FINAL WARNING: Financial Background
nation’s banks and consumers.There are twelve Federal Reserve Banks, in twelve districts: Boston
(MA), Cleveland (OH), New York (NY), Philadelphia (PA), Richmond
(VA), Atlanta (GA), Chicago (IL) , St. Louis (MO), Minneapolis (MN),
Kansas City (KS), San Francisco (CA), and Dallas (TX). The twelve
regional banks were set up so that the people wouldn’t think that the
Federal Reserve was controlled from New York. Each of the Banks has
nine men on the Board of Directors; six are elected by member Banks,
and three are appointed by the Board of Governors.They have 25 branch Banks, and many member Banks. All Federal
Banks are members, and four out of every ten commercial banks are
members. In whole, the Federal Reserve System controls about 70% of
the country’s bank deposits. Ohio Senator, Warren G. Harding, who
was elected to the Presidency in 1920, said in a 1921 Congressional
inquiry, that the Reserve was a private banking monopoly. He said:
“The Federal Reserve Bank is an institution owned by the stockholding
member banks. The Government has not a dollar’s worth of stock in
it.” His term was cut short in 1923, when he mysteriously died, leading
to rumors that he was poisoned. This claim was never substantiated,
because his wife would not allow an autopsy.Three years after the initiation of the Federal Reserve, Woodrow
Wilson said: “The growth of the nation ... 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 of free opinion, no longer
a government by conviction and the free vote of the majority, but a
government by the opinion and duress of a small group of dominant
men.”In 1919, John Maynard Keynes, later an advisor to Franklin D.
Roosevelt, wrote in his book The Economic Consequences of Peace:
“Lenin is to have declared that the best way to destroy the capitalist
system was to debauch the currency ... By a continuing process of
inflation, governments can confiscate secretly and unobserved, an
important part of the wealth of their citizens ... As the inflation
proceeds and the real value of the currency fluctuates wildly from
month to month, all permanent relations between debtors and