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An American Affidavit

Friday, March 29, 2024

Chapter Ten: THE FEDERAL RESERVE TODAY: The Federal Reserve Conspiracy by Antony C. Sutton from archive.org

 

Chapter Ten: THE FEDERAL RESERVE TODAY: The Federal Reserve Conspiracy by Antony C. Sutton from archive.org

 

Chapter Ten:  THE FEDERAL RESERVE TODAY

 

     Today in the 1990s the Federal Reserve quietly, and  protected from any public examination or accounting, continues  its never challenged monopoly of the money supply.   Its twofold function is: (a) to regulate the flow of credit and  money for specific economic objectives, and (b) to supervise  commercial banks, i.e., mostly itself.   The central policymaking body of the FRS is the Board of  Governors appointed by the President and confirmed by the  Senate. Each of the 12 regional banks has its own directors. These  are divided into three

classes. Class A directors represent the  banking system, Class B directors represent industry and Class C,  the public, supposedly.   In fact, Class C directors have never represented the public.  It is not at all unusual for a banker to serve a term as a Class A  director then go on and serve another term as a Class C director.   The Federal Reserve is a private system owned by the banks  (see figure below). Fed control over money is a private monopoly  granted by Congress.   It's so powerful that no Congressman dare ask simple  questions.     107     The Federal Reserve Conspiracy   Of course, there is good reason why the Fed doesn't want citizens  poking around asking questions. It is a moneymaking machine literally  — and this is freely admitted by the U. S. Government. Here is an  official statement:   Where does the Federal Reserve get the money with which  to create bank reserves'?   It doesn't "get" the money, it creates it. When the  Federal Reserve writes a check it is creating money. This can  result in an increase in bank reserves - a demand deposit or in  cash. If the customer prefers cash he can demand Federal Reserve  Notes and the Federal Reserve will have the Treasury Department  print them. The Federal Reserve is a total moneymaking machine.  It can issue money or checks. And it never has a problem in  making its checks good because it can obtain $5 and $10 bills  necessary to cover its checks simply by asking the Treasury  Department to print them. (Source: Money Facts, published by the  Committee on Banking and Currency, 1964, U. S. Congress.)   Back in 1913 when the Federal Reserve Act was passed, the idea  of a Federal Reserve System - in effect a central bank - was promoted to  the American people by both bankers and President Woodrow Wilson  as an institution outside the control and influence of bankers - on the  grounds that monetary policy was too important to be left in the hands  of private interests. However, in fact, the institution is completely  dominated, and always has been, by major New York bankers.   The Fed lied!   The very first meeting of the Federal Reserve Bank of New York  on October 5, 1914, was held in the offices of the Bank of Manhattan,  40 Wall Street, New York. Bank of     108     The Federal Reserve Today   Manhattan later merged with Chase National to become Chase  Manhattan Bank.   Skipping intervening history for lack of space, we also find that in  the mid-1970s, the leading Class A director of the New York Fed was  none other than Chairman of the Trilateral Commission - David  Rockefeller. David's term expired in 1976 and he was replaced by the  chairman of Morgan Guaranty Trust. However, David's influence was  perpetuated in two ways: by appointment of Trilateral Paul Volcker as  president of the New York Federal Reserve Bank, a permanent position  not subject to the necessity of re-election at periodic intervals and  appointment of G. William Miller (member of the Chase Advisory  Board) as Chairman of the Federal Reserve System, replacing  Trilateralist Arthur Burns.   Moreover, others (of the nine) Federal Reserve Bank of New York  directors had links to Chase Manhattan Bank. For example, the three  Class B directors were Maurice F. Granville, Chairman of the board of  Texaco; William S. Sneath, Chairman of the Board of Union Carbide;  and John R. Mulhearn, President of New York Telephone.   Let's look briefly at the career of Paul Volcker, former president of  the New York Federal Reserve Bank. In 30 years, Volcker has divided  his time almost equally between the Federal Reserve Bank, Chase  Manhattan Bank and sub-cabinet positions in Washington, D.C. - a  perfect example of the so-called "revolving door" and the Trilateral  objective of "blurring the distinctions between public and private  institutions" for Trilateral advantage.   