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"The present Federal Reserve System is a flagrant
case of the US government conferring a special privilege upon bankers. The US
government hands to the banks its credit, at virtually no cost to the banks, to
be loaned out by the bankers for their own private profit. Our present money
system is a debt money system. Before a
dollar can circulate, a debt must be forged. Such a system assumes that you can
borrow yourself out of debt." - Willis A. Overholser
1911 Corporations are starting to finance
their own expansions out of profits instead of taking out huge loans. In the
first ten years of the century, 70% of corporate funding came from
profits.
Samuel
Untermeyer delivers the speech "Is There a Money Trust?".
Charles
August Lindbergh asserts that a banking trust existed within the United States
and that it should be investigated.
An 'educational' fund of $5,000,000
is set up to finance
academics at top universities to endorse the new central banking
plan.
The newly chartered central bank would be very similar to the
Bank of North America, in
that it would be given a monopoly over US currency and
create money without collateral backing.
In order to persuade the
public consciousness the "new" central banking system is under control of the
US government, the plan calls for the central bank to be run by a Board of
Governors appointed by the President and approved by the Senate.
"When
that monetary bill was given to the country, it was but a few days previous to
the meeting of the American Bankers Association in New Orleans in 1911. There
was not one banker in a hundred who had read that bill. We had twelve addresses
in favor of it." - Andrew Frame 1911
During the Pujo Money Trust
investigation Samuel
Untermeyer personally cross examines
JP Morgan and other
Wall Street investment
bankers.
The Pujo Money Trust Committee concludes:
Panic of 1907 started with the
closing of the Knickerbocker Trust when its clearing bank,
National Bank
of Commerce, refuses to act as its clearing agent anymore.
- that
clearing house associations are discriminating via minimum capital requirements
as well as predatory membership and discriminatory member policies.
-
predatory listing practices were forcing restrictions on both members and
non-members of the New York Stock Exchange as well as "unwholesome speculation" and
price manipulation by large groups colluding for profit and ultimately running
corporations out of business.
- consolidation of banks and interlocking
directorates (small group of the same men serving as directors on several
different boards) has led to increased wealth accumulation of 42.9% of banking
resources held by the twenty largest banks.
Investigators found that
180 individuals in 341 directorship positions in 112 corporations with
$22,245,000,000 in aggregate resources of capitalization.
At least
eighteen different major financial corporations were under the control of a
cartel led by John
Pierpont Morgan, George F. Baker and
James
Stillman.
At the turn of the century, these three men, through the
resources of seven banks and trust companies (Bankers Trust,
Guaranty Trust, Astor Trust, National Bank of
Commerce, Liberty National Bank,
Chase National Bank,
Farmer’s Loan and Trust) control an estimated $2.1 billion.
The
report reveals that a handful of men hold manipulative control of the New York
Stock Exchange.
The Pujo Report singles out individual bankers including
Paul Warburg,
Jacob Hirsch Schiff,
Felix Warburg,
Frank
Peabody, William
Rockefeller and Benjamin Strong.
Few know that the Tsars of Russia
continually opposed a central bank in Russia and supported
Abraham Lincoln during the
Civil War.
The
US-Russian Alliance that Saved the Union
And even fewer know that
Jacob Hirsch Schiff financed
the Bolshevik Revolution through Kuhn & Loeb.
1912 The Aldrich Bill is presented to Congress
for debate and quickly identified as a bill to benefit private central bankers.
"The Aldrich plan is the Wall Street plan. It means another panic, if
necessary, to intimidate the people. Aldrich, paid by the government to
represent the people, proposes a plan for the trusts instead." - Charles A.
Lindbergh
"Under the Aldrich Plan the bankers are to have local
associations and district associations, and when you have a local organization,
central control is assured. When you have hooked the banks together, they can
have the biggest influence of
anything in this country, with the exception of the
newspapers." - Leslie
Shaw
Republican leadership develops a schism never brings the Aldrich
Bill to a vote.
