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His Secretary of the Treasury, Andrew Mellon, stated on December 25, 

1929, that:

"The Government’s business is in sound condition."

His own business, the Aluminum Company of America, apparently was 

not doing so well, for he had reduced the wages of all employees by 

ten percent.

The New York Times reported on April 7, 1931, "Montagu Norman, 

Governor of the Bank of England, conferred with the Federal Reserve 

Board here today. Mellon, Meyer, and George L. Harrison, Governor of 

the Federal Reserve Bank of New York, were present."

The London Connection had sent Norman over this time to ensure that 

the Great Depression was proceeding according to schedule. 

Congressman Louis McFadden had complained, as reported in The 

New York Times, July 4, 1930, "Commodity prices are being reduced to 

1913 levels. Wages are being reduced by the labor surplus of four 

million unemployed. The Morgan control of the Federal Reserve System 

is exercised through control of the Federal Reserve Bank of New York, 

the mediocre representation and acquiescence of the Federal 

Reserve Board in Washington." As the depression deepened, the trust’s 

lock on the American economy strengthened, but no finger was 

pointed at the parties who were controlling the system.

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