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jump to last post 1-2 of 2 discussions (4 posts)

an excerpt from "The Creature of Jekyll Island"...

  1. SparklingJewel profile image76
    SparklingJewelposted 7 years ago

    This book is a history of money and banking, and of course the corruption that was created from the power of money and banking...

    "The business of banking began in Europe in the fourteenth century. Its function was to evaluate, exchange, and safeguard people’s coins. In the beginning, there were notable examples of totally honest banks which operated with remarkable efficiency considering the vast variety of coinage they handled. They also issued paper receipts which were so dependable they freely circulated as money and cheated no one in the process. But there was a great demand for more money and more loans, and the temptation soon caused the bankers to seek easier paths. They began lending out pieces of paper that said they were receipts (backed by gold), but which in fact were counterfeit (had no backing). The public could not tell one from the other and accepted both of them as money. From that point forward, the receipts in circulation exceeded the gold held in reserve, and the age of fractional-reserve banking had dawned. This led immediately to what would become an almost unbroken record from then to the present: a record of inflation, booms and busts, suspension of payments, bank failures, repudiation of currencies, and recurring spasms of economic chaos."
    "The Bank of England was formed in 1694 to institutionalize fractional-reserve banking. As the world’s first central bank, it introduced the concept of a partnership between bankers and politicians. The politicians would receive spendable money (created out of nothing by the bankers) without having to raise taxes. In return, the bankers would receive a commission on the transaction-- deceptively called interest--which would continue in perpetuity. Since it all seemed to be wrapped up in the mysterious rituals of banking, which the common man was not expected to understand, there was practically no opposition to the scheme. The arrangement proved so profitable to the participants that it soon spread to many other countries in Europe and, eventually to the United States."

    1. Shinkicker profile image95
      Shinkickerposted 7 years agoin reply to this

      ..... and then there came the Federal Reserve, Depression, War etc etc etc

  2. habee profile image94
    habeeposted 7 years ago

    Why Jekyll Island? Because it was the winter playground of America's wealthiest before it was sold to the sate of GA?

    1. SparklingJewel profile image76
      SparklingJewelposted 7 years agoin reply to this

      ...well, reading the book you find out that it was a secret meeting between a very few elites and congressmen/senators to plan the set up of the Federal Reserve...the law was passed for the Federal Reserve on Christmas eve 1913...only voted on by those few of congress because everyone else had gone home...it was not even debated or discussed, just a plan by elites to run the money supply of the government

 
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