18 January, 2025 Bryan Mercadente
Title: The Great Taking
Author: David Rogers Webb
Publisher: Self-published, 2023
ISBN: Not listed
David Rogers Webb’s The Great Taking offers a critical look at the changes in financial systems and property ownership. Webb argues that the shift from tangible ownership to electronic abstractions has undermined personal autonomy and strengthened the control of centralised institutions. The book raises important questions about how modern economies operate and the implications for individuals.
The Concept of Dematerialisation
Webb’s central argument revolves around dematerialisation—the process by which physical ownership of assets has been replaced by digital systems. Property deeds, stock certificates, and other tangible records have been centralised in electronic databases. Webb claims this shift is not merely a byproduct of technological progress but part of a deliberate strategy to remove individual control over assets.
According to Webb, this transformation has made individuals more dependent on systems managed by financial institutions and governments. “You may think you own your house,” he writes, “but the deed is held elsewhere, and access to it depends on forces beyond your control.” He traces this process back to the mid-20th century, citing the role of figures like William Dentzer, who he claims helped establish the infrastructure for this system with CIA backing.
The Decline of the Velocity of Money
A key theme in Webb’s analysis is the velocity of money (VOM), which measures how quickly money circulates in an economy. He argues that modern financial policies have reduced this velocity, leading to stagnation. Webb connects this decline to historical examples, suggesting that similar patterns preceded the collapse of past empires.
By prioritising speculative bubbles and debt over real economic activity, Webb argues, institutions like the Federal Reserve have worsened economic inequality and weakened the foundations of prosperity. “When money stops moving,” Webb states, “societies begin to unravel.”
The Role of Crisis
Webb explores how crises, such as the 2008 financial crash and the COVID-19 pandemic, have accelerated the centralisation of wealth and power. He argues that these events have been used to justify policies that further erode individual freedoms. For example, Webb points to the use of emergency measures during the pandemic to control economic activity and consolidate authority.
While some of these claims are speculative, they highlight the ways in which crises often result in permanent changes to the balance of power between individuals and institutions.
A Path Forward
Although Webb’s analysis is often critical, he does offer solutions. He calls for a return to tangible ownership of assets, such as gold and land, and for decentralised systems that reduce reliance on centralised financial institutions. Webb also advocates for increased public awareness of how financial systems operate, arguing that understanding these mechanisms is key to resisting their negative effects.
Strengths and Weaknesses
Webb’s ability to connect abstract economic concepts to real-world consequences is a strength of the book. His historical analysis provides useful context for understanding current financial trends. However, some of his claims rely on anecdotal evidence or are presented without sufficient corroboration. This may make parts of the book less convincing to readers who are sceptical of grand narratives.
Conclusion
The Great Taking is a thought-provoking examination of financial systems and their impact on property rights. While some of Webb’s claims may be contentious, the book raises important questions about the centralisation of economic power and the future of individual autonomy. For those interested in understanding the deeper implications of financial policy, Webb’s work provides a valuable perspective.
