22. Fed Act of 1913

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Length: {11:37 minutes}

Chapter 22 of “The Creature from Jekyll Island” by G. Edward Griffin provides a critical analysis of the Federal Reserve Act of 1913. The chapter outlines how the Democratic Party, led by Woodrow Wilson, initially opposed the Aldrich Bill, which aimed to establish a central banking system akin to the Federal Reserve. However, after coming into power, Wilson and his administration aligned with powerful Wall Street figures to pass a strikingly similar bill, known as the Glass-Owen Bill.

Despite public denials of similarity, the Glass-Owen Bill mirrored the Aldrich Bill in significant aspects, leading to accusations of deceit and betrayal. The passage of the Federal Reserve Act effectively created a privately controlled central banking system in the United States. Critics, including Congressman Lindbergh, argued that the Federal Reserve would manipulate the economy, controlling credit and causing artificial fluctuations to benefit private interests.

Moreover, the chapter discusses the simultaneous passage of an income tax law, which provided a reliable means for the federal government to repay interest on the increasing national debt created through the Federal Reserve’s issuance of currency. This combination of the Federal Reserve Act and income tax law cemented the influence of private banking interests over the nation’s monetary policy, despite ongoing controversies and legal challenges surrounding these legislative maneuvers.

In essence, Chapter 22 sheds light on the contentious origins and implications of the Federal Reserve Act, illustrating how it established a system of financial control by private interests under the guise of public policy.

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