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"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
"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 new 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
that 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 groups
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.
Pujo Committee Report concluded that a
community of influential financial leaders had gained control of major
manufacturing, transportation, mining, telecommunications and financial markets
of the United States.
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 never brought the Aldrich Bill to a vote as
the Republican party had developed a schism.
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 such
nationwide resentment and
opposition. The mastermind of both plans was
Baron Alfred de
Rothschild of London." - Col. Garrison, an agent of
Brown Brothers, later
Brown Brothers Harriman
"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 peoples
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.
"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
MarxDecember 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.
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
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
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
provided 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.
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*
affiliated with American
Enterprise Institute
1915 John Pierpont Morgan becomes the sales agent for the War
Materials Board to both the British and the French engaged in World War I.
Woodrow Wilson appoints
Bernard Mannes
Baruch to head the
War Industries
Board.
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.
M.E. 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.
"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
According to historian,
James Perloff, Bernard Baruch profited by approximately 200 million dollars
during World War I.
"The establishment of the Federal Reserve ensured
that the US would become indebted to and owned by international banking
interests, and thus, act in their interest.
The Fed financed the US
role in World War I,
provided the credit for
speculation, which led to the
Great Depression, and
massive consolidation for the interests that own the
Federal Reserve System.
It
then financed US entry into World War II." - Andrew
Gavin Marshall
1929
Paul Warburg sends out a
warning that a collapse and
nationwide
depression have been planned 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 under the 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 Delano Roosevelt, a
Lehman Brothers
broker on the floor of the New York Stock Exchange on the day of the
crash.
1931
Brown Brothers merged
with two other business entities, Harriman Brothers and W. A.
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 vanished. It did not simply disappear, it just ended up consolidated
in fewer and fewer hands, as was planned.
Joseph
P. Kennedy, John F. Kennedy's father, was worth 4 million dollars, by
1935 that had increased to over
100 million dollars. Joseph P. Kennedy smuggled scotch whiskey during
prohibition.
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.
Andrew William Mellon served as a director of the Pittsburgh
National Bank of Commerce.
Andrew William Mellon
advised Herbert Hoover to
"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."
Andrew
William Mellon was thought to be the third wealthiest man in America after
John D. Rockefeller and
Henry Ford.
This
is how depressions are engineered.
"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
of the House Banking & Currency Committee
"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
General
Motors, General
Electric, DuPont - controlled by the
international bankers John Pierpont 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
John Pierpont
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 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, calling 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,
testified: "A recession is probably 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 had 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. Opposition to forms and degrees of
regulation that would have seemed excessive before the crisis may be muted
because 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. It's mind boggling. The Fed has expanded its balance sheet by $2 trillion,
guaranteed $8.3 trillion of dodgy mortgage backed paper, provided a backstop
for bank deposits, money markets,
commercial paper, and forged 8 separate lending facilities to ensure that
underwater financial institutions can 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.
This is why
Bernanke has launched his radical intervention, buying bonds, stocks and
anything else that will keep asset-prices from crashing. It's an attempt to
reignite spending by goosing the market. When businesses and consumers can't
sustain demand, the government has to step in and take their place. The real
worry is that Bernanke's pet theory is merely an academic pipe-dream which is
doing more harm than good. After all, his strategy is based on a controversial
reading of history that is only accepted by disciples of
Milton Friedman." - Mike
Whitney December 9, 2008
2009 Bank
of England gives itself 75 billion pounds, with a fungible entry and a
click of the mouse, to purchase its own outstanding
bonds. |
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forged a populace unable to discern propaganda from reality
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human race. Religious intolerance occurs when any group refuses to tolerate
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American social mores and values have
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