"The Fed is, after
all, a private company run by the bankers for the bankers"
◊ Thomas Greco,
Jr., Alternet
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The Fed Is a
private agency with no Constitutional authority run by bankers for
bankers. It is a privately owned central banking system. Bankers sit
on its many boards. The banks in turn get to borrow money at rates
the Fed sets, and tack on interest and fees for loans. The Bank is
there to do their bidding, and save them from themselves. When they
run into trouble, they are often bailed out.
On Sunday, December
23, 1913, two days before Christmas, while
most of Congress was on vacation, President
Woodrow Wilson signed the Federal Reserve
Act into law. Wilson would later express
profound regret over his decision, stating:
"I am a most unhappy man. I have unwittingly
ruined my country. A great industrial nation
is controlled by its system of credit. Our
system of credit is concentrated. The growth
of the nation, therefore, and all our
activities are in the hands of a few men. We
have come to be one of the worst ruled, one
of the most completely controlled and
dominated governments in the civilized world
-- no longer a government by free opinion,
no longer a government by conviction and the
vote of the majority, but a government by
the opinion and duress of a small group of
dominant men".
