We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it.

Source: Congressman Louis T. McFadden
in 1932 (Rep. Pa)

Topics: Economics

Some people think the Federal Reserve Banks are the United States government’s institutions. They are not government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign swindlers.

Source: Louis T. McFadden
Chairman of the Committee on Banking and Currency (12 years)
June 10, 1932 - Congressional Record 12595-12603

Topics: Economics

[Every circulating FRN] represents a one dollar debt to the Federal Reserve system.

Source: Money Facts, House Banking and Currency Committee

Topics: Economics

Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become ‘profiteers,’ who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.

Source: John Maynard Keynes
(the father of ‘Keynesian Economics’ which our nation now endures)
in his book “THE ECONOMIC CONSEQUENCES OF THE PEACE” (1920).

Topics: Economics

History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it’s issuance.

Source: Olive Cushing Dwinell
(while commenting on some writings of James Madison)

Topics: Economics

These 12 corporations [of the Federal Reserve system] together cover the whole country and monopolize and use for private gain every dollar of the public currency . . .

Source: Mr. Crozier of Cincinnati
before Senate Banking and Currency Committee - 1913

Topics: Economics

A great industrial nation is controlled by it’s system of credit. Our system of credit is concentrated 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 world—no longer a government of free opinion, no longer a government by conviction and vote of the majority, but a government by the opinion and duress of small groups of dominant men.

Source: President Woodrow Wilson

Topics: Economics

We are completely dependant on the commercial banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system.... It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon.

Source: Robert H. Hamphill
Atlanta Federal Reserve Bank

Topics: Economics

Gentlemen, it is the currency, the currency of the country,—it is this great subject, so interesting, so vital, to all classes of the community, which has been destined to feel the most violent assaults of executive power. The consequences are around us and upon us. Not unforeseen, not unforetold, here they come, bringing distress for the present, and fear and alarm for the future . . . its object was merely to increase executive power.

Source: Daniel Webster
March 15, 1837; Works 1:362

Topics: Economics

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