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The film spends a fair amount of time examining the Federal Reserve System, including its genesis and functions. The film asserts that the Federal Reserve System is a system of privately held, for profit corporations, not a government agency, and was commissioned to print fiat money on behalf of the federal government, at a fee ultimately paid for by the personal income tax (through service on bond interest). The film also refers to the fact that the United States dollar is not backed by gold, and claims that this means the dollar has no real backing other than future income tax payments. Consequently, the film proposes, Federal Reserve Notes represent debt instead of wealth.
Some of the premises of the film include:
- The Federal Reserve System is unconstitutional and has maxed out the national debt and bankrupted the United States government.
- Federal income taxes were imposed in response to, or as part of, the plan implementing the Federal Reserve System.
- Federal income taxes are unconstitutional or otherwise legally invalid.
- The use of the Federal income tax to counter the economic effects of the Federal Reserve System is futile.