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Weekend Watching: The Secret of Oz by Bill Still now FREE on YouTube!

The best, well-researched film on the history of money. A must see!


What's going on with the world's economy? Foreclosures are everywhere, unemployment is skyrocketing - and this may only be the beginning. Could it be that solutions to the world's economic problems could have been embedded in the most beloved children's story of all time, "The Wonderful Wizard of Oz"? The yellow brick, the emerald city of Oz, even Dorothy's silver slippers (changed to ruby slippers for the movie version) were powerful symbols of author L. Frank Baum's belief that the people - not the big banks -- should control the quantity of a nation's money. The bottom line: No More National Debt. All our money is created out of debt. But nations don't have to borrow money from banks. Sovereign nations can create their own money -- debt free -- just as Abraham Lincoln did.

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If the market is left free,

If the market is left free, it will determine what money is.

Republicae's picture

Incorrect! In order to have

Incorrect! In order to have the force of decree for a non-asset backed currency the use of income tax is one of the primary instruments of government to back the coercion of the people to use the currency. It would not be a voluntary monetary system based upon the very thing that makes money money, that is a universal voluntary action that recognizes the constant utility of money based upon the purchase value of that currency. Whether there was a direct or indirect issuance of fiat currency there would still be a taxation system used to back it up, to maintain the force of use and, as with all fiat monetary systems, a degree of social control and political power. The government cannot be trusted with the issuance of money anymore than the banks, probably less so since banks, at least until the advent of the nationalized banking system, had much to lose if they were not responsible to their depositors and shareholders. When government intervenes into any business, but in particular the banking business, there is always a factor of patronage from government to the industry in question. What the government did with banking is provide a quasi-monopoly of a what amounts to a government sponsored corporate structure. Think East India Company and you will get the idea.

The government would still borrow under the system proposed by Bill Still, there would still be the obligation of debt associated with government borrowing since the government is a non-productive institution that cannot create wealth, generate prosperity nor can it provide any type of fiat monetary system that operates better than a commodity monetary system within a free market. All government intervention into monetary policy has always, without exception, ended with a redistribution of the wealth of the people from the fruits of their labors into government coffers. The reason the Framers of the Constitution sought to limit the ability of government to gold and silver was because of the natural restraint that gold and silver placed upon borrowing and spending. It is not that other things, such as paper cannot be used as money, they were aware of that fact, but that gold and silver, due to the constraints of supply and the relatively consistent valuation, would prevent the growth of government beyond Constitutional measure.

Additionally, the primary beneficiary of interest on the issuance and trade of Treasuries is our own government, most of the interest paid on government securities are, after overhead is paid to the FED, repaid to the Treasury. Besides, the entire system of the market in securities is two-sided, it has buyers and sellers, both of whom reap the benefits of the various movements in the market. It is not, as you seem to think, simply a case of the FED lending money to the government, it does not in the strictest sense, there is a market for government Treasury Bonds/Bills, etc. So who are those criminals you speak of...they are retirement funds, mutual funds, private investors, countries and others who trade in these securities, not simply the banks or the banking system. To be sure the banking system does reap substantial profits from the trading of these securities, but the primary beneficiary is our own government. The FED is simply the vehicle that this government uses to push its Treasuries on the open market.

Now, you say that the currency, printed by the government should be backed by several types of assets, yet that is not what Bill Still proposes, he proposes yet another fiat system, without explanation of the mechanics behind it, to replace the one he says he is against, but the question of the mechanism that would provide such a fiat currency the imputation of value escapes Mr. Still, as it escapes most who promote a so-called non-interest bearing fiat currency. All fiat currency, as I said is a liability because it has no asset value to it, thus some asset imputation of value must be attached in some way to it otherwise it is nothing that anyone would recognize as a valuable means of exchange on any market. The reason that debt has been organized into currency under this present fiat regime is that it is, and has for generations, been seen as marketable. Someone is always willing to hold a debt for a price of return even if holding such debt is risky.

It is a bit more complex than that simplified version, but it is getting late and this old man is past his bedtime.


"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

There is ONLY ONE reason to change to a NEW system.

