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Seven Men, Nine Days, One New Monetary Cartel, Pt. 1
Many investors today, as they learn more about the nature of
the Federal Reserve, are asking themselves how the US, the supposed land of the
free, permit a non-Government-based cartel to take control of its monetary system?
Who controls the Fed? And just how did they attain this unbelievable power to
operate with the Government’s approval?
To answer all of these questions, we need to put on our
winter coats and step back in time to a New Jersey train platform on a cold
wintery night in November 1910…
At first glance, nothing around us would look unusual. The
train at the platform was comprised of your standard chair cars which would be
converted to sleepers at night. Poorer passengers took the cars closer to the
engine, while the more well off sat and slept in cars behind the dining car.
However, one thing was very unusual about this particular
train. And that something unusual was a single private train car located at the
end of the train.
Unlike the others cars whose interiors were dreary affairs
of metal and wood, this car’s interior was filled with rich mahogany, velvet,
and polished brass. And unlike the other cars which had regular train porters,
this car had private servants who were scurrying about stocking the bar and
cigar boxes. Finally, unlike the other railcars whose sides were marked with
numbers, this particular car had a single plague reading “Aldrich.”
As in Senator Nelson
Aldrich, Republican “whip,” investment associate of JP Morgan, and father in
law to John D Rockefeller, Jr.
Aldrich arrived at the train car first, decked out in the
finest clothes imaginable and accompanied by several porters carrying his
luggage. However, once he arrived, he was soon joined at his private car by six
guests.
Each guest arrived separately so as not to imply that they
knew each other. Indeed, two of them bumped into each other on the platform,
they feigned ignorance of each other’s identity. They only addressed one another
by first name both in public and in Aldrich’s private car. In fact, their
identities were kept so secret that even Aldrich’s servants didn’t know who the
six guests were.
Fortunately for us, G. Edward Griffin, author of The Creature From Jekyll Island has
painstakingly proved their identities. As he notes, they were:
1)
Nelson Aldrich, Senator of Rhode Island and Republican
“whip,” Chairman of the National Monetary Commission business associate of JP
Morgan and father-in-law to John D. Rockefeller, Jr.
2)
Abraham Andrew, Assistant Secretary of the Treasury.
3)
Frank Vanderlip, President of National City Bank of New
York, the most powerful US bank at the time, representing William Rockefeller
and the international investment house of Kuhn, Loeb, & Co.
4)
Henry Davidson, Senior Partner at the JP Morgan
Company.
5)
Charles Norton, President of JP Morgan’s First National
Bank of New York.
6)
Benjamin Strong, head of JP Morgan’s Bankers Trust
Company.
7)
Paul Warburg, partner of Kuhn, Loeb, & Co, a
representative of the Rothschild banking dynasty in England and France, and
brother to Max Warburg who was head of the Warburg banking consortium in
Germany and the Netherlands.
Together, these six men, represented interests that
controlled one fourth of the world’s
entire wealth. That is not a typo. These individuals represented the
four most powerful groups in the Anglo-American banking
world. They were:
From the US From Europe
Rockefellers Rothschilds
Morgans Warburgs
The train took Aldrich’s private car to Georgia where it was
unfastened from the rest of the train. The men then boarded a ferry to Jekyll
Island: a private vacation resort recently purchased by JP Morgan and several
business associates. To maintain secrecy, the resort’s normal staff were put on
vacation and all new servants and porters were brought in.
During the next nine days, these seven men (still only using
their first names to avoid recognition) hatched out a plan to create the system
that would eventually become the Federal Reserve banking system.
The reason for their doing this was simple: competition.
The Nationals Vs. The
Non-Nationals
Before the creation of the Federal Reserve banking system,
the US’s banking system was divided into two types of banks: national banks and
non-national banks.
National banks received their charters from the Federal
Government and could issue their own notes, or money. These were the “old
money” vanguard of the banking system, the elite banks based in NY and backed
by the noble class families mentioned before.
In contrast, non-nationals were private banks that operated
without government charters. These were the “upstarts” of the US banking
industry, springing up mainly in the south and west.And the nationals were none
too pleased about their presence.
The upstarts were not only giving banking a bad name (the
industry suffered 1,748 bank failures from 1890 to 1910), but they were also
eating into the Old Vanguard’s profits: as early as 1896, non-national banks
controlled up to 54% of the US’s savings deposits.
