since 1914. They are the Rothschilds, of Europe, Lazard Freres (Eugene Meyer), KuhnLoeb Company, Warburg Company, Lehman Brothers, Goldman Sachs, the Rockefellerfamily, and the J.P. Morgan interests. These interests have merged and consolidated inrecent years, so that the control is much more concentrated. National Bank of Commerceis now Morgan Guaranty Trust Company. Lehman Brothers has merged with Kuhn, LoebCompany, First National Bank has merged with the National City Bank, and in the othereleven Federal Reserve Districts, these same shareholders indirectly own or controlshares in those banks, with the other shares owned by the leading families in those areaswho own or control the principal industries in these regions. * The "local" families set upregional councils, on orders from New York, of such groups as the Council on ForeignRelations, The Trilateral Commission, and other instruments of control devised by theirmasters. They finance and control political developments in their area, name candidates,and are seldom successfully opposed in their plans.With the setting up of the twelve "financial districts" through the Federal Reserve Banks,the traditional division of the United States into the forty-eight states was overthrown,and we entered the era of "regionalism", or twelve regions which had no relation to thetraditional state boundaries.These developments following the passing of the Federal Reserve Act proved every oneof the allegations Thomas Jefferson had made against a central bank in 1791: that thesubscribers to the Federal Reserve Bank stock had formed a corporation, whose stockcould be and was held by aliens; that this stock would be transmitted to a certain line ofsuccessors; that it would be placed beyond forfeiture and escheat; that they would receivea monopoly of banking, which was against the laws of monopoly; and that they now hadthe power to make laws, paramount to the laws of the states. No state legislature cancountermand any of the laws laid down by the Federal Reserve Board of Governors forthe benefit of their private stockholders. This board issues laws as to what the interest rateshall be, what the quantity of money shall be and what the price of money shall be. All ofthese powers abrogate the powers of the state legislatures and their responsibility to thecitizens of those states.The New York Times stated that the Federal Reserve Banks would be ready for businesson August 1, 1914, but they actually began operations on November 16, 1914. At thattime, their total assets were listed at $143,000,000, from the sale of shares in the FederalReserve Banks to stockholders of the national banks which subscribed to it.The actual part of this $143,000,000 which was paid in for these shares remains shroudedin mystery. Some historians believe that the shareholders only paid about half of theamount in cash; others believe__________________________* See charts V through IX
that they paid in no cash at all, but merely sent in checks which they drew on the nationalbanks which they owned. This seems most likely, that from the very outset, the FederalReserve operations were "paper issued against paper", that bookkeeping entriescomprised the only values which changed hands.The men whom President Woodrow Wilson chose to make up the first Federal ReserveBoard of Governors were men drawn from the banking group. He had been nominatedfor the Presidency by the Democratic Party, which had claimed to represent the "commonman" against the "vested interests". According to Wilson himself, he was allowed tochoose only one man for the Federal Reserve Board. The others were chosen by the NewYork bankers. Wilson’s choice was Thomas D. Jones, a trustee of Princeton and directorof International Harvester and other corporations. The other members were Adolph C.Miller, economist from Rockefeller’s University of Chicago and Morgan’s HarvardUniversity, and also serving as Assistant Secretary of the Interior; Charles S. Hamlin,who had served previously as an Assistant Secretary to the Treasury for eight years; F.A.Delano, a Roosevelt relative, and railroad operator who took over a number of railroadsfor Kuhn, Loeb Company, W.P.G. Harding, President of the First National Bank ofAtlanta; and Paul Warburg of Kuhn, Loeb Company. According to The Intimate Papersof Col. House, Warburg was appointed because "The President accepted (House’s)suggestion of Paul Warburg of New York because of his interest and experience incurrency problems under both Republican and Democratic Administrations." 27 LikeWarburg, Delano had also been born outside the continental limits of the United States,although he was an American citizen. Delano’s father, Warren Delano, according to Dr.Josephson and other authorities, was active in Hong Kong in the Chinese opium trade,and Frederick Delano was born in Hong Kong in 1863.In The Money Power of Europe, Paul Emden writes that "The Warburgs reached theiroutstanding eminence during the last twenty years of the past century, simultaneouslywith the growth of Kuhn, Loeb Company in New York, with whom they stood in apersonal union and family relationship. Paul Warburg with magnificent success carriedthrough in 1913 the reorganization of the American banking system, at which he had withSenator Aldrich been working since 1911, and thus most thoroughly consolidated thecurrency and finances of the United States." 28__________________________27 Charles Seymour, The Intimate Papers of Col. House, 4 v. 1926-1928, Houghton Mifflin Co.28 Paul Emden, The Money Power of Europe in the 19th and 20th Century, S. Low, Marston Co., London,1937The New York Times * had noted on May 6, 1914 that Paul Warburg had "retired" fromKuhn, Loeb Company in order to serve on the Federal Reserve Board, although he hadnot resigned his directorships of American Surety Company, Baltimore and OhioRailroad, National Railways of Mexico, Wells Fargo, or Westinghouse ElectricCorporation, but would continue to serve on these boards of directors. "Who’s Who"listed him as holding these directorships and in addition, American I.G. Chemical
- Page 1 and 2: SECRETS OF THE FEDERAL RESERVE By E
- Page 3 and 4: In 1949, while I was visiting Ezra
- Page 5 and 6: T.S. Elliot for "The Waste Land". P
- Page 7 and 8: elieved in what they were up to. Wh
- Page 9 and 10: 1 Prof. Nathaniel Wright Stephenson
- Page 11 and 12: In fact, no benefaction took place
- Page 13 and 14: death, show that quite early on the
- Page 15 and 16: was calling on anybody from Wall St
- Page 17 and 18: It is notable that Stephenson chara
- Page 19 and 20: Senator Cummins passed a resolution
- Page 21 and 22: Its entire lack of adequate governm
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- Page 25 and 26: year will be a bankers’ advisory
- Page 27 and 28: "I myself have known more than one
- Page 29 and 30: __________________________* See Hou
- Page 31 and 32: * Dope, Inc., identifies Barings as
- Page 33 and 34: NEARLY ALL DIFFERENCES AT 1:30 THIS
- Page 35 and 36: Reserve Board. AND, only one member
- Page 37 and 38: suspend or remove any officer or di
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- Page 43 and 44: candidate for Parliament, was he no
- Page 45 and 46: to serve a great national purpose o
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- Page 49 and 50: Federal Reserve Board. These men ha
- Page 51 and 52: The slave trade for centuries had i
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- Page 55 and 56: 35 John K. Winkler, Morgan the Magn
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- Page 59 and 60: The sire of the family, Mayer Amsch
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- Page 73 and 74: Sir William Wiseman, head of Britis
- Page 75 and 76: J.P. Morgan, they, as well as other
- Page 77 and 78: In 1938, the London Schroder Bank b
- Page 79 and 80: * The following accounts are from T
- Page 81 and 82: From 1887 to 1914, this precarious
- Page 83 and 84: The bankers had been waiting since
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- Page 87 and 88: of office as head of the German Sec
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p. 6 of these Hearings. "These tran
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many illicit transactions in cotton
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This chart shows the interlocks bet
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"Gorodin, Lenin’s agent in China,
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"Woodrow Wilson is a type of Pecksn
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during the war. Laborers were paid
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cooperation, he is the man to consu
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Ansco Film Corporation, with headqu
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The international gold dealings of
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The chances of the average citizen
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paper, bearing the name of the debt
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President. Paul Warburg was also a
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to be treated by Jung, as was fashi
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in credit policy were that it would