During the Democratic presidential campaign,
Woodrow Wilson and the
leadership of the Democratic Party pretend to oppose the Aldrich Bill.
"The Aldrich Bill was condemned in the platform when Woodrow Wilson was
nominated.
The men who ruled the Democratic Party promised the people
that if they were returned to power there would be no central bank established
here while they held the reins of government.
Thirteen months later
that promise was broken, Woodrow Wilson, under the tutelage of sinister Wall
Street figures who stood behind Edward Mandell House, established in our free
country the worm-eaten monarchical
institution of the, 'King's Bank,' to control us from the top downward,
and to shackle us from the
cradle to the grave." - Louis T. McFadden
"We object to the
Aldrich Bill on the following points:
Lack of adequate government or
public control of the mechanism it sets up.
Puts voting control into
the hands of the large banks of the system.
The extreme danger of
inflation of currency inherent in the system.
The insincerity of the
bond funding plan provided for by there being a barefaced pretense that this
system was to cost the government nothing.
The dangerous monopolistic
aspects of the bill." - Carter Glass
"The Federal Reserve was intended to promote price
stability, prevent financial panics and smooth out the amplitude of the
business cycle.
Ironically, and unbeknownst to most Americans, Federal
Reserve policy is enormously responsible for the boom-and-bust economic metric.
Interest rate reductions, money supply manipulation, currency
intervention, and interference in the private sector are not the marks of a
free-market economy." - Drew Klein 04/08 1913 John Pierpont Morgan, Paul Warburg,
Bernard Mannes
Baruch, Edward
Mandell House advanced a new plan Paul Warburg calls the Federal Reserve
system.
The leadership of the Democratic Party hail this new bill, the
"Glass-Owen" bill, as totally different to the Aldrich Bill, when it is
virtually identical.
"Without Paul Warburg there would have been no
Federal Reserve Act.
The banking
house of Warburg and
Warburg in Hamburg has always been strictly a family business.
None
but a Warburg has been eligible for it, but all have been born into it.
In 1895 Paul Warburg married the daughter of the late
Solomon Loeb of Kuhn, Loeb &
Company. Paul Warburg became a member of Kuhn, Loeb & Company in
1902." - Harold Kelloch
"Paul Warburg is the man
who got the Federal Reserve Act together after the Aldrich Plan aroused
nationwide resentment and
opposition.
The mastermind of both plans was
Baron Alfred de
Rothschild of London." - Col. Garrison, an agent of Brown
Brothers
"Brushing aside the external differences affecting the,
'shells,' we find the, 'kernals,' of the two systems very closely resembling
and related to one another." - Paul Warburg
Nelson Wilmarth Aldrich, and
Frank Vanderlip of National City
Bank, publicly state their opposition to the bill in order to make people
believe that the bill proposed is radically different from the Aldrich Bill.
Frank Vanderlip states years later in the Saturday Evening Post,
"Although the Aldrich Federal Reserve Plan was defeated when it bore the name
Aldrich, nevertheless its essential points were all contained in the plan that
finally was adopted."
"Congress should go slow on currency
legislation. The recent artificial
panic was to scare the country into forcing Congress to act quickly and
blindly.
They are unwilling to have a people's government."- Alfred
Owen Crozier
With Congress near a vote on the Glass-Owen
Alfred Crozier testified:
"The bill should prohibit the granting or
calling in of loans for the purpose of influencing quotation prices of
securities and contracting of loans or
increasing interest rates in concert
by the banks to influence public opinion or action of any legislative body.
The so-called administration currency bill grants just what Wall Street
and the big banks for twenty-five years have been striving for
PRIVATE INSTEAD OF PUBLIC CONTROL OF
CURRENCY.
It does this as completely as the Aldrich Bill.
Both proposals rob the government and the people of effective control
over public money, and vest in the banks exclusively the dangerous power to
make money among the people scarce or plenty.
