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Annotated captions of The Money Masters in English

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00:08

Now it was time for the Money Changers to get back to the business

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00:11

of a new, private central bank for America.

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00:16

During the early 1900s, men like J.P. Morgan led the charge.

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00:21

One final panic would be necessary to focus the nation's attention

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on the supposed need for a central bank.

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The rationale was that only a central bank could prevent bank failures.

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Morgan was clearly the most powerful banker in America

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and a suspected agent for the Rothschilds.

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Morgan had helped finance John D. Rockefeller standard oil empire

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he had also helped finance the monopolies of Edgar Herman in railroads,

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of Andrew Carnegie in steel and of others in numerous industries.

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But, on top of that, J.P. Morgan's father, Junius Morgan,

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01:01

had been American financial agent to the British.

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01:06

After his father's death, J.P. Morgan took on a British partner,

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01:10

Edward Grenfell, a long-time director of the Bank of England.

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01:16

In fact, upon Morgan's death, his estate contained only a few million dollars.

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01:19

The bulk of the securities most people thought he owned,

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were in fact owned by others.

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01:29

In 1902, President Theodore Roosevelt allegedly went after Morgan and his friends

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by using the Sherman Anti-Trust Act to try to break up their industrial monopolies.

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Actually, Roosevelt did very little to interfere in the growing monopolization

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of American industry by the bankers and their surrogates.

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For example, Roosevelt supposedly broke up the Standard Oil monopoly.

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But it wasn't really broken at all.

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It was merely divided into seven corporations,

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all still controlled by the Rockefellers.

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The public was aware of this thanks to political cartoonists

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like Thomas Nast who referred to the bankers as the "Money Trust."

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By 1907, the year after Teddy Roosevelt's re-election,

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Morgan decided it was time to try for a central bank again.

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02:18

Using their combined financial muscle,

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Morgan and his friends were secretly able to crash the stock market.

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02:26

Thousands of small banks were vastly overextended.

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02:29

Some had reserves of less than one percent (1%),

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thanks to the fractional reserve principle.

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Within days, banks runs were commonplace across the nation.

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Now Morgan stepped into the public arena

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and offered to prop up the faltering American economy

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by supporting failing banks with money he manufactured out of nothing.

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It was an outrageous proposal,

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far worse than even fractional reserve banking,

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but Congress let him do it.

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Morgan manufactured $200 million worth

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of this completely reserveless, private money

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and bought things with it, paid for services with it,

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and sent some of it to his branch banks to lend out at interest.

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His plan worked.

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Soon, the public regained confidence in money in general

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and quit hoarding their currency.

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But as a result, banking power was further consolidated

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into the hands of a few large banks.

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By 1908 the panic was over and Morgan was hailed as a hero

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by the president of Princeton University,

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a man by the name of Woodrow Wilson:

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Economics textbooks would later explain

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that the creation of the Federal Reserve System

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was the direct result of the panic of 1907:

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"with its alarming epidemic of bank failures,

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the country was fed up once and for all

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with the anarchy of unstable private banking."

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But Minnesota Congressman Charles A. Lindbergh, Sr.,

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the father of the famous aviator, "Lucky Lindy,"

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later explained that the Panic of 1907 was really just a scam:

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So, since the passage of the National Banking Act of 1863,

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the Money Chnagers had been able to coordinate a series of booms and busts.

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The purpose was not only to fleece the American public of their property,

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but to later to claim that the banking system was basically so unstable

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that it had to be consolidated into a central bank once again.

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After the crash, Teddy Roosevelt, in response to the Panic of 1907,

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signed into law a bill creating something called

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the National Monetary Commission.

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The Commission was to study the banking problem

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and make recommendations to Congress.

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Of course, the Commission was packed with Morgan's friends and cronies.

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The Chairman was a man named Senator Nelson Aldrich from Rhode Island.

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Aldrich represented the Newport, Rhode Island homes

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of America's richest banking families.

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His daughter married John D. Rockefeller, Jr., and together they had five sons:

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John, Nelson (who would become the Vice-President in 1974),

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Laurence, Winthrop, and David

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(the head of the Council on Foreign Relations

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and former Chairman of Chase Manhattan bank).

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As soon as the National Monetary Commission was set up,

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Senator Aldrich immediately embarked on a two-year tour of Europe,

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where he consulted at length with the private central bankers

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in England, France and Germany.

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The total cost of his trip alone to the taxpayers was $300,000

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an astronomical sum in those days.

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Shortly after his return, on the evening of November 22, 1910,

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some of the wealthiest and most powerful men in America

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boarded Senator Aldrich's private rail car

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and in the strictest secrecy journeyed to this place,

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Jekyll Island, off the coast of Georgia.

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With the group came Paul Warburg.

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Warburg had been given a $500,000 per year salary

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to lobby for the passage of a privately-owned central bank in America

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by the investment firm, Kuhn, Loeb & Company.

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Warburg's partner in this firm was a man named Jacob Schiff,

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the grandson of the man who shared the Green Shield house

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with the Rothschild family in Frankfort.

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Schiff, as we'll later find out, was in the process of spending $20 million

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to finance the overthrow of the Tsar of Russia.

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These three European banking families, the Rothschilds, the Warburgs, and the Schiffs

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were interconnected by marriage down through the years,

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just as were their American banking counterparts,

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the Morgans, Rockefellers and Aldrichs.

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Secrecy was so tight that all seven primary participants were cautioned

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to use only first names to prevent servants from learning their identities.

