Web of Debt The Shocking Truth about Our Money System

Jul 8, 2026

A revised and expanded third-edition book examining how the U.S. money system and federal debt are shaped by banking institutions, monetary policy, and historical episodes of financial control. Through a structured sequence of chapters—from gold and early paper money to the Federal Reserve, taxation, depressions, and modern derivatives—the text argues that debt mechanisms can entangle societies globally. It also explores strategies for regaining monetary power, including community currencies and debates around gold and greenbacks.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages545

Reading Time22 h 53 min

Acknowledgments

Foreword

Introduction: Captured by the Debt Spider

The Yellow Brick Road: From Gold to Federal Reserve Notes

Lessons from The Wizard of Oz

Behind the Curtain: The Federal Reserve and the Federal Debt

The Bankers Capture the Money Machine

The Secret Government

The Jekyll Island Affair and the Federal Reserve Act of 1913

Enslaved by Debt: The Bankers’ Net Spreads Over the Globe

Goodbye Yellow Brick Road: From Gold Reserves to Petrodollars

Another Look at the Inflation Humbug

The Debt Spider Captures America

Debt Serfdom for American Workers

The Derivatives Crisis

The Magic Slippers: Taking Back the Money Power

The Community Currency Movement

WEB OF DEBT The Shocking Truth About Our Money System and How We Can Break Free Third Edition Revised and Expanded ELLEN HODGSON BROWN, J.D. Third Millennium Press Baton Rouge, Louisiana Copyright © 2007, 2008 Ellen Hodgson Brown All rights reserved. No part of this book maybe reproduced or transmitted in any form or by means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the publisher. First edition July 2007 ISBN 978-0-9795608-0-4 Second edition revised and updated February 2008 ISBN 978-0-9795608-1-1 Third edition revised and expanded March 2008 ISBN 978-0-9795608-2-8 Cover art by David Dees Library of Congress Control Number 2008900963 Includes bibliographic references, glossary and index. Subject headings: Banks and banking – United States. Debt – United States. Developing countries – Economic policy. Federal Reserve banks – History. Financial crises — United States. Imperialism – History – 20th century. Greenbacks — History. Monetary policy. Money – History. United States — Economic policy. Published by Third Millennium Press Baton Rouge, Louisiana [www.webofdebt.com](www.webofdebt.com) 800-891-0390 Printed in Malaysia ISBN 978-0-9795608-2-8 ii CONTENTS Acknowledgments ............................................................................... ix FOREWORD by Reed Simpson, Banker and Developer.............. xi INTRODUCTION: Captured by the Debt Spider ....................... 1 Section I THE YELLOW BRICK ROAD: FROM GOLD TO FEDERAL RESERVE NOTES ....... 9 Chapter 1 Lessons from The Wizard of Oz...................................... 11 2 Behind the Curtain: The Federal Reserve and the Federal Debt ............................................................. 23 3 Experiments in Utopia: Colonial Paper Money as Legal Tender ...................................................................... 35 4 How the Government Was Persuaded to Borrow Its Own Money ...................................................................... 47 5 From Matriarchies of Abundance to Patriarchies of Debt ............................................................... 57 6 Pulling the Strings of the King: The Moneylenders Take England ....................................... 65 7 While Congress Dozes in the Poppy Fields: Jefferson and Jackson Sound the Alarm .......................... 75 8 Scarecrow with a Brain: Lincoln Foils the Bankers ..................................................... 83 9 Lincoln Loses the Battle with the Masters of European Finance ............................................................. 91 10 The Great Humbug: The Gold Standard and the Straw Man of Inflation .......................................... 97 iii Section II THE BANKERS CAPTURE THE MONEY MACHINE........................................ 105 11 No Place Like Home: Fighting for the Family Farm ........................................ 107 12 Talking Heads and Invisible Hands: The Secret Government ..................................................... 115 13 Witches’ Coven: The Jekyll Island Affair and the Federal Reserve Act of 1913 .............................. 123 14 Harnessing the Lion: The Federal Income Tax ............. 133 15 Reaping the Whirlwind: The Great Depression ........... 141 16 Oiling the Rusted Joints of the Economy: Roosevelt, Keynes and the New Deal ............................. 151 17 Wright Patman Exposes the Money Machine .............. 161 18 A Look Inside the Fed’s Playbook: “Modern Money Mechanics”........................................... 171 19 Bear Raids and Short Sales: Devouring Capital Markets .............................................. 181 20 Hedge Funds and Derivatives: A Horse of a Different Color ............................................ 191 Section III ENSLAVED BY DEBT: THE BANKERS’ NET SPREADS OVER THE GLOBE ..........

FAQs

What is the core argument about how the money system relates to debt?

The book presents the debt mechanism as a system that captures individuals and nations through monetary structures, borrowing incentives, and financial tools, with institutions playing a central role in shaping outcomes.

Which key historical developments are used to explain the shift from gold to modern monetary arrangements?

The table of contents highlights a progression from gold to Federal Reserve notes, including early colonial paper money as legal tender and the persuasive steps leading the government to borrow through these systems.

What approach does the book propose for taking back money power?

It emphasizes solutions such as community currencies that operate in parallel to sidestep the debt web, alongside discussions and debates around the role of gold and greenbacks.

Jul 8, 2026

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