Chapter One: THE BANKERS' BANK: The Federal Reserve Conspiracy by Antony Sutton from archive.org

Chapter One: 
THE BANKERS' BANK 



Since 1913 politicians and media have treated the Federal 
Reserve Bank as a kind of untouchable off limits semi-God.. .no 
one except certified crackpots and kooks criticizes the Fed. 
Conventional wisdom dictates that anyone who attacks the 
Federal Reserve System is doomed and Congressional 
investigation of the Fed would result in economic chaos and a 
disastrous plunge in the stock market. 

Recently President Clinton got to appoint Alan Blinder to a 
seat on the seven-member Board of Governors. Blinder launched 
into criticism of Fed actions, i.e., interest rates are too high and 
differed from the policy laid down by Chairman Alan Greenspan. 

Poor Blinder was blindsided by the establishment press and 
no doubt received advice to keep quiet because since this initial 
speech, Blinder has repeatedly stated there are no differences 
between himself and Chairman Greenspan and refuses to go 
beyond this curious mea culpa. 

There is a vast misconception about the Fed. The President 
and the Congress have very little, if any, influence on policy. The 
Congress handed over all monetary powers to the Fed in 1913. 
The Fed is a private bank, owned by banks, and pays dividends 
on its shares owned only by banks. The Fed is a private Bankers' 
Bank. 



The Federal Reserve Conspiracy 

Yet Fed policy, not Government policy, is the dominant factor in 
economic growth. The Fed can create jobs by loosening credit. The 
Government talks a lot about creating jobs but in fact can only create 
bureaucracies which restrict rather than promote enterprise. The private 
sector creates productive jobs and the private sector is heavily 
dependent on Fed policy to do this. 

The Congress has never investigated the Fed and is highly 
unlikely to do so. No one sees Fed accounts; they are not audited. No 
balance sheets are issued. No one, but no one, ever criticizes the Fed 
and survives. 

Why all the secrecy and caution? Simply because the Fed has a 
legal monopoly of money granted by Congress in 1913 proceedings that 
were unconstitutional and fraudulent. Most of Congress had no idea of 
the contents of the Federal Reserve Bill signed by President Woodrow 
Wilson who was in debt to Wall Street. 

The Federal Reserve has the power to create money. This money 
is fiction, created out of nothing. This can be money in the form of 
created credit through the discount window at which other banks 
borrow at the discount rate of interest or it can be notes printed by the 
Treasury and sold to the Fed and paid for by Fed-created funds 

In brief, this private group of bankers has a money machine 
monopoly. This monopoly is uncontrolled by anyone and is guaranteed 
profit. Further, the monopoly doesn't have to answer questions or 
produce books or file annual statements. 

It is an unrestricted money monopoly. 

This book explains how this money monopoly came about. 
Obviously, Congress and the general public were misled and lied to 
when the Federal Reserve Bank was in discussion. Why the monopoly 
has continued is that the public is lazy, and so long as their individual 
world is reasonably fulfilling, has no reason to question Fed actions. 



The Bankers' Bank 

Even if they do they will find few books that surface the real facts. 
Academicians are too interested in protecting the Fed monopoly. An 
academic book criticizing the Fed will never find a publisher and the 
economist author would probably find tenure denied. 

This is the first book that details hour by hour the events that led 
up to passage of the Federal Reserve Act of 1913 - and the many 
decades of work and secret planning that private bankers had invested 
to obtain their money monopoly. 



The Federal Reserve Conspiracy 




Qwpmftwi*. 



ED GAMBLE, Florida Times-Uni 



Los Angeles Times Cartoon by Ed Gamble, 1994 



Chapter Two 

THOMAS JEFFERSON AND THE MONEY 

POWER