Nov 04

A Return to Jekyll Island: The Origins, History, and Future of the Federal Reserve – November 5-6, 2010


Federal Reserve Bank of Atlanta and Rutgers University
November 5–6, 2010, Jekyll Island Club Hotel, Jekyll Island, Georgia

This special conference marks the centenary of the 1910 Jekyll Island meeting that resulted in draft legislation for the creation of a U.S. central bank. Parts of this draft (the Aldrich plan) were incorporated into the 1913 Federal Reserve Act. To commemorate the 100th anniversary of the drafting of the Aldrich plan, the conference will take place at the Jekyll Island Club Hotel on Jekyll Island, Georgia—the same building where the 1910 meeting occurred.

The conference’s discussions focus on three themes: the origins of the Fed and lessons from the pre-1913 era, how closely the Fed’s actual performance has adhered to the original vision expressed by the framers of the Aldrich plan, and what the Fed’s almost 100-year track record teaches us about its role going forward.

Conference Coordinator
Lisa Lee-Fogarty
Public Affairs Department
Federal Reserve Bank of Atlanta
1000 Peachtree Street, NE
Atlanta, GA 30309
lisa.fogarty@atl.frb.org
404-498-8267
404-498-8050 (fax)

Source: Federal Reserve Bank of Atlanta


Some quotes:

“I am a most unhappy man. I have unwittingly ruined my country [by signing the Federal Reserve Act of 1913]. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are 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 civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.”
- Woodrow Wilson

“The real truth of the matter is, as you and I know, that a financial element in the large centers has owned the government of the U.S. since the days of Andrew Jackson. History depicts Andrew Jackson as the last truly honorable and incorruptible American president.”
- Franklin D. Roosevelt

“Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.”
- Andrew Jackson

“When the President signs this act [Federal Reserve Act of 1913], the invisible government by the money power — proven to exist by the Monetary Trust Investigation — will be legalized. The new law will create inflation whenever the trusts want inflation. From now on, depressions will be scientifically created.”
- Charles A. Lindbergh, Sr.

“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.

“The Federal Reserve System is nothing more than legalized counterfeit.”
- Ron Paul

“It is well enough that 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

“I believe that if the people of this nation fully understood what Congress has done to them over the last 49 years, they would move on Washington; they would not wait for an election… It adds up to a preconceived plan to destroy the economic and social independence of the United States!“
- George W. Malone

“We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the FED. They are not government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers.”
- Louis McFadden

“It was not accidental [the 1929 stock-market “crash”]. It was a carefully contrived occurrence. … The international bankers sought to bring about a condition of despair here so that they might emerge as rulers of us all.”
- Louis McFadden

“Some people think the Federal Reserve Banks are United States Government Institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers.”
- Louis McFadden

“Before passage of this [Federal Reserve] Act, the New York Bankers could only dominate the reserves of New York. Now, we are able to dominate the bank reserves of the entire country. ”
- Nelson Aldrich

“I am myself persuaded, on the basis of extensive study of the historical evidence, that… the severity of each of the contractions – 1920-21, 1929-33, and 1937-38 – is directly attributable to acts of commission and omission by the Reserve authorities and would not have occurred under earlier monetary and banking arrangements.”
- Milton Friedman

“The Federal Reserve definitely caused the Great Depression by contracting the amount of currency in circulation by one-third from 1929 to 1933.”
- Milton Friedman

“Nothing did more to spur the boom in stocks than the decision made by the New York Federal Reserve bank, in the spring of 1927, to cut the rediscount rate. Benjamin Strong, Governor of the bank, was chief advocate of this unwise measure, which was taken largely at the behest of Montagu Norman of the Bank of England….At the time of the Banks action I warned of its consequences….I felt that sooner or later the market had to break.”
- Bernard Baruch

“The high office of the president has been used to foment a plot to destroy America’s freedom, and before I leave office I must inform the citizens of this plight.” (November 12, 1963)
- John F. Kennedy (Date of Kennedy Assassination : November 22, 1963)

“The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury…and has created out of nothing a … debt which the American people are obliged to pay with interest.”
- Wright Patman

“In the United States today we have in effect two governments. We have the duly constituted government….. Then we have an independent, uncontrolled and uncoordinated government in the Federal Reserve System, operating the money powers which are reserved to Congress by the Constitution. ”
- Wright Patman

“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 principle 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.”
- J. P. Morgan

“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. … This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”
- Alan Greenspan

“By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. 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

- “The Federal Reserve Bank is nothing but a banking fraud and an unlawful crime against civilization. Why? Because they ‘create’ the money made out of nothing, and our Uncle Sap Government issues their ‘Federal Reserve Notes’ and stamps our Government approval with NO obligation whatever from these Federal Reserve Banks, Individual Banks or National Banks, etc.”
-  H. L. Birum, Sr.

“Give me control of a nation’s money and I care not who makes the laws.”
- Mayer Amschel Rothschild

“I care not what puppet is placed on the throne of England to rule the Empire, … The man that controls Britain’s money supply controls the British Empire. And I control the money supply.”
- Baron Nathan Mayer Rothschild

“What good fortune for governments that the people do not think.”
- Adolf Hitler

“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

“When a country embarks on deficit financing and inflationism you wipe out the middle class and wealth is transferred from the middle class and the poor to the rich.”
- Ron Paul

“Remember, Alan Greenspan was a member of Ayn Rand’s collective. To understand this is to understand why we are doomed with the Federal Reserve.”
- Peter Fonda

People made fun of this man, but that will ‘change’:

- (Flashback) Mind Blowing Speech by Robert Welch in 1958: How Insiders Plan to Destroy America

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