“The participants in the Jekyll Island conference returned to New York to direct a nationwide propaganda campaign in favor of the "Aldrich Plan". Three of the leading universities, Princeton, Harvard, and the University of Chicago, were used as the rallying points for this propaganda, and national banks had to contribute to a fund of five million dollars to persuade the American public that this central bank plan should be enacted into law by Congress. Woodrow Wilson, governor of New Jersey and former president of Princeton University, was enlisted as a spokesman for the Aldrich Plan. During the Panic of 1907, Wilson had declared, "All this trouble could be averted if we appointed a committee of six or seven public-spirited men like J.P. Morgan to handle the affairs of our country." - Eustace Mullins, Secrets of the Federal Reserve. In 1912, Woodrow Wilson won the Democratic Party’s nomination for President, and in his populist-friendly acceptance speech, he warned against the "money trusts," and advised "a concentration of the control of credit...may at any time become infinitely dangerous to free enterprise.”
But these were just words politicians use to get elected. Wilson was already under the thumb of the bankers. By enticing Teddy Roosevelt to un-retire just long enough to split the Republican vote, the bankers got their man into the White House.
The first bill presented to Congress from the secret Jekyll Island meeting was known as the “Aldrich Bill,” and was soon identified as supporting big banking interests. It never passed. Representative Charles Lindbergh said, “The Aldrich Plan is the Wall Street Plan. It is a broad challenge to the government by the champion of the Money Trust. It means another panic, if necessary, to intimidate the people. Aldrich, paid by the government to represent the people, proposes a plan for the Trusts instead.” In 1911, the Aldrich Plan became part of the official platform of the Republican Party, but... “The Aldrich bill was condemned in the (Democratic) platform... When Woodrow Wilson was nominated ... The men who ruled the Democratic Party promised the people that if they were returned to power there would be no central bank established here while they held the reins of government. Thirteen months later, that promise was broken, and the Wilson administration, under the tutelage of those sinister Wall Street figures who stood behind Colonel House, established here in our free country the worm-eaten monarchical institution of the “king’s bank” to control us from the top downward, and to shackle us from the cradle to the grave.” – House Banking Chairman, Rep. Louis McFadden.
The “Aldrich bill” was reworked by Paul Warburg and presented again in Congress as the “Glass-Owen bill.” It was, in fact virtually the same in every important detail. Both Vanderlip and Aldrich then publicly criticized the Owens-Glass bill in an attempt to steer Congress and the public away from the truth. “Jekyll Island planners Vanderlip and Aldrich spoke out venomously against Glass's bill, even though entire sections were identical to the Aldrich Plan. It was clearly an effort to garner public support for the Glass bill by the appearance of banker opposition … The appearance of opposition by Wall Street was necessary. William McAdoo, Wilson's son-in-law who was appointed secretary of the Treasury, later revealed, ‘Bankers fought the . . . Federal Reserve Act with the tireless energy of men fighting a forest fire. They said it was populistic, socialistic, half-baked, destructive, infantile, badly conceived and unworkable.’ However, McAdoo said in interviews with these bankers, ‘I perceived gradually, through all the haze and smoke of controversy, that the banking world was not really as much opposed to the bill as it pretended to be...’”- Jim Marrs, “Rule by Secrecy”
Warburg, the father of both bills, reassuring his paid friends in Congress said, “Brushing aside the external differences affecting the “shells,” we find the “kernels” of the two systems very closely resembling and related to each other.” “Although the Aldrich Federal Reserve Plan was defeated when it bore the name Aldrich, nevertheless its essential points were all contained in the plan that finally was adopted.” – Frank Vanderlip. Alfred Crozier, an attorney from Ohio testified before Congress just before passage of the Glass-Owen bill, “The bill grants just what Wall Street and the big banks for 25 years have been striving for – private instead of public control of currency. It does this as completely as the Aldrich bill. Both measures rob the government and the people of all effective control over the public’s money, and vest in the banks exclusively the dangerous power to make money among the people scarce or plenty.”
"So the American people, who had suffered through the American Revolution, the War of 1812, the battles between Andrew Jackson and the Second Bank of the United States, the Civil War, the previous panics of 1873 and 1893, and now the Panic of 1907, were finally conditioned to the point of accepting the solution offered by those who had caused all of these events: the international bankers. That solution was a central bank." - Ralph Epperson. Rep. Charles Lindbergh (R – MN), commenting on the Federal Reserve Act: "This act establishes the most gigantic trust on earth. When the President signs this bill, the invisible government by the Monetary Power will be legalized. The people may not know it immediately, but the day of reckoning is only a few years removed ... The worst legislative crime of the ages is perpetrated by this banking bill." “The bill as it stands seems to me to open the way to a vast inflation of the currency. I had hoped to support this bill, but I cannot vote for it because it seems to me to contain features and to rest upon principles in the highest degree menacing to our prosperity, to stability in business, and to the general welfare of the people of the United States.” - Senator Henry Cabot Lodge, December 17, 1913.
The Federal Reserve Act (Owen-Glass Act) had been shepherded through a Congressional Conference Committee meeting scheduled for between 1:30 - 4:30 AM (when most members of Congress were asleep) on December 22, 1913. The Act was then voted on and passed although many members of the body had left for the Christmas holidays, reassured by Senate leadership that nothing would be done until after the New Year. Most of the others who stayed behind hadn't had time to read the bill or understand its contents. President Wilson, under pressure from Bernard Baruch, signed the bill into law at 6:30 P.M. that very same day. "I unwittingly ruined my country." – Woodrow Wilson.