A second, more pressing issue was also on the minds to the
Anglo-American banking giants as they journeyed to Jekyll Island: the US
monetary system was moving away from
debt usage to private capital.
Because there was no centralized system for determining
interest rates, banks set their own interest rates. This in turn, kept the
money supply relatively tight as there were strict limits on how many loans
banks could generate relative to their assets. Because of this, many
corporations were seeking funding privately or from operations (cash reserves).
G. Edward Griffin, in The
Creature From Jekyll Island, notes that from 1900 to 1910, some 70% of
corporate funding was generated internally, rather than taking out loans.
In other words, big business was moving away from dealing
with the banks. This was a huge issue for the Anglo-American banking giants as
I shall explain.
Let’s say that back in 1900, Joe America makes a deposit of
$100 in ABC bank, earning an interest rate of 1%. ABC then turns around and using
Joe’s $100 as reserves, lends out as much as $1,000 at an interest rate of 5%.
In essence the bank has just created $900 out of thin air.
However, by doing this the bank is now earning $50 in interest (5% on $1,000)
while paying out $1 to Joe (1% of $100) thus pocketing $49 in profits.
As you can imagine, this set-up was obscenely profitable for
the banks, which is why the Morgans, Rothschilds, et al were so concerned that
Corporate America was moving away from borrowing to fund growth.
Moreover, the fractured nature of the banking system (there
were no set rates or capital standards) meant that banks had a tendency to go
under. Consider that in the early 20th century, banks in general
often lent out ten times the amount of money they held in deposits, assuming it
unlikely that any large number of customers might decide to cash out at the
same time.
Even more insane, more reckless banks typically only had 3%
of deposits in actual cash on hand (the
rest was often tied up in short-term loans and investments).
This obviously put the bank in a very tenuous position.
Suppose Joe decides to withdraw his $100? Or what if Joe wrote a check for $50
to buy some groceries? Well, if the grocery store clerk used the same bank as
Joe, there was no problem because no physical cash had to actually leave its
vaults.
However, if the Grocer took the check to another bank and
cashed it, then $50 in actual physical cash would have to leave Joe’s bank and
be transferred to the other bank. Multiply this by a few hundred transactions
at a time when most banks only had 3% of reserves in physical cash and you
quickly realize why nearly 2,000 banks went under between 1890 and 1910.
I’ll continue to remainder of my analysis in the second
portion of this article.
Best Regards,
Graham Summers
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the wickd witch of the west battling the wicked witch of the east....
yessirree bob....thanks for the wonderful history lesson of how totalitarianism came to amerika...
http://www.youtube.com/watch?v=QCxjqPgHgpA&feature=player_embedded#!
.
Renaissance 2.0: Lesson 5 (part 1 of 2) - The Emerging Global Empire
well it actually works as the loan out 90% of deposited money . holding %10.
but when that 90 is then deposited in another bank, or inded the same one, 10% is again held in reserve and ($9) and $81 is loaned out.
it maybe another bank or the same one. but it didnt create $900 out of thin air.
on just 1 deposit of $100
eventually if you make out that 10 loans sure you have lent out the same $100 again abnd again and only hold $100 in reserve. but there would be alot of paper work and prob several banks invovled. and a lot of people able to default and crash the whole system down
For the record I believe Griffin's "Creature from Jykll Island" was lifted wholesale from Eustice Mullin's "The Secrets of the Federal Reserve" without (much?) attribution. I have Mullins here, but I don't have the Griffin book so I can't confirm this.
This may or may not make a difference wrt the history of the Fed, but Mullins and Griffin do exist in separate orbits, so if you want to follow the threads you need to know that there are two historians whose work is overlooked.
I don't know Griffin's history or politics, but I know a little about Mullins', and it's pretty twisted. That's not a value judgement, just a description. Perhaps "interesting" would be a better word. Certainly worth your time to follow, if you're interested.
ALSO: for the life of me I can't see how 11 loans for $90 each on a $10 reserve differs by more than $10 from one loan of $1,000 on a $100 reserve, unless it's somewhere stipulated that $90 of the original deposit had to remain on reserve, which I don't think is the case. Please enlighten me.
