The Federal Reserve Act was signed into law by President Woodrow Wilson on this day in 1913, creating the Federal Reserve System.
“The accepted version of history is that the Federal Reserve was created to stabilize our economy. One of the most widely-used textbooks on this subject says: 'It sprang from the panic of 1907, with its alarming epidemic of bank failures: the country was fed up once and for all with the anarchy of unstable private banking.' Even the most naive student must sense a grave contradiction between this cherished view and the System's actual performance. Since its inception, it has presided over the crashes of 1921 and 1929; the Great Depression of '29 to '39; recessions in '53, '57, '69, '75, and '81; a stock market "Black Monday" in '87; and a 1000% inflation which has destroyed 90% of the dollar's purchasing power.”~G. Edward Griffin, The Creature from Jekyll Island
G. Edward Griffin is not the only critic of The Fed. One of the earliest criticisms was written in 1922 by Jim Jam Jems entitled The Federal Reserve Monster:
"THE Federal Reserve System is the visible hand of the Invisible Empire picking the pockets of the producers of real wealth. It is the most leviathan parasite engrafted upon—and grafting on—production in the world's history. It is an industrial vampire sucking industry's life blood down its bottomless maw. Its greed is fathomless, its rule is ruthless and its lust for power is insatiate.
It is openly and avowedly run and managed in the interest of a so-called "superior class." It has a cynical contempt for the public—whom it ruthlessly plunders. It believes—and practices the belief—that it was instituted for the promotion and protection of superior privileges; that wealth is produced for its exploitation; that production of values exists for its parasitical plunder; that Shylockery is a virtue and that the fruits of industry belong not to its producers but to its despoilers.
Property-owners, property-earners and property-producers are but its puppets whom it plunders at will. By monopolizing and juggling money—the mere symbol of wealth—it destroys the value of real wealth. It has but one interest in the public whom it hypocritically professes to serve and that interest is expressed in the query "How much will the people stand?"
There is nothing with which to compare it for it stands alone in the world's history as the most gigantic plunderbund ever conceived in predacity's womb. Czardom at its height and Kaiserdom at its zenith never held a tithe of the real power held by the Federal Reserve System. It is the perfected fruit and flower of financial high-bindery, industrial plunderbund and applied Shylockery. Under the cloak and mantle of the law it reaches forth its paws of predacity and pouches filcheries which are simply stupendous.
That is briefly what the much touted and saccharinely adulated Federal Reserve System really is. Abraham Lincoln, the greatest human intellect which ever functioned on this planet, prophetically drew its portrait in these words: "It (the Civil War) has been indeed a trying hour for the Republic; but I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the war, corporations have been enthroned and an era of corruption in high places will follow and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands, and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before even in the midst of the war. God grant that my suspicions may prove groundless."
That is the true portrait, drawn by a master hand, of the Federal Reserve System.
In [The Federal Reserve Monster by Jim Jam Jems 1922] you will see the birth of the monster, its ruthless methods of plunder, its machinery of despoilment, its monopoly of money and credit, its pawnbrokery and Shylockery and its huge mounds of pillage.
And in looking it over don't overlook the fact that you, you yourself—whatever may be your part in American industry—are laying tribute on the Federal Reserve altar of Mammon. You can't escape its net of pillage. Amid its mounds of gold, currency and securities—the hugest ever massed together on this planet—your contribution is there. Your brain or your brawn, or both, have added to its lootage. If you live and toil in the U. S. A.—in whatever capacity—your "mickle" adds to the "muckle"—of its stored pillage.
The fact is that the Federal Reserve System is in truth a huge Central Bank, managed, manipulated, directed and operated from Washington by the Federal Reserve Board. There sits the spider and there the web is woven—spreading all over the U. S. A.—in which are enmeshed the victims."
“It is no coincidence that the century of total war coincided with the century of central banking.” ~Ron Paul, End the Fed
"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
"The [Federal Reserve Act] as it stands seems to me to open the way to a vast inflation of the currency... I do not like to think that any law can be passed that will make it possible to submerge the gold standard in a flood of irredeemable paper currency." ~ Henry Cabot Lodge Sr., 1913
"The stock of money, prices and output was decidedly more unstable after the establishment of the Reserve System than before. The most dramatic period of instability in output was, of course, the period between the two wars, which includes the severe (monetary) contractions of 1920-1, 1929-33, and 1937-8. No other 20 year period in American history contains as many as three such severe contractions.
