100 years ago:Why Bankers Created the Fed

Posted by richrobinson 11 years, 4 months ago to History
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"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence

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  • Posted by khalling 11 years, 4 months ago in reply to this comment.
    Rand came to the US just as these huge changes were made. As far as I can tell, she never spoke about how Wilson completely changed the US Constitutional landscape, setting the stage for what was to come in the 30s. She discusses at length, however, the effects of guild socialism in Capitalism The Unknown Ideal and uses the New Deal to illustrate the concept.
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  • Posted by straightlinelogic 11 years, 4 months ago in reply to this comment.
    I have a chapter in my novel, The Golden Pinnacle, titled "Fools' Gold," in which the protaganist gives a logical, fact and history based argument against the establishment of the Federal Reserve. Everything that the Fed has become--an engine of depreciation, a corrupt tool of the banking cartel, and a source of financing for the government's massive deficits, could have been predicted before the legislation was signed, and was in fact predicted by opponents who were marginalized and ignored. With passage of the Income Tax Amendment and the Federal Reserve Act, 1913 was a dark year for America. The precedents for both the income tax and fiat currency were set by Abraham Lincoln.
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  • Posted by khalling 11 years, 4 months ago
    Wow. Excellent article Rich. Wilson had a lot more to atone for. Treaty of Versailles, income tax, self determination...
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  • Posted by richrobinson 11 years, 4 months ago in reply to this comment.
    100 years of failure and yet the Fed goes on. Good points about Wilson. A friend told me about this quote and I thought why couldn't he have realized this before he signed the legislation.
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