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Years later one participant, Frank Vanderlip,

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president of National City Bank of New York

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and a representative of the Rockefeller family, confirmed the Jekyll Island trip

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in the February 9, 1935 edition of the Saturday Evening Post:

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The participants came here to figure out how to solve their major problem

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how to bring back a privately-owned central bank

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but there were other problems that needed to be addressed as well.

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First of all, the market share of the big national banks was shrinking fast.

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In the first ten years of the century,

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the number of U.S. banks had more than doubled to over 20,000.

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By 1913, only 29% of all banks were National Banks

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and they held only 57% of all deposits.

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As Senator Aldrich later admitted in a magazine article:

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Therefore, something had to be done to bring these new banks under their control.

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As John D. Rockefeller put it: "Competition is a sin"

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Secondly, the nation's economy was so strong

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that corporations were starting to finance their expansions out of profits

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instead of taking out huge loans from large banks.

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In the first 10 years of the new century,

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70% of corporate funding came from profits.

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In other words, American industry was becoming independent of the Money Changers,

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and that trend had to be stopped.

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All the participants knew

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that these problems could be hammered out into a workable solution,

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but perhaps their biggest problem was a public relations problem,

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the name of the new central bank.

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That discussion took place right here in this room,

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one of the many conference rooms in this sprawling hotel

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today known as the Jekyll Island Club Hotel.

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Aldrich believed that the word "bank" should not even appear in the name.

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Warburg wanted to call the legislation

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the National Reserve Bill or the Federal Reserve Bill.

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The idea here was to give the impression that the purpose of the new central bank

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was to stop bank runs, but also to conceal its monopoly character.

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However, it was Aldrich, the egotistical politician,

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who insisted it be called the Aldrich Bill.

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After nine days at Jekyll Island, the group dispersed.

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The new central bank would be very similar to the old Bank of the United States.

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It would eventually be given a monopoly over U.S. currency

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and create that money out of nothing.

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How does the Fed "create" money out of nothing?

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It is a four-step process. But first a word on bonds.

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Bonds are simply promises to pay - or government IOUs.

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People buy bonds to get a secure rate of interest.

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At the end of the term of the bond, the government repays the bond, plus interest,

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and the bond is destroyed.

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There are about 3.6 trillion dollars worth of these bonds at present.

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Now here is the Fed moneymaking process:

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Step 1. The Fed Open Market Committee approves

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the purchase of U.S. Bonds on the open market.

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Step 2. The bonds are purchased by the Fed Bank

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from whoever is offering them for sale on the open market.

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Step 3. The Fed pays for the bonds with electronic credits to the seller's bank,

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which in turn credits the seller's bank account.

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The trick is that these credits are based on nothing. The Fed just creates them.

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Step 4. The banks use these deposits as reserves.

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They can loan out over ten times the amount of their reserves

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to new borrowers, all at interest.

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In this way, a Fed purchase of, say a million dollars worth of bonds,

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gets turned into over 10 million dollars in bank accounts.

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The Fed, in effect, creates 10% of this totally new money

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and the banks create the other 90%.

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To reduce the amount of money in the economy, the process is just reversed:

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the Fed sells bonds to the public, and money flows out of the purchaser's local bank.

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Loans must be reduced by ten times the amount of the sale.

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So a Fed sale of a million dollars in bonds,

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results in 10 million dollars less money in the economy.

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So how does this benefit the bankers whose representatives huddled at Jekyll Island?

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1st - it totally misdirected banking reform efforts from proper solutions.

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2nd - it prevented a proper, debt-free system of government finance

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like Lincoln's Greenbacks - from making a comeback.

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The bond-based system of government finance,

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forced on Lincoln after he created Greenbacks,

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was now cast in stone.

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3rd - it delegated to the bankers the right to create 90% of our money supply

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based on only fractional reserves

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which they could then loan out at interest.

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4th - it centralized overall control of our nation's money supply

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in the hands of a few men.

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5th - it established a central bank with a high degree of independence

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from effective political control.

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Soon after its creation, the Fed's Great Contraction in the early 1930s

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would cause the Great Depression.

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This independence has been enhanced since then, through additional laws.

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In order to fool the public into thinking the government retained control,

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the plan called for the Fed to be run by a Board of Governors

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appointed by the President and approved by the Senate.

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But all the bankers had to do was to be sure that their men

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got appointed to the Board of Governors.

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That wasn't hard. Bankers have money, and money buys influence over politicians.

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Once the participants left Jekyll Island, the public relations blitz was on.

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The big New York banks put together an "educational" fund

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of five million dollars to finance professors

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at respected universities to endorse the new bank.

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Woodrow Wilson at Princeton was one of the first to jump on the bandwagon.

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But the bankers' subterfuge didn't work.

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The Aldrich Bill was quickly identified as the bankers bill

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a bill to benefit only what become known as the "Money Trust."

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As Congressman Lindbergh put it during the Congressional debate:

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Seeing they didn't have the votes to win in Congress,

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the Republican leadership never brought the Aldrich Bill to a vote.

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The bankers quietly decided to move to track two, the Democratic alternative.

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They began financing Woodrow Wilson as the Democratic nominee.

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As respected historian James Perloff put it,

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Wall Street financier Bernard Baruch was put in charge of Wilson's education:

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So now, the stage was set. The Money Changers were poised to install

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their privately-owned central bank once again.

