21. Jekyll Island

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Length: {11:45 minutes}

Summary of Chapter 21: Jekyll Island

Return to Central Banking Plans:

  • The early 1900s marked a renewed effort by money changers to establish a new private central bank in America, led by figures like JP Morgan.

Manipulation and Panic:

  • A final economic panic was orchestrated to highlight the need for a central bank, with claims that only such an institution could prevent bank failures.

JP Morgan’s Influence:

  • JP Morgan was a powerful banker, suspected of being an agent for the Rothschilds. He financed major monopolies in oil, railroads, and steel. Despite President Theodore Roosevelt’s supposed antitrust actions, these monopolies remained largely intact.

The 1907 Financial Panic:

  • In 1907, JP Morgan and his associates engineered a stock market crash, causing widespread bank failures and public panic. Morgan publicly offered to support failing banks, using money created out of thin air, which consolidated banking power into fewer hands.

Public Perception and Legislative Push:

  • By 1908, Morgan was seen as a hero for stabilizing the economy. This panic set the stage for calls for banking reform, leading to the eventual creation of the Federal Reserve System in 1913.

Criticism and Skepticism:

  • Some, like Congressman Charles A. Lindbergh Sr., viewed the panic as a deliberate scam to eliminate competition and frighten the public into accepting changes that favored the money trust.

Historical Context:

  • Since the National Bank Act of 1863, a series of economic booms and busts were orchestrated to both exploit the public and justify the need for a centralized banking system.

This chapter outlines the strategic manipulation by powerful bankers to create economic conditions that would lead to the establishment of the Federal Reserve, consolidating financial control into the hands of a few.

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