The Federal Reserve System (FRS) is neither federal nor a reserve nor a system. The FRS is a legal private monopoly of the US money supply operated for the benefit of the few under the guise of protecting and promoting the public interest.

The US Congress, in a single stroke, transferred its constitutional right to create money to the sole custody of a group of private bankers, through the Federal Reserve Act of 1913.

Soon after the bill was passed, the magnitude of the tragedy began to be recognized.

William Jennings Bryan, Democrat whip, later said:

"In my long political career, the one thing I genuinely regret is my part in getting the banking and currency legislation enacted into law."

President Woodrow Wilson, just three years after passage of the act, wrote:

"A great industrial nation is controlled by a system of credit. Our system of credit is concentrated (in the FRS). The growth of all the nation, therefore, and all of our activities are in the hands of a few men...We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world."

But the bill remains unrepealed to this day! 100 years later it is still the law! It makes one wonder what the political representatives have been doing to earn their salaries...

But the owners of the Federal Reserve weren't done yet. They realized that an independant press (which still functioned at that time) might catch on to their chicanery. Oscar Callaway is reported in the Congressional Record of February 9, 1917, as follows:

"In March, 1915, the J. P. Morgan interests, the steel, shipbuilder, and powder interests, and their subsidiary organizations, got together a dozen men high up in the newspaper world, and employed them to select the most influential papers in the US and sufficient number of them to control generally the policy of the daily press of the US... 25 papers were agreed upon, emissaries were sent to purchase the policy, national and international, of these editor was furnished for each paper to properly supervise and edit information...considered to be vital to the interests of the purchasers [and to supress] everything in opposition to the wishes of the interests served."

For 100 years and counting, the social control achieved by the founders of the FRS has been an unqualified success.

[Back to PANEL 5]