The Aldrich Bill puts
this power in one central bank.
The Administration Bill puts it in
twelve regional central bank, all owned exclusively by identical private
interests that would have owned and operated the Aldrich Bank.
President Garfield
shortly before his assassination declared
whoever controls the supply of
currency would control the business and activities of the people." - Alfred
Crozier 1913
October Congress passes a bill, authored by Nelson Wilmarth
Aldrich, legalizing a direct income tax
of the people - the 16th amendment.
The income tax law is
fundamental to the Federal Reserve as the system would run up an unlimited US
treasury bond debt which needed a
source of income to retire.
The only way to guarantee the payment of
interest on this US treasury bond
debt is to directly tax the people, like the Bank of England.
If the Fed
had to rely on contributions from the States (like the UN), it would be dealing
with bigger entities, who could revolt and refuse to pay
interest.
Outside the straight forward method of refusing to pay
political pressure can be brought to bear in order to keep the Fed from
printing an unlimited run of US treasury bonds like it did for seven years
between December 16, 2008 and Dec. 16, 2015 after the 5 major
investment banks on Wall Street
collapsed.
The 16th
amendment was never legally ratified according to evidence presented by Bill
Benson.
December
19 Senate passed a version by a vote of 54-34. Over forty important
differences in the House and Senate versions remain to be settled.
"The
bill as it stands seems to me to open the way to
a vast inflation of currency. I do
not like to think that any law can be passed which will make it possible to
submerge the Gold Standard in
a flood of irredeemable
paper currency." - Henry Cabot Lodge Sr.
Opponents of the bill in
both houses of Congress were led to believe that many weeks would elapse before
the the Federal Reserve Act conference bill would be ready for consideration
and left town for Christmas.
December 22 Federal
Reserve Act is passed by the House 282-60 and the Senate 43-23.
"Centralization of credit in the banks of the
state, by means of a
national bank with state capital and
an exclusive
monopoly."
Point 5 Communist Manifesto,
Karl Heinrich
Marx
December 23,
1913
Woodrow Wilson signs the Federal
Reserve Act..
A comparative print of the Federal Reserve Act
of 1913 as passed by the House of Representatives and amended by the Senate
shows the following change:
The Senate struck out, "To suspend the
officials of Federal Reserve banks for cause, stated in writing with
opportunity of
hearing, require the removal of said official for incompetency, dereliction
of duty, fraud or deceit, such removal to be subject to approval by the
President of the United States."
Changed by the Senate to read "To suspend or remove any officer or director of
any Federal Reserve bank, the cause of such removal to be forthwith
communicated in writing by the Federal
Reserve Board to the removed officer or director and to said bank."
The signing of the Federal Reserve Act by
Woodrow Wilson represents the culmination of
years of collusion with
his intimate friends, Edward Mandell House, Bernard Mannes Baruch, Paul
Warburg, et al.
"This Act establishes the most gigantic trust on earth.
When the President signs this bill, the invisible
government of the monetary power will be legalized. The people may not know
it immediately, but the day of reckoning is only a few years removed." -
Charles A Lindbergh Sr.
"Since the Federal Reserve Act was passed almost
100 years ago, powerful private interests have slowly consumed our Federal
Government. Their monopoly power
over our monetary system has allowed them to
seize all the other powers of
government which they used to impose their will onto every area of our lives,
from education, to industry, to healthcare . . . all of it."- Bruce
McDonald
$1 in 1776 = $29.44 in 2019
$20.00 in 1776 =
$588.80 in 2019
December 24 Jacob Hirsch Schiff to Edward Mandell
House:
"My dear Colonel House. I want to say a word to you for the
silent, but no doubt
effective work you have done in the interest of currency legislation and to
congratulate you that the measure has finally been enacted into law. I am with
good wishes, faithfully yours,
Jacob
Schiff."
"The first task of the
Federal Reserve system would be to finance the
World War.
