The birth of the private, "Federal", "Reserve", System - Jekyll Island - 1910
Woodrow Wilson commits HIGH TREASON by signing the
UNCONSTITUTIONAL Federal Reserve Act Dec 23, 1913
UNCONSTITUTIONAL Federal Reserve Act Dec 23, 1913
From the beginnings of the Republic and into the twentieth century, the American people distrusted banks generally, and central banks particularly. The first Bank of the United States and the Second Bank of the United States did not last very long. The Treasury began issuing banknotes during the Civil War, but it was only in 1913 that the Federal Reserve System, our current central bank, began operations on a limited basis. Although its basic structure is unchanged, the Fed (as the Federal Reserve is generally called) has taken on many additional roles during its nearly one hundred years of operations. The period from about 1900 to 1915 is generally known as the “progressive era.” The “reforms” that were enacted during those years were promoted as a means of curbing monopoly power, but in fact, they served to establish and strengthen monopoly power. The two most powerful American financial interests of the time were the Morgans and the Rockefellers, together with their respective allies. Both camps agreed on the need to form a banking cartel, and saw a central bank as the best way to do that. They began a campaign to sell this idea, and the Panic of 1907 helped their cause. The result was the Federal Reserve Act, passed by Congress in 1913. Detailed planning of the Federal Reserve actually took place in 1910 at a secret conference organized by Wall Street financier J. P. Morgan at an island he owned off the coast of Georgia. Picture a party of the nation’s greatest bankers stealing out of New York on a private railroad car under cover of darkness, stealthily riding hundreds of miles South, embarking on a mysterious launch, sneaking onto an island deserted by all but a few servants, living there a full week under such rigid secrecy that the names of not one of them was once mentioned, lest the servants learn the identity and disclose to the world this strangest, most secret expedition in the history of American finance. The utmost secrecy was enjoined upon all. The public must not glean a hint of what was to be done. Senator Aldrich notified each one to go quietly into a private car of which the railroad had received orders to draw up on an unfrequented platform. Off the party set. New York’s ubiquitous reporters had been foiled...
Nelson (Aldrich) had confided to Henry, Frank, Paul and Piatt that he was to keep them locked up at Jekyll Island, out of the rest of the world, until they had evolved and compiled a scientific currency system for the United States, the real birth of the present Federal Reserve System, the plan done on Jekyll Island in the conference with Paul, Frank and Henry. Just as importantly, they established a $5,000,000 (50,000,000 in today's dollars) slush fund to influence the media and educators. One little-known educator was the obscure Professor Woodrow Wilson of Princeton University...
There was general disagreement as to whether the Federal Reserve should be privately owned or government-owned. This disagreement, added to the lingering general distrust of banks, led to a rather strange hybrid institution. To begin with, the Fed was given some of the trappings of private ownership, in particular the issuance of shares of stock. Secondly, it was set up as a decentralized system of twelve member banks located in the most prominent commercial and industrial cities. The New York Fed had special privileges and in fact was initially more powerful than the headquarters operation in Washington. The Fed’s primary initial roles were to provide an elastic currency and to serve as a “lender of last resort.” It was thought that only a central bank could provide a prompt and adequate supply of currency when needed, as in recessions, at harvest time, or Christmastime. As a lender of last resort, the Federal Reserve would stand ready to provide commercial local and state banks a source of funds in case they should run short of reserves or experience excess loan losses. Of course the predictable result of this sort of “backstop”, "lender of last resort" operation, was a great moral hazard: the temptation to engage in riskier strictly for-profit practices like the Rothschild-perfected, Bank of England style, "central bank", pyramid scheme known as, "fractional reserve banking"...
Nelson (Aldrich) had confided to Henry, Frank, Paul and Piatt that he was to keep them locked up at Jekyll Island, out of the rest of the world, until they had evolved and compiled a scientific currency system for the United States, the real birth of the present Federal Reserve System, the plan done on Jekyll Island in the conference with Paul, Frank and Henry. Just as importantly, they established a $5,000,000 (50,000,000 in today's dollars) slush fund to influence the media and educators. One little-known educator was the obscure Professor Woodrow Wilson of Princeton University...
There was general disagreement as to whether the Federal Reserve should be privately owned or government-owned. This disagreement, added to the lingering general distrust of banks, led to a rather strange hybrid institution. To begin with, the Fed was given some of the trappings of private ownership, in particular the issuance of shares of stock. Secondly, it was set up as a decentralized system of twelve member banks located in the most prominent commercial and industrial cities. The New York Fed had special privileges and in fact was initially more powerful than the headquarters operation in Washington. The Fed’s primary initial roles were to provide an elastic currency and to serve as a “lender of last resort.” It was thought that only a central bank could provide a prompt and adequate supply of currency when needed, as in recessions, at harvest time, or Christmastime. As a lender of last resort, the Federal Reserve would stand ready to provide commercial local and state banks a source of funds in case they should run short of reserves or experience excess loan losses. Of course the predictable result of this sort of “backstop”, "lender of last resort" operation, was a great moral hazard: the temptation to engage in riskier strictly for-profit practices like the Rothschild-perfected, Bank of England style, "central bank", pyramid scheme known as, "fractional reserve banking"...
TWO HANDS - ONE CONTROLS THE WEALTH (WALL STREET) - THE OTHER PRODUCES IT (AMERICAN FARMER/WORKING CLASS)
