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
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