Posted on July 8, 2014
by Jerry Alatalo
“If you have money, do not lend at interest, but give to him from whom you will not receive it back.”
The Gospel of Thomas
Is it possible that investigative journalist James Corbett’s new documentary “Century of Enslavement: The History of the Federal Reserve” is the snowflake which starts the avalanche of major international monetary reform? Intuition says yes it is, and the world will very soon begin to experience good changes of historic proportions.
A great deal of credit goes to Mr. Corbett for producing a film that accomplishes an excellent job of informing the layperson – those who have no awareness/knowledge about the Federal Reserve and its history – on the tremendous power of private central banks to control the quantity of money in a large part of the world. He goes even further back in history than 1913 when the Federal Reserve Act signed by President Woodrow Wilson established “The Fed”, allowing viewers a very accurate context of how money becomes created, controlled, and – in the case of private owners/stockholders of the Fed over the last 100 years – accumulated in massive amounts.
Some men and women reading this will have already done a good amount of research on the privately owned Federal Reserve, so viewing “Century of Enslavement” may seem a little redundant. On the other hand, because the subject is so utterly consequential to major human events like war and peace, world economics, international relations, and essentially the state of the world for future generations, it’s never a mistake to absorb more knowledge about this part of shared reality.
For those who have done little or no research into the history and workings of privately owned central banking systems like the Federal Reserve, James Corbett has done a highly commendable job of combining the very straightforward and easily understood film, access to the transcript including hyperlinks to important sources for further (and very highly recommended) study, a printable document suitable for spreading the word about much-needed monetary reform in 2014, and puts it all within easy reach on his website (at the end of this writing).
In simple terms, just as there are different sizes of societies from small town, medium-sized cities, large cities and metropolises, there are small hometown banks, medium-sized, large, and too-big-to-fail banks. In small towns or lands where few people live, the bankers are typically those who have accumulated the most money in that part of the Earth. As population density increases so does the accumulated wealth of individuals and families who own bank stocks. So one will find millionaire bankers in rural/small town lands, multi-millionaires in lands where higher populations live, and so on.
When the analysis comes to the world’s largest privately owned central banks like the Federal Reserve, the International Monetary Fund, World Bank, European Central Bank, the ones in every nation which has a private central bank, and Bank for International Settlements (the world’s central bank of private central banks), then we are talking about owners/stockholders who are the wealthiest people on the planet.
Billionaires, multi-billionaires, and possibly – as some people claim in the case of the Rothschild banking uber-dynasty – trillionaires. It can be reasonably argued that the record wealth inequality in the world recently reported by Oxfam International, which pointed out that 85 people have as much wealth as 3,500,000,000 (3.5 billion) fellow Earth residents, can be directly attributed to the continued existence of private central banks.
When Woodrow Wilson signed the Federal Reserve Act into law establishing the Fed system, he actually turned over the money power to private bankers, a power that constitutionally belongs to the American people through their elected government. If one could imagine Barack Obama signing off on a law which gave control of the Department of Energy to a private oil/gas cartel, or control of the Department of Health and Human Services to a cartel of for-profit health care and pharmaceutical corporations, or control of the Department of Interior to mining companies and large landowners/farmers/ranchers, or control of the Department of Defense to a cartel of corporations whose businesses are heavily involved in the military-industrial complex, weapons, planes, tanks, etc., then one has an idea what the true situation of the Federal Reserve is.
There are those who will say, given the tremendous amount of money in politics spent on campaigns and lobbyists, that the just mentioned imaginary examples are already the case in reality even though the president hasn’t signed the laws as Woodrow Wilson did in 1913. In each example of imagined legislation giving private corporations control of government agencies, the corporation-installed managers would speak to the American people about the agency’s “mandates” along the lines of the Federal Reserve’s: “stable prices, full employment, stable economy”, then go about the business of maximizing profits, completely at odds with the honorable-sounding “mandates” – empty words.
