A century of Fed power was hugely destructive. America lurched from one crisis to another. A 1913 dollar isn’t worth a plug nickel today. Artificially …
The Federal Reserve Act Gets Snuck Through Senate with Opposing Senators on Christmas Holiday
A century of Fed power was hugely destructive. America lurched from one crisis to another. A 1913 dollar isn’t worth a plug nickel today. Artificially manipulated inflation eroded its value. Fed policy caused booms, busts, inflation, deflation, instability, crises, and today’s protracted Main Street Depression. Growing poverty, unemployment, underemployment, homelessness, hunger and human misery reflect it. Money power in private hands is responsible for:
economic instability;
wrecking world economies for profit;
waging wars for it;
rising consumer debt;
record budget and trade deficits;
an out-of-control national debt;
record numbers of business and personal bankruptcies;
millions of home foreclosures;
loss of America’s manufacturing base; and
an unprecedented wealth gap between America’s privileged class and all others.
Ostensibly, the Fed was established to stabilize the economy, smooth out the business cycle, maintain healthy sustainable growth, create price stability, control inflation, and work for the betterment of everyone. It didn’t turn out this way. Fed policy is polar opposite. It spurned its mandate. Wall Street control prioritizes self-interest.
The 1978 Full Employment and Balanced Growth Act (aka Humphrey-Hawkins Full Employment Act) was enacted to fulfill the 1946 Employment Act’s mandate. Doing so requires pursuing “maximum employment, production, purchasing power,” price stability, and balanced trade cooperatively with private enterprise. It involves Fed policy prioritizing sustainable, minimal inflation growth. It called for unemployment not exceeding 3% for persons aged 20 or over, not over 4% for those over age 16, and inflation held under 4%.
In 1988, a zero inflation target was set. Pre and post-Humphrey-Hawkins Fed policy produced polar opposite results. It wasn’t happenstance. It was orchestrated by design. It was done to shift wealth disproportionately to Wall Street, other corporate favorites, and super-rich elites. It was done to circumvent America’s anti-trust laws. It let Wall Street and other corporate giants eliminate competition. Doing so let them consolidate, become huge and more dominant. It let money power in private hands more than ever run America. It let Wall Street and other major central banks rule the world.
They transformed global economies into an unprecedented money making racket. Government collusion facilitates it. In America, it’s at the highest federal, state and local levels. It permits scamming ordinary people for profit. Growing millions lost jobs, incomes, benefits, savings, homes, and futures. Today’s contagion is global. Billions suffer. Economies, communities and households are wrecked for profit.
Washington is Wall Street occupied territory. Profits are privatized. Losses are socialized. Casino capitalism is the coin of the realm. Grand Theft Wall Street reflects it. Markets are manipulated for profit. Other tactics include front-running them, pumping and dumping, scamming investors, buying politicians like toothpaste, bribing them for control, placing banking officials in high administration posts, and getting open-ended low or no interest bailouts and other special benefits when needed.
Whatever bankers want they get. Social America is being eliminated to benefit them. Money is made the old fashioned way. Business as usual reflects it. Publicly controlled money could change things. Former congressman Ron Paul tried several times. He sponsored the Federal Reserve Abolition Act. No co-sponsors joined him. Paul responsibly tried putting money power back in public hands where it belongs. Doing so works as intended. Inflation-free prosperity follows.
Ellen Brown calls it a “practical, proven approach.” It works the same way everywhere. It worked for 25 years in colonial America. It can work the same way again. It’s the antidote to corrupted, dysfunctional privatized banking. For 100 years, it worked wonders for Wall Street. It created dystopian harshness for growing millions. It’s worse than ever today. What better time than now to change things. Doing so is responsible. It’s sensible. It’s essential. It’s sorely needed. It’s an idea whose time has come. Ending business as usual depends on it.
Ron Paul addressed the Fed’s 100th anniversary, saying:
Ron Paul
“(S)ecret negotiations (established) a banking cartel. (It’s) grown ever stronger through the years.” It operates “independent(ly).”
“Rather than preventing financial crises, (it precipitates) new ones.”
“Talk about putting inmates in charge of the asylum!”
“Now we are reaping the noxious effects of a century of” Fed policy.
“(O)ur economy remains mired in mediocrity.”
“A century ago politicians failed to understand that (19th century) financial panics (were) caused by collusion between government and the banking sector.”
Today we know more. “(W)e know better,” said Paul. “We know that the Federal Reserve continues to strengthen the collusion between banks and politicians.”