The
European nations were already bankrupt, because they had
maintained large standing
armies for almost fifty years, a situation made by their own central banks,
and therefore they could not finance a war.
A central bank always
imposes a tremendous
burden on the nation for "rearmament" and "defense", in order to create
inextinguishable debt, simultaneously creating
a military dictatorship
and enslaving the people to pay the "interest" on the debt which the bankers
have artificially created." - Eustice Mullins
"Before passage of this
Act, the New York bankers could only dominate the reserves of New York. Now we
are able to dominate bank reserves of the entire country." -
Nelson
Wilmarth Aldrich
1914 At the start of
World War I the German
Rothschilds loan money to the Germans, the British Rothschilds loan money to
the British, and the French Rothschilds loan money to the French while the
Federal Reserve provides liquidity with
cash infusions.
"To cause high prices, all the Federal Reserve Board
will do will be to lower the rediscount rate, producing an expansion of credit
and a rising stock market, then when business men are adjusted to these
conditions, it can check
prosperity in
mid-career by arbitrarily raising the rate of interest.
It can cause
the pendulum of a rising and falling market to swing gently back and forth by
slight changes in the discount rate, or cause violent fluctuations by a greater
rate variation, and in either case it will possess inside information as to
financial conditions and advance knowledge of the coming change, either up or
down.
This is the strongest, most dangerous advantage ever placed in
the hands of a special privilege class by any government that ever existed.
The system is private, conducted for the sole purpose of obtaining the
greatest possible profits from the use of other people's money.
They
know in advance when to create panics to their advantage.
They also
know when to stop panic.
Inflation and deflation work equally well for
them when they control finance." - Charles A Lindbergh Sr.
Federal
Reserve banks began operations on November 16 with total assets listed at
$143,000,000 garnered from the sale of shares in the Federal Reserve banks to
stockholders of the
national banks which subscribe.
It seems most likely that
from the very outset, the Federal Reserve operations were "paper issued against
paper": fungible bookkeeping entries in a ledger comprised the only values
which actually "changed hands."
The stock in the original twelve
regional Federal Reserve banks is purchased by national banks in twelve
regions.
The Federal Reserve Bank of New York
sets the interest rates and directs
open market
operations, controlling the daily supply and value of money.
Each
member bank of the Federal Reserve system owns nonnegotiable shares of stock in
its regional Federal Reserve Bank.
A 6% dividend is paid on the stock
to member banks which are all privately owned and operated through joint stock
incorporations.
Federal Reserve Board of Governors must approve Federal
Regional Bank presidents.
1916
Max Warburg
opens an account by cable at (Rothschilds) Nya Banken in Stockholm, Sweden for
Leon Trotsky.
1917
Woodrow Wilson calls for war on Germany.
With the entry of the US into
the World War I, Julius H.
Barnes, a grain salesman, and Prentiss Gray,
a lumber shipping clerk,
were given important posts in the newly forged US Food Administration under
Herbert Hoover's direction.
Julius H. Barnes became President of the
Grain Corporation of the US Food Administration and Prentiss Gray was chief of
Marine Transportation. G. A. Zabriskie, was named head of the US Sugar
Equalization Board.
All three - Julius H. Barnes, G. A. Zabriskie,
Prentiss Gray - were agents for J. Henry Schroder Banking Corporation in
New York
After the World War I, the partners of
J. Henry
Schroder owned most of Cuba's sugar industry.
ME Rionda was
president of Cuba Cane ,
director of Manati Sugar and American British and Continental Corporation, and
other firms.
Baron Bruno von Schroder, senior partner of the firm, was
a director of North British and Mercantile Insurance Company.
His
father, Baron Rudolph von Schroder of Hamburg, was a director of Sao Paulo
Coffee Ltd., one of the largest
Brazilian coffee companies, with F.C. Tiarks, also of the
Schroder
firm.
March 4,
1918 Woodrow Wilson appoints
Bernard Mannes
Baruch chairman of the
War Industries
Board.