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The damage president Andrew Jackson had done 67 years earlier

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had been only partly repaired

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with the passage of the national bank act during the civil war.

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Since then, the battle had raged on across the decades.

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The "Jacksonians" became the "Greebackers"

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who became the hard-core supporters of William Jennings Bryan.

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With Bryan leading the charge, these opponents of the Money Changers,

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ignorant of Baruch's tutelage, now threw themselves behind democrat Widrow Wilson.

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They and Bryan would soon be betrayed.

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During the Presidential campaign,

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the Democrats were careful to pretend to oppose the Aldrich Bill.

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As Rep. Louis McFadden, himself a Democrat as well as chairman

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of the House Banking and Currency Committee, explained it 20 years after the fact:

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Once Wilson was elected, Morgan, Warburg,

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Baruch and company advanced a "new" plan,

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which Warburg named the Federal Reserve System.

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The Democratic leadership hailed the new bill, called the Glass-Owen Bill,

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as something radically different from the Aldrich Bill.

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But in fact, the bill was virtually identical in every important detail.

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In fact, so vehement were the Democratic denials of similarity

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that Paul Warburg - the father of both bills �

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had to step in to reassure his paid friends in Congress

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that the two bills were virtually identical:

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But that admission was for private consumption only.

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Publicly, the Money Trust trotted out Senator Aldrich and Frank Vanderlip,

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the president of Rockefeller's National City Bank of New York

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and one of the Jekyll Island seven,

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to oppose the new Federal Reserve System.

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Years later, however, Vanderlip admitted in the Saturday Evening Post

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that the two measures were virtually identical:

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As Congress neared a vote, they called Ohio attorney Alfred Crozier to testify.

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Crozier noted the similarities between the Aldrich Bill and the Glass-Owen Bill:

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During the debate on the measure,

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Senators complained that the big banks were using their financial muscle

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to influence the outcome.

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"There are bankers in this country who are enemies of the public welfare,"

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sayd one Senator. What an understatement!

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Despite the charges of deceit and corruption,

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the bill was finally rammed through the Senate on December 22, 1913,

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after must Senators had left town for the Holidays,

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after having been assured by the leadership that nothing would be done

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until long after the Christmas recess.

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On the day the bill was passed, Congressman Lindbergh

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prophetically warned his countrymen that:

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On top of all this, only weeks earlier,

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Congress had finally passed a bill legalizing income tax.

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Why was the income tax law important?

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Because bankers finally had in place a system

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which would run up a virtually unlimited federal debt.

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How would the interest on this debt be repaid, never mind the principal?

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Remember, a privately-owned central bank creates the principal out of nothing.

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The federal government was small then.

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Up to then, it had subsisted merely on tariffs and excise taxes.

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Just as with the Bank of England,

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the interest payments had to be guaranteed by direct taxation of the people.

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The Money Changers knew that if they had to rely

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on contributions from the states,

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eventually the individual state legislatures would revolt

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and either refuse to pay the interest on their own money,

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or at least bring political pressure to bear to keep the debt small.

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It is interesting to note that in 1895 the Supreme Court

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had found a similar income tax law to be unconstitutional.

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The Supreme Court even found a corporate income tax law unconstitutional in 1909.

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As a result, Senator Aldrich hustled a bill

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for a constitutional amendment allowing income tax through the Congress.

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The proposed 16th Amendment to the Constitution

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was then sent to the state legislatures for approval,

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22:26

but some critics claim that the 16th Amendment was never ratified

jasmimrasta 22:27
22:29

by the necessary 3/4s of the states.

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22:33

In other words, the 16th Amendment may not be legal.

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22:37

But the Money Changers were in no mood to debate the fine points.

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22:43

By October of 1913, senator Aldrich had hustled the income tax bill through Congress.

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22:47

Without the power to tax the people directly and bypass the states,

jasmimrasta 22:47
22:51

the Federal Reserve Bill would be far less useful to those

jasmimrasta 22:51
22:54

who wanted to drive America deeply into their debt.

jasmimrasta 22:56
22:59

A year after the passage of the Federal Reserve Bill,

jasmimrasta 22:59
23:02

Congressman Lindbergh explained how the Fed created

jasmimrasta 23:03
23:05

what we have come to call the "Business Cycle"

jasmimrasta 23:05
23:08

and how they use it to their advantage:

jasmimrasta 24:25
24:28

Congressman Lindbergh was correct on all points.

jasmimrasta 24:28
24:31

What he didn't realize was that most European nations

jasmimrasta 24:31
24:36

had already fallen prey to the central bankers decades or centuries earlier.

jasmimrasta 24:37
24:41

But he also mentions the interesting fact that only one year later,

jasmimrasta 24:41
24:45

the Fed had cornered the market in gold; this is how he put it:

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24:51

"Already the Federal Reserve banks have cornered the gold and gold certificates..."

jasmimrasta 24:52
24:56

But Congressman Lindbergh was not the only critic of the Fed.

jasmimrasta 24:56
24:59

Congressman Louis McFadden, the Chairman

jasmimrasta 24:59
25:03

of the House Banking and Currency committee from 1920 to 1931

jasmimrasta 25:04
25:07

remarked that the Federal Reserve Act brought about:

jasmimrasta 25:19
25:22

Notice how McFadden saw the international character

jasmimrasta 25:22
25:25

of the stockholders of the Federal Reserve.

jasmimrasta 25:25
25:29

Another chairman of the House Banking and Currency Committee in the 1960s,

jasmimrasta 25:29
25:32

Wright Patman from Texas, put it this way:

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25:57

Even the inventor of the electric light, Thomas Edison,

jasmimrasta 25:57
26:01

joined the fray in criticizing the system of the Federal Reserve:

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26:44

Three years after the passage of the Federal Reserve Act,

jasmimrasta 26:44
26:47

even President Wilson began to have second thoughts

jasmimrasta 26:47
26:52

about what had been unleashed during his first term in office.

