Thomas Jefferson, keenly aware of the dictatorial power of private central banks, was instrumental in having Congress decline to renew the charter of the First Bank of the United States in 1811. Nathan Rothschild, operating from London, threatened the young republic with war and financial disaster if the bank's charter were not renewed. The charter was not renewed and, sure enough, the United States soon found itself embroiled in the War of 1812, with all its attendant loss of life and financial difficulties. Such is the alarming supremacy of rapacious international banksters.
To restore financial normality, President Madison granted a 20 year charter to a new central bank in 1816, the privately owned Second Bank of the United States. But then, in 1828, along came another president who shared Jefferson's great distrust and opprobrium for central banks and banksters, one Andrew Jackson, a former army general known affectionately as "Old Hickory', a national hero of the War of 1812.
Jackson refused to renew the charter of the Second Bank of the United States, even vetoing Congress who had approved its renewal. Nicholas Biddle, president of the bank, threatened Jackson that he would inflict a recession on the country if the president did not lift his veto on the charter renewal. Jackson still refused. Biddle, true to his word, called in bank loans and refused to issue new loans. The supply of money in the United States shrank dramatically.
Soon, Biddle's engineered recession enveloped the whole country. Businesses failed and unemployment rose. But "Old Hickory' was not for turning, even after a would-be assassin, an Englishman called Richard Lawrence, attempted to murder him in January, 1835. Both the assassin's pistols misfired and legend has it that "Old Hickory' then proceeded to thrash the man with his cane until restrained by his own aides. Jackson himself blamed the Rothschilds for the attempt on his life. In any case, the determined Jackson prevailed over the bank and its charter wasn't renewed; it would be some 77 years before the central banksters could finagle another privately controlled central bank with the establishment of the Federal Reserve in 1913.
It is rare to get documented proof of the banksters' deviousness in causing recessions in order to enrich themselves at the expense of the people. But we do have a private memo from the American Bankers Association in 1891, the contents of which are actually recorded in the Congressional Record of April 29, 1913. Keep in mind that this memo was written in 1891, undeniable proof that the Panic of 1893 was planned by the banksters a couple of years in advance:
"We are authorizing our loan officers from the Western States to loan on properties, monies repayable by September 1st, 1894. No fatal date is to exceed this date.
"On September 1st, 1894, we shall categorically refuse all loan renewals. On that day, we shall demand the repayment of our money, under penalty of foreclosure on collaterals.
"The mortgaged properties will become ours. (Money will have become scarce beforehand, and the repayments will have become generally impossible.) We'll thus be able to acquire, at a price agreeable to us, two-thirds of the farms west of the Mississippi and thousands more east of this great river.
"We'll even be able to possess three quarters of the western farms as well as all the money in the country. The farmers will then become land tenants only, just like in England."
(Source http://www.michaeljournal.org/bankphilo.htm )
So, you see, my dear Professor Garelli, recessions are deliberately caused by avaricious banksters for their own gain. These crooks care not a whit for the hardship and misery their greed inflicts on the people. They are conspirators and thieves and through their fraudulent actions they reveal the criminal philosophy upon which the entire banking system is founded. This contemptible philosophy still thrives on Wall Street and throughout the world and therein lies the source of all our global economic woes.
The people expect economists to keep a rein on the banksters and to keep them honest well, at least more honest than they want to be. They also expect economists to advise governments on honest, effective, and socially rewarding economic practices. But you, Professor Garelli, and the vast majority of your colleagues, have let the people down. Whether through cowardice, ignorance, or dishonesty you have sided with the banksters and allowed these racketeers to enslave the people of the world in a lifetime of utterly unnecessary debt. Your failure to question the blatant dishonesty of modern banking and your reluctance to offer ethical alternatives has prevented a fair and equitable system of money creation from coming into being, an incorruptible system which would have brought economic freedom, opportunity, and prosperity to all.
Thankfully, not all economists sup from the banksters' trough. There are many economic reformers who are worthy of praise and attention. While glancing at the notes for this article the author comes across one Larry Bates, a former professor of economics, a bank president for eleven years, a member of the Tennessee House of Representatives, a chairman of a Committee on Banking and Commerce, and the author of a best-seller, The New Economic Disorder.
Bates says:
"The greatest shock of this decade is that more people are about to lose more money than at any time before in history, but the second greatest shock will be the incredible amount of money a relatively small group of people will make at the same time. You see, in periods of economic upheaval, in periods of economic crisis, wealth is not destroyed, it is merely transferred."
Bates goes on:
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