“We know (Fed) policy continues to reap profits for Wall Street while impoverishing Main Street.”
David Icke, in his book ‘…and the Truth Shall set You Free’, describes the Federal Reserve System in the following words:
The Federal Reserve is a cartel of private banks, of which the Bank of New York is the most powerful. To this day it controls the U.S. economy and thereby affects all of our lives. Through its U.S. offshoots and connections like J.P. Morgan and Kuhn, Loeb, and Co. the Rothschild empire controlled the principal New York banks and, through them, the Bank of New York. This gave them control of the Federal Reserve System and the American Economy. This Federal Reserve cartel is nominally controlled by the government-appointed Federal Reserve Board, which is another way of saying the Elite control it. The cartel lends money that doesn’t exist to the U.S. government and has thus ensured that the country – and therefore the people – are drowning in debt to the banks. By 1910, the behaviour of the banks had made them deeply unpopular with the people. The Elite had to think of a way of persuading the public to accept a banking coup on the American nation while thinking the power of the banks was being curtailed. So when the bill the bankers had written was introduced by their front politicians they publicly and vehemently opposed it. This gave the impression that the bill was bad news for the banks and it was passed into law in 1913, in the belief that it curtailed the power of the money manipulators. It didn’t. It gave them total control. Just to be safe, the Federal Reserve Bill was put before Congress shortly before Christmas, 1913, when many Congressmen were already at home with their families for the holiday.
Now the Elite controlled the U.S. government’s borrowing and interest rates, and it could create booms and busts whenever it wished. The way they introduced the Federal Income Tax was even more outrageous, although you have to admire their cheek. For this to be passed into law, it required the consent of at least thirty-six states because there had to be an amendment, the sixteenth, to the United States Constitution. Only two states agreed. In a democracy you would think this bill would be ditched. Not so. This is no democracy! The Secretary of State, Filander Knox, informed Congress that the necessary agreement had been achieved and Federal Income Tax became ‘law’. Or rather, in reality, it didn’t. The Internal Revenue Service (IRS), the private company which collects Federal Income Tax and takes away the property of those who do not pay, has been stealing from the American people for decades and continues to do so. The forced collection of Federal Income Tax is illegal to this day. It was never properly passed into law…
The power over political and human events on this planet was increased by leaps and bounds as this funny money system expanded its grip on the world. This gave the Elite’s bankers the power to manipulate wars and revolutions, almost at will, in league with other elements within the Brotherhood network, which expanded and became even more focussed on its goals during the same period that the banking system emerged.
Edward Griffin in his book The Creature from Jekyll Island has also highlighted the manipulative cunning of the banking cartel:
The final solution on behalf of the banking cartel is to have the federal government guarantee payment of the loan should the borrower default in the future. This is accomplished by convincing Congress that not to do so would result in great damage to the economy and hardship for the people. From that point forward, the burden of the loan is removed from the bank’s ledger and transferred to the taxpayer. Should this effort fail and the bank be forced into insolvency, the last resort is to pay off the depositors. The FDIC is not insurance, because the presence of “moral hazard” makes the thing it supposedly protects against more likely to happen. A portion of the FDIC funds are derived from assessments against the banks. Ultimately, however, they are paid by the depositors themselves. When these funds run out, the balance is provided by the Federal Reserve System in the form of freshly created new money. This floods through the economy causing the appearance of rising prices but which, in reality, is the lowering of the value of the dollar. The final cost of the bailout, therefore, is passed to the public in the form of a hidden tax called inflation.
