A secret gathering at a secluded island off the coast of Georgia in 1910 laid the foundations for the Federal Reserve System.
In November 1910, six men – Nelson Aldrich, A. Piatt Andrew, Henry Davison, Arthur Shelton, Frank Vanderlip and Paul Warburg – met at the Jekyll Island Club, off the coast of Georgia, to write a plan to reform the nation’s banking system. The meeting and its purpose were closely guarded secrets, and participants did not admit that the meeting occurred until the 1930s. But the plan written on Jekyll Island laid a foundation for what would eventually be the Federal Reserve System.
On July 25, 1921, Senator Robert Owen stated on the editorial page of The New York Times, The Federal Reserve Board is the most gigantic financial power in all the world. Instead of using this great power as the Federal Reserve Act intended that it should, the board....delegated this power to the banks, threw the weight of its influence toward the support of the policy of German inflation. The senator whose name was on the Federal Reserve Act saw that it was not performing as promised.[4]
Representative Louis T. McFadden, Chairman of the House Committee on Banking and Currency from 1920 to 1931, accused the Federal Reserve of deliberately causing the Great Depression. In several speeches made shortly after he lost the chairmanship of the committee, McFadden claimed that the Federal Reserve was run by Wall Street banks and their affiliated European banking houses.[5] The speech this quote is part of has been criticized as political bluster.[6]
Many Congressmen who have been involved in the House and Senate Banking and Currency Committees have been open critics of the Federal Reserve, including Chairmen Wright Patman,[7] Henry Reuss,[8] and Henry B. Gonzalez. Representative Ron Paul, Chairman of the Monetary Policy Subcommittee in 2011, is a staunch opponent of the Federal Reserve System, and routinely introduces bills to abolish the Federal Reserve System,[9] although these have been unsuccessful, garnering neither cosponsors nor hearings.[10]
Representative Ron Paul also introduced H.R. 459: Federal Reserve Transparency Act of 2011,[11][12] This act required an audit of the Federal Reserve Board and the twelve regional banks, with particular attention to the valuation of its securities. His son, Senator Rand Paul, has introduced similar legislation in subsequent sessions of Congress.[13]
“The FED came to all countries in Asia, Latin America and Africa and told them their gold holdings might not be safe because of the war, and they should permit the FED to take all of it to the US for safekeeping. Many countries obliged, receiving FED gold certificates in exchange, but when they later tried to cash in those certificates and reclaim their gold, they were told the certificates were fake, that they contained spelling and other mistakes which the FED would never have made, and that the serial numbers were wrong. And the FED still has all that gold.
“During the past two years, several US politicians have claimed that there is a high chance that neither Fort Knox nor the FED have any gold, or perhaps only a very small amount, and have demanded a full and public inventory and testing, but the FED have resolutely refused.
The German government has been storing about half of its gold supply with the US FED, apparently in the NYC FED vaults. Germany decided to bring home all its gold, but the FED has said that isn’t possible to do, and it would need until 2020 to be able to accomplish the transfer.
The German government then asked to visit the FED vaults to inventory the gold and determine its actual existence, but the FED refused to permit Germany to examine its own gold. The reasons given were “security” and “no room for visitors”. And nothing else.
Germany did finally send some staff to the FED, and they were permitted only into the vault’s anteroom where they were shown 5 or 6 gold bars as representative of their holdings, and were permitted nothing else.
They apparently came a second time, and the FED did open only one of 9 rooms and let the Germans look at the stack of gold, but were not permitted to either enter or touch. And they returned home.”
The Federal Reserve Transparency Act of 2015 (H.R. 24) was a bill introduced in the U.S. House of Representatives of the 114th United States Congress by Congressman Thomas Massie (KY-4). It included proposals for a reformed audit of the Federal Reserve System (the "Fed"). The Senate version was introduced by Senator Rand Paul (R-KY). (S. 264).
The original version of the bill, (H.R. 1207), was proposed by now retired Congressman Ron Paul in response to the 2008 financial crisis during the 111th United States Congress. The Senate version was introduced by Bernie Sanders (I-VT). (S. 604). Ron Paul was disappointed with the Senate's version of the bill, stating it "guts the spirit of a truly meaningful audit of the most crucial transactions of the Fed".[1]
The bill was subsequently brought up in the 112th United States Congress as (H.R. 459) /S. 202[2][3] and in the 113th United States Congress as (H.R. 24)/S. 209. All three previous attempts passed in United States House of Representatives but died in the US Senate.
