The film examines 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 that it 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 states that this means the dollar has no real backing other than future income tax payments. Consequently, the film states that Federal Reserve Notes represent debt instead of wealth.
The film argues that the Federal Reserve System operates by manipulation of what is sometimes referred to as the business cycle of economic expansion and retraction by putting new notes into circulation to increase the ease of obtaining credit, which devalues the currency, then compounds inflation by increasing interest (prime) rates. The movie argues that this manipulation is responsible for a 96% devaluation of American currency, since it was made possible to increasingly sever the link with gold backing by the Federal Reserve Act of 1913. The film says that this process of creating new money and adding it to the money supply is known as debasement and is a cause of inflation. In this way, the film concludes that the Federal Reserve System simultaneously controls the supply of money and its value.