The Federal Reserve and its Origins
The most successful thieves have done their work in plain sight, while the owners are not home.
Most importantly, the Fed acts as an emergency lender, and without it, the economy would have collapsed in the nineteenth and early 20th centuries.
The Bankers' Dream
Before the Fed's founding, bankers complained about US currency's lack of "elasticity"
They wanted a central bank that could supply money when needed
A common reserve ratio established, then no bank could expand credit more than its rivals
All banks would inflate in harmony and there would be tranquility and profits for all
The Pujo Committee
Frequent speeches by Wisconsin senator Robert LaFollette and Minnesota congressman Charles Lindbergh brought public outrage over the "money trust" to a boil
In response to the accusations, a new subcommittee, led by Louisiana congressman Arsène Pujo, held hearings from May 1912 until January 1913
The hearings followed the usual pattern, bringing forth immense quantities of statistics and testimonies from bankers themselves
Neither man was allowed to testify because they were deemed “indicateors” of Wall Street
https://mises.org/wire/woodrow-wilsons-christmas-grift-1913
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