Credit To The People
(413) 329-3200​

~ Helping people understand and take responsibility 
for using credit and money for the benefit of all ~

John Marden
1325 Lowell Road
Concord, MA 01742
978 369-6807 /

August 21, 2017

The Honorable Elizabeth Warren  
15 New Sudbury Street
Boston MA 02203

Dear Senator Warren,

I have just finished your book; THIS FIGHT IS OUR FIGHT and notice that you emphasize how the middle-class collapse was caused by the Washington/Wall Street revolving-door oligarchy, the subject of my A SHOT OUT OF CONCORD – OBAMA’S ECONOMIC WILDERNESS paper I gave to you at your Framingham inaugural meeting.

The social calamity from this crisis is getting ever worse. The middle-class, 50% of us, having now joined the poorest 25%, make 75% of us destitute and angry. The crisis has even started to damage the least wealthy of the 25% of us, who own all the wealth; while the top 10% who own 90% of it use their money to rule us. A policy change is needed.

I have revised my original presentation, calling it A SHOT OUT OF CONCORD – ENTERING THE DIGITAL-AGE ECONOMIC ENLIGHTENMENT and attach it herewith. I point out that the crisis is no longer a left-wing (liberal) versus right-wing (conservative) issue, but a full change of economic methodology due to the arrival of the Computer, Robot, 3-Dimensional Printer, Drones and perhaps soon driverless vehicles and their production of what used to require existence of a large manufacturing labor force.

This issue will become ever more apparent when President Trump presents his government’s budget next month and tries to explain how he can finance his proposed taxation reductions while providing the trillions of dollars needed for local physical and social infrastructure improvements together with solacing the Treasury’s ever-increasing twenty trillion dollars of FED issued, but bank bonded and interest accumulating debt. 

Along with many others I suggest a complete change in the structure, source and use of money to coordinate with our entry into the Digital-age economic environment. I note that it is well within the prerogative of the FED to do it. Perhaps the debate can start with suggestion that for every trillion-dollar tax-payer reduction of the current 20 trillion-dollar national debt the FED will invest twice that sum at no interest directly to cities, towns and villages. Duly monitored, this money would enable public/private local enterprises to create successful physical and social infrastructure improvements. The Obama-care versus Trump-care debate might even be solvable in this manner; whereby each community creates its own health/care solution; and from which we can then select the better results.

I note you are coming to speak in Concord to what I suspect will be a large group of angry people. The location is appurtenant: today’s fight about the nature, use and control of money is not altogether different from that of the colonists at Concord’s rude bridge in 1775.  

In your book, you refer to Professor Kenneth Rogoff. I tried to deliver my argument to him back when I first gave it to you. He had claimed in the Financial Times that ““our ignorance will yield more crises in capitalism.” See page 18 of my thesis. Perhaps it is now appropriate to give him my thoughts? We need to assuage the crisis.  

Yours truly,
John Marden


February 7, 2015

Elizabeth Warren
24 Linnaen Street
Cambridge, MA 02138-1611

Dear Elizabeth Warren,

I am writing to you because I have the feeling that you are genuinely interested in the well being of the people and that you have what it takes to buck the system.  

There is much innovative work going on in Massachusetts to create a new financial system that can assure us a just and sustainable abundance.

Mostly I gave up on politics when my two heroes, Dennis Kucinich and Ron Paul were marginalized. Did you know that Ron Paul raised enough money early in the 2008 campaign ($20 million) 97% from small donors, to have been the presumptive front runner, but the media still wouldn’t take him seriously. He was, of course, challenging the money power directly. And Dennis is my hero because he introduced the NEEDS Act to reclaim the power to issue the currency for the people.

Everything you read in this letter can be backed up by the kind of scholarly research you value.  

As you know, the system is rigged to favor the already wealthy and if we are to have a fighting chance (I loved your book and have been an admirer since you wrote The Two Income Trap) we need the ideas as well as the political will to create a new financial system that serves the people.

The most important idea to understand is: “Issuing the currency is the primary tool of the sovereign”. Under our current system, this means that the privately owned Federal Reserve System is the true sovereign, simply because it wields the primary tool of the sovereign, money creation. You may or may not know that banks create new bank credit (what we think of as money) with every loan they make, and you may or may not know that every principal payment made extinguishes that bank credit (what we think of as money). If everyone paid off all their bank loans, there would be no money. You may or may not know that the money to pay the interest on the bank loans is never created and there is, therefore, never enough money to pay the interest, which means that all the money to pay the interest has to come from the principal of new loans. To top it all off, in order for the system to function, there has to be a debt that never gets paid down, and it has to be big enough to be the permanent money supply. You may or may not know that booms and busts (the ‘business’ cycle) are not economic phenomenon, but simply result from an expansion or contraction of the money supply. You may or may not believe that these are intentionally created, that the signals put out are plain to see to any banker in a too big to fail bank.  

