The title of this book by G. Edward Griffin might cause you to think of a horror story along the lines of "Dr. Jekyll and Mr. Hyde." However horrible it is, "The Creature from Jekyll Island is not fiction..
"The Creature from Jekyll Island" is a second look at the Federal Reserve and how it operates with our government, as well as how it operates outside our government and in co-operation with major world banking organizations. Basically it chronicles the formation of the Federal Reserve on Jekyll Island, Georgia in 1910 by members of a banking cartel in order to protect them from competition. Though 15 years old, it still resonates today.
Founding members were:
• Nelson W. Aldrich, Senator and Republican "whip", chairman of the national monetary commission, and father in law of John D. Rockefeller, Jr.
• Abraham Piatt Andrew, Asst. Sec. of the US Treasury
• Frank A. Vanderlip, president of National City Bank of New York, representing William Rockefeller, and the investment banking firm of Kuhn, Loeb, and Co.
• Henry P. Davison, Sr. partner of J.P. Morgan Co, investment banker
• Charles D. Norton, President of J. P. Morgan's First National Bank of New York
• Benjamin Strong, head of J. P. Morgan's Bankers Trust Company
• Paul M. Warburg, partner in Kuhn, Loeb, & Co. and representative of the Rothschild banking dynasty in England, and brother to Max Warburg who headed Warburg banking consortium in Germany and the Netherlands (think Warburg-Pincus as a latter branch of Warburg)
At the time, ~ 1/6th of the total world's wealth was represented by these participants and their organizations.
The original draft bill presented in 1910 to the Senate to establish central bank was presented by Senator Aldrich, and became commonly known as the Aldrich Bill. The organization would have the right to convert federal debt into money, e.g. monetizing the debt, then lend it back to the government collecting interest in the process, and be the holder of such funds until used. Included in the rights was the ability to create the official money of the United States (Federal Reserve Note printed on all bills).
This also made the notes legal tender for all government needs, but for private citizen needs as well. To further insure the adoption of such notes, the Secretary of the Treasury signature had to be on them, as well as the words United States Treasury, to make it appears as if the notes were true US Government money.
The original bill never came to a vote as the Aldrich name on the bill made it a target as he was associated with Wall Street interests and political powers shifted. Instead, Paul Warburg wanted to call it the National Reserve Bill or Federal Reserve System Bill to add "legitimacy" to the name. After much political wrangling on both sides, the Federal Reserve Act creating the Federal Reserve System was issued on December 22, 1913 just before the Christmas Congressional break, and signed by Woodrow Wilson who was elected president in 1912 with the backing of the same cartel members proposing the legislation.
By tying the formation of the Federal Reserve into the government in some way, the cartel could also be "protected" by virtue of government authority even if investments went bad. Think "bailout" in today's language.
The Federal Reserve Act was passed in 1913, thus beginning the transformation of our currency into "fiat" currency (not backed by anything of value, and unlimited in amount by just printing more - e.g. continuing to increase debt), and kicking off a series of financial crisis's that has plagued the US continuing until today.....with no end in sight.
To read this book, and then listen to Ben Bernanke (current chairman of the Fed) essentially say during Senate testimony on Sept. 2, 2010 that the solution to a recession created by the federal government's central bank is to give the central bank more power and control. One has to conclude that the citizens of this country have no clue as the criminal looting of our national treasury done by the Fed and "related" entities. And Congress is in complete collusion with it as well.
By the way, Ben Bernanke received the nickname "Helicopter Ben" for referring to curing deflation by simply printing and dropping money (into the economy) by helicopters.
The real horror in this story is that it is true, painstakingly documented (including documentary sources from the originators of the scheme), and devastating to the wealth and health of the nation, as well as the individual.
A "hard-to-put-down-once-you-start" read. I highly recommend it.
KD Boyce has nearly 40 years experience in electronic systems design and semiconductor technical marketing. Further info may be found here.