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News Link • Federal Reserve

In Your Face: Fed To Hold Major Conference at Jekyll Island After QE2

• EconomicPolicyJournal.com
 
In November 1910, Senator Nelson W. Aldrich and Assistant Secretary of the Treasury Department A.P. Andrews, and other top financiers,arrived at the Jekyll Island Club to discuss monetary policy and the banking system. The secret meetings led to the creation of the Federal Reserve. Forbes magazine founder Bertie Charles Forbes wrote several years later: Picture a party of the nation's greatest bankers stealing out of New York on a private railroad car under cover of darkness, stealthily riding hundred of miles South, embarking on a mysterious launch, sneaking onto an island deserted by all but a few servants, living there a full week under such rigid secrecy that the names of not one of them was once mentioned, lest the servants learn the identity and disclose to the world this strangest, most secret expedition in the history of American finance. I am not romancing; I am giving to the world, for the first time, the real story of how the famous Aldrich currency report, the foundation of our new currency system, was written... The utmost secrecy was enjoined upon all. The public must not glean a hint of what was to be done. Senator Aldrich notified each one to go quietly into a private car of which the railroad had received orders to draw up on an unfrequented platform. Off the party set. New York's ubiquitous reporters had been foiled... Nelson (Aldrich) had confided to Henry, Frank, Paul and Piatt that he was to keep them locked up at Jekyll Island, out of the rest of the world, until they had evolved and compiled a scientific currency system for the United States, the real birth of the present Federal Reserve System, the plan done on Jekyll Island in the conference with Paul, Frank and Henry... Warburg is the link that binds the Aldrich system and the present system together. He more than any one man has made the system possible as a working reality.

1 Comments in Response to

Comment by Anonymous
Entered on:

Don't fire until you see the white of the eye!

Let the target fly in the air first before we shoot. Some are already firing their guns in the air when the target is not yet there. Do it after November 6. Who knows what will come out from this meeting might not be the real duck to shoot at but only a decoy. The Fed floats a lot of jumping and limping decoducks in our fiscal and monetary system. But the worst part of it is that Bernanke knows pretty well most of us are two-legged eager-beavers carrying a 1913-made, long single-shot powder-fed musket … shooters that could not differentiate between a hiding Camorra and a Cayote in the woods.

Hard to knock out the Fed dead if Fed-head-hunters cannot even distinguish their targets, much more if in the hunt they are cross-eyed or as blind as the nocturnal bat. We need razor-sharp snipers at FP.com and in Congress with a long-barreled shotgun loaded with economic [not rage or hot-air] knowledge, especially Keynesian rounds of inside info on how the Fed works in secret at Jekyll Island. This monetary lycanthrope can only be killed by a silver bullet of knowledge, not by the firepower of hillbillies from the woods of ignorance. So the way to do it is to keep still, aim, and fire!

 

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