Paul Volcker was born in 1927 in New Jersey. His first degree is  from Princeton, his M. A. from Harvard and his post-graduate work  from the London School of Economics -that well known home of  British socialism. In 1952, straight from the London School of  Economics, Volcker joined the Federal Reserve Bank of New York as  an economist. He stayed for five years, until 1957, at which time  Volcker moved     109     The Federal Reserve Conspiracy   from Liberty Street to become an economist for Chase Manhattan Bank,  where he stayed for four years, until 1961. In 1961, Volcker went to the  Treasury Department in Washington, thus completing the first round of  his three stop "revolving door." Appointed as Deputy Undersecretary  for Monetary Affairs, he held that job just long enough to learn the  ropes in Washington, and returned to New York, to Chase Manhattan  Bank, as Vice President in charge of Planning. After three years in that  post, Volcker left in 1969 to become Undersecretary for Monetary  Affairs at the U. S. Treasury Department. After five years, Volcker  completed the second round of his "revolving door" with an  appointment as President of the Federal Reserve Bank of New York.   Volcker is also a member of the Council on Foreign Relations, the  Rockefeller Foundation and the American Friends of the London  School of Economics.   If Paul Volcker was a solitary phenomenon, we could make no  case for Trilateral control of the Federal Reserve System. In fact, the  Volcker phenomenon is one of a dozen parallel situations.   The Revolving Door Career of Trilateral Paul  Volcker   1952-57 Economist, Federal Reserve Bank of New York 1957-  61 Economist, Chase Manhattan Bank 1962-63 U.S. Treasury  1963-65 Deputy Undersecretary for Monetary Affairs,   U.S. Treasury 1965-68 Vice President for Planning,  Chase Manhattan   Bank 1969-74 Undersecretary for Monetary Affairs,  U.S. Treasury 1975 President, Federal  Reserve Bank of New York     110     The Federal Reserve Today   The Federal Reserve Board itself is appointed by the President.   The original Federal Reserve Board represented those very  interests that Woodrow Wilson assured the American public would not  be represented in the Federal Reserve System. The Chairman of the  Board was William G. M'Adoo, a prominent Wall Street figure, former  Secretary of the Treasury - and Woodrow Wilson's son-in-law. A key  appointment was Paul M. Warburg, the German banker brains behind  the Federal Reserve System. The Warburg family controlled the  Manhattan Bank. Also on the Board was Charles S. Hamlin, of the  Carnegie Endowment for International Peace. Another member of the  original board was banker W. P. G. Harding. Franklin D. Roosevelt's  uncle, Frederic A. Delano, was Vice Governor of the board - very  appropriate because the "liberal" Roosevelts came from an old-time  New York banking family. John Skelton Williams, President of the  Richmond Trust Company was another member. Thus, the initial  makeup of the original Board of Governors reflected the elite and the  banking interests and from that time on the Federal Reserve System has  continued to reflect those interests.   Trilateral Arthur M. Burns was Chairman of the Board from 1970  to 1978, a dominant voice who pretty much dictated Federal Reserve  policy. According to Board member and Trilateral Andrew Brimmer,  "Arthur Burns has had a direct hand in selecting every board member. "   Trilateral dominance of the domestic monetary system suggests  we examine Trilateral world order objectives for a possible linkage.   Trilateral policy makers and analysts fully realize that the world  monetary system, with created money as reserve assets, is in a state of  collapse. The Triangle Papers dealt with the world monetary systems  (Towards a Renovated World Monetary System), and was authored by  Richard N. Cooper     111     The Federal Reserve Conspiracy   (later Undersecretary of State for Economic Affairs). Motoo Kaji,  Professor of Economics at Tokyo University (author of a book in  Japanese, Gendai No Kokusai Kinyu - Contemporary International  Monetary Affairs) and Claudio Segre, a French banker with Compagnie  Europeenne de Placements.   Triangle Paper No. 1 identified two world problems: (a), how to  achieve full employment without "rapid" inflation, and (b), how to  combine "managed" national economies into a "mutually beneficial  world economy."   It is vital to hold Trilateralist assumptions in mind. Trilateralists  are not looking for a solution to the world monetary problems:  Trilateralists are looking for a "solution" consistent with, and which  will promote, their own objectives. These objectives are: (a), a managed  economy, i.e., managed by Trilaterals; and (b), a "new world order" of  these managed economies.   Once again we find manipulation of a problem to achieve  Trilateral objectives. Almost on a daily basis we find reflections of the  struggle to keep a hold on the U.S. monetary system in order to achieve  a world federal reserve system.   Fed Monetizes Foreign Debt   In the early 1980s the Fed, through Paul Volcker, conned  Congress into another vast expansion of monetary credit through  monetization of foreign debt instruments.   The so-called Depository Institutions Deregulation and Monetary  Control Act of 1980 is a total misnomer. In practice it brings all banks  under Fed control whether they like it or not and gives the Fed power to  vastly increase fiat money by monetizing foreign debt, much of it  worthless (see attached reproduction from the Bill).   