A VISIT TO JEKYLL ISLAND
Earlier this year, I had the opportunity to visit Jekyll Island and see some of the landmark buildings where secret meetings took place which led to the origin of the Federal Reserve in 1913…
With all the attention that the Federal Reserve gets today, it might be a good idea to learn a bit more about that origin which is steeped in controversy regarding claims of conspiracy.
FED ORIGIN IS SHROUDED IN CONSPIRACY
There is ample fact and circumstance to support those claims of conspiracy and no one brings the facts to light better than G. Edward Griffin, author of the book The Creature From Jekyll Island…
“Back in 1910, Jekyll Island was completely privately owned by a small group of millionaires from New York. We’re talking about people such as J. P. Morgan, William Rockefeller and their associates. This was a social club and it was called “The Jekyll Island Club.”
That was three years before the Federal Reserve Act was finally passed into law. It was November of that year when Senator Nelson Aldrich sent his private railroad car to the railroad station in New Jersey and there it was in readiness for the arrival of himself and six other men who were told to come under conditions of great secrecy.
For quite a few years thereafter these men denied that any such meeting took place. It wasn’t until after the Federal Reserve System was firmly established that they then began to talk openly about their journey and what they accomplished. Several of them wrote books on the topic, one of them wrote a magazine article and they gave interviews to newspaper reporters so now it’s possible to go into the public record and document quite clearly and in detail what happened there.”
In support of this article’s claim that “the Fed is a banker’s bank”, here is a list of those who shared each other’s company that night in Senator Aldrich’s private railroad car…
- Nelson Aldrich, Senator from Rhode Island, Chair of the National Monetary Commission, and a business associate of J. P. Morgan;
- Abraham P. Andrew, Assistant Secretary of United States Treasury;
- Frank A. Vanderlip, president of National City Bank of New York and representing William Rockefeller;
- Henry P Davison, senior partner of J. P. Morgan Company
- Charles D Norton, president of J. P. Morgan First National Bank of New York;
- Benjamin Strong, head of Banker’s Trust Company (owned by J. P. Morgan);
- Paul Warburg, partner in Kuhn, Loeb & Company and a representative of Rothschild banking dynasty in England and France.
In order to convince Congress to authorize the establishment of the Federal Reserve, an agreement was made whereby the Federal Reserve would guarantee that the US government would have whatever money it needed to fund its operations.
Other than that, the Federal Reserve is a private bank with no allegiance or responsibilities to the United States government.
Yes, it is true that the President can nominate Fed chairs and board members which are then subject to congressional approval. However, when someone is nominated who has the potential to expose the private, self-dealing interest of the Federal Reserve, campaigns opposing their confirmations can become quite aggressive and outspoken. (see The Federal Reserve Vs. Judy Shelton And Gold)
PURPOSE OF THE FEDERAL RESERVE
The purpose of the Federal Reserve is to provide a structured system whereby its member banks can create and lend money in perpetuity. The Fed accomplishes this by continually expanding the supply of money and credit.
The Federal Reserve exists for the benefit of the banks and bankers. Their purpose and motivation is not aligned with ours. The Fed’s objective is to facilitate the ongoing creation of money and loans which generate interest income. (see The Federal Reserve – Purpose And Motivation)
Our financial problems are the result of intentional inflation created by the Fed. Cheap and easy credit has exacerbated the fragility of the entire banking system.
The Federal Reserve caused both the Great Depression and the Great Recession. Is it realistic to think that they can prevent another credit collapse?
THE PIPER WILL BE PAID
In their various statements, members of the Federal Reserve Bank often refer to their policies, decisions, and actions in ways that make them sound sincere about their attempts to manage the economy, avoid recessions, and restore full employment.
Nevertheless, Federal Reserve policies are a repudiation of fundamental economic principles. The consequences of those policies and actions are evident in the historical results and the final resolution will be ugly.
(also see Fractional-Reserve Banking Is The Elephant In The Room)
Kelsey Williams is the author of two books: INFLATION, WHAT IT IS, WHAT IT ISN’T, AND WHO’S RESPONSIBLE FOR IT and ALL HAIL THE FED!