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Federal Reserve System: Difference between revisions
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Antony Sutton notes in ''Wall Street and FDR'': | Antony Sutton notes in ''Wall Street and FDR'': | ||
<blockquote>In modern America the most significant illustration of society as a whole working for the few is the 1913 Federal Reserve Act. The Federal Reserve System is, in effect, a private banking monopoly, not answerable to Congress or the public, but with legal monopoly control over money supply without let or hindrance or even audit by the General Accounting Office. It was irresponsible manipulation of money supply by this Federal Reserve System that brought about the inflation of the 1920s, the 1929 Depression, and so the presumed requirement for a Roosevelt New Deal.<ref>Antony Sutton, ''Wall Street and FDR'' (New Rochelle: Arlington House Publishers, 1975), p. 75 | <blockquote>In modern America the most significant illustration of society as a whole working for the few is the 1913 Federal Reserve Act. The Federal Reserve System is, in effect, a private banking monopoly, not answerable to Congress or the public, but with legal monopoly control over money supply without let or hindrance or even audit by the General Accounting Office. It was irresponsible manipulation of money supply by this Federal Reserve System that brought about the inflation of the 1920s, the 1929 Depression, and so the presumed requirement for a Roosevelt New Deal.<ref>Antony Sutton, ''Wall Street and FDR'' (New Rochelle: Arlington House Publishers, 1975), p. 75.</ref></blockquote> | ||
The Federal Reserve System, serving the interests of the banking community, exercises the unilateral right to expand and contract the supply of money and credit and create periods of boom and bust. The ramifications of this state of affairs are almost beyond calculation. Today we could have a financial collapse worse than the Great Depression of the 1930s. And we know that the power elite used the depression to concentrate power in the central government. | The Federal Reserve System, serving the interests of the banking community, exercises the unilateral right to expand and contract the supply of money and credit and create periods of boom and bust. The ramifications of this state of affairs are almost beyond calculation. Today we could have a financial collapse worse than the Great Depression of the 1930s. And we know that the power elite used the depression to concentrate power in the central government. | ||