The astounding observation is that people have put up with this shit for so long. Those so-called ass backward Arabs seem to either get it sooner than most, or have been the recipients of a far harder reaming than everyone else
The very best description of what the Fed is and how it was created. Fascinating story from the author of the book about the Fed, "The Creature from Jekyll Island":
http://video.google.com/videoplay?docid=6507136891691870450#docid=638447...
Also great videos by Bill Still, The Money Masters (1995) and The Secret of Oz:
http://secretofoz.com/
http://www.csper.org/
" The truth has never been clearer. We're living in a voracious empire
based on people ownership, i.e. subjugating humans to increasing debt servitude to Wall Street and the global banking establishment. This debt system has morphed economics from a study in human progress to an engine of human enslavement. Spirituality ("sense of meaning") and psychology have been crushed as a result. Any sense of a meaningful life has almost been vanquished as the corporate system that serves Wall Street has replaced truth with fake media PR and replaced our communities with narcissistic hierarchy."
..
It is wonderful to see these long hidden facts really getting a proper audiences. Just maybe we can do something about this third, private central banking scheme that has had US in its tentacles for a century. Of course, there will be hell to pay in breaking free.
yeah the expample of fractional banking is technically wrong.it is t1 loan for $1000 madeon $100 deposit. its a dozen loans for $90 and less witha %10 reserve ie $10 held.
the 90 is then deposited and loaned out again maybe at another bank. the inter bank reporting is what makes the fractional system work, there is no magic $1000 loan on $100. sure the end result is that, but its taken a dozen loans to get there.
Can someone comment on how much of our 14 trillion dollar national debt is related to the interest payments due on the creation of fiat Federal Reserve Notes? How much per year is owed as interest payments to the banking cartel?
Servicing the national debt cost $413 B last fiscal year ending Sep 2010, making it the third largest budget item after welfare and war
http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm
At the end of the Revolutionary war the US had debts of $75 M that devalued the Continental, which was made good for the Hamilton-Rothschild New York Bank cronies with silver while soldiers remained unpaid, Hamilton Whiskey taxes resulting in Shay's and the Whiskey Rebellion that GW put down by armed force on patriots who fought in the Revolution
http://www.microdistillerymap.com/
That debt grew until 1835, when Old Hickory Andrew Jackson, a Scotsman, a President whi ran against the banking hydra, retired it and closed the Central Bank, earning him two assassination attempts by pistol at point blank range.
Then the US Debt reached $2.7 B after the Civil War, financed not by 30% New York Bank loans, but direct issue of Greenbacks by Lincoln, who was assassinated. The Greenbacks were paid off by gold, silver and interest bearing notes, while soldiers and the South were not
At the end of WWI, US Debt was $22 B, and the bonus marchers not only went unpaid, but were bayoneted, burned, gassed by arsenic and run over by tanks under the command of Eisenhower, MacArthur and Patton who become WWII heroes
At the end of WWII, US Debt was $260 B in 1950
Does anyone see a tenfold increase pattern of war deficits and underpaid soldiers under so-called conservative fiscal governance while private central banks profit?
From 1950 to 1980 including the Korean and Vietnam Wars, the US Debt tripled
Under Reagan and Bush I, it quadrupled, totaling an accelerated 12 times, including Grenada, Panama and Persian Gulf Wars
US Debt increased from $4 T to $5.7 T while Clintons were President and the GOP had congress. This was done by raiding the Social Security Trust to balance the budget
http://en.wikipedia.org/wiki/History_of_the_U.S._public_debt
While Bush II was president eight years, US Debt roughly doubled from $5.7 T
http://en.wikipedia.org/wiki/United_States_public_debt
Obama is on trajectory to do that in four years
To answer the question How much of the Federal Debt is interest, a CAGR on the original $75,463,477 on January 1, 1791 at an average long-term interest rate of 6% compounds to $27.9 T, suggesting despite a one-time payoff under Andrew Jackson, the bulk of the debt is what Rothschild called the 8th wonder of the world
http://www.moneychimp.com/calculator/discount_rate_calculator.htm
Cantor, Pawlenty, Ryan et al are addressing the issue but it appears beyond any salvation short of Jubilee default/forgiveness
http://www.washingtonpost.com/wp-dyn/content/article/2011/01/23/AR201101...