The current system has been used and abused to the maximum. It's debts can be absorbed into a NEW system. LOOKs GOOD, a confidence builder. The abusers NOW need to get to use and abuse a NEW system untill it is maxed out. They can perpetuate their control. Thus we move from American economic Power to International economic Power, to keep themselves in power and controlling their failing ideals. Perpetual anti-christ untill the END of Days, for their power. They LOVE Wealth more than they LOVE GOD and other people, people, who GOD Loves, like Blessed are the poor in spirit, blessed are they that mourn, blessed are the meek, blessed are they who hunger and thrist after rightiousness, blessed are the mercifull, blessed are the pure in heart, blessed are the peacemakers, blessed are they who are persecuted, blessed are they who are reviled.
These types of people represent GOD's own charachter.
A charachter the World hates, because this charachter sheds light on darkness.

Let there be "light" and there was light.

God loves these kinds of people. They shall inherit the EARTH as prophesyed.


makes me think, which means it's good stuff.

What does Republicae think about it all? I'd like to see him do a review on it!

Napolitano: "We need Ron Paul now!"

Republicae's picture

Does not anyone find it

Does not anyone find it strange that those like Bill Still tout the Lincoln Greenback System as one of preeminent esteem? It was nothing more than essentially a Corporatist System with very little difference from what we have been subjected to today under a Federal Reserve Banking System that not only is sanctioned, but empowered by this government. This government, by the way, is the primary beneficiary of the Federal Reserve System and the Federal Reserve Banks operate at the behest of this government.

This Corporatist or Mercantilist System was crafted by those directly in the Lincoln Administration or closely connected to it politically. Far from being removed from the Mercantilist Banking and Industrial Powerhouses of the period, the Lincoln Administration was the main avenue of their power. Why none other than Salmon P. Chase served as Lincoln’s Secretary of Treasury and with the financiers Jay and Henry Cooke, he proposed a new banking system, one based upon a fiat currency. This system, which Bill Still obviously whole-heartedly supports was one by which government could gain control over the entire banking system, which it did and today we live under a system of which the seeds were planted under the Lincoln Administration.

While there are those who tout the Greenback System, or one like it, they seem to fail to look deeper into that system, they fail to understand that we now have that very system. Today’s Federal Reserve System is nothing more than the evolved system founded under the Lincoln Administration.

Jay Cooke, explained the proposed banking system in these revealing words:

“By the system proposed two important objects will be attained: 1st, Uniformity in the currency throughout the country and, 2nd, a large and permanent market for government securities.”

That is exactly the very same system that is in operation today under the Federal Reserve Banking System, yet this is exactly what Bill Still is claiming to support while saying he opposes it, how can there be such a contradiction? Under the Lincoln Administration and the Greenback Fiat System, national debt became a permanent fixture. The debt, instead of falling under the Greenback System, quadrupled and continued to increased even after the War. The only thing that stalled the accumulation of debt was a return to a semi-sound monetary system in the latter part of the 1800s, but even that was plagued by government intervention and regulation to the point that the entire system was weakened.

It appears that Bill Still does not understand that the Greenback System was created, not only to finance the atrocities of an un-Constitutional war, but also its intent was to generate an enormous nationalized debt system which would be based on government bond issue....there is no difference between the system today and that of the Greenbacks! Bill Still is supporting nothing more than a system of debt enslavement while promoting a position that is simply not possible under any fiat monetary system. All fiat money is a liability, all becomes IOUs because each fiat note has no inherent asset value.

You see not only was a Fiat Monetary System implemented, but with it a system of banking that was government controlled and regulated. It was a new system that still remains with us to this day, one which is closely tied with political power and the connections that make that power profitable. Today, the system of Mercantilism lives as much as it did during the Lincoln Administration, the interwoven connections between the corporate world and the world of politics is almost indistinguishable.

The point is that the Greenback System was a debt-based monetary system, debt was organized into currency through the Greenback System. In a similar fashion that debt or securities are indirectly organized into currency today, there is little difference and yet Bill Still seems to think that there is. The truth of the matter is that all Fiat Money is a liability or debt-based currency, there is no other way for such currency to have an imputation of value except through some sort of debt organization since it has no inherent value as printed paper. The reason that gold and silver are easy recognized as money is that no matter what is stamped into its face the underlying commodity is accepted as an asset value. Paper money does not possess an underlying commodity value of any kind and without some mechanism of value imputation fiat money is nothing more than paper with pretty pictures printed on it. Without some market mechanism or securitization, fiat money is no different than any other piece of paper and just because the government decrees that a piece of paper is money does not make it money nor does such a decree make it a utility for exchange. Look at history, there have been plenty of instances where governments tried to enforce the use of paper money without an imputation of value or a mechanism to back the decree, each one failed to function very long as a medium of exchange.

