Review of Lost Science of Money: Groundswell

by Stephen Zarlenga

(736 page hardback with 24 chapters, 119
illustrations, 18
page selected bibliography, and 17 page Index. Focuses on
monetary history, theory and reform, from the Egyptian
temples of Ammon to the present. Published in 2002 by
American Monetary Institute, PO Box 601, Valatie, NY 12184. Phone
518-392-5387. Email Web site:
Cassete recordings are also
available including a 2-hour address titled “Henry George’s
Concept of Money”)

John Stoner, Beloit, WI, a retired Science teacher,
who has served on the Board of Directors of the Teachers
Credit Union for the past 23 years (the past 14 of which
were as Chairman of the Board), read the book and comments
as follows.

This is an impressive and comprehensive volume
detailing the history of money and monetary systems from
earliest times up to the present money problems in the U.S.
and the world. In the author’s words, “The thesis of this
book is that a main arena of human struggle is over the
monetary control of societies and that this control has
been and is now exercised through obscure theories about
the nature of money.” “By misdefining the nature of money,
special interests have often been able to assume the
control of society’s monetary system and, in turn, the
society itself.”

Originally researched from 1991 through 2002 and
drawing on over 800 sources, this book is not one for the
casual read. In fact, the author suggests a textbook
approach to read a chapter, analyze it, then move on. The
book is chronological and deeply interesting, especially to
me, as the history of money in America. The Great
Depression is analyzed as to the errors in monetary
policies that produced it.

This history paints a new canvas. Many historical
figures, revered in history studies in schools in the
United States are seen in a new light that is not always
flattering. Daniel Webster is shown in a new role, that of
a paid lobbyist for the banking interests. The Federal
Reserve System is presented as a poorly conceived entity
right from the start. Henry George is quoted several
times, and the single tax is presented as deserving of more

Of interest are the descriptions of money in use in
history, from “black money”, so called because it tarnished
readily, to leather money. The problems with gold and
silver, hard money, are well presented.

The author suggests that the nature of human
affairs requires government to have not three but four
branches, the fourth branch to be monetary. The final
chapter details proposals for United States money reform.
Reform #1: nationalization of the Federal Reserve.
Reform #2: ending fractional reserve banking and
instituting the 100% Reserve Solution.
Reform #3: institute anti-deflation programs and
beware of deflation.

The book draws on the author’s thirty-five years
experience in the world of finance. He has published
twenty books. This book was first published in Switzerland
in 1999; it was updated and printed in English this past