According to historian, James Perloff, Bernard Baruch
profited by approximately 200 million dollars during World War I.
"If
one understands that socialism
is not a share-the-wealth
program, but it is in reality a method to consolidate and control the
wealth, then the seeming paradox of super-rich men
promoting socialism becomes no paradox at all.
Instead it
becomes logical, the perfect tool of
power seeking
meglomaniacs.
Communism, or more accurately
socialism, is not a
movement of the downtrodden masses, but of the economic elite." - Gary
Allen
1919
Paris Peace
Conference takes place at the end of
World War I.
"No
country can afford to have its prosperity originated by a small controlling
class." - Woodrow Wilson
"Half a dozen men at the top of the Big Five Banks
could upset the whole fabric of government finance by refraining from renewing
Treasury Bills." - London Financial Times 19211921
Warren G. Harding is selected President of the United States, and succeeds
Woodrow Wilson.
This begins the period which becomes known as the,
"Roaring Twenties."
Despite the fact that World War I had saddled
America with debt ten times larger than the Civil War debt, the US economy
grows.
Andrew William
Mellon is Secretary of the Treasury.
Gold pours into America during the war and
continues to during the 1920's.
Warren G. Harding reduced taxes
domestically, and increased
tariffs on imports to record levels.
"If our nation can issue a dollar bond, it can
issue a dollar bill.
The element that makes the bond good, makes
the bill good.
It is absurd to say that our country can issue 30 million
dollars in bonds and not 30 million dollars in currency.
Both are
promises to pay, but one promise fattens the usurers and the other helps the
people." - Thomas
Edison, December 6, 1921 New York
Times
"The warning of
Theodore Roosevelt
has much timeliness today, for the
real menace of our republic is this
invisible government which
like a giant octopus sprawls its slimy length over city, state, and nation.
It seizes in its long and powerful tentacles our executive officers,
our legislative bodies, our schools, our courts, our newspapers, and every
agency created for the public protection.
To depart from mere
generalizations, let me say that at
the head of this octopus are
the Rockefeller-Standard
Oil interest and a
small group of powerful banking houses generally referred to as
international bankers.
This little coterie of powerful
international bankers
virtually run the US Government for
their own selfish
purposes.
They practically control both parties, write political
platforms, make catspaws of party leaders, use the leading men of private
organizations, and resort to every device to place in nomination for high
public office only such candidates as will be amenable to the dictates of
corrupt big business.
These
international bankers
and Rockefeller-Standard Oil interests control the
majority of newspapers
and magazines in this country." -
John Hylan, Mayor of New York, March 26, 1922 New York
Times
"The Jews are responsible for Bolshevism in Russia, and
Germany too.
I was far too indulgent with them during my reign, and I
bitterly regret the favors I showed the prominent Jewish bankers."- German
Kaiser Wilhelm II Chicago Tribune July 2, 1922
1923 Warren G. Harding dies under mysterious circumstances.
Appearances suggest food poisoning or a stroke - no autopsy is
performed.
Warren G. Harding is succeeded by his Vice-President Calvin
Coolidge.
Calvin
Coolidge continues the tax cutting and
tariff raising policies.
This policy is so successful the economy continues to grow, and the
huge Federal debt built up during World War I, is reduced by
38%.
Federal Reserve begins increasing the money supply by
62%.
1927
Bank of England Governor Montagu Norman,
Benjamin Strong of the Federal Reserve
Bank of New York, and Hjalmar Schacht of the
Reichsbank, meet in conference.
Federal Reserve bails out the Bank of
England by increasing the money supply through cheap loans.
These cheap
loans are used to purchase stock on margin sending the gold flowing back into
the coffers of the Bank of
England by reducing the value of the American dollar in relation to the
British pound(£).