The fact is that the video presented here is child’s play compared to all the intrigues that really occurred during the Lincoln Administration. To tout a yet another system of enslavement under an alternative fiat monetary system as an alternative to the present system of fiat enslavement is questionable as to content and as to intent.

If anyone can show me a means by which this government can honestly issue fiat money, in a fashion that is substantially different that the manner in which it is issued now then please, by all means, be my guest. If you simply state that it can print money, well it is basically doing that now. We are seeing, at this moment, the closest thing to the issuance of interest-free fiat money...it is called Quantitative Easing and it is perhaps one of the most dangerous monetary moves taken by this government via the Federal Reserve. By the way, the Federal Reserve is the lap-dog of the government, it functions at the behest and to the benefit of the government. This government not only sanctions the Federal Reserve Banking System but it supports its continued operations because without the Federal Reserve System this government would not be able to sustain itself by honest means.


"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

what troubled me was the reverence for . . .


He is either deified or demonized, and, frankly, I haven't been able to make an educated decision about him.

And I have tried to research and get to the bottom of it.

As for gold versus 'greenbacks', etc.--

I don't know that anyone can KNOW, because nothing that straightforward has been tried for so many years; it has all been so manipulated by the federal reserve, etc.

I didn't 'buy' the whole greenback thing; what I liked about the film was the unique perspective on central banks--

having said that, I don't own gold, have never owned gold; I couldn't afford to own gold--

so it's a moot point for me.

it's hard to be awake; it's easier to dream--

Republicae's picture

There is much more that is

There is much more that is troubling about Bill Still than just his reverence of Lincoln, in a 2005 video documentary, of which he was a writer, he touted the political attributes of Huey P. Long. Now if you know anything about the Kingfish you know that he promoted what could only be called a grand scheme of wealth redistribution. Additionally, I find numerous holes in Bill Stills script, for instance he is quick to bring Ben Franklin into the picture as favoring a fiat monetary system, but he neglects to tell us that later in life Franklin turned against fiat money because of the experience of run-a-way inflation he witnessed, leaving poverty in its wake, reducing a prosperous economy to shambles.

There are other notable deletions found in Bill Stills work, far too many to glaze over without the need of a far longer and deeper segment.

The best advice I can offer was that of my Grandmother, she said always chew your food very well before you swallow...it is definitely good advice when viewing or reading anything.


"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

the stranger's picture


“I don’t give a damn about a greenback dollar - spend it just fast as I can…”

The greenback was a currency weapon. Thanks for that post Republicae.


but one system IS Constitutional while the other is NOT.

Republicae's picture

Fiat money of any kind is not

Fiat money of any kind is not Constitutional, you will not find it in the Constitution, whether it be issued by the government, the government's central bank, or private banks there is no delegated authority for the issuance of fiat money of any kind.

I suggest you read Madison's Notes on the Debates....it makes it very clear what the Framers considered Constitutional Money and it had nothing what so ever to do with the issuance of paper money or bills of credit.


"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun


for posting your take on this. :-)

Napolitano: "We need Ron Paul now!"

Republicae's picture

You are more than welcomed

You are more than welcomed Freiheit, I appreciate your email.


"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

Perhaps I missed it...

but, Bill Still touts that whomever controls the "quantity" of money controls. Right now it is not our government but, rather the fed. Further, all of the fiat notes issued are issued with interest (enriching the fed), something that the greenback did not have...Just my take.

"Necessity is the plea for every infringement of human freedom. It is argument of tyrants. It is the creed of slaves." William Pitt in the House of Commons November 18, 1783
"I know major allies who fund them" Gen. Dempsey

Republicae's picture

The FED acts solely on the

The FED acts solely on the behalf of government, that is the reason for its existence, the reason for its structure. The banking structure that is embedded within the FED was constructed on the foundation that began during the Lincoln Administration. It is a system that allowed for the removal of any independent banking, Lincoln and his minions saw to that when they introduced the various pieces of banking legislation that essentially nationalized the banking system. It is corporatism, a form of fascism that remains with us to this day.

