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End the Fed, Part I

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Ron Paul wrote the book (End the Fed), which should be read by every high school and college student. Dr. Paul dedicated his seminal book to “the young people who powered my campaign and who are the heart of the anti-Fed movement.”

I am not aware of another American who better understands the plight of our federal republic than does Ron Paul, with the single exception, of course, of his son Rand.

I wonder how many high school and college students and, for that matter, your fellow Americans understand that the Fed is a private institution and not part of our out-of-control central government?

Ron Paul starts with a detailed explanation of how the Fed was created:

 

By November 1910, the time was right for drafting the bill that would become the Federal Reserve Act. A secret meeting was convened at the coastal Georgia resort called Jekyll Island Club, owned by J.P. Morgan himself. The press said it was a duck hunting expedition. Those who attended took elaborate steps to preserve their secrecy, but history recorded precisely who was there: John Rockefeller’s

Jekyll Island resort.

man in the senate, Nelson Aldrich, Morgan senior partner Henry Davison, German émigré and central banking advocate Paul Warburg, National City Bank vice president Frank Vanderlip, and NMC staffer A. Piatt Andrew, who was also Assistant Secretary of the Treasury to President Taft.

So we had two Rockefellers, two Morgans, one Kuhn, Loeb person, and one economist. In the group we find the essence of the Fed: powerful bankers with powerful government officials working together to have the nation’s money system serve their interests, justified by economists there to provide the scientific gloss. It has been pretty much the same ever since.

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Richard C. Young

Richard C. Young is the editor of Young's World Money Forecast, and a contributing editor to both Richardcyoung.com and Youngresearch.com.