E Federal Reserve - Conspiracy Or Not?

Conspiracy surrounding the Federal Reserve is a subject of much debate. A controversial topic, yes; one which stirs the imagination of some fires the suspicion of others, and provokes the declamation of not too few detractors. 

From G. Edward Griffin/The Creature From Jekyll Island...

"Back in 1910, Jekyll Island was completely privately owned by a small group of millionaires from New York. We’re talking about people such as J. P. Morgan, William Rockefeller and their associates. This was a social club and it was called “The Jekyll Island Club.”

That was three years before the Federal Reserve Act was finally passed into law. It was November of that year when Senator Nelson Aldrich sent his private railroad car to the railroad station in New Jersey and there it was in readiness for the arrival of himself and six other men who were told to come under conditions of great secrecy.

For quite a few years thereafter these men denied that any such meeting took place. It wasn’t until after the Federal Reserve System was firmly established that they then began to talk openly about their journey and what they accomplished. Several of them wrote books on the topic, one of them wrote a magazine article and they gave interviews to newspaper reporters so now it’s possible to go into the public record and document quite clearly and in detail what happened there." , 

The author does a good job of providing details to support the conspiratorial theme. The details include names of prominent historical figures in banking and politics, as well as dates and places. There is also a lengthy section on fundamental monetary and economic theory. The book totals more than 600 pages. It should not be dismissed as a light thing. 

In addition to possible conspiracy, another concern in the origin of the Federal Reserve is whether there is a Constitutional basis for its existence. 

Ron Paul, former U.S. Representative...

"First reason is, it's not authorized in the Constitution, it's an illegal institution. The second reason, it's an immoral institution, because we have delivered to a secretive body the privilege of creating money out of thin air; if you or I did it, we'd be called counterfeiters, so why have we legalized counterfeiting? But the economic reasons are overwhelming: the Federal Reserve is the creature that destroys value." (source)

There are those who see the Fed in a different light; critical of them, but not for the reasons above. Danielle DiMartino Booth, author of the book Fed Up, seems to think the Fed is worth saving, but that a reformation is necessary. She also tends to see the Fed as an institution which is supposed to have the people's interest in mind - a public institution, if you will. 

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Kelsey Williams is the author of two books: INFLATION, WHAT IT IS, WHAT IT ISN'T, AND WHO'S RESPONSIBLE FOR IT and  more

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Thorgood 3 months ago Member's comment

The USD is the strongest currency in the world. Who cares what it was worth a hundred years ago? Yeah the Fed is inherently flawed. We'd probably do better without it. They caused the last 12 out of 13 recessions and they're just getting warmed up. Their balance sheet if you believe their numbers is atrocious. They certainly don't set an example for fiscal restraint. Greenspan was the worst but then again he was mindbombed from his old girlfriend's ( Ayn Rand) religion. Okay we agree, the lunatics are running any even crazier asylum. But how do we fix it and and what do we replace the Fed with.

William K. 3 months ago Member's comment

This is a very disturbing revelation that should have been given to us way back in high school.

And I agree that inflation is not what society needs, but rather the situation that the top 5% WANT. Inflation is way too much like cancer, the fatal form of uncontrolled growth in humans and other living things. Perhaps inflation could be stopped, although it makes more sense to just start slowing it down to perhaps a maximum of 1% per year.

Thorgood 3 months ago Member's comment

Stop already with the inflation talk. That's the least of our concerns at present.

William K. 3 months ago Member's comment

OK, then. It must be that inflation is the secondary effect of those other actions. Anticipating secondary effects of actions has been a part of my valued deliveries to clients for quite a while. And Ayn Rand was fine as a fiction novelist, but definitely not a person to be taken seriously otherwise. Entertainment should not be confused with reality.