THE CREATURE FROM JEKYLL ISLAND The Federal Reserve
THE CREATURE FROM JEKYLL ISLAND
The Federal Reserve basically works like this:
The government granted its power to create money to the FED banks.
They create money, then loan it back to the government charging interest.
The government levies income taxes to pay the interest on the debt.
Excerpts from Chapter One specifically addressing
the creation of the Federal Reserve System.
The secret meeting on Jekyll Island in Georgia at which the Federal Reserve was conceived; the birth of a banking cartel to protect its members from competition; the strategy of how to convince Congress and the public that this cartel was an agency of the United States government.--...were seven men who represented an estimated one-fourth of the total wealth of the entire world.
1. Nelson W. Aldrich, Republican "whip" in the Senate, Chairman of the National Monetary Commission, business associate of J.P. Morgan, father-in-law to John D. Rockefeller, Jr.;
2. Abraham Piatt Andrew, Assistant Secretary of the United States Treasury;
3. Frank A. Vanderlip, president of the National City Bank of New York, the most powerful of the banks at that time,representing William Rockefeller and the international investment banking house of Kuhn, Loeb & Company;
4. Henry P. Davison, senior partner of the J.P Morgan Company;
5. Charles D. Norton, president of J.P. Morgan's First National Bank ofNew York;
6. Benjamin Strong, head of J.P. Morgan's Bankers Trust Company;and
7. Paul M. Warburg, a partner in Kuhn, Loeb & Company, a representative of the Rothschild banking dynasty in England and France, and brother to Max Warburg who was head of the Warburg banking consortium in Germany and the Netherlands.
In 1913, the same year that the Federal Reserve Act was passed into law, a subcommittee of the House Committee on Currency and Banking, under the chairmanship of Arsene Pujo of Louisiana, completed its investigation into the concentration of financial power in the United States. Pujo was considered to be a spokesman for the oil interests, part of the very group under investigation, and did everything possible to sabotage the hearings. In spite of his efforts, however, the final report of the committee at large was devastating. It stated:
Your committee is satisfied from the proofs submitted, even in the absence of data from the banks, that there is an established and well defined identity and community of interest between a few leaders of finance...which has resulted in great and rapidly growing concentration of the control of money and credit in the hands of these few men...
When we consider, also, in this connection that into these reservoirs of money and credit there flow a large part of the reserves of the banks of the country, that they are also the agents and correspondents of the out-of-town banks in the loaning of their surplus funds in the only public money market of the country, and that a small group of men and their partners and associates have now further strengthened their hold upon the resources of these institutions by acquiring large stock holdings therein, by representation on their boards and through valuable patronage, we begin to realize something of the extent to which this practical and effective domination and control over our greatest financial, railroad and industrial corporations has developed, largely within the past five years, and that it is fraught with peril to the welfare of the country.
The purpose of this meeting on Jekyll Island was...to come to an agreement on the structure and operation of a banking cartel. The goal of the cartel, as is true with all of them, was to maximize profits by minimizing competition between members, to make it difficult for new competitors to enter the field, and to utilize the police power of government to enforce the cartel agreement.
In more specific terms, the purpose and, indeed, the actual outcome of this meeting was to create the blueprint for the Federal Reserve System.--
The first leak regarding this meeting found its way into print in 1916. It appeared in Leslie's Weekly and was written by a young financial reporter by the name of B.C. Forbes, who later founded Forbes Magazine...
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