There were a few moments in the documentary which stood out. While, as mentioned, the film deserves the highest marks for its no-nonsense, to-the-point, in-your-face truth quality, the words of Ben Bernanke seemed particularly revealing.
In one segment of the film Mr. Bernanke is sitting before Congress when asked about an audit by the General Accounting Office (GAO) of the Federal Reserve.
Representative John Duncan asks Fed Chairman Bernanke if he thought it (audit of the Fed by GAO): “..would cause problems for the Fed or for the economy if that legislation was to pass?”
Mr. Bernanke responded:
“My concern about the legislation is that if the GAO is auditing not only the operational aspects of our programs and the details of the programs, but is making judgment decisions about our policy decisions, that would effectively be a takeover of monetary policy by the Congress, a repudiation of the independence of the Federal Reserve, which would be highly destructive to the stability of the Fed, of the financial system, the dollar, and our national economic system.”
Unfortunately, Representative Duncan and the others on that Congressional committee decided not to ask Mr. Bernanke to elaborate on that statement. For example, Mr. Duncan could have asked Mr. Bernanke to explain how he arrived at thinking… “an audit, routinely conducted on both government agencies and private corporations all the time without any ‘destruction’, would result in highly destructive consequences?” In Mr. Bernanke’s mind, he sees an audit just as a criminal, cooking-the-books corporate CEO sees an audit. The question here is how did “(GAO) making judgment decisions about our policy decisions” arrive in Mr. Bernanke’s response to Mr. Duncan.
“(GAO) making judgment decisions about our policy decisions”, if the Federal Reserve Chairman Bernanke has taken action using his best judgment regarding policy, should never have entered Mr. Bernanke’s mind to the point where he would state before Congress the GAO’s possible critique of those actions. In other words, Mr. Bernanke’s response is an extreme example of irrational over-reaction to the proposed audit, suggesting strongly that Bernanke in his heart knows an audit will reveal transactions of a very scandalous nature.
Bernanke’s response can be seen as an effort to shield from the public how a private banking cartel consisting of owners who are the wealthiest family dynasties on Earth have conducted a secret scam for over 100 years.
In another scene Senator Bernie Sanders confronts Ben Bernanke on bailouts directed to banks that lost big on highly speculative gambling bets.
“Senator (Sanders), you raise an important point, which is that, uh, this is not something the Federal Reserve created. This is in the statute that Congress and the Federal Reserve Act said this is the governance of the Federal Reserve, and more specifically that bankers would be on the board.”
Sanders: “..six out of nine in the regional banks are coming from the banking industry?”
Bernanke: “That is correct. And that is in the law. I’ll answer your question. The answer to your question is that Congress set this up, I think we’ve made it something useful and valuable, we do get information from it, but if Congress wants to change it, you know of course we’ll work with you to find alternatives.”
Later in the documentary, the screen fills with a quote from “Tragedy and Hope” by Professor Carroll Quigley:
“The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences.”
Part 1 of the film deals with the history of the Federal Reserve, Part 2: The Scam describes fractional reserve banking, and Part 3: End the Fed delves into reasons for radical change and some possible alternatives. Of the three alternatives – public banking, bitcoin/digital currencies, and local currencies – public banking based on the blueprint legislation during the times of Presidents Andrew Jackson and Abraham Lincoln, as well as the Bank of North Dakota in operation today, offers the soundest option.
James Corbett should rightly be proud of his documentary “Century of Enslavement.” His personal story of early years in Canada and becoming involved in internet/alternative news serves as a fine example of what men and women can do with determined effort to speak truth and keeping the faith that a new and better world is possible. Here in baseball’s mid-season, Mr. Corbett has smashed a “grand slam.”
The film needs to go viral, deserves to go viral, will go viral, and without any doubt will begin a worldwide discussion with positive consequences the likes of which have not been experienced by humanity in many generations. The cat is out of the bag, the horses have left the starting gate, the fat lady is singing. and the game is officially on.
For more information please visit corbettreport.com/federalreserve