The Board of Governors of the Federal Reserve System has stated that "the financial statements of the Federal Reserve Banks and the Board of Governors are audited annually by an independent outside auditor."[7] The bill's sponsor, Congressman Ron Paul (R-TX), countered by stating that the present audit process exempts the Fed's "most crucial activities"
"Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States." -- Sen. Barry Goldwater (Rep. AZ)
The Federal Reserve Act (ch. 6, 38 Stat. 251, enacted December 23, 1913, 12 U.S.C. ch. 3) is an Act of Congress that created and established the Federal Reserve System, the central banking system of the United States, and which created the authority to issue Federal Reserve Notes (now commonly known as the U.S. Dollar)
"It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford
"The regional Federal Reserve banks are not government agencies. ...but are independent, privately owned and locally controlled corporations." -- Lewis vs. United States, 680 F. 2d 1239 9th Circuit 1982
"Give me control of a nation's money and I care not who makes it's laws."-- Mayer Amschel Bauer Rothschild
"We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it." -- Congressman Louis T. McFadden in 1932 (Rep. Pa)
"The Federal Reserve banks are one of the most corrupt institutions the world has ever seen. There is not a man within the sound of my voice who does not know that this nation is run by the International bankers." -- Congressman Louis T. McFadden (Rep. Pa)
"Some [Most] people think the Federal Reserve Banks are the United States government's institutions. They are not government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign swindlers." -- Congressional Record 12595-12603 -- Louis T. McFadden, Chairman of the Committee on Banking and Currency (12 years) June 10, 1932
"A great industrial nation is controlled by it's system of credit. Our system of credit is concentrated in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the world-- no longer a government of free opinion, no longer a government by conviction and vote of the majority, but a government by the opinion and duress of small groups of dominant men." -- President Woodrow Wilson
"The Federal Reserve system pays the U.S. Treasury 020.60 per thousand notes -- a little over 2 cents each-- without regard to the face value of the note. Federal Reserve Notes, incidentally, are the only type of currency now produced for circulation. They are printed exclusively by the Treasury's Bureau of Engraving and Printing, and the $20.60 per thousand price reflects the Bureau's full cost of production. Federal Reserve Notes are printed in 01, 02, 05, 10, 20, 50, and 100 dollar denominations only; notes of 500, 1000, 5000, and 10,000 denominations were last printed in 1945." -- Donald J. Winn, Assistant to the Board of Governors of the Federal Reserve system
"This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President [Wilson} signs this bill, the invisible government of the monetary power will be legalized....the worst legislative crime of the ages is perpetrated by this banking and currency bill." -- Charles A. Lindbergh, Sr. , 1913
"From now on, depressions will be scientifically created." -- Congressman Charles A. Lindbergh Sr. , 1913
"The financial system has been turned over to the Federal Reserve Board. That Board administers the finance system by authority of a purely profiteering group. The system is Private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money" -- Charles A. Lindbergh Sr., 1923
"When you or I write a check there must be sufficient funds in our account to cover the check, but when the Federal Reserve writes a check there is no bank deposit on which that check is drawn. When the Federal Reserve writes a check, it is creating money." -- Putting it simply, Boston Federal Reserve Bank
"I have never seen more Senators express discontent with their jobs....I think the major cause is that, deep down in our hearts, we have been accomplices in doing something terrible and unforgivable to our wonderful country. Deep down in our heart, we know that we have given our children a legacy of bankruptcy. We have defrauded our country to get ourselves elected." -- John Danforth (R-Mo)
"Capital must protect itself in every way...Debts must be collected and loans and mortgages foreclosed as soon as possible. When through a process of law the common people have lost their homes, they will be more tractable and more easily governed by the strong arm of the law applied by the central power of leading financiers. People without homes will not quarrel with their leaders. This is well known among our principal men now engaged in forming an imperialism of capitalism to govern the world. By dividing the people we can get them to expend their energies in fighting over questions of no importance to us except as teachers of the common herd." -- Taken from the Civil Servants' Year Book, "The Organizer" January 1934.
"I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs." -- Thomas Jefferson, U.S. President.
"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance." -- James Madison
"But if in the pursuit of the means we should unfortunately stumble again on unfunded paper money or any similar species of fraud, we shall assuredly give a fatal stab to our national credit in its infancy. Paper money will invariably operate in the body of politics as spirit liquors on the human body. They prey on the vitals and ultimately destroy them. Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice." -- George Washington in a letter to Jabez Bowen, Rhode Island, Jan. 9, 1787
So we have a bank, that prints its own money free of charge, has nothing to do with the federal government (the name created to cause such an illusion) and then loans that out at interest, gradually bankrupting the country while devaluing the dollar.
