The promoters had a political problem: widespread resistance to the idea of a central bank. So, the designers of the Federal Reserve System -- mainly Kuhn, Loeb economist Paul Warburg, a recent German immigrant -- created an illusion: a decentralized system of regional Federal Reserve banks. These were private. They were supposedly independent. They were impotent -- except for the Federal Reserve Bank of New York, where the real influence of the entire Federal Reserve System has always been.The banksters sure hate a free market in banking.
If you want to understand this system, begin with Murray Rothbard's book, The Mystery of Banking. I have described it here: http://mises.org/daily/5499. Then follow with Griffin's book, The Creature from Jekyll Island. He summarizes it in a video lecture here: http://www.garynorth.com/public/11738.cfm. Both men present the FED as the premier enforcement arm of a bankers' cartel. No economics textbook ever does. The chapter on the FED never follows the chapter on cartels. The connection would be too obvious.
Tuesday, November 05, 2013
Gary North on the banking cartel:
Posted by Steve Bartin at 8:54 AM