Posted on June 3, 2014
by Jerry Alatalo
“I am one of those who do not believe that a national debt is a national blessing, but rather a curse to a republic; inasmuch as it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country.”
– ANDREW JACKSON (1768-1845) 7th President of the United States
Let me first say that the talk given by Libertarian Economist Murray N. Rothbard (1926-1995) in this post does in no way mean that I go along with Mr. Rothbard’s personal philosophy which he expressed while on Earth. The only reason his talk about the Federal Reserve’s history has been posted here is because he gives an exact account of events, persons, and purposes surrounding establishment of the privately owned United States Federal Reserve in 1913.
Mr. Rothbard graduated from Columbia University with a Bachelor of Arts in mathematics in 1945, then earned a PhD in economics eleven years later in 1956.
So, although Mr. Rothbard was no stranger to controversy while he lived, as a historian concerning the Federal Reserve his talk here is excellent and fact-filled. He delivered the talk at Jekyll Island, Georgia in 1992, three years before his death, at age 66.
Jekyll Island, Georgia is where a secret meeting was held in 1910, where representatives from the American banking/business dynasties Rockefeller, Morgan, Kuhn Loeb and others drafted the language for the Federal Reserve System, which was pushed through by Congress in 1913 and called: The Federal Reserve Act.
Since 1913, the privately owned Federal Reserve has controlled money in America and around the world, and in recent years has been the subject of much scrutiny after the worldwide economic crash of 2008-9. Many are of the opinion that the Federal Reserve’s continuance in the hands of private, ultra-wealthy owners makes certain there will be no end to the history of economic booms and busts since the entity was first established in 1913. For that reason many are calling for nationalization of the Fed, and effectively returning the massive power to control America’s money supply to the people in the form of a public utility under the control of the government.
Senator Bernie Sanders of Vermont calls the Fed the most powerful entity in the United States, a position shared by more and more Americans through the awareness gained from the internet. Public banking at the city, county, state – and national – levels is becoming the topic of conversation in more governmental meetings across America as the comparison is studied between public and private financing of infrastructure projects, school-building, public safety/law enforcement-firefighting personnel requirements, schoolteacher staffing, roads maintenance, and all other public expenditures.
Public banking offers government entities that opportunity to save large sums of money through greatly reduced interest expenses on projects requiring financing. Public banking offers all levels of government the ability to keep much-needed monies in their communities or regions as opposed to sending those monies to, frequently, Wall Street mega-banks whose interests are those of their private stockholders.
The same applies to the Federal Reserve. A government-run, public utility “Bank of the United States” would save Americans hundreds of billions – trillions – after its establishment. Too many Americans are unaware that their country’s monetary system has been controlled by extremely wealthy private interests, so dissemination of information about possible alternatives is the necessary first step to educate the people before any urgently required, paradigm-changing steps – monetary reform – become taken.
For that reason – educating and increasing the awareness of the American people – this talk by Murray N. Rothbard has been presented here. This is the history of the Federal Reserve in America, and successfully points out how powerful banking/business interests took control of the nation’s monetary system – a control that has existed even until today in 2014. Since 1913, those powerful interests have continued to concentrate more and more financial power, and now the world is experiencing the greatest wealth inequality in the history of man.
In order to reverse the trend toward more wealth inequality, wars fought for the benefit of the super-elite wealthiest people on Earth, economic destruction from so-called austerity measures experienced by the people in every nation with a privately owned central bank, and create a more just and peaceful world, the vast, accumulated wealth and power of a handful of human beings must be returned to the people.
What this means for Americans is nationalization of the Federal Reserve.
Thank you to LibertyInOurTime @ YouTube)