In November 1910, six men – Nelson Aldrich, A. Piatt Andrew, Henry Davison, Arthur Shelton, Frank Vanderlip and Paul Warburg – met at the Jekyll Island Club, off the coast of Georgia, to write a plan to reform the nation’s banking system. The meeting and its purpose were closely guarded secrets, and participants did not admit that the meeting occurred until the 1930s. But the plan written on Jekyll Island laid a foundation for what would eventually be the Federal Reserve System.
On July 25, 1921, Senator Robert Owen stated on the editorial page of The New York Times, The Federal Reserve Board is the most gigantic financial power in all the world. Instead of using this great power as the Federal Reserve Act intended that it should, the board....delegated this power to the banks, threw the weight of its influence toward the support of the policy of German inflation. The senator whose name was on the Federal Reserve Act saw that it was not performing as promised.[4]
Representative Louis T. McFadden, Chairman of the House Committee on Banking and Currency from 1920 to 1931, accused the Federal Reserve of deliberately causing the Great Depression. In several speeches made shortly after he lost the chairmanship of the committee, McFadden claimed that the Federal Reserve was run by Wall Street banks and their affiliated European banking houses.[5] The speech this quote is part of has been criticized as political bluster.[6]
Many Congressmen who have been involved in the House and Senate Banking and Currency Committees have been open critics of the Federal Reserve, including Chairmen Wright Patman,[7] Henry Reuss,[8] and Henry B. Gonzalez. Representative Ron Paul, Chairman of the Monetary Policy Subcommittee in 2011, is a staunch opponent of the Federal Reserve System, and routinely introduces bills to abolish the Federal Reserve System,[9] although these have been unsuccessful, garnering neither cosponsors nor hearings.[10]
Representative Ron Paul also introduced H.R. 459: Federal Reserve Transparency Act of 2011,[11][12] This act required an audit of the Federal Reserve Board and the twelve regional banks, with particular attention to the valuation of its securities. His son, Senator Rand Paul, has introduced similar legislation in subsequent sessions of Congress.[13]
“The FED came to all countries in Asia, Latin America and Africa and told them their gold holdings might not be safe because of the war, and they should permit the FED to take all of it to the US for safekeeping. Many countries obliged, receiving FED gold certificates in exchange, but when they later tried to cash in those certificates and reclaim their gold, they were told the certificates were fake, that they contained spelling and other mistakes which the FED would never have made, and that the serial numbers were wrong. And the FED still has all that gold.
“During the past two years, several US politicians have claimed that there is a high chance that neither Fort Knox nor the FED have any gold, or perhaps only a very small amount, and have demanded a full and public inventory and testing, but the FED have resolutely refused.
The German government has been storing about half of its gold supply with the US FED, apparently in the NYC FED vaults. Germany decided to bring home all its gold, but the FED has said that isn’t possible to do, and it would need until 2020 to be able to accomplish the transfer.
The German government then asked to visit the FED vaults to inventory the gold and determine its actual existence, but the FED refused to permit Germany to examine its own gold. The reasons given were “security” and “no room for visitors”. And nothing else.
Germany did finally send some staff to the FED, and they were permitted only into the vault’s anteroom where they were shown 5 or 6 gold bars as representative of their holdings, and were permitted nothing else.
They apparently came a second time, and the FED did open only one of 9 rooms and let the Germans look at the stack of gold, but were not permitted to either enter or touch. And they returned home.”
The Federal Reserve Transparency Act of 2015 (H.R. 24) was a bill introduced in the U.S. House of Representatives of the 114th United States Congress by Congressman Thomas Massie (KY-4). It included proposals for a reformed audit of the Federal Reserve System (the "Fed"). The Senate version was introduced by Senator Rand Paul (R-KY). (S. 264).
The original version of the bill, (H.R. 1207), was proposed by now retired Congressman Ron Paul in response to the 2008 financial crisis during the 111th United States Congress. The Senate version was introduced by Bernie Sanders (I-VT). (S. 604). Ron Paul was disappointed with the Senate's version of the bill, stating it "guts the spirit of a truly meaningful audit of the most crucial transactions of the Fed".[1]
The bill was subsequently brought up in the 112th United States Congress as (H.R. 459) /S. 202[2][3] and in the 113th United States Congress as (H.R. 24)/S. 209. All three previous attempts passed in United States House of Representatives but died in the US Senate.
