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Banking


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The Federal Reserve System

"There was an occasion near the close of 1910, when I was as secretive—indeed as furtive—as any conspirator…I do not feel it is any exaggeration to speak of our secret expedition to Jekyll Island as the occasion of the actual conception of what eventually became the Federal Reserve System…Discovery, we knew, simply must not happen, or else all our time and effort would be wasted. If it were to be exposed publicly that our particular group had got together and written a banking bill, that bill would have no chance whatever of passage by Congress…although the Aldrich Federal Reserve plan was defeated when it bore the name of Aldrich, nevertheless its essential points were all contained in the plan that finally was adopted." Frank A. Vanderlip in the 1935 Saturday Evening Post article, “From Farm Boy to Financier” Page 3 or 25

"The law as enacted provided for twelve banks instead of one,... but the intent of the law was to coordinate the twelve through the Federal Reserve Board in Washington, so that in effect they would operate as a central bank" Frank A. Vanderlip, Saturday Evening Post article From Farmer Boy To Financier Page 72

"Congress was about to meet, but on a Saturday we got word in New York that Senator Aldrich was ill-too ill to write an appropriate document to accompany his plan. Benjamin Strong and I went on to Washington and together we prepared that report. If what we had done then had been made known publicly, the effort would have been denounced as a piece of Wall Street chicanery, which it certainly was not" Frank A. Vanderlip, Saturday Evening Post article, From Farmer Boy To Financier Page 72

"For six years two rooms were at his disposal in the North Wing of the White House.... In work and play their thoughts were one. House was the double of Wilson. It was House who made the slate for the Cabinet, formulated the first policies of the Administration and practically directed the foreign affairs of the United States. We had, indeed, two Presidents for one!...The Schiffs, the Warburgs, the Kahns, the Rockefellers, the Morgans put their faith in House. When the Federal Reserve legislation at last assumed definite shape, House was the intermediary between the White House and the financiers." George Viereck Page 37 The Strangest Friendship In History

"Bankers fought the Federal Reserve legislation—and every provision of the Federal Reserve Act—with the tireless energy of men fighting a forest fire. They said it was populistic, socialistic, half-baked, destructive, infantile, badly conceived, and unworkable.... These interviews with bankers led me to an interesting conclusion. 1 perceived gradually, through all the haze and smoke of controversy, that the banking world was not really as opposed to the bill as it pretended to be." William McAdoo Crowded Years Page 213,225-226

"The Money Trust caused the 1907 panic, and thereby forced Congress to create a National Monetary Commission" Congressional Record, December 22, 1913, Vol. 51, p. 1446. Page 122, Charles Lindbergh

"This act establishes the most gigantic trust on earth .... When the President signs this act the invisible government by the money power, proven to exist by the Money Trust investigation, will be legalized .... The money power overawes the legislative and executive forces of the Nation and of the States. I have seen these forces exerted during the different stages of this bill .... This is the Aldrich bill in disguise" Congressional Record, December 22, 1913, Vol. 51, p. 1446. Page 122, Charles Lindbergh

"The new law will create inflation whenever the trusts want inflation. It may not do so immediately, but the trusts want a period of inflation, because all the stocks they hold have gone down ... Now, if the trusts can get another period of inflation, they figure they can unload the stocks on the people at high prices during the excitement and then bring on a panic and buy them back at low prices .... The people may not know it immediately, but the day of reckoning is only a few years removed" Congressional Record, December 22, 1913, Vol. 51, p. 1446. Page 122, Charles Lindbergh

Biddle VS Andrew

"This worthy President thinks that because he has scalped Indians and imprisoned Judges, he is to have his way with the Bank. He is mistaken" The correspondence of Nicholas Biddle dealing with national affairs, 1807-1844, Page 222

"Nothing but widespread suffering will produce any effect on Congress.... Our only safety is in pursuing a steady course of firm restriction—and I have no doubt that such a course will ultimately lead to restoration of the currency and the recharter of the Bank" The correspondence of Nicholas Biddle dealing with national affairs, 1807-1844, Page 219.

IMF/World Bank

"Despite the fact that the money is returned almost immediately to torpor ions that are members of the corporatocracy (the creditor), the recipient country is required to pay it all back, principal plus interest. If an EHM is completely successful, the loans are so large that the debtor is forced to default on its payments after a few years. When this happens, then like the Mafia we demand our pound of flesh. This often includes one or more of the following : control over United Nations votes, the installation of military bases, or access to precious resources such as oil or the Panama Canal . Of course, the debtor still owes us the money—and another country is added to our global empire." John Perkins, Confessions Of An Economic Hitman Page

XVII

"First, I was to justify huge international loans that would funnel money back to MAIN and other U.S. companies through massive engineering and construction projects. Second, I would work to bankrupt the countries that received those loans so that they would be forever beholden to their creditors, and so they would present easy targets when we needed favors, including military bases, U N votes, or access to oil and other natural resources." John Perkins, Confessions Of An Economic Hitman Page 15

Other

"I would rather have regulation and control

than free competition." Henry P Davidson To The Money Trust Investigation Vol 4 Congressional Committee 1912-1914

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