"Few Americans know of the betrayal that was plotted on Jekyll Island, Georgia,
which was destined to defraud Americans of their wealth and opportunity, and would
eventually lead to the subjugation of our great democratic experiment to a centralized
global dictatorship.
"In November of 1910, after having consulted with the Rothschild banks in England,
France, and Germany, Senator Nelson Aldrich boarded a private train in Hoboken, N.J.
His destination was a hunting club owned by JP Morgan.
"Aboard the train were six other men: Benjamin Strong, President of Morgan's
Bankers Trust Co., Charles Norton, President of Morgan First National Bank of New
York, Henry Davidson, senior partner of JP Morgan, Frank Vanderlip, President of
Kuhn Loeb's National City Bank of New York, A. Platt Andrew, Assistant Secretary
of the Treasury, and Paul Warburg. The secret meeting, as described by one of its
architects, Frank Vanderlip, went as follows.
"There was an occasion near the close of 1910 when I was as secretive, indeed as
furtive, as any conspirator. I do not feel it is any exaggeration to speak of our secret
expedition to Jekyll Island as the occasion of the actual conception of what eventually
became the Federal Reserve System.
"We were told to leave our last names behind us. We were told further that we should
avoid dining together on the night of our departure. We were instructed one at a
time....where Senator Aldrich's private car would be in readiness, attached to the rear
end of the train for the South. Once aboard the private car, we began to observe the
taboo that had been fixed on last names. Discovery, we knew, simply must not happen,
or else all our time and effort would be wasted.
"The goal was to establish a private bank that would control the national currency.
The challenge was to slip the scheme to the representatives of the American people.
Earlier, it had been called the Aldrich Bill and received effective opposition.
"The planners of the revised bill titled it "The Federal Reserve Act" to mask its real
nature. It would create a system controlled by private individuals who would control
the nation's issue of money. Furthermore, the Federal Reserve Board, composed of
twelve districts and one director (the Federal Reserve Chairman) would control the
nation's financial resources by controlling the money supply and available credit, all
by mortgaging the government through borrowing.
"The plan worked. The Federal Reserve Bill was held until December 23 (two days before Christmas) before it was presented to the House and Senate. Only those
senators and congressmen who had not gone home for the holidays -- those who owed
favors to, or were on the payroll of, the bankers were present to sign the legislation.
"The name 'Federal Reserve Bank' was designed to deceive, and it still does. It is not
federal, nor is it owned by the government. It is privately owned. It pays its own
postage like any other corporation. Its employees are not civil service. Its physical
property is held under private deeds and is subject to local taxation (government
property is not)."
Through its ability to create any amount of currency that it wishes, the US has created
a giant edifice of credit and debt. More recently, Fed Chairman Alan Greenspan,
through low interest rates held at 1% for month after month, allowed an enormous real
estate bubble to form. When the bubble finally burst, it was seen that the big banks
had loaded up with toxic mortgages loaned out to people who had no way of financing
them. As the air rushed out of the real estate balloon, many of the banks were shown
to be insolvent -- they held billions of dollars in worthless mortgages.
Certain banks on Wall Street were deemed "too big to fail." The Fed rushed in to save
its own, all the while creating trillions of dollars in its rescue program. The die was
cast. The US was saddled with so much debt that its very credit rating was placed in
question.
At this point, the US is saddled with so much debt that it defies comprehension. As I
see it, the only way out of this debt disaster is to partially-renege on the debt and then
resort to devaluation or outright inflation.
The Obama administration will put off dealing with the debt as far into the future as
possible. Future generations will have to address the debt now being created. Their
answer will be that "We did not run up this outrageous debt, and we will not be
responsible for it." Thus, I think it likely that the trillions that have been created in the
hope of halting the world deflation will never be paid off.
Remember, -- in 1971 the US reneged on its agreement to settle international debts
with gold. The US will renege on its "impossible" debt sometime in the future.
Eventually, it will be seen that the only way the US could have run up these debts is
through fiat money. As time goes by, suspicion will grow on the very worth and
viability of fiat money. Eventually, the US public will see that they have been duped
by the Fed and the creators of faith-based money. Whereas once our grandparents
could turn in their dollars for gold, today, if you turn in your dollars, what do you get?
You get other dollars. There's nothing behind the dollar except the government's edict
that "your dollar is legal for the settlement of all debts."
from RR's letter- |
