In November of 1910, on Jekyll Island, Georgia, seven men who represented directly or indirectly one fourth of the world’s wealth, met in secrecy for nine days. It is there, at this location, where the Charter of the Federal Reserve was drafted. You can visit this now popular tourist site should you find yourself in Georgia.
What is the Federal Reserve?
The Federal Reserve is a privately held for profit corporation, a banking cartel. The main objective for a corporation is to make a profit, and they do indeed make a profit. Let’s take a brief stroll through history as we look into the formation of the Federal Reserve and the results of the Federal Reserve Charter that was enacted into law by the U.S. Congress in 1913.
J.P. Morgan, Senator Nelson Aldrich, Piatt Andrews, Frank Vanderlip, Henry P. Davison, Paul Warburg, and Charles D. Norton arranged for hundreds of millions of dollars to be poured into the campaigns of the most powerful members of Congress. In 1912, they backed an obscure Princeton professor for President of the United States, Woodrow Wilson. He later became President.
The book to read on this subject is “The Creature From Jekyll Island” by G. Edward Griffin. Late on Tuesday December 23, 1913, just days after the Christmas recess had commenced, a secret Senate vote was “arranged” with only a few Senators remaining in Washington D.C.
The act passed with 43 voting “yea” and 25 voting “nay.” 27 did not vote since they had not been notified and had already left town to go home for the Holidays. All had previously expressed their opposition to the act. So on Dec 23, 1913, their plan worked by one of the most cunning manipulations in parliamentary history; Congress passed the Federal Reserve Act of 1913.
In its charter, the act clearly states as its main objective: “To provide the action with a safer, more flexible, and more stable monetary and financial system.” This means of a fractional reserve debt system controlled by a private for Profit Corporation has not worked out too well for the American people and thus the world to a greater or lesser extent.
I mean we do not have a more stable monetary financial system at all. What we have is a debt based monetary system no longer backed by gold or silver. We have a currency that will soon be replaced as the world’s reserve currency. The Federal debt alone is $19 trillion dollars. It is mathematically impossible to pay off this debt which will soon reach $22 trillion and will make the U.S. situation look like Greece on steroids!
Therefore “a safer, more flexible and more stable monetary and financial system” as set forth in this charter clearly has not worked out so well. And so by this means of fractional reserve banking, governments may secretly and unobserved, confiscate the wealth of the people and not one man in a million will detect the theft.
This system of fractional reserve banking and the printing of all this fiat (now digital fiat) currency, is purely inflationary and the U.S. dollar has lost over 95% of its purchasing power since its inception.
Meanwhile tic-tock-tic-tock, USA debt clock
I will continue on this journey of the Fed in this ongoing series of blog posts. Subscribe to my blog site and receive a FREE COPY of my book “Misconceptions and Course Corrections-A Collection of Critical Essays for Our Times”.
#currencies #inflation #gedwardgriffin #USAdebt #federalreserve #dollarcollapse