SECRETS OF THE FEDERAL RESERVE - Shattering Denial

The international gold dealings of the Federal Reserve System, and its active support inhelping the League of Nations to force all the nations of Europe and South America backon the gold standard for the benefit of international gold merchants like Eugene Meyer,Jr. and Albert Strauss, is best demonstrated by a classic incident, the sterling credit of1925.J.E. Darling wrote, in the English periodical, "Spectator", on January 10, 1925 that:"Obviously, it is of the first importance to the United States to induce England to resumethe gold standard as early as possible. An American controlled Gold Standard, whichmust inevitably result in the United States becoming the world’s supreme financialpower, makes England a tributary and satellite, and New York the world’s financialcentre."Mr. Darling fails to point out that the American people have as little to do with this as theBritish people, and that resumption of the gold standard by Britain would benefit onlythat small group of international gold merchants who own the world’s gold. No wonderthat "Banker’s Magazine" gleefully remarked in July, 1925 that:"The outstanding event of the past half year in the banking world was the restoration ofthe gold standard."The First World War changed the status of the United States from that of a debtor nationto the position of the world’s greatest creditor nation, a title formerly occupied byEngland. Since debt is money, according to the Governor Marriner Eccles of the FederalReserve Board, this also made us the richest nation of the world. The war also caused theremoval of the headquarters of the world’s acceptance market from London to New York,and Paul Warburg became the most powerful trade acceptance banker in the world. Themainstay of the international financiers, however, remained the same. The gold standardwas still the basis of foreign exchange, and the small group of internationals who ownedthe gold controlled the monetary system of the Western nations.Professor Gustav Cassel wrote in 1928:"The American dollar, not the gold standard, is the world’s monetary standard. TheAmerican Federal Reserve Board has the power to determine the purchasing power of thedollar by making changes in the rate of discount, and thus controls the monetary standardof the world."If this were true, the members of the Federal Reserve Board would be the most powerfulfinanciers in the world. Occasionally their membership includes such influential men asPaul Warburg or Eugene Meyer, Jr., but usually they are a rubber-stamp committee forthe Federal Advisory Council and the London bankers.In May, 1925, the British Parliament passed the Gold Standard Act, putting Great Britainback on the gold standard. The Federal Reserve System’s major role in this event came