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27:40

Before his death in 1924, President Wilson realized

jasmimrasta 27:40
27:44

the full extent of the damage he had done to America, when he confessed:

jasmimrasta 27:44
27:47

"I have unwittingly ruined my government."

jasmimrasta 27:48
27:51

So finally, the Money Changers,

jasmimrasta 27:51
27:55

those who profit by manipulating the amount of money in circulation,

jasmimrasta 27:55
28:00

had their privately owned central bank installed again in America.

jasmimrasta 28:01
28:03

The major newspapers (which they also owned)

jasmimrasta 28:03
28:08

hailed passage of the Federal Reserve Act of 1913, telling the public that

jasmimrasta 28:08
28:12

"now depressions could be scientifically prevented."

jasmimrasta 28:12
28:17

The fact of the matter was that now depressions could be scientifically created.

jasmimrasta 28:21
28:25

Power was now centralized to a tremendous extent.

jasmimrasta 28:25
28:30

Now it was time for a war - a really big war - in fact, the first World War.

jasmimrasta 28:31
28:33

Of course, to the central banker,

jasmimrasta 28:33
28:38

the political issues of war don't matter nearly as much as the profit potential,

jasmimrasta 28:38
28:41

and nothing creates debts like warfare.

jasmimrasta 28:42
28:45

England was the best example up to that time.

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28:50

During the 119-year period between the founding of the Bank of England

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28:52

and Napoleon's defeat at Waterloo,

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28:55

England had been at war for 56 years.

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29:00

And much of the remaining time, she'd been preparing for war.

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29:04

In World War I, the German Rothschilds loaned money to the Germans,

jasmimrasta 29:04
29:06

the British Rothschilds loaned money to the British,

jasmimrasta 29:06
29:09

and the French Rothschilds loaned money to the French.

jasmimrasta 29:09
29:13

In America, J.P. Morgan was the sales agent for war materials

jasmimrasta 29:13
29:16

to both the British and the French.

jasmimrasta 29:16
29:21

In fact, six months into the war, Morgan became the largest consumer on earth,

jasmimrasta 29:21
29:23

spending $10 million a day.

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29:26

His offices at 23 Wall Street

jasmimrasta 29:26
29:30

were mobbed by brokers and salesmen trying to cut a deal.

jasmimrasta 29:30
29:35

In fact, it got so bad that the bank had to post guards at every door

jasmimrasta 29:35
29:38

and at the partners' homes as well.

jasmimrasta 29:39
29:43

Many of the New York bankers made out as well from the war.

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29:49

President Wilson appointed Bernard Baruch to head the War Industries Board.

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29:54

According to historian Jarnes Perloff, both Baruch and the Rockefellers

jasmimrasta 29:54
29:57

profited by some $200 million during the war.

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30:03

But profits were not the only motive. There was also revenge.

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30:05

The Money Changers never forgave the Tsars

jasmimrasta 30:05
30:08

for their support of Lincoln during the Civil War.

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30:11

Also, Russia was the last major European nation

jasmimrasta 30:12
30:16

to refuse to give in to the privately owned central bank scheme.

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30:20

Three years after World War I broke out,

jasmimrasta 30:20
30:25

the Russian Revolution toppled the Tsar and installed the scourge of communism.

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30:29

Jacob Schiff of Kuhn, Loeb & Co. bragged on his deathbed

jasmimrasta 30:29
30:34

that he had spent $20 million towards the defeat of the Tsar.

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30:41

Money was funnelled from England to support the revolution as well.

jasmimrasta 30:42
30:47

Why would some of the richest men in the world financially back communism,

jasmimrasta 30:47
30:52

the system that was openly vowing to destroy the so-called capitalism

jasmimrasta 30:52
30:54

that made them wealthy?

jasmimrasta 30:54
30:57

Researcher Gary Allen explained it was this way:

jasmimrasta 31:31
31:35

As W. Cleon Skousen put it in his 1970 book "The Naked Capitalist":

jasmimrasta 32:06
32:09

But what if these revolutionaries get out of control

jasmimrasta 32:09
32:12

and try to seize power from the super rich?

jasmimrasta 32:12
32:17

After all, it was Mao Tse Tung who in 1938 stated his position concerning power:

jasmimrasta 32:17
32:20

"Political power grows out of the barrel of a gun."

jasmimrasta 32:21
32:24

The Wall Street/London axis elected to take the risk.

jasmimrasta 32:25
32:29

The master-planners attempted to control revolutionary communist groups

jasmimrasta 32:29
32:32

by feeding them vast quantities of money when they obeyed,

jasmimrasta 32:32
32:37

and contracting their money supply, or even financing their opposition,

jasmimrasta 32:37
32:38

if they got out of control.

jasmimrasta 32:39
32:41

Lenin began to understand that

jasmimrasta 32:41
32:45

although he was the absolute dictator of the new Soviet Union,

jasmimrasta 32:45
32:48

he was not pulling the financial strings;

jasmimrasta 32:48
32:51

someone else was silently in control:

jasmimrasta 33:18
33:19

Who was behind it?

