Mark West
1913, Part 3
By Mark West
Nelson Aldrich had a deep affinity for the private central banking system in Europe. I'm sure his affinity had nothing to do with his relationship to the Rockefellers and Morgans. On Jekyll Island, a resort used by both, he met with other economists to draft the Aldrich-Vreeland Act creating the National Monetary Commission.
He then headed up a commission of economists that traveled to Europe to study the central banks of Britain, France and Germany. Upon his return to the United States he worked to pass the Federal Reserve Act.
In order to avoid the messy conflict that would occur if another private central bank was proposed, a regional system with a central board was suggested.
December of 1913, the Federal Reserve Act was passed in Congress, establishing the framework upon with the current Federal Reserve System hangs. The National Monetary Commission was morphed into a bigger, more efficient version of itself.
Congress relinquished control over the currency to the private central bank allowing privately owned institutions to control our currency. The Fed became, as it still is today, the only unregulated private business in the nation.
Aldrich had succeeded into creating an economy after his own image and likeness. The income tax would be used both to control the populace and fund the private central bank. The bank would also control the populace through controlling their currency with inflation and deflation without fear of reprisal from the states.
Capitalizing on the outcry from the Panic of 1907, the economic future of America had just been placed on the auction block. Americans were promised a stable economy and a future without the ups and downs of the economic cycle.
Controlling the economic cycle through speculation and manipulation has led to 13 recessions and two depressions. The Fed's promise of stability seems a far cry from reality.
Yet in every case, it wasn't the market manipulation of the financial elite that was brought into question...no, it was the freedom of the market itself!
Before 1913, the United States didn't get involved in foreign wars. We have been involved in one form or another of global warfare ever since.
Why the sudden shift in the United States policy on conflicts in other nations? Find out in Part 4.
© Mark West
June 24, 2009
Nelson Aldrich had a deep affinity for the private central banking system in Europe. I'm sure his affinity had nothing to do with his relationship to the Rockefellers and Morgans. On Jekyll Island, a resort used by both, he met with other economists to draft the Aldrich-Vreeland Act creating the National Monetary Commission.
He then headed up a commission of economists that traveled to Europe to study the central banks of Britain, France and Germany. Upon his return to the United States he worked to pass the Federal Reserve Act.
In order to avoid the messy conflict that would occur if another private central bank was proposed, a regional system with a central board was suggested.
December of 1913, the Federal Reserve Act was passed in Congress, establishing the framework upon with the current Federal Reserve System hangs. The National Monetary Commission was morphed into a bigger, more efficient version of itself.
Congress relinquished control over the currency to the private central bank allowing privately owned institutions to control our currency. The Fed became, as it still is today, the only unregulated private business in the nation.
Aldrich had succeeded into creating an economy after his own image and likeness. The income tax would be used both to control the populace and fund the private central bank. The bank would also control the populace through controlling their currency with inflation and deflation without fear of reprisal from the states.
Capitalizing on the outcry from the Panic of 1907, the economic future of America had just been placed on the auction block. Americans were promised a stable economy and a future without the ups and downs of the economic cycle.
Controlling the economic cycle through speculation and manipulation has led to 13 recessions and two depressions. The Fed's promise of stability seems a far cry from reality.
Yet in every case, it wasn't the market manipulation of the financial elite that was brought into question...no, it was the freedom of the market itself!
Before 1913, the United States didn't get involved in foreign wars. We have been involved in one form or another of global warfare ever since.
Why the sudden shift in the United States policy on conflicts in other nations? Find out in Part 4.
© Mark West
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