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The Recusant
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What Did J.P. Morgan Mean?

- James Turk - Goldmoney

Money WAS gold in 1912. But almost exactly a year later after J.P. Morgan pushed through the Federal Reserve, gold-backed dollars would begin their long transition into a fiat currency. It's unlikely Morgan would have wanted to remind anyone again of that particular definition of money.

Commented 2795 days ago

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Beginning of the headline :The following exchange occurred on December 18, 1912 when J.P. Morgan – the most influential American financier and banker of his time – was called to testify before Congress. Mr Untermyer: I want to ask you a few questions bearing on the subject that you have touched upon this morning, as to the control of money. The control of credit involves a control of money, does it not? Mr Morgan: A control of credit? No. Mr Untermyer: But the basis of banking is credit,... Read More

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