Wednesday, February 20, 2008

The Federal Reserve is neither Federal nor a Reserve! It is one of the Greatest Scams of Alltime!

Episode 6: The Plan, Part 2

Step 2 of the Plan was to sell the concept to the American public.

The first draft of the Federal Reserve Act, when presented to Congress, was sponsored by Nelson Aldrich and was called the Aldrich Bill.

Paul Warburg had cautioned Aldrich not to sponsor the bill because Warburg felt that Aldrich was too closely identified with big business and that Congress would vote the bill down. Warburg was right. The bill in its presented form died on the floor.

The Unholy 7 took the bill back, moved some of the paragraphs around, and removed Aldrich's name. They found two Democrats, Carter Glass in the House and Senator Robert Owen, himself a banker, to sponsor what would be called the Glass-Owen bill.

Aldrich and Vanderlip then began to give speeches and interviews to newspaper reporters condemning the bill as "ruinous to banking and terrible for the country." By the time the average guy on the street read Aldrich and Vanderlip's comments, the thinking amongst America became, that the Glass-Owen bill must be a good thing because the big bankers were opposed to it. Another brilliant strategy!

Meanwhile back at the ranch, the Unholy 7 were digging ever deeper into their bag of deceptive tricks. They began paying the costs of creating "grassroots study clubs" across the country. They sponsored these clubs, held public meetings and printed brochures and pamphlets extoling the virtues of the Federal Reserve System.

They gave large sums of money to some of the more prestigious universities in America to create new departments of economics. They hand picked their own people to be professors to head up these departments, who then in turn, gave speeches and wrote essays promoting the wisdom and benefits of the Fed.

Paul Warburg then further toned-down the Glass-Owen bill because he felt that the new legislation had to be palatable to as many people in government as possible. In his opinion this was the crucial time during which the boat of common sense could not be rocked.

The other members of his group were upset because they felt that Warburg's toned down legislation was giving up too much of the power and control which the bankers were seeking. Warburg's rationale was elegantly simple. The main objective was not to try to get everything which they had wanted coming straight out of the gate for that would not be possible. Rather it was Warburg's strategy to get the bill passed into law first, then "fix it up later to their liking."

Since the Federal Reserve Act has been passed it has been ammended over 100 times with each amendment greatly expanding the power and reach of the Fed.

The last hold-out against the bill was William Jennings Bryan, the head of the Populist Movement, who was deeply concerned that the bill would ruin the nations money supply. But when he saw Paul Warburg's watered-down version of the bill, Bryan supported the bill never dreaming that once the bill was passed it would be continuously amended.

The Unholy 7 were masters at their game. They understood people, politics and mass psychology. And they played each card perfectly.

Popular support was finally gained for the bill and on December 22, 1913 the bill was passed by Congress and the following day was signed into law by President Wilson.

The Federal Reserve had won the battle and America was now its prize!

Next - Episode 7: How the Fed Works.

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