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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 any longer:
-
clearing house associations are discriminating via capital requirements as well
as predatory membership and
discriminatory member
policies.
- predatory listing practices are 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.
- consolidation of banks and interlocking
directorates (small group of men serving as directors on several boards) has
led to acumulation of wealth concentrating 42.9% of
banking resources into 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 18 different major
financial corporations were under the control of a cartel led by
John P. Morgan,
George Fisher 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 Paul Warburg, Jacob Hirsch
Schiff, Felix
Warburg, Frank E.
Peabody, William Avery Rockefeller Jr. and Benjamin Strong - the
Money
Trust.
Pujo Committee Abandons Hope of Getting Financier to
Testify
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
1911
Corporations begin to finance
expansion out of profits instead of borrowing.
In the first 10 years of
the 20th century, 70% of corporate funding comes from profits.
Samuel Untermeyer delivers
the speech "Is There a Money Trust?"
Charles A. Lindbergh asserts
the banking trust 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, modeled on the
Bank of North
America, given a monopoly over US currency to
create money without collateral.
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
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 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 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 of Woodrow Wilson.
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.
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'
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 is 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 Paul
Warburg and Bernard
Mannes Baruch advance a new monetary system 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.
"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." - Frank Vanderlip, Saturday Evening
Post
"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 administration' currency bill grants what Wall Street and the big
banks, for twenty-five years have been striving for -
private 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,
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 system as
US treasury bond debt needs
a source of income to retire that
debt.
The only way to guarantee payment of interest is to directly
tax the people.
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.
According to Bill Benson the 16th
amendment was never legally ratified .
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 opens the way to
a vast inflation of currency. I do
not like to think a law can be passed which will make it possible to sink the
Gold
Standard in a flood
of irredeemable paper currency." - Henry Cabot Lodge Sr.
Opponents
of the bill in both houses of Congress are led to believe many weeks would
elapse before the the Federal Reserve Act conference bill would be ready for
consideration and left town to enjoy Christmas with family.
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
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 betwwwn 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." - Charles A Lindbergh Sr.
$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 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.
Inflation and
deflation work equally well." -
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 the twelve regions: Boston, New York, Philadelphia,
Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City,
Dallas and San Francisco.
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.
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, are
given important posts in the new US Food Administration under Herbert
Hoover.
Julius H. Barnes became President of the Grain
Corporation and Prentiss Gray becopmes chief of Marine
Transportation.
G. A. Zabriskie, is named head of the US Sugar
Equalization Board.
All three - Julius H. Barnes, G. A. Zabriskie,
Prentiss Gray - are agents for J. Henry Schröder Banking
Corporation in New York
After the World War I, the partners of J.
Henry Schröder 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.
Kurt Freiherr von
Schröder, senior partner of the firm, is a director of North
British and Mercantile Insurance Company and also a director of Sao Paulo Coffee, the largest
Brazilian coffee companies, with F.C. Tiarksr.
March 4, 1918 Woodrow Wilson appoints Bernard 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 powerful
tentacles executive
officers, legislative
bodies, schools,
courts,
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.
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 as the commercial banks provided funds for the purchase of
stock using 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
New York bankers call in their 24 hour broker call loans.
"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 because the banks not owned by the oligarchy were
heavily involved in broker call claims and bank runs soon exhausted their coin
and currency.
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 Money Power
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, was 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.
Emergency Banking Act of March 9,
1933
"The Federal Reserve Board has
pumped so many millions of
dollars into Germany that they dare not name the total." - Louis T.
McFadden, Chairman House Banking & Currency Committee
General
Motors, General Electric,
DuPont were intimately
related to the growth of the Nazi war armaments industry and profited
handsomely.
The money pumped into Germany for World War II, was pumped
into German banks affiliated with the
Harriman interest in New
York.
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 "coincidence."
1991 "John Tower had been an outspoken critic of the
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.
John Tower died in a
plane crash on April 5, 1991.
One day earlier on April 4, 1991, Senator
John Heinz died in a blazing plane crash near Philadelphia.