To sum it up: The banking system appropriates the credit of the people (full faith and credit of the United States i.e. us) to benefit itself, keeps the vast majority impoverished and controls economics, education and the mainstream media so completely that the obvious is obfuscated and those who wake up to the truth are effectively ignored or silenced.

As you may or may not know, the American Empire is based on the hegemony of the dollar, which is backed by oil (you need dollars to buy oil) and the big banks and the oil companies run our governments to serve their interests not ours.

Recognizing this, it is obvious that the entire culture we live in with wars, poverty, environmental destruction, wage slavery, debt slavery, etc. is a result of having to borrow all our money from privately owned banks! Whoever is behind the banking cartel can’t possibly be like us; we would never do the things they do.

The solution, therefore, is to issue the money directly debt and interest free to pay for the things that our representatives determine would benefit everyone. We can have free health care, free higher education, all our infrastructure upgraded, green energy (solar roadways for example) and the list goes on. If it has real value, i.e. would make the world a better place, we can issue the money to spend doing it. No need to borrow at interest.

I need a meeting with you to help me decide if I will give up entirely on politics or if I will keep hope alive. A meeting with me and my colleagues in Credit to the People will give you a wealth of ideas to work with and knowledge of our efforts across the Commonwealth to create the new system that is so much better than what we suffer under, that we expect it will simply obviate the old.  

If this is of any interest to you, check out our website, and give us a time to meet with you!

Thank you, and here’s hoping!

John G Root Jr

February 3, 2015

Elizabeth Warren 
24 Linnaen Street
Cambridge, MA 02138-1611

Dear Mrs. Warren:

Greetings! I’m writing to address the need for a change from a debt-based to a credit-based monetary system, and to invite you to join us, the members of “Credit to the People’.

The basic legitimate functions of the legislators in our government are to protect the rights of the people AND to issue “the money”. That doesn’t seem so when a Boston Globe Sunday front page headline, January 18, 2015 states: ‘Like a dark cloud over your head.’ That is a quote from Guillermo Galindo who is facing a $140,000 repayment claim. He is one of the many middle class victims of the scam perpetrated by the upper-class bankers/insurers and their lawyers. Seems that after years of losing their homes to foreclosure, many so-called homeowners/borrowers are being pursued for more money that is near impossible to pay, demonstrating yet another example of how many are victims of extortion and a corrupt monetary system that benefits the few and victimizes the many. 

Note: Colonel Edward Mandel House’s letter to Woodrow Wilson: “Very soon, every American will be required to register their biological property in a national system designed to keep track of the people and that will operate under the ancient system of pledging. By such methodology, we can compel people to submit to our agenda, which will affect our security as a charge back for our fiat paper currency. Every American will be forced to register or suffer being able to work and earn a living. They will be our chattels (property) and we will hold the security interest over them forever, by operation of the law merchant under the scheme of secured transactions. Americans, by unknowingly or unwittingly delivering the bills of lading (Birth Certificate) to us will be rendered bankrupt and insolvent, secured by their pledges. They will be stripped of their rights and given a commercial value designed to make us a profit and they will be none the wiser, for not one man in a million could ever figure our plans and, if by accident one or two should figure it out, we have in our arsenal plausible deniability. After all, this is the only logical way to fund government, by floating liens and debts to the registrants in the form of benefits and privileges. This will inevitably reap us huge profits beyond our wildest expectations and leave every American a contributor to this fraud, which we will call "Social Insurance." Without realizing it, every American will unknowingly be our servant, however begrudgingly. The people will become helpless and without any hope for their redemption and we will employ the high office (presidency) of our dummy corporation (USA) to foment this plot against America." 

How does one legislator protect our fellow victimized human beings from predatory lenders? By issuing the money of, by and for…… we the people!

In a true sovereign nation, money is issued by the public for the ease of exchanging all the goods and services that the people create. Money circulation is controlled by taxes if too much is in circulation, and more money is issued as needed. However, today, to get this money in circulation, i.e. our currency, the private banks have switched our sovereign right of issuing money into circulation without interest, to an enslaved state of borrowing money from private banks and paying interest to these banks.

