11/29/2024•Mises Wire•
Let me issue and control a nation’s money and I care not who writes the laws.—Rothschild
The real truth of the matter is, as you and I know, that a financial element in the larger centers has owned the Government ever since the days of Andrew Jackson…—FDR
The American people are suckers for the word “reform.” You just put that into any corrupt piece of legislation, call it “reform” and people say “Oh, I’m all for ‘reform,’” and so they vote for it or accept it.”—G. Edward Griffin
Though there had been steady steps toward centralization of the monetary and financial system in the United States—especially since banking and the federal government were connected by the National Banking System during and after the Civil War (ca. 1863-1913)—the financial-banking elite, especially in New York, still had several complaints prior to the creation of the Fed.
New York Banks, Wall Street, and “Monopoly”
The movement toward central banking, the Federal Reserve System, in America was a keystone of the Progressive movement. Like all other regulations and reforms of the Progressive era—as perfectly encapsulated by G. Edward Griffin’s quote above—the movement toward the Fed was ironically presented publicly as fighting banking “monopoly,” “stabilizing” the system, curbing inflationism, and disciplining banks and financial elites. In fact, it would involve the establishing of a monopoly in the name of fighting monopoly. Consequently, this would furnish government a handy tool for greater inflationism and would allow the banks in the system to engage in unsound monetary practices with the promise of government bailouts. Remarks Rothbard in A History of Money and Banking, more
There are two really good books mentioned or alluded to in the above, both recommended.
The Creature from Jekyll Island: A Second Look at the Federal Reserve by G. Edward Griffin
A History of Money and Banking by Murray Rothbard
Side note: 1913 was a really bad year for the U.S. In addition to the legislation that created the Federal Reserve System, there were TWO awful constitutional amendments: one to allow the feddle govt to impose the income tax, and another to switch the election of U.S. Senators from state legislatures to the popular vote. All three have had terribly bad consequences.
Unk Al
If I had a time machime, I would be hard pressed to decide on which of three times to go back to, to try and change:
=Post American Revolution and GW’s whiskey tax and the Whiskey Rebellion.
=Abe Lincoln’s economic war against the south (supposedly to “free the slaves”)
=The 1911-1913 time period, to stop the passage of the 16th & 17th Amendments (if necessary, make laws, not Amendments, more easily modified and/or repealed), and stop the creation of the Fed.
Silver is the real money of the common
working dude.Gold is the rich man’s money.
The paper in our wallets is worthless.It is
estimated that the Rothchilds own or control
80% of all REAL money and land in the world.