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

Chapter One: THE BANKERS' BANK: The Federal Reserve Conspiracy by Antony C. 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