The following summarizes the differences between credit-based and debt-based money: 

1. When money is issued, there is always enough money for all the people because the people are determining the amount of money in circulation, thereby prospering. When money is borrowed, people suffer because the bankers determine what projects are beneficial to the banks.

2. When money is issued by the people, there is mathematically always enough because money/credit is just an accounting and increased or decreased as the economy warrants. When money is borrowed, there is MATHEMATICALLY NEVER ENOUGH MONEY to repay the principal and the interest, unless more debt-based money at interest is put into circulation, which is never ending, not ultimately sustainable. 

The following reveals the fraud of the current based monetary system: At the moment of conception of a loan, the borrower’s authorized signature on these so-called loans was/is based on the banks failing to disclose that “NEW” money was/is created into the economy by the borrower’s authorized signature on the negotiable instrument. (See the Bank of England, Spring 2014 Report:

This means that instead of a borrower borrowing money as cash at interest, which is what s/he is led to believe, the borrower is creating money into the system by his/her promise to pay, and having to pay interest on this. In effect, wealth is being transferred from those who pay more interest than they earn to those who earn more interest than they pay, the cause of income inequality.

This is what America’s populist inventor, Thomas Edison, had to say about our impossible monetary system. “People who will not turn a shovel full of dirt on the project, 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 percent. 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 not good, then the bonds would be not 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.”

SENATOR…..IT’S OUR CREDIT that has been stolen and we don’t need to pay for it. Our credit/money needs to stay in circulation rather than going to the $31 trillion (See Tax Justice Network report, July 2012) “stolen” in offshore havens/accounts. WE, the people, created the value for the extended credit. We, the people, changed credit into real money by our working every day, and we do not need to pay for it over and over again, like debtors. We do not need a dark cloud over our heads. We must begin by creating our own credit/money!

We are doing this through Credit to the People:, and we welcome a visit and discussion.

Sincerely and Healthfully,

David Snieckus

May 2, 2014

Elizabeth Warren  
24 Linnaen Street
Cambridge, MA 02138-1611

Dear Elizabeth Warren:

Thank you for all you do to give us a fighting chance to regain an honest and transparent monetary system, and for your compelling and informative book, A Fighting Chance. 

We are writing to provide information you may not already have. In the prologue, you state the game is rigged, but do not fully elaborate on how. After years of research, we too have found that the game is rigged. We found all bank loan contracts are misleading and/or illegal and unsustainable as follows:

1.No money is actually loaned by banks. Instead, banks monetize, through an accounting entry, borrower's credit, which is their promise to pay the bank money based on real value. Mortgage borrowers are expected to sign at the closing an adhesion contract obligating them to turn this credit into money based on real value plus pay interest to the banks. This is usurious, outright exploitive, and has led to our current foreclosures and austerity problems! (See the Spring 2014 report, “Money Creation in the Modern Economy” , which explains how money is really created.)

2.The contract is thereby a bait and switch. Consumers are led to believe they are borrowing money when in fact the money is created by the signature of the borrower that contractually obligates the borrower’s promise to pay. The promise to pay is then securitized, the bank receives real money from investors, and continues to expect principal plus interest payments from the borrower when, in effect, the loan has already been paid off through securitization.

3.There is NO meeting of the minds. If borrowers knew that loans are based merely on an accounting entry and that their money was created merely through their promise to pay, they would never allow themselves to pay the exorbitant usurious interest, especially for 30 years on a mortgage transaction.

4.When the original mortgage note was sold by the original lender or assigned to various entities, this resulted in a clouded chain of title, rendering the original contract null and void. 

5.Loan contracts based on interest (usury) can NEVER be repaid in the aggregate. There is no interest created in the system to pay back both the principal and the interest. It is mathematically impossible without perpetual borrowing.
In conclusion, we believe the best fighting chances to fixing the monetary system as well as leveling the playing field and re-establishing the middle class are to: 

1.Dispel the myths of money and banking with education, and teach borrowers that loans are merely based on one’s promise to pay via an accounting entry vs. what banks have led us to believe.
2.Establish publicly owned banks which recirculate the interest for public purposes and the common good. 
3.Create a monetary system based on issuing credit vs. debt. See  

We would welcome a visit and discussion.  

Sincerely and Healthfully,
David Snieckus, Peter Bearse, Carmine Gorga, Denise Ward, John Root Jr., Margaret Arndt