Silver, beeches
It worked for Revere and it works for Paul
The antidote to 1984 being 1776
"They Live "
http://www.youtube.com/watch?v=L86AAGZ9BBg
one B movie that hits home in today's orwellian world.
When a small group has unlimited power and money are they really the same as us ..do they plan to aid us? do good for the whole of mankind?
or do they turn into something alien?
with plans and goals that are outside of the normal values we all live by??
are we the common man the problem?
do we stand in the way of the NWO??
problems must be resolved (eliminated.)
to zh's live and plan for the world run by "alien beings" if you do not see them get a way to.
your life depends on it.
yeah i watched that about a year ago, Rowdy Roddie Piper's big chance in the movies :)
I urge everyone to read this;
http://www.cnbc.com/id/41198789
Basically, the Fed can now denote any losses from its regional banks as liabilities TO THE TREASURY.
This is scary.
DavidC
Yes. I read that last eve. Which means the Fed shifts debt from its balance sheets onto the American taxpayer. Win-win situation for the Feds/TBTF's. Notice how little coverage this received?
Welcome to government sanctioned serfdom.
Very interesting. I didn't know that.
During the Credit crisis, when credit was tight corporations also stopped taking on loans and with that the game ended for the banks. So as long as lending doesn't restart at a insane rate banks won't "recover".
It explains a bit why C and BAC are constantly faced with old problems that keep being big problems because new revenue sources don't exist so the system is constantly backfiring on them untill... they default.
If they had used TARP in the right way and written out loans at 10 times the donation they would have been out of the woods after a year.
That's all incorrect, and it wasn't that credit was tight -- it was that many of the second and third-tier banks realized finally how the ultra-leveraging chain was structured (as in structured finance: Bankster A, after making said predatory laons, generates securities on the liability side, while Bankster B buys said securities as assets, and generates creditive derivatives on the liability side, and Bankster C.....).
The banksters took the TARP funds, and much of that $9 trillion officially, and $13 to $17 trillion unofficially) and used it in FDI and proprietary trading (i.e., speculation and ultra-leveraged speculation).
It explains a bit why C and BAC are constantly faced with old problems that keep being big problems because new revenue sources don't exist so the system is constantly backfiring on them untill... they default.
until....... they're bailed out. Fixed.That's just it.
The basis of funding was gone and replace by tarp which they where supposed to use and loan back to the consumers to create a new income source.
The consumers and companies didn't wanted it or had a to bad credit score to get it and therefore tarp was useless for them. The only thing they did with it was buy bonds and step into very very risky trades.
That's also why the fed spiked the market untill now because if they didn't, the banks would just go down beyond repair.
They FED did so at any cost, but now also that option is going to stop.
So once (march) it stops, banks will take a serious dive unless they invent something new which will also cost trillions to the taxpayers.
Second thing is, that just before QE2 started, they estimated it would take somewhere 7 and 11 trillion to fill the gaps for the banks. Anything less (lik eventually it was) wouldn't do any good (which has now also been proven).
So if we don't get a raise in the debt ceiling in 2 to 3 weeks, banks will really dive down.
BAC and C will lead that race to the bottom but the rest will follow.
The guy lost his credibility with his example of fractional reserve banking.
Then enlighten everyone as to your reasoning, oh great oracle.
Citizen asks for loan to purchase a home. Bank creates money out of thin air. Citizen now must work his a** off the rest of his capable life to pay the bank back the money conjured out of thin air, plus interest. Banker takes huge bonus and goes home at 5 PM (tells you he works outrageous hours!). Why would anyone do this? Stop borrowing money. The only winning move is not to play the game.
Live within your means, be okay with who you are and what you have, and the financial sector shrinks. Vote candidates at all levels that support a small, limited finance sector.
Also, isn't their a concept where a transaction can be unwound if it is found to be a fraudulent conveyance (of property, such as a house, to the bank) which is making a loan that renders the recipient insolvent?
Finally, when did it become permissible for banks to hold foreclosed properties? If the concept of fraudulent conveyance no longer exists and banks can foreclose and hold properties off the market then why don't the banks saturate us all with debt rendering us insolvent, take all our property, and thus win?