jasmimrasta 33:19
33:22

Rep. Louis T. McFadden, the Chairman of the House Banking

jasmimrasta 33:22
33:25

and Currency Committee throughout the 1920s

jasmimrasta 33:25
33:30

and into the Great Depression years of the 1930s, explained it this way:

jasmimrasta 34:04
34:08

In other words, the Fed and the Bank of England,

jasmimrasta 34:08
34:12

at the behest of the international bankers who controlled them,

jasmimrasta 34:12
34:16

were creating a monster, one which would fuel seven decades

jasmimrasta 34:18
34:23

of unprecedented Communist revolution, warfare, and most importantly - debt.

jasmimrasta 34:26
34:29

In case you think there is some chance that the Money Changers

jasmimrasta 34:29
34:32

got communism going and then lost control,

jasmimrasta 34:32
34:37

in 1992, The Washington Times reported that Russian President Boris Jeltsin

jasmimrasta 34:38
34:42

was upset that most of the incoming foreign aid was being siphoned off

jasmimrasta 34:42
34:47

"straight back into the coffers of Western banks in debt service."

jasmimrasta 34:48
34:53

No one in his right mind, would claim that a war as large as World War I

jasmimrasta 34:53
34:58

had a single cause. Wars are complex things with many causative factors.

jasmimrasta 35:00
35:02

But on the other hand it would also be equally foolish

jasmimrasta 35:02
35:08

to ignore as a prime cause of WWI those who would profit the most from the war.

jasmimrasta 35:09
35:13

The role of the Money Changers is no wild conspiracy theory.

jasmimrasta 35:13
35:17

They had a motive - a short-range, self-serving motive

jasmimrasta 35:18
35:24

as well as a long-range, political motive of advancing totalitarian government,

jasmimrasta 35:24
35:27

with the Money Changers maintaining the financial clout

jasmimrasta 35:27
35:31

to control whatever politicians might emerge as the leaders.

jasmimrasta 35:31
35:37

Next, we'll see what the Money Changers' ultimate political goal is for the world.

jasmimrasta 35:42
35:46

Shortly after WWI, the overall political agenda

jasmimrasta 35:46
35:49

of the Money Changers began to be clear.

jasmimrasta 35:50
35:53

Now that they controlled national economies individually,

jasmimrasta 35:53
35:57

the next step was the ultimate form of consolidation:

jasmimrasta 35:57
35:58

world government.

jasmimrasta 35:59
36:02

The new world government proposal was given top priority

jasmimrasta 36:02
36:05

at the Paris peace conference after WWI.

jasmimrasta 36:05
36:08

It was called the League of Nations.

jasmimrasta 36:08
36:11

But much to the surprise of Paul Warburg and Bernard Baruch,

jasmimrasta 36:11
36:14

who attended the peace conference with president Wilson,

jasmimrasta 36:14
36:18

the world was not yet ready to dissolve national boundaries.

jasmimrasta 36:18
36:21

Nationalism still beats strong in the human breast.

jasmimrasta 36:22
36:25

For example, Lord Curzon, the British foreign secretary

jasmimrasta 36:25
36:28

called the League of Nations a good joke.

jasmimrasta 36:28
36:34

Even though it was the stated policy of the British government to support it.

jasmimrasta 36:34
36:36

To the humiliation of president Wilson,

jasmimrasta 36:36
36:39

the U.S. Congress wouldn't ratify the League either.

jasmimrasta 36:39
36:43

Despite the fact that it had been ratified by many other nations,

jasmimrasta 36:43
36:47

without money flowing from the U.S. treasury, the League died.

jasmimrasta 36:47
36:50

After WWI, the American public had grown tired

jasmimrasta 36:51
36:55

of the internationalist policies of democrat Woodrow Wilson.

jasmimrasta 36:56
36:58

In the presidential election of 1920,

jasmimrasta 36:58
37:04

republican Warren Harding won a landslide victory with over 60% of the votes.

jasmimrasta 37:05
37:10

Harding was an ardent follower of both bolshevism and the League of Nations.

jasmimrasta 37:10
37:12

His election, which opened a 12 year run

jasmimrasta 37:12
37:15

of republican presidents in the White House,

jasmimrasta 37:15
37:20

lead to an unprecedented era of prosperity known as the "roaring twenties".

jasmimrasta 37:21
37:24

Despite the fact that war had brought America a debt

jasmimrasta 37:24
37:27

ten times larger than its civil war debt,

jasmimrasta 37:27
37:29

still the American economy surged.

jasmimrasta 37:30
37:32

Gold had poured into the country during the war

jasmimrasta 37:32
37:35

and it continued to do so afterwards.

jasmimrasta 37:35
37:38

In the early 1920's, the governor of this bank,

jasmimrasta 37:38
37:40

the Federal Reserve Bank of New York,

jasmimrasta 37:40
37:42

a man named Benjamin Strong,

jasmimrasta 37:42
37:47

met frequently with the secretive and eccentric governor of the Bank of England,

jasmimrasta 37:47
37:48

Montague Norman.

jasmimrasta 37:49
37:51

Norman was determined to replace the gold

jasmimrasta 37:51
37:54

England had lost to the U.S. during WWI

jasmimrasta 37:54
38:00

and returne the Bank of England to its former position of dominance in world finance.

jasmimrasta 38:01
38:03

On top of that, rich with gold,

jasmimrasta 38:03
38:06

the American economy might get out of control again,

jasmimrasta 38:06
38:09

just like it had done after the civil war.