"I think it can hardly be disputed that the
statesmen and financiers of Europe are ready to take almost any means to
reacquire rapidly the gold stock which Europe lost to America as a result of
World War I." -
Louis T. McFadden, February
1931
"In the 1920s, the US experienced a stock market boom, which
was a result of the commercial banks providing funds for the purchase of stock
and took the latter as collateral, creating a massive wave of underwriting and
purchasing of securities.
The stock market speculation that
followed was the result of the banks borrowing substantially from the Federal
Reserve. The Federal Reserve System financed the great stock market boom." -
Andrew Gavin Marshall
1929
Andrew
William Mellon, Herbert Hoover's Secretary of the Treasury, spent much of the
time overseas between 1929-31 purportedly negotiating for repayment of European
war debts from World War I.
Mellon served as a director of the Pittsburgh National Bank of
Commerce.
Mellon advises Herbert Hoover:
"liquidate labor, liquidate stocks, liquidate farmers, liquidate real
estate, it will purge the rottenness out of the system. High costs of living
and high living will come down. People will work harder, live a more moral
life. Values will be adjusted, and enterprising people will pick up from less
competent people."
Mellon is the 3rd wealthiest man in America after
Rockefeller and Ford.
Paul
Warburg sends out a warning that a collapse and
nationwide depression are
set in motion for later that year.
In August the Federal Reserve begins
to tighten the money supply.
On 24th October the big New York bankers
call in their 24 hour broker call loans.
"When everything was ready,
the New York financiers started calling 24 hour broker call loans.
This
meant that the stockbrokers and the customers had to dump their stock on the
market in order to pay the loans.
This naturally collapsed the stock
market and brought a banking collapse all over the country because the
banks not owned by the oligarchy were
heavily involved in broker call claims at this time, and bank runs soon
exhausted their coin and currency and they had to close.
The Federal
Reserve system would not come to their aid, although they were instructed by
law to maintain an elastic currency." - William Jennings Bryan
"At the
height of the selling frenzy
Bernard Mannes Baruch
brought Winston
Churchill into the visitors gallery of the New York Stock Exchange to
witness the panic and impress him with his power over the wild events on the
floor." - John Kenneth
Galbraith, The Great Crash 1929
"Actually, it was the
calculated 'shearing' of the public by the World-Money powers triggered by the
planned sudden shortage of call money in the New York Money Market." -
Curtis B. Dall
Curtis B. Dall, son-in-law of
Franklin D
Roosevelt, a Lehman Brothers
broker on the floor of the New York Stock Exchange on the day of the
crash.
"Those who controlled private
capital largely walked away from the US economy for the entire 1930s, refusing
to pump in enough new investment even to replace the machinery and
goods-in-process that were consumed during the
decade." - Robert P. Murphy
1931
Brown Brothers merges with two other
business entities, Harriman Brothers and WA Harriman.
1929 to 1933 Despite claims of the Federal Reserve protecting
the country against depressions and inflation, the money supply is reduced by
an additional 33%.
"The Federal Reserve definitely caused the
Great Depression by
contracting the amount of currency in circulation by one-third from 1929 to
1933." - Milton Friedman, radio interview January 1996
In only a few
weeks from the day of the crash, 3 billion dollars of wealth vanished.
Within a year, 40 billion dollars of wealth vanish.
It did not
disappear, it just ended up consolidated in fewer and fewer
hands.
1935 Joseph P. Kennedy,
John F. Kennedy's father, has multiplied his fortune 25x from 4 million dollars
to over 100 million dollars smuggling scotch whiskey during
prohibition.
"After World War I,
Germany fell into the hands of the
German International Bankers.
Those bankers bought her and now they
own her, lock, stock, and barrel.
They have purchased her industries,
they have mortgages on her soil, they control her production, they control all
her public
utilities.
The international German bankers have subsidized the
present government of Germany and
they have also supplied every
dollar of the money Adolf Hitler has used in his lavish campaign to build up a
threat to the government of Bruening.
