Creation of the Federal Reserve
The Year is 1910; America had gone through three Central Banks. The bankers are tired of picking up the losses and at the same time the people are calling for breaking the power grip of the Banking Trust.
The bankers (J.P. Morgan, Rockefellers, Warburg’s of Germany & the Rothschild’s of Europe) , who are competitors , put their differences aside and decided to have the meeting.
A little Trivia: The little man on the Monopoly Board is J. P. Morgan. Also, in the story Little Orphan Annie: Daddy Warbucks is a portrayal of Paul Warburg.
On an evening in November, representatives of the bankers secretly arrived at the Hoboken, New Jersey Train Station to board the private train car of Sen. Nelson Aldrich (father- in- law of John D. Rockefeller, Jr). They were bound for a two day trip to the coast of Georgia.
They were instructed to speak to each other using first name only. Even two used the names: Wilber and Orville …taken from the Wright brothers.
When reaching the coast, the men traveled by ferry to a private Island: Jekyll Island. This is where the super wealthy had summer cottages. (More like million dollar homes.) On the Island is the Jekyll Island Club House. The secret meeting was in the club house and, to make sure no one was suspicious, they gave the normal staff the week off .
The men representing the bankers (including Asst. Sec. of Treasury A. Piatt Andrew) met there for 10 days to hammer out and write what would later be the Federal Reserve Act!
Isn’t it ironic: The banking trust wrote the bill that befits them!
This secret meeting on Jekyll Island was creating a banking cartel (no different than a banana cartel where profits benefit the cartel members). The losses would be passed on to the taxpayer through inflation or bailout by the taxpayer.
When they all got back to New York and Washington., D.C., the next step was to make what the bankers wrote go into law. The biggest reason, as in many cartels, is a need for government as partner and enforce the cartel agreement.
Sen. Nelson Aldrich was so excited about this creation; that he wanted put his name on the bill. The bankers warned him it is going to fail because of his relations to the Rockefellers. They were right; the bill did fail!
So they waited a few years to give it another try. This time they gave the bill a better name: Federal Reserve Act, to give the impression it is a federal agency (which it is not) and it has reserves (It has none).
This time, Paul Warburg recommended a couple excellent changes so the bill would get support. The cartel members were up in arms as to what he was thinking. His response was perfect: The idea is to get the bill passed, then we can change it back for the benefit of members. The Federal Reserve Act was passed on December 22, 1913 when Congress was preoccupied on leaving for Christmas break.
Over the years many more changes were made to benefit the banking cartel, but not the people!
Years later, some men who attended the secret meeting at Jekyll Island admitted in their memoirs the meeting occurred. There is also a brass plaque in the Jekyll Island club house and it says: “In this room the Federal Reserve System was created.”
Dan Dougherty
Note: To understand the banking system in more detail; Read the book “Creature From Jekyll Island by G. Edward Griffin
