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Federal Reserve: A Faustian Bargain?

Federal Reserve: A Faustian Bargain?

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Published by William Litynski
History of the Federal Reserve, America's central bank
History of the Federal Reserve, America's central bank

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Published by: William Litynski on Jun 25, 2010
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06/27/2014

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Federal Reserve:
 A Faustian Bargain?
By William P. Litynski
 
Federal Reserve: The Monopoly of Big Credits?
Current and former presidents of the Federal Reserve Bank of New York pose for a group portrait on May ! "#$% From left to right: &illiam '% M()onough! &illiam C% )udley! *aul +% ,ol(ker! -% .erald Corrigan! and Timothy F% .eithner% +ll five men are /or were0 mem1ers of the Coun(il on Foreign Relations and mem1ers of the Trilateral Commission%/*hoto: Federal Reserve0+ndrew 'a(kson2
It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes.
 )istin(tions in so(iety will always e3ist under every 4ust government% -5uality of talents! of edu(ation! or of wealth (an not  1e produ(ed 1y human institutions% 6n the full en4oyment of the gifts of 7eaven and the fruits of superior industry! e(onomy! and virtue! every man is e5ually entitled to  prote(tion 1y law8
but when the laws undertake to add to these natural and just advantages artificial distinctions, to grant titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society—the farmers, mechanics, and laborers—who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice of their Government. There are no necessary evils in government. Its evils exist only in its abuses.
 6f it would (onfine itself to e5ual  prote(tion! and! as 7eaven does its rains! shower its favors alike on the high and the low! the ri(h and the poor! it would 1e an un5ualified 1lessing%9  +ndrew 'a(kson! *resident of the ;nited <tates! in his ,eto Message regarding the <e(ond Bank of the ;%<% on 'uly #! =>"
 
Federal Reserve Chairman Ben Bernanke /right0 appears with former Federal Reserve Chairman *aul ,ol(ker /left0 and former Federal Reserve Chairman +lan .reenspan /(enter0 after parti(ipating in the (eremonial signing of a (ertifi(ate (ommemorating the ##th anniversary of the signing of the Federal Reserve +(t at the Federal Reserve Building in &ashington! )%C% on Monday! )e(em1er ! "#>% Bernanke! 4oined 1y his two prede(essors! marked the ##th anniversary of the Federal Reserve 1y refle(ting on the 1old a(tions past (hairmen have had to take in the 1est interest of the +meri(an e(onomy% /+* *hoto@*a1lo MartineA Monsivais0
2
ost !mericans have no real understanding of the operation of the international moneylenders. The bankers want it that way.
&e re(ogniAe in a haAy sort of way that the Roths(hilds and the &ar1urgs of -urope and the houses of '% *% Morgan! uhn! oe1 and Company! <(hiff! ehman! and Ro(kefeller possess and (ontrol vast wealth% 7ow they a(5uired this vast finan(ial power and employ it is a mystery to most of us% 6nternational 1ankers make money 1y e3tending (redit to governments% The greater the de1t of the politi(al state! the larger the interest returned to the lenders% The national 1anks of -urope are a(tually owned and (ontrolled 1y private interests% 6n the early years of the Repu1li( the ;nited <tates e3perimented with a (entral 1anking system% 'efferson opposed +le3ander 7amiltonDs s(heme for the First Bank of the ;nited <tates! and +ndrew 'a(kson a1olished Ni(holas BiddleEs <e(ond Bank of the ;nited <tates% The &all <treet 1anks (ontri1uted the finan(ial mus(le to ele(t &oodrow &ilson *resident in "% Their agent! Colonel -% M% 7ouse! 1e(ame the most powerful figure in the &ilson administration% *aul MoritA &ar1urg! s(ion of the M% M% &ar1urg Company of 7am1urg and +msterdam! (ame to the ;%<% in #"% -ight years later he was a partner in the 1anking house of uhn! oe1 of New York%
"arburg was the architect of our #ederal $eserve %ystem, creating a privately owned mechanism to control the currency and credit of the &nited %tates. The #ederal $eserve is a bank of monetary issue. It is empowered to establish a national discount rate and to authori'e the printing of the currency of the &nited %tates. The accounts of the #ederal $eserve %ystem have never been audited. It operates outside the control of (ongress and through its )oard of Governors manipulates the credit of the &nited %tates.
;nder Franklin )% Roosevelt the original term of offi(e for governors was e3tended from seven to fourteen years   putting the 1oard 1eyond the rea(h of any *resident% The powerful -uropean 1anker +nselm Roths(hild on(e said! 2.ive me the power to issue a nationEs money! then 6 do not (are who makes the laws%9  ;%<% <enator Barry .oldwater!
With No Apologies
! page "=G"=" /written in H0

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