What would you think if a CNN Breaking News announcement interrupted the regular program and a reporter appeared announcing that the US Assistant Secretary of the Treasury, a US Senator, and five high level officers of the largest banks in America had been discovered secretly meeting to create a system in which private banks would take control of the entire monetary system of the USA?
In November 1910, CNN did not exist, but the meeting described above took place. The men traveled by private train to a private resort owned by J. P. Morgan at Jekyll Island off the Georgia coast. Those present were:[i]
(1) Frank Vanderlip, President of Rockefeller’s National City Bank of New York.
(2) Henry P. Davidson, senior partner of J. P. Morgan & Co.
(3) Charles D. Norton, President of Morgan-controlled First National Bank of New York.
(4) Benjamin Strong, Vice President of Morgan-controlled Bankers Trust.
(5) Paul Warburg, a German immigrant and senior partner of Kuhn Loeb & Co.
(6) A. Platt Anderson, Assistant Secretary of the Treasury of the United States.
(7) Senator Nelson Aldrich, chairman of the Senate Finance Committee, and father-in-law of John D. Rockefeller, Jr.
Warburg’s plan proposed the creation of the Federal Reserve Association, an association with twelve member banks whose stock would be owned by private stockholders. The Federal Reserve Association would control the nation’s money and credit; it would be a bank of issue, meaning the private bankers would be able to create currency or money at will, and it would finance the Government by securing credit in times of war. Senator Aldrich later admitted the agenda in a magazine article:
Before passage of this Act, the New York Bankers could only dominate the reserves of New York. Now we are able to dominate bank reserves of the entire country.[ii]
Contrary to what many Americans believe -- the Federal Reserve System is not a government agency. It is a private corporation completely owned by commercial banks. What do you believe is their top priority – making the most money or increasing the quality of life for the most Americans?
The one thing I can’t figure out is why so many Americans have bought into the mantra – “the less government regulation the better off America will be.” Who do you think benefits the most from less regulation? Could it be –
Banks that are too big to fail!
Bankers that are too powerful to prosecute!
Or, as US Attorney General Eric Holder said:
"I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy."[iii]
Now that’s the ideal situation for an elite few – but I don’t think it is what the Founding Fathers had in mind when they created our great nation. Tocqueville predicted that if American citizens failed to voluntarily associate together to achieve great things by participating in the governing process, the following will happen:
(1) Wealthy and powerful men would come to control the governing process and use it to increase their power and wealth.
(2) Individuals will become powerless because they dependent on wealthy and powerful individuals.
(3) Freedom and liberty will be in great jeopardy and the existence of the nation will be endangered.
Cogitate on that awhile!
The Country Cogitator
[i] A History of Money; p. 44
[ii] A History of Money; p. 47