By the way, we can all thank Senator Nelson Aldrich for co-authoring the bill that established the Federal Income Tax, which was also ratified in 1913. I should also let you know that almost all of your personal income tax goes to pay the Federal Reserve interest on the money they create out of thin air. "100% of what is collected is absorbed solely by interest on the Federal Debt ... all individual income tax revenues are gone before one nickel is spent on the services taxpayers expect from government." - Grace Commission report submitted to President Ronald Reagan - January 15, 1984. And isn’t that nice to know. It appears that the only reason the Federal Income Tax was created was so that we working stiffs can pay international bankers hundreds of billions of dollars each year for interest on nothing. Think about that when you pay your taxes each year.
Was it just coincidence that the Federal Reserve System and the Income Tax were created in the same year? Was 1913 just a particularly bad year for Americans? The U.S. survived for 125 years without imposing an income tax on her citizens. Why did it need one now? There are many conspiracy theories surrounding the legitimacy of the Federal Income Tax and again, it would take many additional pages to explain them here. Let me summarize them for you: “Don’t argue, just pay your taxes. They have guns and can mess you up.” - Mike Kirchubel, taxpayer.
So, did the Federal Reserve Act do what it was supposed to do? Did it reign in the “Money Trust” and interlocking directorates? Not by a long shot. If anything, the Federal Reserve granted new powers to the National Banks by permitting overseas operations and new types of banking services. The greatest gift to the bankers was a virtually unlimited supply of government loans when they experience liquidity problems - but these loans would only go to selected institutions. “I never thought the Federal Reserve System would prove such a failure.” - Senator Carter Glass (co-sponsor of the bill.)
How does the Federal Reserve actually create money? When Congress needs money and does not want to raise taxes, it goes to the Federal Reserve and asks for the money – Let’s say $100 billion. The U.S. Treasury prints $100 billion of new Treasury bonds and puts them up for sale. Usually about half of them are sold to the Chinese, Saudis, banks, and little old ladies. The rest are bought by the Federal Reserve Banks. The Federal Reserve Bank simply prints the money or sends electronic digits from one computer to another to buy the bonds. "When you or I write a check there must be sufficient funds in our account to cover that check, but when the Federal Reserve writes a check, it is creating money." -Boston Federal Reserve Bank in a publication titled "Putting It Simply." "We make money the old fashioned way. We print it." – Art Rolnick, former Chief Economist, Minneapolis Federal Reserve Bank.
The new money is spent by the government, enters the economy, and everyone is happy. The taxpayers don’t have any new taxes, but the value of everyone’s money is slightly diluted and thus devalued. Again and again and again and again and again. This process causes what we refer to as “inflation,” noting the obvious, that the price of everything seems to go up. What is really happening is that as more and more dollars enter the economy and chase the same amount of goods and services, their value declines. Inflation is a form of regressive tax, affecting the poor and those on fixed incomes more than the rich. In 1919, John Maynard Keynes, wrote in his book, The Economic Consequences of Peace, "Lenin is to have declared that the best way to destroy the capitalist system was to debauch the currency... By a continuing process of inflation, governments can confiscate secretly and unobserved, an important part of the wealth of their citizens." And, later: "There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." - John Maynard Keynes, economist.
In 1942, the Germans initiated Operation Bernhardt, a scheme that counterfeited 132 million British Pounds. These notes were meant to destroy the British economy by flooding it with counterfeit money. It’s easy to recognize that this "economic warfare" operation was obviously an act of war. However, today, the Federal Reserve is engaged in the same scheme, creating trillions of dollars and flooding the U.S. money supply. This time, the target is the United States of America. If we discovered that the actions of the Federal Reserve were being controlled by Osama bin Laden (Google: “Tim Ossman”), we would recognize them immediately as acts of war. Inflation robs America’s businesses, savings accounts, retirement funds, jobs, and pensions - making it senseless to try to save money. How can any of that be good for our country?
Louis McFadden, Chairman of the House Banking Committee called the Federal Reserve Banks, “A super-state controlled by international bankers and international industrialists acting together to enslave the world for their own pleasure.” Another chairman of the House Banking Committee in the 1960s, Wright Patman (D –TX), said, “In the United States today we have in effect two governments... We have the duly constituted Government ... Then we have the independent, uncontrolled and uncoordinated government in the Federal Reserve System, operating the money powers which are reserved to Congress by the Constitution.” Representative Charles A Lindbergh (1914): “The Federal Reserve System can cause the pendulum of a rising and falling market to swing gently back and forth by slight changes in the discount rate, or cause violent fluctuations by a greater rate variation, and in either case it will possess inside information as to financial conditions and advance knowledge of the coming change, either up or down. This is the strongest, most dangerous advantage ever placed in the hands of a special privilege class by any Government that ever existed. The system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money. They know in advance, when to create panics to their advantage. They also know when to stop panic. Inflation and deflation work equally well for them when they control finance."
"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 (Echoing Andrew Jackson’s statement of almost a hundred years earlier.)
WORLD WAR I
The Germans borrowed money from the German Rothschild’s Bank, the British from the British Rothschild’s Bank, and the French from the French Rothschild’s Bank. The American Rothschild agent, J.P. Morgan was a sales agent for war materials and six months into the war, he was spending $10 million a day. The Rockefeller's and the head of President Wilson's War Industries Board, Bernard Baruch each made some 200 million dollars while American families contributed both the money and blood of their sons.
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