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Some Reasons to Abolish the Fed - G. Edward Griffin
https://www.hustleescape.com/book-summary-creature-from-jekyll-island-by-edward-griffin/ ^ | G. Edward Griffin

Posted on 02/15/2025 2:28:37 PM PST by HannagansBride

https://www.hustleescape.com/book-summary-creature-from-jekyll-island-by-edward-griffin/


TOPICS: Business/Economy; Constitution/Conservatism; Government; Philosophy
KEYWORDS: centralbank; federalreserve

1 posted on 02/15/2025 2:28:37 PM PST by HannagansBride
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To: HannagansBride

No one would care about abolishing the FED if it simply shut up and only announced changes as they happened.


2 posted on 02/15/2025 2:43:53 PM PST by SaxxonWoods (Black guy upon receiving a MAGA hat: "MURICA!")
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To: HannagansBride
Largely nonsense. The fractional reserve system of banking goes back to the Italian city-state banks of the 14th century.

The real problem is untethering the currency from gold. If the Federal Reserve did only what it was supposed to do, which is have a supply of reserves supplied by private banks to supply liquidity in cases of a bank panic, then that would be that.

But when Nixon dropped the Bretton Woods gold exchange mechanism in 1971, it effectively transferred control of the currency to the Federal Reserve because now the value of the currency was determined by interest rates and the money supply, both of which the Fed controlled.

Without a gold limit, the Fed could now hold T-Bills as "assets" and provide all the liquidity necessary to fund endless fiscal and trade deficits, inflating the currency.

This is why politicians love the current system: they can run massive deficits, and if the demand for T-Bills falls and prices fall (interest rates rise) and the gov cannot raise money, the Fed steps in and "buys" the T-Bills, providing cash to enable the gov to borrow endless amounts of money without raising taxes. The extra liquidity also funds endless imports.

Under the gold system, the gov must raise taxes or explicitly devalue the currency if it borrows too much. Similarly, trade deficits must cause the importing currency to fall and the exporting to rise until the trade deficit is rectified.

Both the political and the economic elites prefer the fiat system so they can rob us blind.

3 posted on 02/15/2025 2:48:33 PM PST by pierrem15 ("Massacrez-les, car le seigneur connait les siens" )
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To: HannagansBride

Three years after signing the Federal Reserve Act into law, President Woodrow Wilson observes:

“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.”


4 posted on 02/15/2025 3:26:42 PM PST by Openurmind
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To: HannagansBride

Dr. Murray Rothbard wrote a book on this years ago, which I read called “The Case Against the Fed”, highly recommend it.


5 posted on 02/15/2025 3:28:56 PM PST by Captain Peter Blood
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To: pierrem15

Th fiat system quite literally prints worthless money that banks make a killing on via fractional banking while imposing a horrible tax in the form of inflation. Th founders hated the national bank or the kings bank but Hammer Lyon pushed it taking a vantage of Washington’s angst about our debt.


6 posted on 02/15/2025 4:46:56 PM PST by Sequoyah101 (Donald John Trump. First man to be Elected to the Presidency THREE times since FDR.)
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To: pierrem15

“Largely nonsense. The fractional reserve system of banking goes back to the Italian city-state banks of the 14th century.”

He did not say that the Fed created fractional reserve system of banking. He merely said that it uses it.


7 posted on 02/15/2025 5:58:58 PM PST by odawg
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To: odawg
But he talks about fractional reserve banking as though it's a recent innovation associated with the Federal Reserve.

The way the Fed abuses fractional reserve banking is by buying T-Bills and counting those as "assets" which allow it to purchase yet more T-Bills.

This keeps interest rates lower than they should be and enables out of control deficit spending, both of which cause inflation.

8 posted on 02/15/2025 6:52:46 PM PST by pierrem15 ("Massacrez-les, car le seigneur connait les siens" )
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To: Sequoyah101

I agree in the sense that the fiat system (no gold exchange mechanism) enables the whole scam, including the Fed’s abuse of fractional reserve.


9 posted on 02/15/2025 6:54:49 PM PST by pierrem15 ("Massacrez-les, car le seigneur connait les siens" )
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To: pierrem15

I should catalog all the “favors” Nixon did for us. It is not a nice list and includes such doozies as removal from the gold standard, devalued currency to control inflation, suggested a surtax to discourage spending and control inflation [caused by him?], OSHA, EPA, For profit hospitals, lowered voting age, Signed the CBA of 1974 etc.

Great guy. Probably smarter than he acted.


10 posted on 02/15/2025 7:55:26 PM PST by Sequoyah101 (Donald John Trump. First man to be Elected to the Presidency THREE times since FDR.)
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To: Sequoyah101
The irony is that the worst things Nixon did are either ignored by the Left, like ditching gold, or celebrated, like the alphabet agencies tyrannizing and strangling America.

The "worst" thing they can think of is Watergate, which looks more and more like a Dem/media conspiracy to force Nixon out of office.

11 posted on 02/15/2025 10:20:02 PM PST by pierrem15 ("Massacrez-les, car le seigneur connait les siens" )
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To: pierrem15

Yes, strange that to me as well. Just about remembered for nothing else.

There is a series of interviews with him of course available through the Nixon Library. I have not watched all of them but in those I have watched he comes across both very smart but also strange. I bet a shrink would not be kind to him.


12 posted on 02/15/2025 11:18:40 PM PST by Sequoyah101 (Donald John Trump. First man to be Elected to the Presidency THREE times since FDR.)
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To: pierrem15

“But he talks about fractional reserve banking as though it’s a recent innovation associated with the Federal Reserve.”

But he is talking about the Fed, which is a recent innovation. He mentions the Bank of England as a precedessor.


13 posted on 02/16/2025 4:10:55 AM PST by odawg
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To: Openurmind

That fake quote is almost as good as the fake quote by Jefferson about inflation and deflation.


14 posted on 02/16/2025 3:10:28 PM PST by Toddsterpatriot (TANSTAAFL)
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To: Toddsterpatriot

https://www.startpage.com/do/dsearch?q=President+Woodrow+Wilson+sorry+about+the+Federal+reserve%3F&cat=web&language=english


15 posted on 02/16/2025 3:43:15 PM PST by Openurmind
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To: Openurmind

https://chatgpt.com/c/67b26fea-ce4c-8002-b45f-b16c367f8240


16 posted on 02/16/2025 5:48:06 PM PST by Toddsterpatriot (TANSTAAFL)
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To: Openurmind

The passage you’ve provided is often attributed to President Woodrow Wilson, suggesting his regret over establishing the Federal Reserve System. However, this specific combination of sentences does not appear in Wilson’s writings or speeches. Instead, it seems to be a conflation of excerpts from his 1913 book, The New Freedom, with additional unsourced statements.

In The New Freedom, Wilson discusses the concentration of economic power:

“A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men...”
EN.WIKIPEDIA.ORG

He also critiques the control exerted by small groups over the government:

“We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world—no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of small groups of dominant men.”
EN.WIKIPEDIA.ORG

The opening lines, “I am a most unhappy man. I have unwittingly ruined my country,” lack credible sourcing and are not found in Wilson’s known works. This misattribution has been propagated over time, leading to misconceptions about Wilson’s views. For a detailed examination of this misquotation, you can refer to the discussion on the Wikipedia Talk page for the Federal Reserve Act.
EN.WIKIPEDIA.ORG

It’s essential to approach such quotes with caution and verify them against original sources to ensure their authenticity.


17 posted on 02/16/2025 5:58:15 PM PST by Toddsterpatriot (TANSTAAFL)
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