Gary North

The Bible establishes civil laws governing money. These laws rest on a specific theory of money. Theologians do not recognize this. Neither do economists, who would not care even if they did recognize this. Today's monetary policies violate the Bible's laws governing money.

The Bible is clear on three legal principles: (1) monetary debasement is wrong (Isaiah 1:22); (2) multiple indebtedness, which is the basis of fractional reserve banking, must not be allowed (Exodus 22:26) ; (3) weights and measures must not be tampered with (Lev. 19:36). All three are violated by modern economic policy.

The Federal Reserve System, like every other central bank, is a government-licensed monopoly. It is privately owned. The U.S. government has only indirect power over it through the President's right to appoint Board members. No government accounting organization has access to the records of the Federal Reserve System or its privately owned regional banks.

You know the regional banks are privately owned when you receive mail from them. They do not have the "franking privilege" -- free mail, which is allowed only for government agencies. The Board of Governors does have this privilege.

My book, Honest Money was published in 1986. It was part of the 10-volume Biblical Blueprint Series. The original version is available on-line here.

I have updated it in the form of a manual. It is available here: