“The Fed’s sole purpose: keeping the banks afloat” – G. Edward Griffin @ Casey Research says Casey Summit speaker G. Edward Griffin, author of The Creature from Jekyll Island. He talks about the Fed’s real role in the US economy and why – contrary to common belief – it is not this banking cartel’s mission to act in the best interest of the American public.
The origin of the FED can be traced to the early years of the 20th century. After the failure of the, first and then second, Bank of the United States, the banking cartel managed to get Woodrow Wilson’s agreement, allegedly in exchange for financial support for his presidential campaign of 1912, for a bill that would lead to the formation of a central bank for the United States.
“In 1910, a secret meeting took place on the Morgan estate on Jekyll Island, Georgia. Aldrich met with representatives of prominent banking firms. Such men included Henry Davison (senior partner of J.P. Morgan Company), Frank Vandelip (President of the National Bank of New York associated with the Rockefellers), Charles D. Norton (president of the Morgan-dominated of First National Bank of New York), Benjamin Strong (representing J.P. Morgan), and the primary architect of the Act, Paul Warburg (representing Kuhn, Loeb & Co.)”
“Over a period of ten days they drafted the Federal Reserve Act that was voted on in Congress on Monday 22 December 1913….It passed through the Senate the following morning and Woodrow Wilson signed the bill into law later that same day at 6:02 pm. This Act transferred control of the money supply of the United States from Congress as defined in the U.S. Constitution to the private banking elite.”
“The deceptive terminology of the name was carefully chosen because the American public did not want a central bank similar to those in Europe. The Federal Reserve is not a federal governmental entity nor is it a reserve, such as a governmental treasury, backing up its currency. The Federal Reserve is a legalized cartel of the money supply owned by private national banks, operating for the benefit of the few under the guise of protecting and promoting public interests.”
“The meeting on Jekyll Island remained unknown to the public until Forbes magazine founder Bertie Charles Forbes wrote an article about it in 1916, three years after the Federal Reserve Act was passed.”