G. Edward Griffin on the Federal Reserve SystemShow Video Details ↓ G. Edward Griffin: The Federal Reserve system to most people seems like it is a agency of the federal government. That's what I thought it was when I first started to research this topic. But it turns out that it is nothing of the kind. The Federal Reserve is a hybrid organization. It's a partnership between the federal government and the private banks. When you look at it deeper than that, its essence is neither as a government agency or a private company. In reality it is a cartel. In other words, it's no different in essence than a banana cartel or a sugar cartel, or an oil cartel. It's a grouping of the large private corporations in the field of banking who have come together to create an agreement between themselves to limit competition, to preserve their profits and to make sure that no newcomers come in and take away their positions. That's what cartels are always designed to do and it's a shocking thing to realize that something as prestigious as the Federal Reserve system, at its core is nothing more or less that a banking cartel with exactly those same objectives. The fed was formed not in Washington DC, not in the halls of congress or some meeting but it was formed on a private island off the coast of Georgia called Jekyll Island. This Island in those days was a club called the Jekyll Island Club, and its members were a relatively small group of billionaires from New York. People like JP Morgan, William Rockefeller and their business associates. When they went to the island, they all traveled aboard the private railroad car of Senator Nelson Aldrich. This was November of 1910 and he and six other men were told that they mustn't be seen together, they couldn't dine together that evening and they must avoid newspaper reporters at all costs. One of them carried a shotgun just in case he had been confronted by a reporter he was prepared to tell them that he was going on a duck hunting trip. When they got on board this railroad car, they were told not to address each other by last names. First names only. And two of them even went further and they adopted code names. They were concerned that the identities of all of these seven men might be known to the servants on board the car, and that the servants might talk about it and in that fashion the word would get out. Even when they got to the island and went to the club house, they had replaced all of the normal servants with new servants who didn't know any of these people. And they created the Federal Reserve under those kinds of conditions of great secrecy. I can assure you that very few words of history had ever been plotted under conditions of greater secrecy than that. In those days there was a great deal of concern among the American people about the concentration of financial power in the hands of a few very wealthy and powerful financial interests in Boston. They called this the money trust. And the cry in those days was to break the grip of the money trust, and one of the primary purposes of the Federal Reserve Act, as it was promoted to the American people, was just that, to break the grip of the money trust. They were going to write a law that was going to take the power away from these people and put it in the hands of their trustworthy politicians. Put it in the hands of the people through the electoral process. That was the propaganda behind the Federal Reserve system. So what's the purpose of the secrecy? It's because when you look at the list of these people who went they were the money trust. They were the representatives of the banks J.P Morgan, The Rockefellers, they represented [inaudible] company, Warburgs in Germany and Netherlands, and the Rothschilds of England. This was the money trust not only of the United States but of the world. Had that fact been known, who these people were that were drafting the Federal Reserve system that trick would have been exposed and the public never would have adopted the Federal Reserve Act as in fact they did. |