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to the Governor Marriner Eccles of the Federal Reserve Board, this also 

made us the richest nation of the world. The war also caused the 

removal of the headquarters of the world’s acceptance market from 

London to New York, and Paul Warburg became the most powerful 

trade acceptance banker in the world. The mainstay of the 

international financiers, however, remained the same. The gold 

standard was still the basis of foreign exchange, and the small group of 

internationals who owned the gold controlled the monetary system of 

the Western nations.

Professor Gustav Cassel wrote in 1928:

"The American dollar, not the gold standard, is the world’s monetary 

standard. The AmericanFederal Reserve Board has the power to 

determine the purchasing power of the dollar by making  changes in 

the rate of discount, and thus controls the monetary standard of the 

world."

If this were true, the members of the Federal Reserve Board would be 

the most powerful financiers in the world. Occasionally their 

membership includes such influential men as Paul Warburg or Eugene 

Meyer, Jr., but usually they are a rubber-stamp committee for the 

Federal Advisory Council and the London bankers.

In May, 1925, the British Parliament passed the Gold Standard Act, 

putting Great Britain back on the gold standard. The Federal Reserve 

System’s major role in this event came out on March 16, 1926, when 

George Seay, Governor of the Federal Reserve Bank of Richmond, 

testified before the House Banking and Currency Committee that:

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