Salmon P. Chase helped in the construction of this monstrosity and was favored, as was Lincoln, by the powers of finance and industry. It was during the Lincoln Administration that not only the Republic suffered the loss of its true character, but also the Constitutional monetary system saw the first major assault against its standard. It was during the Lincoln Administration that the monetary independence of the States was lost, along with a great deal of Liberty.

The issuance of our money is a direct result of the issuance and sale of U.S. Government Treasuries, from there the sphere of action follows through the Fractional Reserve Banking system, all of which are political actions, for political benefit. The government does indeed control the money, it has sanctioned the Federal Reserve, created it through legislation and it maintains both direct and indirect control through the governors of the FED, appointed by the government to do the government's bidding. There is no independent FED and hasn't been since its inception.


"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun


The FED acts solely on the behalf of government, that is the reason for its existence, the reason for its structure.
The Fed loans money to banks which then deposit it back at the Fed giving the banks a positive interest rate spread. This benefits the bankers.

The issuance of our money is a direct result of the issuance and sale of U.S. Government Treasuries...
And the Fed creating money to buy fannie/freddie debt. Apparently government does not care to prosecute this violation of the Federal Reserve Act.

Actually Congress controls the printing of notes via SPENDING

approvals via the Treasury Dept. When Congress needs loans they get the FED to print more notes. The FED is not actually a seperate entity. "Only" the Transparency is seperate. WE support the World. WE ARE the International World, "of finanace".

When the big boys get in trouble they come to their Uncle Sam. Uncle Sam prints MORE debt to Uncle Sam, who then through the Treasury Dept., borrows from Uncle Sam's World customers.
The World of finance makes theirs', and the FED makes theirs'. Everyone is HAPPY.
The Double Wammy for Ammerican stooges.

The only way for this system not to collapse is to FORCE people and governments to SPEND.

Healthcare and Savings,is ALL that is left to their disposal. People are DONE buying junk, that has NO meaning. Maybe electronics for the youth. Also catistrophs create "need".

The Babylonian Pyramid is coming apart. Thus they need a savior. A voice crying in the Wilderness.

the stranger's picture

follow the money

The topic of this video has been posted here a few times. When I first noticed it, it was a clip of the trailer. Based on the trailer, I thought the well written comments were way too critical; especially from poster Bleucream. So I ended up ordering it. After watching however, I was very much on the side of the critics; especially Bleucream.

If you weren’t too familiar with the symbolism of the Wizard of Oz, it takes you back to that time and gives you a real feel for it. It’s entertaining to watch. But there were misrepresentations; if I remember right (I watched it a month ago) there was a misrepresentation about the inflation at the time. And, although you can’t cover everything, I thought there were omissions too. He seemed to skip aspects of the fight between the gold bugs and the silver bugs at that time and other important info.

The monetary systems discussed are clearly better than what we currently have. And from what little I’ve studied of the systems, like Solaris, some appear to be sound. I think they could work in certain situations, at certain scales. Still, without typing until my fingers bleed, definitely keep me with Smith, Vieira, Fekete, the Austrian School, and the Constitution's monetary standard.

It’s an interesting and well done production. But in the end, I was left with two main impressions. One was that the guy has honest gaps with regard monetary science (who doesn’t). And second, with regard to the Wizard of Oz symbolism, I though he picked what he liked and used it to talk his book.

Speaking allegorically, disguising a message - seems like it would be amusing to put something right in your face. With that in mind, I’ve wondered if Baum's “follow the yellow brick road” was simply, follow the money.

I watched this yesterday. Ben

I watched this yesterday. Bill Still was pretty convincing. But even though he has it in for the "gold bugs", I'm convinced he wants to get rid of the Federal Reserve.

Competing Currencies

Ron Paul's Free Competition in Currency Act is the answer to this question.

What do you think? http://consequeries.com/

Of Course the People Rioted!

You can't put us on a gold standard overnight. In that case, only gold owners benefit. That's not popular. You have to transition fairly.

This film assumes that if it's popular, it's working. Kind of like lemmings.