G. Edward Griffin is to be commended for this splendid work. At first glance The Creature from Jekyll Island is a huge book. While this may be daunting to some, once the book is actually started, it flows smoothly and reads quickly. There are so many fascinating tidbits of information here that the reader won’t even be concerned about the size of the book. The title refers to the formation of the Federal Reserve System, which occurred at a secret meeting at Jekyll Island, Georgia in 1910. It was at this meeting, as Griffin relates, that the “Money Trust”, composed of the richest and most powerful bankers in the world, along with a U.S. Senator, wrote the proposal to launch the Federal Reserve System (which Griffin calls a banking cartel) to control the financial system so that the bankers will always come out on top. The biggest problem in modern banking, according to Griffin, is and has always been the creation of fiat money. Fiat money is money that is “declared” money by the government. It is not backed by anything but promises and deceit. All societies were sound financially when they used gold or silver to back their currency. When the bankers finally get their way and install fiat money, the result is inflation and boom and bust cycles. Griffin gives numerous examples of this, such as repeated failures by American colonies and European states in using fiat money. The purpose of fiat money is so that the government can spend more then they take in through taxes. Without writing reams on this book, it is sufficient to say that this is a must read for anyone who is interested in learning how the money system operates. Griffin gives comprehensive accounts of how the Fed creates money, and how this affects everyday life. I would have to say these sections are better than Murray Rothbard’s book, The Case Against the Fed, because Griffin gives himself more room for explanation. Griffin does believe in the conspiratorial view of history, and he believes that the bankers are working in concert with such groups as the Council on Foreign Relations and the Trilateral Commission to bring about a socialist-world system in which an elite composed of intellectuals and bankers will rule over the entire planet. Griffin even spends a chapter outlining how this system could come about, and the consequent results of this socialist system. These chapters are a bit unsettling, but even if you aren’t interested in this worldview, you can still learn much about the economy from this book. Recommended –By Jeffrey Leach on July 29, 2001
2014 Reprint of 1954 Edition. Full facsimile of the original edition, not reproduced with Optical Recognition Software. Eustace Clarence Mullins, Jr. was a populist American political writer, biographer, ant-Semite, and Holocaust denier. He is considered one of the leading conspiracy theorists of the Post War period. In this title Mullins argued that there was a conspiracy among Paul Warburg, Edward Mandell House, Woodrow Wilson, J.P. Morgan, Benjamin Strong, Otto Kahn, the Rockefeller family, the Rothschild family, and other European and American bankers which resulted in the founding of the U.S. Federal Reserve System. He argued that the Federal Reserve Act of 1913 defies Article 1, Section 8, Paragraph 5 of the United States Constitution by creating a “central bank of issue” for the United States. Mullins went on to claim that World War I, the Agricultural Depression of 1920, the Great Depression of 1929 were brought about by international banking interests in order to profit from conflict and economic instability. Mullins also cited Thomas Jefferson’s staunch opposition to the establishment of a central bank in the United States.
Another fine and extremely well researched work by Antony C. Sutton. An expose’ of the people and forces behind the takeover of the US economy by the Federal Reserve system, on behalf of the oligarchs. A must for anyone interested in the inner workings of US politics and economics, and the concealed reasons for current events. This is the first book that details hour by hour the events that led up to passage of the Federal Reserve Act of 1913 – and the many decades of work and secret planning that private bankers had invested to obtain their money monopoly.
The Federal Reserve is a leviathan that overshadows the world economy, dominating it, controlling the flow of money, affecting all our lives.
The Federal Reserve Act was passed in 1913 in reaction to the bank runs, bankruptcies and financial chaos caused by the Panic of 1907. The stated purpose of the Act was to create a stable monetary system to bring financial stability to the United States and prevent such economic crises as the Panic of 1907 from occurring again. Sixteen years after the passage of the Act, under the Federal Reserve’s watch, the nation experienced the worst financial collapse in our history and descended into our deepest and darkest depression–the Great Depression–a crisis far worse than the Panic of 1907 by orders of magnitude.
Since the creation of the Fed, we have lurched from boom to bust time and again as financial crisis has followed financial crisis. By any objective measure, the Fed has failed to achieve the stated objectives of its founding. Today, our economic imbalances are extreme and compounding and approaching a day of reckoning. Another financial collapse looms and casts a dark shadow over our future. Under the stewardship of the Federal Reserve, further hardship for our struggling middle class is certain and inevitable.
It doesn’t have to be this way.
Drawing heavily from the writings and ideas of Benjamin Franklin, Alfred Owen Crozier and Carroll Quigley, “The Tyranny of the Federal Reserve” looks back on how we got here and forward to a brighter future through monetary reform.
Mullins presents some bare facts about the Federal Reserve System with subjects on: it IS NOT a U.S. government bank; it IS NOT controlled by Congress; it IS a privately owned Central Bank controlled by the elite financiers in their own interest. The Federal Reserve elite controls excessive interest rates, inflation, the printing of paper money, and have taken control of the depression of prosperity in the United States.
Christian, Patriot, Entrepreneur. Built ThePatriotConnection,com (Patri-X.com) to unite patriots, empower content creators, educate others, and to crowdsource a true accounting of history.