The Board of Governors of the Federal Reserve System has stated that "the financial statements of the Federal Reserve Banks and the Board of Governors are audited annually by an independent outside auditor."[7] The bill's sponsor, Congressman Ron Paul (R-TX), countered by stating that the present audit process exempts the Fed's "most crucial activities"
"Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States." -- Sen. Barry Goldwater (Rep. AZ)
The Federal Reserve Act (ch. 6, 38 Stat. 251, enacted December 23, 1913, 12 U.S.C. ch. 3) is an Act of Congress that created and established the Federal Reserve System, the central banking system of the United States, and which created the authority to issue Federal Reserve Notes (now commonly known as the U.S. Dollar)
"It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford
"The regional Federal Reserve banks are not government agencies. ...but are independent, privately owned and locally controlled corporations." -- Lewis vs. United States, 680 F. 2d 1239 9th Circuit 1982
"Give me control of a nation's money and I care not who makes it's laws."-- Mayer Amschel Bauer Rothschild
"We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it." -- Congressman Louis T. McFadden in 1932 (Rep. Pa)
"The Federal Reserve banks are one of the most corrupt institutions the world has ever seen. There is not a man within the sound of my voice who does not know that this nation is run by the International bankers." -- Congressman Louis T. McFadden (Rep. Pa)
"Some [Most] people think the Federal Reserve Banks are the United States government's institutions. They are not government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign swindlers." -- Congressional Record 12595-12603 -- Louis T. McFadden, Chairman of the Committee on Banking and Currency (12 years) June 10, 1932
"A great industrial nation is controlled by it's system of credit. Our system of credit is concentrated in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the world-- no longer a government of free opinion, no longer a government by conviction and vote of the majority, but a government by the opinion and duress of small groups of dominant men." -- President Woodrow Wilson
"The Federal Reserve system pays the U.S. Treasury 020.60 per thousand notes -- a little over 2 cents each-- without regard to the face value of the note. Federal Reserve Notes, incidentally, are the only type of currency now produced for circulation. They are printed exclusively by the Treasury's Bureau of Engraving and Printing, and the $20.60 per thousand price reflects the Bureau's full cost of production. Federal Reserve Notes are printed in 01, 02, 05, 10, 20, 50, and 100 dollar denominations only; notes of 500, 1000, 5000, and 10,000 denominations were last printed in 1945." -- Donald J. Winn, Assistant to the Board of Governors of the Federal Reserve system
"This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President [Wilson} signs this bill, the invisible government of the monetary power will be legalized....the worst legislative crime of the ages is perpetrated by this banking and currency bill." -- Charles A. Lindbergh, Sr. , 1913
"From now on, depressions will be scientifically created." -- Congressman Charles A. Lindbergh Sr. , 1913
"The financial system has been turned over to the Federal Reserve Board. That Board administers the finance system by authority of a purely profiteering group. The system is Private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money" -- Charles A. Lindbergh Sr., 1923
"When you or I write a check there must be sufficient funds in our account to cover the check, but when the Federal Reserve writes a check there is no bank deposit on which that check is drawn. When the Federal Reserve writes a check, it is creating money." -- Putting it simply, Boston Federal Reserve Bank
"I have never seen more Senators express discontent with their jobs....I think the major cause is that, deep down in our hearts, we have been accomplices in doing something terrible and unforgivable to our wonderful country. Deep down in our heart, we know that we have given our children a legacy of bankruptcy. We have defrauded our country to get ourselves elected." -- John Danforth (R-Mo)
"Capital must protect itself in every way...Debts must be collected and loans and mortgages foreclosed as soon as possible. When through a process of law the common people have lost their homes, they will be more tractable and more easily governed by the strong arm of the law applied by the central power of leading financiers. People without homes will not quarrel with their leaders. This is well known among our principal men now engaged in forming an imperialism of capitalism to govern the world. By dividing the people we can get them to expend their energies in fighting over questions of no importance to us except as teachers of the common herd." -- Taken from the Civil Servants' Year Book, "The Organizer" January 1934.
"I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs." -- Thomas Jefferson, U.S. President.
"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance." -- James Madison
"But if in the pursuit of the means we should unfortunately stumble again on unfunded paper money or any similar species of fraud, we shall assuredly give a fatal stab to our national credit in its infancy. Paper money will invariably operate in the body of politics as spirit liquors on the human body. They prey on the vitals and ultimately destroy them. Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice." -- George Washington in a letter to Jabez Bowen, Rhode Island, Jan. 9, 1787
So we have a bank, that prints its own money free of charge, has nothing to do with the federal government (the name created to cause such an illusion) and then loans that out at interest, gradually bankrupting the country while devaluing the dollar.