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All of these central banks have the power of issuing currency in their 

respective countries. Thus, the people do not own their own money in 

Europe, nor do they own it here. It is privately printed for private profit. 

The people have no sovereignty over their money, and it has 

developed that they have no sovereignty over other major political 

issues such as foreign policy.

As a central bank of issue, the Federal Reserve System has behind it all 

the enormous wealth of the American people. When it began 

operations in 1913, it created a serious threat to the central banks of 

the impoverished countries of Europe. Because it represented this 

great wealth, it attracted far more gold than was desirable in the 

1920s, and it was apparent that soon all of the world’s gold would be 

piled  up  in  this  country.  This  would make the gold standard a joke in 

Europe, because they would have no gold over there to back their 

issue of money and credit. It was the Federal Reserve’s avowed aim in 

1927, after the secret meeting with the heads of the foreign central 

banks, to get large quantities of that gold sent back to Europe, and its 

methods of doing so, the low interest rate and heavy purchases of 

Government securities, which created vast sums of new money, 

intensified the stock market speculation and made the stock market 

crash and resultant depression a national disaster.

Since the Federal Reserve System was guilty of causing this disaster, we 

might suppose that they would have tried to alleviate it. However, 

through the dark years of 1931 and 1932, the Governors of the Federal 

Reserve Board saw the plight of the American people worsening and 

did nothing to help them. This was more criminal than the original