For the American banking system to regain legitimacy it must not make loans that constitute fraudulent conveyances and must immediately bring all foreclosed properties to market for the citizens to purchase. The entire real estate industry is run by morons who want to dribble out properties to preserve asset values. It won't work - people will simply not buy and all the realtors and mortgage brokers and lawyers and middle men will go out of business while the underlying asset deteriorates. Middle men like realtors need trasnaction volume - they make money on transactions and churn. Bring all the properties out to market and in the crash of asset values you get the seed of recovery as all the middle men become fat again on transaction volume.
Recovery depends on velocity and transaction volume. Drips and drabs and preserving asset prices is a slow kill.
You dreamer! If you don't borrow money from the banks they will create it out of thin air and use it to buy thousands of Blue Chip companies through their speculative arms. You will then work for the banks. They will also loan so much money to your neighbors that it will drive the prices of homes up in your neighborhood until you can't pay the taxes anymore.
Dude! The peons are supposed to be aware of debt peonage.
It's simple. The Federal Reserve came about to cure things like the Great Depression of 1907.
Oh, that's right, we didn't have a Great Depression until there *was* a Federal Reserve. It was just a one year or so "panic" in 1907.
The most fascinating period was the Presidency of Andrew Jackson from 1829 to 1837. He inherited a National Debt of $58 million and reduced it to $33,000 by 1835. No wonder the bankers hated him.
And in 1909 it was Samuel W. Straus who first invented or promoted the first mortgage security with a senior claim (can you say "securitization"???).
The ball really began to roll during the 1920s, and with the colossal tax break and dark pool (known as Prohibition -- lasting from 1920 to 1933) which appeared to have been laundered through the stock exchange.
Go figure....
yes, and ever since the little hickup of '29, which wouldn't have become a depression had not the FDR gone on a power grabbing spree and screwed things up so bad, they have managed to kick the can down the road... only problem is they are quickly running out of road.
Baloney.
"The Fed administers to political dictate" - Melchior Palyi, 1958
perhaps true as far as it goes. the question is whose politics dictate. certainly not the "voters" or "the people". more nearly those who fund political campaigns.
The Fed is not the only Cartel given Carte Blanche powers in the United States. We also have:
1) The AMA - American Medical Association - Makes all decisions regarding your health and health practices. As corrupt as any organization in the U.S.
2) The ABA - American Bar Association - Determines who gets to practice law.
3) Unions - Fortified by closed shop laws, Davis-Bacon,
4) Broadcasting - Given monopolies over the airwaves and broadcast.
5) Major league sports - granted absolute monopolies on what teams may play where.
The nice part for the groups above is that they have become very, very rich at the expense of the taxpayer. End all of these monopolies.
Welcome to the final result of unregulated democracy, A centrally planned economy. China leads the way and we'll follow. A system based on pure greed does not work.
"A system based on pure greed does not work."
A voluntary system of competing self-interests will work, but the key word is voluntary. Its not greed that's the problem, its legitimized coercion.
the answer is the hemlock society ,,, the end is near lol
why has this continued the fed ,, well for one... flashing red signals have been going on for years ,,
no body took notice ,, now we aerw at the end of a long road and the long dead brains wake to the creature
pray tell where was all this warning from the likes of these editorials long ago.. or was it you guys just got it lol
you cant eat fed paper
You must have missed the speech by Jefferson about the banks being more dangerous than foreign standing armies based in your own country.
Jefferson knew from whence he spoke. He was very familiar with the central bankers and the misery they had inflicted on Europe with impunity. I could never understand why he and Alexander Hamilton did not get along, and thought it was simply a matter of ego clashes or ideological differences. The reason made sense--Hamilton was the Rothschild contact in Congress.
Oh, dear. A peevish Federal Tapeworm Reserve troll left a dropping. Dear little Troll, when you throw a tantrum and junk your betters, you should at least have the sense to respond. Now run along and mind your manners!
"I could never understand why he and Alexander Hamilton did not get along..."
I've always had the same historically perplexing problem. Hamilton's brilliant report submitted to the US Congress in 1791, The Report on the Subject of Manufactures -- was exceptional in breadth and content, except for that one horrible suggestion for the existence of the private banksters.
