched by the New Economics Foundation in 2000. It reflects the values of a democratic civil society and the need for economic and financial stability. However, we must never forget that “you can lead a horse to water, but you cannot make it drink”, so follow-up emails should be sent, to enquire as to whether or not they have read it. [Reply]

Publish Date: 12/15/2011 8:46


Could the money system be the basis of a sufficiency economy

In my book The Future of Money* I argue that the money system could be a possible mechanism for achieving a socially just, democratically administered, sufficiency economy – an economy that can meet people’s material needs to the

Publish Date: 12/24/2010 2:00


More on Money and Social Possibilities «

In his interpretation of money as a promise, he notes that this would make the basis of fiat money the government’s promise to extinguish tax liabilities. He does not, however, …. Nevertheless, I think there will be a hierarchy in terms of how restrictive constraints are under different monetary systems for as long as those systems remain in place, and also a hierarchy in terms of how difficult (or costly) it is to relax or abandon the self-imposed constraints. For example, the

Publish Date: 12/18/2011 5:43

The President: “What is Constitutional Money?” with Edwin Vieira

Rep. Ron Paul sponsored this Congressional lecture on “What is Constitutional Money?”, part two of a three part series on the basic principles of money for Congressional staff. As a continuing educational tool this lecture was

Publish Date: 11/30/2011 23:06