jasmimrasta 38:10
38:14

During the next 8 years, under the president seize of Harding and Coolidge,

jasmimrasta 38:14
38:17

the huge federal debt built up during WWI

jasmimrasta 38:18
38:20

was cut by 38%, down to $16 billion.

jasmimrasta 38:23
38:26

The greatest percentage drop in U.S. history.

jasmimrasta 38:27
38:30

During the election of 1920, Warren Harding and Calvin Coolidge

jasmimrasta 38:30
38:33

ran against James Cox, the governor of Ohio,

jasmimrasta 38:34
38:36

and the little known Franklin D. Roosevelt,

jasmimrasta 38:36
38:39

who had previously risen to no higher post

jasmimrasta 38:40
38:44

than president Wilson's assistant secretary of the navy.

jasmimrasta 38:44
38:50

After his inauguration, Harding moved quickly to formally kill the League of Nations.

jasmimrasta 38:50
38:53

Then he quickly moved to reduce domestic taxes

jasmimrasta 38:53
38:55

while raising tariffs to record heights.

jasmimrasta 38:56
38:59

Now, this was a revenue policy of which most of the founding fathers

jasmimrasta 38:59
39:01

would certainly have approved.

jasmimrasta 39:02
39:06

His second year in office, Harding took ill on a train trip in the West

jasmimrasta 39:06
39:07

and suddenly died.

jasmimrasta 39:08
39:10

Although no autopsy was performed

jasmimrasta 39:10
39:14

the cause was said to be either pneumonia or food poisoning.

jasmimrasta 39:15
39:19

When Coolidge took over, he continued Harding's domestic economic policy

jasmimrasta 39:19
39:23

of high tariffs on imports while cutting income taxes.

jasmimrasta 39:24
39:29

As a result, the economy grew at such a rate that net revenue still increased.

jasmimrasta 39:30
39:32

Now, that had to be stopped.

jasmimrasta 39:32
39:35

So, just as they had done so frequently before,

jasmimrasta 39:35
39:40

the Money Changers decided it was time to crash the American economy.

jasmimrasta 39:40
39:43

The Fed began flooding the country with money.

jasmimrasta 39:43
39:47

They increased the money supply by 62% during these years.

jasmimrasta 39:47
39:49

Money was plentiful.

jasmimrasta 39:49
39:52

This is why it was known as the "roaring twenties".

jasmimrasta 39:53
39:57

Before his death in 1919, former president Teddy Roosevelt

jasmimrasta 39:57
40:00

warned the American people what was going on.

jasmimrasta 40:00
40:06

As reported in the March 27th, 1922 edition of the NY Times, Roosevelt said:

jasmimrasta 40:30
40:35

Just one day before, in the NY Times, the major of NY, John Highland

jasmimrasta 40:35
40:40

quoted Roosevelt and blasted those he saw as taking control of America,

jasmimrasta 40:40
40:43

its political machinery and its press:

jasmimrasta 42:07
42:10

Why didn't people listen to such strong warnings and demand

jasmimrasta 42:10
42:15

that Congress reverse its 1913 passage of the Federal Reserve Act?

jasmimrasta 42:15
42:18

Because remember: it was the 1920s:

jasmimrasta 42:18
42:22

a steady increase in bank loans contributed to a rising market.

jasmimrasta 42:22
42:26

In other words, just as it is today, in times of prosperity,

jasmimrasta 42:26
42:29

no one wants to worry about economic issues.

jasmimrasta 42:30
42:33

But there was a dark side to all this prosperity.

jasmimrasta 42:33
42:36

Businesses expanded and became strong out on credit.

jasmimrasta 42:36
42:39

Speculation in the booming stock market became rampant.

jasmimrasta 42:39
42:44

Although everything looked rosy, it was a castle made of sand.

jasmimrasta 42:44
42:48

When all was in readiness, in April of 1929, Paul Warburg,

jasmimrasta 42:48
42:52

the father of the Fed, sent out a secret advisory

jasmimrasta 42:52
42:57

warning his friends that a collapse and nationwide depression was certain.

jasmimrasta 42:57
43:01

In August of 1929, the Fed began to tighten money.

jasmimrasta 43:02
43:05

It is not a coincidence that the biographies

jasmimrasta 43:05
43:08

of all the Wall Street giants of that era,

jasmimrasta 43:08
43:11

John D. Rockefeller, J.P. Morgan, Bernard Beruch etc.

jasmimrasta 43:12
43:16

all marvelled that they got out of the stock market just before the crash

jasmimrasta 43:16
43:19

and put all their assets in cash or gold.

jasmimrasta 43:19
43:22

On October 24th, 1929, the big NY bankers

jasmimrasta 43:23
43:26

called in their 24-hour broker call loans.

jasmimrasta 43:27
43:29

This meant that both stockbrokers and customers

jasmimrasta 43:29
43:32

had to dump their stocks on the market to cover their loans,

jasmimrasta 43:32
43:36

no matter what price they had to sell them for.

jasmimrasta 43:36
43:41

As a result, the market tumbled and that day was known as "black Thursday".

jasmimrasta 43:41
43:46

According to John Kenneth Galbraith, writing in "The great crash 1929",

jasmimrasta 43:46
43:51

at the height of the selling frenzy, Bernard Beruch brought Winston Churchill

jasmimrasta 43:51
43:55

into the visitors gallery of the NY stock exchange here,

jasmimrasta 43:55
43:58

to witness the panic and impress him with his power

jasmimrasta 43:58
44:01

over the wild events down on the floor.