The Federal Reserve Board has
pumped so many billions of dollars into Germany that they dare not name the
total." - Louis T. McFadden, Chairman House Banking & Currency
Committee
General
Motors, General Electric,
DuPont - controlled by the international
bankers JP Morgan, Rockefeller, Chase, and Warburg - were intimately
related to the growth of the Nazi war armaments industry.
The money
pumped into Germany to build her up in preparation for World War II, was pumped
into German banks affiliated with the Harriman interest in New
York.
That money was supplied by the the
international
bankers JP Morgan, Rockefeller, Chase, and Warburg.
Much of the
money printed through loans by the Federal Reserve went to rebuild Germany and
the Nazi war armaments
industry.
1989
Representative Henry Gonzalez, of Texas, introduces House Resolution 1469,
calling for the abolition of the Fed
Open Market Committee of the Federal Reserve system.
He also
introduced House Resolution 1470, calling for the repeal of the Federal Reserve
Act of 1913.
During the same session, Representative Phil Crane of
Illinois, introduced H.R. 70, calls for an annual audit of the Federal Reserve.
These efforts fail.
Americans are told to believe that the
deaths of Senator John
Heinz (outspoken Vietnam War
critic), Senator John Tower (investigated the Reagan/Bush era Iran-Contra
scandal) and Senator Paul Wellstone (against repeal of Glass-Steagall) in
separate airplane crashes were
"pure"
coincidence.
1991 "Senator John Tower had
been an outspoken critic of the
Eastern Establishment.
John Tower had a very strong sense of
right and wrong,
particularly on matters concerning
national
security.
He was well known for "bucking" the tide.
This
backfired on him with deadly results when certain members of Congress, loyal to
the Reagan and Bush
faction of the Intelligence Community, banded together against him in a smear
campaign which resulted in the denial of Tower's confirmation as Secretary of
Defense.
Outraged over the undocumented allegation made to slander his
name, Tower began the book writing process so feared in Washington circles.
His controversial book heavily criticizes his old crony pals in
Congress.
His death in a plane crash on April 5, 1991 came very shortly
after the book was released.
One day earlier on April 4, 1991,
Senator John Heinz died
in a blazing plane crash near Philadelphia.
The official reports state
that the plane's landing gear had suddenly malfunctioned.
A helicopter
was sent up to check out the gear, only to end up (allegedly) crashing into the
plane itself." - Alexander James
"Scores of banks failed in
the Great Depression as a result of unsound banking practices, and their
failure only deepened the crisis. Glass-Steagall was intended to protect our
financial system by insulating commercial banking from other forms of risk. It
was one of several stabilizers designed to keep a similar tragedy from
recurring. Now Congress is about to
repeal that economic stabilizer without putting any comparable safeguard in its
place." - Senator Paul
Wellstone
2002 "Since the beginning of the last decade,
required reserve balances have fallen dramatically. The decline stems in
part from regulatory action: the Federal Reserve eliminated reserve
requirements on large time deposits in
1990 and lowered the
requirements on transaction accounts in
1992. But a far more
important source of the decline in required reserves has been the growth of
sweep accounts. In the most common form of sweeping, funds in bank customers'
retail checking accounts are shifted overnight into savings accounts exempt
from reserve requirements and then returned to customers' checking accounts the
next business day. Largely as a result of this practice, today only 30% of
banks are bound by a
reserve balance requirement." - Federal Reserve Bank of New York, 2002
Senator Paul Wellstone dies a plane crash on 25 October 2002, 11 days
before he was to stand in the midterm US senate election.
Wellstone's
upset victory in 1990 and subsequent re-election in 1996 was credited to a
massive grassroots campaign, which
inspired college students,
poor people and minorities to get involved in politics for the very first
time.
Paul David
Wellstone was accussed of being
apostate for marrying a Gentile and not raising his children in the Jewish
faith.
His death came just 11 days before his potential re-election
in a crucial race to maintain Democratic control of the Senate.