This evidence persuades me that at least a third of the price rise during and just after World War I is attributable to the establishment of the Federal Reserve System... and that the severity of each of the major contractions — 1920-1, 1929-33 and 1937-8 is directly attributable to acts of commission and omission by the Reserve authorities...
Any system which gives so much power and so much discretion to a few men, [so] that mistakes — excusable or not — can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic — this is the key political argument against an independent central bank...
To paraphrase Clemenceau, money is much too serious a matter to be left to the central bankers." ~ Milton Friedman
It is openly and avowedly run and managed in the interest of a so-called "superior class." It has a cynical contempt for the public—whom it ruthlessly plunders. It believes—and practices the belief—that it was instituted for the promotion and protection of superior privileges; that wealth is produced for its exploitation; that production of values exists for its parasitical plunder; that Shylockery is a virtue and that the fruits of industry belong not to its producers but to its despoilers.
Property-owners, property-earners and property-producers are but its puppets whom it plunders at will. By monopolizing and juggling money—the mere symbol of wealth—it destroys the value of real wealth. It has but one interest in the public whom it hypocritically professes to serve and that interest is expressed in the query "How much will the people stand?"
There is nothing with which to compare it for it stands alone in the world's history as the most gigantic plunderbund ever conceived in predacity's womb. Czardom at its height and Kaiserdom at its zenith never held a tithe of the real power held by the Federal Reserve System. It is the perfected fruit and flower of financial high-bindery, industrial plunderbund and applied Shylockery. Under the cloak and mantle of the law it reaches forth its paws of predacity and pouches filcheries which are simply stupendous.
That is briefly what the much touted and saccharinely adulated Federal Reserve System really is. Abraham Lincoln, the greatest human intellect which ever functioned on this planet, prophetically drew its portrait in these words: "It (the Civil War) has been indeed a trying hour for the Republic; but I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the war, corporations have been enthroned and an era of corruption in high places will follow and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands, and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before even in the midst of the war. God grant that my suspicions may prove groundless."
That is the true portrait, drawn by a master hand, of the Federal Reserve System.
In [The Federal Reserve Monster by Jim Jam Jems 1922] you will see the birth of the monster, its ruthless methods of plunder, its machinery of despoilment, its monopoly of money and credit, its pawnbrokery and Shylockery and its huge mounds of pillage.
And in looking it over don't overlook the fact that you, you yourself—whatever may be your part in American industry—are laying tribute on the Federal Reserve altar of Mammon. You can't escape its net of pillage. Amid its mounds of gold, currency and securities—the hugest ever massed together on this planet—your contribution is there. Your brain or your brawn, or both, have added to its lootage. If you live and toil in the U. S. A.—in whatever capacity—your "mickle" adds to the "muckle"—of its stored pillage.
The fact is that the Federal Reserve System is in truth a huge Central Bank, managed, manipulated, directed and operated from Washington by the Federal Reserve Board. There sits the spider and there the web is woven—spreading all over the U. S. A.—in which are enmeshed the victims."
Buy End The Fed
by Ron Paul
by Ron Paul“It is no coincidence that the century of total war coincided with the century of central banking.” ~Ron Paul, End the Fed
"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
"The [Federal Reserve Act] as it stands seems to me to open the way to a vast inflation of the currency... I do not like to think that any law can be passed that will make it possible to submerge the gold standard in a flood of irredeemable paper currency." ~ Henry Cabot Lodge Sr., 1913
"The stock of money, prices and output was decidedly more unstable after the establishment of the Reserve System than before. The most dramatic period of instability in output was, of course, the period between the two wars, which includes the severe (monetary) contractions of 1920-1, 1929-33, and 1937-8. No other 20 year period in American history contains as many as three such severe contractions.
This evidence persuades me that at least a third of the price rise during and just after World War I is attributable to the establishment of the Federal Reserve System... and that the severity of each of the major contractions — 1920-1, 1929-33 and 1937-8 is directly attributable to acts of commission and omission by the Reserve authorities...
Any system which gives so much power and so much discretion to a few men, [so] that mistakes — excusable or not — can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic — this is the key political argument against an independent central bank...
To paraphrase Clemenceau, money is much too serious a matter to be left to the central bankers." ~ Milton Friedman
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