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The Federal Reserve is setting America up for economic disaster

• http://thehill.com

I recently had the opportunity to read the 'Creature from Jekyll' Island by G. Edward Griffin, a prodigious tome dealing with the circumstances surrounding the creation of the U.S. Federal Reserve system. I was taken aback by some of its provocative assertions.

America joined World War I largely to help a few bankers profit off the war (despite a long-standing Monroe doctrine that prohibited our involvement in European affairs)

The Bolshevik Revolution of 1917 was supported by international financial interests in order to destabilize Russia and steal the wealth of the Russian people; and

So-called 'foreign aid' is merely a clever means of shifting the bad debt incurred by banks and wealthy financiers to American taxpayers. 

The book is narrated in a notably conspiratorial tone and contains some obvious contradictions. For example, it contends that President Lincoln was once a liberator who sought to avoid being goaded into a destructive civil war by European powers jealous of America's success, and had designs on colonizing Mexico. However, the book still raised some very good points that deserve serious consideration.

One that stood out is that over successive generations, people with concentrated wealth have sought to use the American military and the purse power of the taxpayer for personal gain. In fact, Griffin argues, the creation of the current iteration of the Federal Reserve System was a political act designed to hide the fact that a private banking cartel would manage the U.S. currency. 

The Federal Reserve, as Griffin explains, is neither "federal" nor a "reserve." It is not owned by the federal government, and it does not hold real assets in reserve. In reality, it is a giant debt factory backed by the "full faith and credit" of the government, or taxpayers.

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