Once again the Fed did everything possible to avoid publicity.  Only one Congressman, Dr. Ron Paul, spotted the clause to monetize  foreign debt. To avoid any publicity, the     112     The Federal Reserve Today   Chairman of the Banking Committee quickly agreed to Paul's request to  remove the clause: "You want it removed? We'll take it out."   Then we get a repeat of the unconstitutional conduct surrounding  the 1913 FRS Act. The House voted for the Bill without the clause - but  in Conference Committee it was quietly re-inserted and became part of  the Act as finally approved by both Houses. We doubt any  Congressman knew what was included in the bill as finally passed -  that's the influence of the Fed today.   Quietly, without fanfare - and with the vast bulk of citizens  unaware - the world bankers have been building an international money  machine: an international Federal Reserve System with power to  control the world's financial and economic system.   The elements of this global money machine can be traced back to  the League of Nations and the Bank of International Settlements in the  1920s. After World War Two the International Money Fund and the  World Bank were instituted to globalize credit and loans.   Then in the late 1950s came the Eurodollar market, now a vast  international market dealing in deposits and credits denominated in  dollars outside the United States. The Eurodollar system may in the  light of history come to be seen as a first step in a global dollar system.  Eurodollars are dealt in by banks not resident in the U.S. and by  institutions not subject to U.S. banking regulations and restrictions.   Paul A. Volcker, former Fed Chairman, has made the role of  appointments to the Federal Reserve Board clear, - to support the  Chairman's policy.   In reference to Clinton appointment Alan Blinder, Volcker  commented:   I think a vice chairman has a responsibility for supporting  policy in public statements. If he has     113     The Federal Reserve Conspiracy   any real difference of opinion at the end of the day that shouldn 't  be disguised but as much as possible he should support the  institution.   In brief, the policy created by New York bankers should prevail,  whatever the personal opinions of the Vice Chairman of the Board or  any lesser Director. Which is about as close to a closed shop monopoly  as one can get.   In replying to criticism that he spoke out too much, Alan Blinder  made a revealing comment: "When we take actions, they are not  reversible by any other body of government..." New York Times,  September 26, 1994.   So here we have it. The Federal Reserve is a private monopoly of  money credit created by Congress under highly questionable  circumstances which is beholden to the Chairman of the Board and  whose decisions cannot be changed by Government or anyone else.   A free society under the rule of law? The United States has quietly  become a hostage to a handful of international bankers. And just dare  any Congressman challenge Fed authority!     114     The Federal Reserve Today     Federal Reserve Bank of San Francisco Claims "Some people  think we're a branch of the Government We're not  We're the banks' Bank. "   This confirms our discussion in this book.     July 16, 1979-     £23 CattPtiuMtdRU     P->1     position innauncementi     position announcements     Programmers i   TM Ftderjl flajarva B*nit a* £«n frircitCV. Scmr -errr-'* *' HI  gMtA wt it i fartnch at ihf Government, fit' em not, nVa'rS X "*  banici 1 Qink   At t^t Sin F'artfiwo Fed. our Computer Sf rvic** Group  csnnnursfto b* t modal (gr th* National Fferr»i Rtttrvi  Sypam. Wt art g*tng 2 IBM Svtittm 370/1 58'i mAM*Q undcf  MVS7MF Ogr leftwar* mfT B ii«d iocludti IMS OB/DC. TSO  CtCS Cgr branch data cinttn all run OQSjVS on ISM Svttam  370/135*1 4 370/U5"i.   M tW urW fft* 5*** Frtnciico Ffd imoiet row comouter carter?  Snct Ifl* Frd H W\tr* tn tn« bint rteulaniOrtf bf ?». our  P0ii(oni will previa veu with owming ptrswetiv* *nd  '-rianciii app*>c»iion txpoiuft not tvvlaWc *nywh*rt elte.   AppJications Analyst Programmer   You'll 4itwmf rtspgnutjilitY tor dtiign through imolernenta-  titvn o( imaw lo f.wrurn wait utomition prd|«ti. Ycy  inouid rivf 2 * yriri in ivnemi devt foormnt, working knowi-  «dgt of OS. JGL, CC80L *nd IMS and good oral and wruttn   etfnvriLrrHcitiOrt ikijli.   Systems Programmer/Database Analyst   Y'cu mil worfcVrth amplication devtlopmtnt tcavni ptrfdrmino.  d»f atjjf df i*gn and adJHi.niitran.ivt funciscm, v cu ihautd havt  £> yta/i in data pnKf tsuii}* w'rth 3 + v* V* ai * da C aba 44 jra -v <„*_  MMMfei workinj with 05/MVS-SNA-lMS DB/DC software  mtnprrt«fit. Yog ihoutd c* iwart ol (M5/VS Iteilttiii orodue ;  \v\ty iicfi. D^aarimrntng langutoti. tcnawHtdgt of ptrlormincp,  r«tovtr«Qiiiiv->nd itcuritv fifitort in dtiabiM dttion.   irtyow HBBf a H W thii opocn'unnv *or •diradctmrnt in your  cirnr, m'm be prtaiad to rtei ivt veur rctumt Kjdrtssfd to  <.C*i-:jb-t'i , Ftdtfav Rwirrt San* ol Sm P'inciico. P.O. Box  7702, San ^rancrtco. CA 04 t2Q. An eqv* opeonumty     imc*ay*r m/'/h.     Federal  Reserve  Bank of  San Francisco    

 

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