The
official reports state the plane's landing gear 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 the tragedy from
recurring.
Now Congress is about to
repeal that economic stabilizer
without putting any comparable safeguard in its place." -
Senator Paul
Wellstone
2002
"In the last decade reserve
balances have fallen dramatically.
The decline stems from
regulatory action: the
Federal Reserve eliminated reserve requirements on large time deposits in
1990 and lowered the
requirements on transaction accounts in
1992.
The decline in
required reserves was caused by growth of sweep accounts.
In the most
common form of sweeping, retail checking account funds 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
A time deposit is an
interest-bearing account with a pre-set date of maturity.
A certificate
of deposit (CD) is the best-known example.
IMPACT OF
LARGE TIME DEPOSITS ON GROWTH RATE OF M1
Senator Paul Wellstone
dies a plane crash on 25 October 2002, 11 days before he was to stand in
re-election in a crucial race the midterm US senate election to maintain
Democratic control of the Senate.
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.
Senator John Heinz and
Senator John Tower served on Senate banking and finance committees and, having
been members of the Council on Foreign
Relations, saw plans
for world tyranny through 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 $8.5 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, Home Depot, Intel,
United Technologies, Hewlett-Packard, 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%.
Meet BlackRock, Great Vampire Squid, "Global Financial
Giant" |
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This web site is not a commercial web site and
is presented for educational purposes only.
This website defines a
new perspective with which to engage reality to which its author adheres. The
author feels that the falsification of reality outside personal experience has
forged a populace unable to discern propaganda from reality and that this has
been done purposefully by an international corporate cartel through their
agents who wish to foist a corrupt version of reality on the human race.
Religious intolerance occurs when any group refuses to tolerate religious
practices, religious beliefs or persons due to their philosophical ideology.
This web site marks the founding of a system of philosophy named The Truth of
the Way of the Lumière Infinie - a rational gnostic mystery religion
based on reason which requires no leap of faith, accepts no tithes, has no
supreme leader, no church buildings and in which each and every individual is
encouraged to develop a personal relation with the Creator and Sustainer
through the pursuit of the knowledge of reality in the hope of curing the
spiritual corruption that has enveloped the human spirit. The tenets of The
Truth of the Way of the Lumière Infinie are spelled out in detail on
this web site by the author. Violent acts against individuals due to their
religious beliefs in America is considered a "hate crime."
This web site
in no way condones violence. To the contrary the intent here is to reduce the
violence that is already occurring due to the international corporate cartels
desire to control the human race. The international corporate cartel already
controls the world central banking system, corporate media worldwide, the
global industrial military entertainment complex and is responsible for the
collapse of morals, the elevation of self-centered behavior and the destruction
of global ecosystems. Civilization is based on coöperation.
Coöperation does not occur at the
point of a
gun.
American social mores and values have declined precipitously
over the last century as the corrupt international cartel has garnered more and
more power. This power rests in the ability to deceive the populace in general
through corporate media by pressing emotional buttons which have been
preprogrammed into the population through prior corporate media psychological
operations. The results have been the destruction of the family and the
destruction of social structures that do not adhere to the corrupt
international elites vision of a perfect world. Through distraction and
coercion the direction of thought of the bulk of the population has been
directed toward solutions proposed by the corrupt international elite that
further consolidates their power and which further their purposes.
All
views and opinions presented on this web site are the views and opinions of
individual human men and women that, through their writings, showed the
capacity for intelligent, reasonable, rational, insightful and unpopular
thought. All factual information presented on this web site is believed to be
true and accurate and is presented as originally presented in print media which
may or may not have originally presented the facts truthfully.
Opinion and thoughts
have been adapted, edited, corrected, redacted, combined, added to, re-edited
and re-corrected as nearly all opinion and thought has been throughout time but
has been done so in the spirit of the original writer with the intent of making
his or her thoughts and opinions clearer and relevant to the reader in the
present time.
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www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted
material from this site for purposes of your own that go beyond 'fair use', you
must obtain permission from the copyright owner. |
 Copyright
© Lawrence Turner
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