Senator
John Heinz and Senator John Tower had both been members of the
Council on Foreign Relations and realized its
manipulation in plans for world
tyranny. Both had served on powerful Senate banking and finance committees.
Both were very astute when it came to matters of monetary policy and the
implementation of foreign
policy.
2005
Treasury Department
figures show that from 1776 - 2000, all the previous American Presidents
borrowed a total of $1.01 trillion dollars.
Between 2001 and 2005 the
Bush administration borrowed $1.05 trillion.
2008
Chairman of
the Federal Reserve Board, Ben Salom Bernanke, testifies:
"A recession
is not on the horizon, but quick passage of an economic stimulus package plus
aggressive action by the Federal Reserve are the appropriate prescription for
the ailing economy."
By March 2008,
all of the major US
investment banks have either merged with commercial banks, failed, or
voluntarily placed themselves under Federal Reserve control.
"It
could be argued that the Fed appears to be rescuing those who caused the
problem at the expense of others who had nothing to do with it.
The
government has already established a major ownership position in the financial
services industry." - Mark Jickling, November 24, 2008
"Even though
the Federal Reserve is now the biggest single participant in the financial
system, the myth of a "free
market" still lingers on.
The Fed has expanded its balance sheet by
$2 trillion, guaranteed $8.3 trillion of toxic mortgage backed paper, provided
a backstop for commercial paper, bank deposits, money markets, and
created 8 lending facilities to ensure
underwater financial institutions still appear to be solvent.
The
whole system is a state
subsidized operation buoyed on
a taxpayer provided
flotation device which bears no resemblance to
an invisible hand.
It's flagrant blackmail and
everyone knows it.
It's an attempt to reignite spending by goosing the
market.
When consumers can't sustain demand, the government has to step
in.
The real worry is
Bernanke's pet theory is merely an academic pipe-dream.
His
strategy is based on a controversial reading of history only accepted by
disciples of Milton
Friedman." - Mike Whitney December 9, 2008
At one point the
Board of Governors were:
*
Ben Salom Bernanke, Chairman
* Donald Kohn, Vice-Chairman
* Frederic Mishkin
* Kevin Warsh
(married to Jane Lauder*)
*Randall Kroszner* (American
Enterprise Institute affiliate)
2009
Bank of England
gives itself £ 75 billion, with
a fungible entry and a click of
the mouse, to purchase its own
outstanding bonds.
"And every
practical man - every man who knows the scene of action - will agree that our
system of banking, based on a single reserve in the
Bank of England, cannot be
altered, or a system of many banks, each keeping its own reserve, be
substituted for it. Nothing but a revolution would effect it, and there is
nothing to cause a revolution." - Walter Bagehot, Lombard Street: A
Description of the Money Market, 1873
2019
The interbank rate is 2.5%.
Basically there are four
investment funds – the Big Four – that control the US economy:
BlackRock, Vanguard
Group, State Street, Fidelity.
The 8 largest US
financial companies – JP
Morgan, Wells Fargo,
Bank of America,
Citigroup,
Goldman Sachs,
Bancorp, Bank of New York Mellon
and Morgan Stanley – are 100%
controlled by ten shareholders.
The “big four” are major
shareholders in all of these 8 financial institutions.
Some of the
major companies controlled by the Big Four include:
Altria Group, AT&T,
Hewlett-Packard, Home Depot, Intel, United Technologies,
Alcoa,
American International
Group, Boeing,
Caterpillar,
Coca-Cola,
DuPont,
ExxonMobil,
General Electric,
General Motors,
Honeywell
International, International
Business Machines, Johnson &
Johnson, JP Morgan Chase,
McDonald’s,
Merck,
Microsoft,
3M,
Pfizer,
Procter & Gamble,
Verizon,
Wal-Mart Stores,
Time Warner,
Walt Disney,
Viacom,
News Corp,
CBS, NBC
Universal
2020 The interbank rate, the rate
of interest charged on short-term loans made between US banks, is
1.75%. |
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