jasmimrasta 44:02
44:03

Congressman Louis McFadden,

jasmimrasta 44:03
44:08

chairman of the House Committee on banking and currency from 1920 to 1931,

jasmimrasta 44:08
44:10

knew whom to blame.

jasmimrasta 44:10
44:15

He accused the Fed and the international bankers of orchestrating the crash.

jasmimrasta 44:33
44:35

But McFadden went even farther:

jasmimrasta 44:35
44:38

he openly accused them of causing the crash

jasmimrasta 44:38
44:41

in order to steal America's gold.

jasmimrasta 44:41
44:46

In February 1931, in the midst of the depression, he put it his way:

jasmimrasta 45:04
45:07

Curtis Dall, a broker for Lehman brothers,

jasmimrasta 45:07
45:11

was on the floor of the NY stock exchange the day of the crash.

jasmimrasta 45:11
45:15

In his 1970 book, "FDR: my exploited father in law",

jasmimrasta 45:15
45:18

he explained that the crash was triggered

jasmimrasta 45:18
45:23

by the planned sudden shortage of call money in the NY money market.

jasmimrasta 45:38
45:43

Within a few weeks, $3 billion of wealth simply seemed to vanish.

jasmimrasta 45:43
45:46

Within a year, $40 billion had been lost.

jasmimrasta 45:48
45:53

But did it really disappear? Or was it simply consolidated in fewer hands?

jasmimrasta 45:54
45:56

And what did the Fed do?

jasmimrasta 45:57
46:00

Instead of moving to help the economy out,

jasmimrasta 46:00
46:04

by quickly lowering interest rates to stimulate the economy,

jasmimrasta 46:04
46:08

the Fed continued to broodily contract the money supply further,

jasmimrasta 46:08
46:09

deepening the depression.

jasmimrasta 46:10
46:12

Between 1929 and 1933,

jasmimrasta 46:13
46:17

the Fed reduced the money supply by an additional 33%.

jasmimrasta 46:19
46:21

Although most Americans have never heard

jasmimrasta 46:21
46:24

that the Fed was the cause of the depression,

jasmimrasta 46:24
46:26

this is well known among top economists.

jasmimrasta 46:27
46:32

Milton Friedman, the Nobel price-winning economist, now at Stanford University,

jasmimrasta 46:32
46:37

said the same thing in a national public radio interview in January of 1996:

jasmimrasta 46:52
46:55

But the money lost by most Americans during the depression,

jasmimrasta 46:55
46:56

didn't just vanish.

jasmimrasta 46:57
47:01

It was just re-distributed into the hands of those

jasmimrasta 47:01
47:05

who had gotten out just before the crash and had purchased gold,

jasmimrasta 47:05
47:10

which is always a safe place to put your money just before a depression.

jasmimrasta 47:11
47:13

But America's money also went overseas.

jasmimrasta 47:14
47:18

Incredibly, as president Hoover was heroically trying to rescue banks

jasmimrasta 47:18
47:20

and prop up businesses,

jasmimrasta 47:20
47:24

with millions of Americans starving as the great depression deepened,

jasmimrasta 47:24
47:28

millions of dollars were being spent re-building Germany

jasmimrasta 47:28
47:30

from damage sustained during WWI.

jasmimrasta 47:33
47:35

Eight years before Hitler would invade Poland,

jasmimrasta 47:35
47:37

representative Louis McFadden,

jasmimrasta 47:37
47:40

chairman of the House Banking and Currency Committee,

jasmimrasta 47:40
47:45

warned Congress that Americans were paying for Hitler's rise to power.

jasmimrasta 49:08
49:14

Franklin D. Roosevelt was swept into office during the 1932 presidential election.

jasmimrasta 49:14
49:17

Once Roosevelt was in office, however,

jasmimrasta 49:17
49:20

sweeping emergency banking measures were immediately announced,

jasmimrasta 49:20
49:25

which did nothing but increase the Fed's power over the money supply.

jasmimrasta 49:25
49:29

Then, and only then, did the Fed finally began

jasmimrasta 49:29
49:32

to loosen the purse strings and feed new money

jasmimrasta 49:32
49:35

out to the starving American people.

jasmimrasta 49:39
49:42

At first, Roosevelt railed against the Money Changers

jasmimrasta 49:42
49:44

as being the cause of the depression.

jasmimrasta 49:44
49:50

Believe it or not, this is what he said on March 4th, 1933 in his inaugural address:

jasmimrasta 50:08
50:13

But two days later, Roosevelt declared a bank holiday and closed all banks.

jasmimrasta 50:13
50:18

Later that year, Roosevelt outlawed private ownership of all gold bullion

jasmimrasta 50:18
50:21

and all gold coins with the exception of rare coins.

jasmimrasta 50:22
50:25

Most of the gold in the hands of the average American

jasmimrasta 50:25
50:27

was in the form of gold coins.

jasmimrasta 50:27
50:30

The new decree was, in effect, a confiscation.

jasmimrasta 50:31
50:36

Those who didn't comply risked as much as ten years in prison

jasmimrasta 50:36
50:40

and a $10,000 fine, the equivalent of a $100,000 today.

jasmimrasta 50:42
50:47

Out in small town America, some people didn't trust Roosevelt's order.