I've always read that Jefferson was at odds with Hamilton as Jefferson thought the educated class should strive to remain yeoman farmers, and avoid industrialization, yet it was the same Jefferson, who during his travels in France met with a farsighted French engineer who had pioneered the concept of interchangeable parts in the manufacturing and replacement process (this was long prior to Eli Whitney, who has been incorrectly credited with that by unscholarly types), and it was Jefferson who attempted, and unfortunately failed, to sell the adoption of interchangeable parts process to the US Congress.
How might things have been different.....
when the end comes, American Citizens will be faced with two choices, hard choices. One choice will be for the greater good, for the sake of future generations. The other choice will be to accept the currency that the bankers already have planned for us, more debt-based fiat money that will blow up in another few years ! ......... I vote to have all FEDERAL RESERVE NOTES destroyed & the criminals thrown out of WASHINGTON & WALL ST. ............... and, then, what ? what do we do then ? just look at each other & start farming ? ! either way we're going backward in time, colonial days or middle ages feudalism. ....... Happy Saturday !! I went to my coin guy today & I feel better ...... silver therapy.
http://www.youtube.com/watch?v=pItsaMSmcPQ 2:41
when the end comes, American Citizens will be faced with two choices, hard choices. One choice will be for the greater good, for the sake of future generations.
That hasn't happened since WW2.
The American public when faced with a choice will inevitably choose the path of least resistance and immediate gratification. At least, that is their track record.
No doubt the forces behind the Fed and the ECB have a plan to migrate the western world to a unified central bank, ... along with the attendant 'Control Structure' to ensure its survival.
In fact, in the U.S. we see that 'control structure' taking shape in the form of the dreaded homeland security agency. This agency has nothing to do with 'terrorism'
and everything to do with being the Gestapo of the future. The agency meant to keep the population under control & compliant.
As for the Federal Reserve... it may or may not survive. Not that it matters as the forces controlling it have also nurtured the IMF, World Bank, & BIS such that they are in a position to step forward (if the Fed is needed to fall on its balance sheet and go down after ingesting so many toxic assets). Without doubt the Feds ... US/UK/EU (perhaps, even World) successor will step up for the PowersThatBe with a plan to solve the currency meltdown crisis with a ... ta da ... WORLD CURRENCY.
Along will that world currency will come a 'contol structure' meant to ensure the
affected countries inhabitants stay 'in line' with the 'vision' of the New World Order.
All for the common good... of course. After all, its necessary to maintain order.
By the way .... it's even conceivable that the new world currency is backed by Gold.
Yes! but of course by this time it won't matter at all. PM backed or pure Fiat ...for the
New World Central Bank and attendant Control Structures will be in command and no doubt work to absorb any existing PMs into there system at a redemption rate they deem appropriate. And what recourse would existing holders of PMs have when their every financial move is monitored, recorded and tracked by the authorities.
Regardless, everyday currency "money" transactions will be primarily Digital. Plus wages, earning and even common, minor buying/selling transactions will be required to be digital & simultaneously recorded to government . Moving all transactions to an online, digital format will ensure compliance. Perhaps your wages will first go to the "Government" and it will determine you appropiate taxes and withdraw them from your earnings before being remitted to you. All for the common good... of course.
Am I being Paranoid with my facetious outline of future events above?
Watch how things evolve going forward. If they move along the lines I layed out above ... then perhaps not.
haven't you heard the news?
http://www.cnbc.com/id/41198789
those toxic assets will soon belong to you :)
The "public," to the extent it becomes involved in making a choice, will defer to experts in a gripping charade of a debate staged by the Corporate Media.
BTW, we do both ourselves and reality a fundamental disservice by continuing to refer to the mass media as the Mainstream Media, imo.
well put. good get dangerous. might i suggest some guns & ammo therapy as well?
About the same time that the banking elites of the early Twentieth Century were traveling in their private Pullmans, the Progressive Movement enjoyed much success several years later, in the Year 1913, advancing elements of their particular agenda. To wit:
The Federal Reserve System was created;
The 16th Amendment was ratified, thus bringing a progressive tax on income to America;
The 17th Amendment was ratified, allowing the direct election of United States senators, which reduced the States' individual representation in Congress; the Senate, designated the chamber of Congress for that specific purpose. The body providing direct representation for the populace: the House of Representatives...one Representative for every 30,000 citizens ( which was capped at 435, with the Reapportionment Act of 1929).