What do you think? http://consequeries.com/

We were not taken off of the Gold standard by

implimenting the Federal Reserve. That came later.
Read correct history of finance.

Republicae's picture

Perhaps the most interesting

Perhaps the most interesting fact about fiat monetary systems is that they almost always are implemented upon the back of a sound monetary system, usually via stealth and deceit. There have never been a voluntary fiat monetary system imposed on a population, it has always been through the use of lies, deception and force of coercion. Governments love fiat money and there is a good reason for that fact because fiat money allows government to operate without the necessity to tax the people to the point that the people rebel, without overt and heavy taxation, the people become complacent with the actions of their government no matter how absurd or oppressive their government becomes, the reason is that the government quietly robs the people of their wealth and their ability to create wealth through a fiat monetary system. Monetary depreciation through fiat inflation is a primary source of income for this government and few people ever know or realize that it is happening. In particular, over the last 95 years, the amount of wealth that has been stolen through the fiat monetary system from the people of this country is beyond calculation. Fiat monetary systems, whether the FED Brand or, for that matter, the Brand that Bill Still promotes will always keep the government in the role of monetary master and will continue to subjugate the people as a country of productive serfs.


"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun

Economics 101

One afternoon in 1973 my economics professor spent an hour recapping world history from an economic perspective, and my view of history and what causes wars changed forever.

Economic explanations make sense in ways the propaganda doesn't.

What do you think? http://consequeries.com/

They're Only Half Right

The wild success of the fiat monies they talk about are similar to the wild success of our fiat money: they won't last unless the government is restrained from issuing too much.

It sounds like the effort to put these economies back on a metal standard initially caused resistance from the People who were ignorant of its flaws.

I'm sure that debt-free money is superior, but if it is unbacked, there is no control on the supply, besides the human nature of politicians: not a very good control.

Basically, this film is advocating the financing of government through inflation (i.e., increasing the money-supply). That's fine, unless you're on a fixed income, or plan to retire on savings.

What do you think? http://consequeries.com/

You are also half right.

the vidio shows how control of a currency is created by changing to a NEW system, "any NEW system". The little people get HURT because they do not have the NEW currency. They are at the "mercy" of those who impliment the NEW currency, be it Gold or any other.
The NEW system , "any system", will take it's cut right off of the TOP. The top is what you are paying NOW, DEBT. A NEW system, "any kind", would cancel old DEBT right off of the TOP, and also take a NEW cut right off the TOP. YOU, the average person, lose. WAKE UP, ask Andrew Jackson.

Coin vs Print

I admit this was something I was not aware of, that coins are not produced at debt. Now if we only had larger denominations? :)

I did a little follow up research, and I guess when the Civil War Greenbacks were being discussed, there was a big disagreement because the Constitution only gave the federal government power to coin, and not print money(and the argument in favor was that it was during time of war)? I never realized there was such a distinction, I guess being I've been conditioned to coins being made with non-precious metals.

Anyhow, if the coins are non debt based, is this one of the suggested methods being done already? Forgive my lack of understanding, I'm sure I'm not the only one. Thanks in advance, I appreciate all of your help.

IT costs MORE to stam-p COIN

than it does to print notes .Printing is just GOOD system principle. Basic economics to start with. They did NOT have Electronics. However, Electronics has an insecure element and is easily taken over. "IN hand" is the BEST monetary system to avoid manipulation.

$1 coin direct ship program

They waive the shipping free, so they are delivered direct to your door from the US Mint.

Order from $250 to many thousands. I have spent around $10,000 of these this year.

While these coins are fiat, they aren't debt owned to the Fed. When possible I also spend silver eagles.

Thanks, Riverrun! I looked

Thanks, Riverrun! I looked at the site quickly, but I just want to ask...I would be getting 250 of them for my $250?

I'm always curious, why would they be promoting the non debt currency anyhow? Again, I don't really understand macro economics that well. Thanks again!


The US Mint is trying to get the coins into circulation. They have a different mission than the Fed.

You put $250 on a credit card and a box with 250 $1 coins arrives at your door.
On your credit card statement you will find the shipping cost has been waived.
If your credit card gives spending points, you will also get those points.

I have spent many thousands of these coins this year.

Also, if you have emergency money around the house, consider using boxes of these $1 coins instead of green paper coupons from the Fed.