The Fed Against You

I have been reading a fascinating book: The Creature from Jekyll Island, by G. Edward Griffin.  It is a look at the Federal Reserve System–its origins, history, and generally disguised purpose.  The story opens with a meeting among the world’s wealthiest people early in the 20th century, a meeting so secret that even servants were ignorant of the true last names of the attendees.  At that meeting, whose attendees represented one-fourth of the world’s wealth at the time, the groundwork was laid for the Federal Reserve System.  After nearly 100 years, hardly anyone questions the “need” for the Fed.  Read this book and you will not only question the need for it; you will marvel that we citizens have allowed it to steal from us for so long.  The book is well-referenced and a delightful read–no slogging through pages of arcane financial language.  Anyone who studies our current system of fractional reserve banking understands what has gone wrong.  The Creature from Jekyll Island explains why.

Among the author’s more interesting points:

  • Bank bailouts are not reactions to genuine crises–the system was designed so that taxpayers pick up the tab for large banks that go bust.
  • The Feds create money out of thin air.  There is absolutely nothing to back it up except the promise of being able to print more.
  • Our government knows that taxpayers would never approve the level of taxation required to support its spending, so it uses inflation, the stealth tax, to finance questionable wars and gargantuan social programs.
  • The system is teetering on the brink of total collapse because no one in power will own up to the scam.

Though I do agree with Griffin in many respects, I do not give the “conspirators” the kind of credit he does.  Where he sees a conscious, coordinated effort to move toward one world government based on socialism, I see a foggy drift toward that end.  I believe that we have become lazy and cynical, voting continually for whoever promises to deliver the goodies rather than holding dear to our freedom and independence.  The narcotic of fiat money has made us all crack whores.  The question is, “What are we going to do about it?”  Let me know your thoughts.

_______________

Terry really liked The Creature from the Black Lagoon.  He is pretty sure the swimming scene accelerated his entry into puberty.

About Terry Noel

I am an Associate Professor of Management and Quantitative Methods at Illinois State University. My specialty is entrepreneurship.
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