The final solution on behalf of the banking cartel is to have the federal government guarantee payment of the loan should the borrower default in the future. This is accomplished by convincing Congress that not to do so would result in great damage to the economy and hardship for the people. From that point forward, the burden of the loan is removed from the bank’s ledger and transferred to the taxpayer. Should this effort fail and the bank be forced into insolvency, the last resort is to pay off the depositors. The FDIC is not insurance, because the presence of “moral hazard” makes the thing it supposedly protects against more likely to happen. A portion of the FDIC funds are derived from assessments against the banks. Ultimately, however, they are paid by the depositors themselves. When these funds run out, the balance is provided by the Federal Reserve System in the form of freshly created new money. This floods through the economy causing the appearance of rising prices but which, in reality, is the lowering of the value of the dollar. The final cost of the bailout, therefore, is passed to the public in the form of a hidden tax called inflation.
G. Edward Griffin is to be commended for this splendid work. At first glance The Creature from Jekyll Island is a huge book. While this may be daunting to some, once the book is actually started, it flows smoothly and reads quickly. There are so many fascinating tidbits of information here that the reader won’t even be concerned about the size of the book. The title refers to the formation of the Federal Reserve System, which occurred at a secret meeting at Jekyll Island, Georgia in 1910. It was at this meeting, as Griffin relates, that the “Money Trust”, composed of the richest and most powerful bankers in the world, along with a U.S. Senator, wrote the proposal to launch the Federal Reserve System (which Griffin calls a banking cartel) to control the financial system so that the bankers will always come out on top. The biggest problem in modern banking, according to Griffin, is and has always been the creation of fiat money. Fiat money is money that is “declared” money by the government. It is not backed by anything but promises and deceit. All societies were sound financially when they used gold or silver to back their currency. When the bankers finally get their way and install fiat money, the result is inflation and boom and bust cycles. Griffin gives numerous examples of this, such as repeated failures by American colonies and European states in using fiat money. The purpose of fiat money is so that the government can spend more then they take in through taxes. Without writing reams on this book, it is sufficient to say that this is a must read for anyone who is interested in learning how the money system operates. Griffin gives comprehensive accounts of how the Fed creates money, and how this affects everyday life. I would have to say these sections are better than Murray Rothbard’s book, The Case Against the Fed, because Griffin gives himself more room for explanation. Griffin does believe in the conspiratorial view of history, and he believes that the bankers are working in concert with such groups as the Council on Foreign Relations and the Trilateral Commission to bring about a socialist-world system in which an elite composed of intellectuals and bankers will rule over the entire planet. Griffin even spends a chapter outlining how this system could come about, and the consequent results of this socialist system. These chapters are a bit unsettling, but even if you aren’t interested in this worldview, you can still learn much about the economy from this book. Recommended –By Jeffrey Leach on July 29, 2001
2014 Reprint of 1954 Edition. Full facsimile of the original edition, not reproduced with Optical Recognition Software. Eustace Clarence Mullins, Jr. was a populist American political writer, biographer, ant-Semite, and Holocaust denier. He is considered one of the leading conspiracy theorists of the Post War period. In this title Mullins argued that there was a conspiracy among Paul Warburg, Edward Mandell House, Woodrow Wilson, J.P. Morgan, Benjamin Strong, Otto Kahn, the Rockefeller family, the Rothschild family, and other European and American bankers which resulted in the founding of the U.S. Federal Reserve System. He argued that the Federal Reserve Act of 1913 defies Article 1, Section 8, Paragraph 5 of the United States Constitution by creating a “central bank of issue” for the United States. Mullins went on to claim that World War I, the Agricultural Depression of 1920, the Great Depression of 1929 were brought about by international banking interests in order to profit from conflict and economic instability. Mullins also cited Thomas Jefferson’s staunch opposition to the establishment of a central bank in the United States.
Another fine and extremely well researched work by Antony C. Sutton. An expose’ of the people and forces behind the takeover of the US economy by the Federal Reserve system, on behalf of the oligarchs. A must for anyone interested in the inner workings of US politics and economics, and the concealed reasons for current events. This is the first book that details hour by hour the events that led up to passage of the Federal Reserve Act of 1913 – and the many decades of work and secret planning that private bankers had invested to obtain their money monopoly.
The Federal Reserve is a leviathan that overshadows the world economy, dominating it, controlling the flow of money, affecting all our lives.
Mullins presents some bare facts about the Federal Reserve System with subjects on: it IS NOT a U.S. government bank; it IS NOT controlled by Congress; it IS a privately owned Central Bank controlled by the elite financiers in their own interest. The Federal Reserve elite controls excessive interest rates, inflation, the printing of paper money, and have taken control of the depression of prosperity in the United States.