100 years ago:Why Bankers Created the Fed

Posted by richrobinson 10 years, 4 months ago to History
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"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence


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  • Posted by jrsedivy 10 years, 4 months ago in reply to this comment.
    I discovered the following Ayn Rand quote while making my way through "The Fountainhead" course at Ayn Rand Institute Campus and thought it was relevant to this discussion. Ayn Rand had made the following statement after The Fountainhead was published:

    "I have been asked as to why I chose to present a philosophy of ethics in fiction form. I am interested in philosophical principles only as they affect the actual existence of men; and in men, only as they reflect philosophical principles. An abstract theory that has no relation to reality is worse than nonsense; and men who act without relation to principles are less than animals. Those who say that theory and practice are two unrelated realms are fools in one and scoundrels in the other. I wanted to present my abstract theory where it belongs - in concrete reality - in the actions of men."
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  • Posted by jrsedivy 10 years, 4 months ago
    Another interesting read is American Lion: Andrew Jackson in the White House:

    http://www.amazon.com/American-Lion-Andr...

    One of the things that stood out in this book is that Jackson was determined and had many victories with reducing the size of the Federal Government, but hit a wall with the Central Bank.

    It's a good read for those interested in this subject and lays out the difficulty in these actions and the human side of a president quite well.
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  • Posted by xthinker88 10 years, 4 months ago in reply to this comment.
    Will do. I got it for my nook app through Barnes and Noble. It had no reviews there so I will post one in the next few days. Just have to figure out something nice to say. :)
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  • Posted by johmah 10 years, 4 months ago
    It is beyond my comprehension so many are convinced oppositely from the Founding Fathers on the oversight of Congress mandated in the Constitution on the oversight and issuance of money, and its Constitutional definition. For the convenience of consumers and merchants, fiat currency has long been a blessing when it is backed by commodity or rareity, made honest by neither inflation or deflation because it is overseen by Congress. The Colonials used fiat money successfully because notes were distinctly designed and rare. From the beginning of our naton, money has been at the spear point of the fissure in human character eventually tearing the fabric of honesty and trust assunder making corrupt payments expected of public servants appointed to office or influencing the policies of government through the lobby. I had formerly believed only Constitutional money as defined US Constitution 1791, Article 1, Sections 8,9,10 was sound and honest money. Then in 1913 the fabric of human character began to unravel with the creation of the Federal Reserve Act which subborned the duty and responsibility of Congress over the issuance of currency.Sadly in accord with the warning of President Jefferson, our nation is now enslaved by greedy men as bemoaned by Wilson, who envision themselves, with the political ruling class the husbandman of tribute slaves, and the benefactor of those who would not produce. All hope is not lost, as grim as the reality of money cartels insinuated into central government may seem. For, with the advance of technology since WWII and Hitler's "enigma" encription technology has come a method of making money sound. That method is crypto currency. This crypto currency is fiat, and has only one property making it like precious commodities, that property is RAREITY. The new money is just what the Founders of our Republic ordered with the blessings of LIberty. As its greatest bonus, it cannot be overseen, managed, or taken in cartel by central banks to be ransomed of the political class from the barrel of a gun by way of enforcers such as the I R S. It is peer to peer money. It is of open record at the public level and every transaction it is eternally recorded, yet the transactors enjoy perfect anonymity. The only time the cartel, the ruling class, and the taxing authority can make any claimi is when traders exchange back to cartel money. Sadly, our nation of bleeting, willing slaughter animals, dyspeptically pay and pay, only seeing any economic advances through "minimum wages" and "union strikes". Sheeple are so conditioned to the maxim: "Only two things are sure son, death and taxes." that they would rather pay tribute than expend the effort to learn the fundamental economies of Liberty. "You can trust the devil you know." So, they continue in their foolery because it isn't poplar to ask questions about what they don't know in a pseudointellectual society of "thinkers" who demand "reason" for held beliefs. Who would want to seem unaccountable in a clique of debators demanding reasonable answers?
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  • Posted by khalling 10 years, 4 months ago in reply to this comment.
    thanks x, glad you liked it. Can you please give me a review? Reviews really help new authors. I appreciate it
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  • Posted by dwcarmi 10 years, 4 months ago
    It wouldn't have happened if Wilson hadn't signed it into existence. Basically the start of the Progressive era and the long road to Serfdom.
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  • Posted by xthinker88 10 years, 4 months ago in reply to this comment.
    Did you do that with your book? BTW, read it over the last few days (who am i kidding - finished most of it yesterday). Really enjoyed Pendulum of Justice and looking forward to the next one.
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  • Posted by 10 years, 4 months ago in reply to this comment.
    I have always thought it best to group the Presidents into best, worst and mediocre. The ones you mentioned all belong in the worst category. Probably should start a thread on where each President goes.
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  • Posted by xthinker88 10 years, 4 months ago in reply to this comment.
    Wilson created the first Fascist regime in the midst of a Western democracy during the war. FDR was in his administration. The war gave them the "justification" to try all the progressive experiments they'd wanted to do. But it couldn't last because the American people wouldn't put up with that for long outside of war. Unless there were a major depression or something ...
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  • Posted by bassboat 10 years, 4 months ago in reply to this comment.
    How does he compare with the damage that FDR did or the total incompetency of obama and Carter? Note that the democrats/liberals are the ones that destroy our economic system. Their only area of genius was controlling the education system. Perhaps the few free men/women left will realize this and turn the tide.
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  • Posted by $ Maphesdus 10 years, 4 months ago
    For anyone who's interested, there's a book I highly recommend on this subject titled "The Creature from Jekyll Island: A Second Look at the Federal Reserve," by G. Edward Griffin.

    Here's a video of the author laying out the premise of the book:
    http://www.youtube.com/watch?v=lu_VqX6J9...

    And here's a link to buy the book on Amazon:
    http://amzn.to/19mr04L

    If you're serious about becoming educated in the issues of national finance and commerce, you should definitely get this book.
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  • Posted by straightlinelogic 10 years, 4 months ago in reply to this comment.
    The description:
    Brilliant financier Daniel Durand builds a Wall Street empire during the Industrial Revolution. He acquires a glittering fortune, but also a long list of powerful enemies, including the father of his beautiful, strong-willed wife. The Winfields, a secretive, ruthless dynasty, vow to destroy him and covertly enlist his oldest son. They uncover a secret from his Civil War past that he thought was buried in a Mississippi swamp, a secret that could send him to the gallows. He plots a revenge that threatens his marriage—an attempt to ruin his son’s career in politics—but finds the tables turned humiliatingly against him. Ignoring public opinion, the support of the financial and political elite, and a mysterious warning, he testifies against a law that replaces gold with paper promises and imperils the nation’s hard-earned wealth. His family suffers ruthless retribution and tragic loss, but finds redemption and reconciliation.
    The link to Amazon book page:
    http://www.amazon.com/The-Golden-Pinnacl...
    The link to Kindle:
    http://www.amazon.com/The-Golden-Pinnacl...


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  • Posted by khalling 10 years, 4 months ago in reply to this comment.
    straight,
    consider a post just on the novel-tell us all what it's about and an amazon link.
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  • Posted by straightlinelogic 10 years, 4 months ago in reply to this comment.
    AS is fiction turning into fact. Rand realized that if you want to tell the truth, tell a story. That was one of my motivations for the Golden Pinnacle. I said it was unfortunately fiction because during the Industrial Revolution, unlike my fictional hero not one capitalist made a rational defense of capitalism, self-interest, and freedom.
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