jasmimrasta 50:47
50:51

Many were torn between keeping their hard earned wealth

jasmimrasta 50:51
50:53

or obeying the government.

jasmimrasta 50:53
50:57

Those who did turn in their gold, were paid the official price for it:

jasmimrasta 50:57
50:59

$20.66 per ounce.

jasmimrasta 51:01
51:04

So unpopular was the confiscation order,

jasmimrasta 51:04
51:08

that no one anywhere in government would take credit for authoring it.

jasmimrasta 51:08
51:10

No congressman claimed it.

jasmimrasta 51:10
51:14

At the signing ceremony, president Roosevelt made it clear to all present

jasmimrasta 51:14
51:17

that he was not the author of it and publicly stated

jasmimrasta 51:17
51:19

that he had not ever read it.

jasmimrasta 51:19
51:23

Even a secretary of the Treasury said he had never read it either,

jasmimrasta 51:23
51:26

saying it was "what the experts wanted".

jasmimrasta 51:28
51:31

Roosevelt convinced the public to give up their gold

jasmimrasta 51:31
51:35

by saying that pulling the nation's resources was necessary

jasmimrasta 51:35
51:37

to get America out of the depression.

jasmimrasta 51:37
51:41

With great fanfare, he ordered a new bullion depository,

jasmimrasta 51:41
51:44

built to hold the mountain of gold the U.S. government

jasmimrasta 51:44
51:46

was illegally confiscating.

jasmimrasta 51:47
51:51

By 1936, the U.S. bullion depository of Fort Knox was completed

jasmimrasta 51:52
51:56

and in January 1937 the gold began to flow into it.

jasmimrasta 51:57
52:00

The rip-off of the ages was about to proceed.

jasmimrasta 52:01
52:05

In 1935, once the gold had all been turned in,

jasmimrasta 52:05
52:10

the official price of gold was suddenly raised to $35 per ounce.

jasmimrasta 52:11
52:16

But the catch was, only foreigners could sell their gold at the new higher price.

jasmimrasta 52:17
52:20

The Money Changers, who had headed Warburg's note

jasmimrasta 52:20
52:22

and gotten out of the stock market just before the crash

jasmimrasta 52:22
52:27

and bought gold at $20.66 per ounce and then shipped it to London,

jasmimrasta 52:28
52:31

could now bring it back and sell it back to the government

jasmimrasta 52:31
52:32

nearly doubling their money

jasmimrasta 52:32
52:35

while the average American starved.

jasmimrasta 52:36
52:38

The Fort Knox bullion depository

jasmimrasta 52:38
52:41

sits here in the middle of the Fort Knox military reservation,

jasmimrasta 52:41
52:44

30 miles southwest of Louisville, Kentucky.

jasmimrasta 52:44
52:48

This is as close as we were permitted to get to the depository

jasmimrasta 52:48
52:53

despite years of letters from members of Congress to allow our film crew inside.

jasmimrasta 52:55
52:58

The 4-acre grounds immediately surrounding the building

jasmimrasta 52:58
53:01

are guarded by an electrified steel fence,

jasmimrasta 53:01
53:07

an open moat and four machine gun-armed guard pillboxes at the structure's corners.

jasmimrasta 53:08
53:11

When the gold began arriving, on January 13th 1937,

jasmimrasta 53:12
53:14

there was unprecedented security.

jasmimrasta 53:14
53:17

Thousands of official guests watched the arrival

jasmimrasta 53:17
53:19

of a nine-car train from Philadelphia,

jasmimrasta 53:19
53:23

guarded by armed soldiers, postal inspectors, secret servicemen

jasmimrasta 53:24
53:26

and guards from the U.S. mint.

jasmimrasta 53:26
53:28

It was all great theatre:

jasmimrasta 53:28
53:31

America's gold supply from across the land had been pulled,

jasmimrasta 53:31
53:34

supposedly for the public benefit,

jasmimrasta 53:34
53:36

and then safely tucked into Fort Knox.

jasmimrasta 53:37
53:42

But all that security would soon be breached by the government itself.

jasmimrasta 53:42
53:45

Now the stage was set for a really big war,

jasmimrasta 53:45
53:49

one which would pile up death far beyond that of WWI.

jasmimrasta 53:51
53:56

For example, in 1944 alone, the U.S. national income was only $183 billion,

jasmimrasta 53:58
54:00

yet $103 billion was spent on the war.

jasmimrasta 54:01
54:04

This was 30 times the spending rate during WWI.

jasmimrasta 54:05
54:11

In fact, the American taxpayer picked up 55% of the total allied cost of the war.

jasmimrasta 54:12
54:16

But, equally important, virtually every nation involved in WW-II

jasmimrasta 54:16
54:18

greatly multiplied their debt.

jasmimrasta 54:18
54:23

In the U.S. for example, federal debt went from $43 billion in 1940

jasmimrasta 54:23
54:26

up to $257 billion in 1950, an increase of 598%.

jasmimrasta 54:29
54:32

Between 1940 and 1950, Japanese debt swelled 1348%.

jasmimrasta 54:35
54:39

French debt grew 583% and Canadian debt swelled 417%.

jasmimrasta 54:43
54:47

After the war, the world was now divided into two economic camps.

jasmimrasta 54:48
54:50

Communist-command economies on one hand

jasmimrasta 54:50
54:53

vs monopoly capitalists on the other,

jasmimrasta 54:53
54:58

set to fight it out in one perpetual and highly profitable arms raise.

jasmimrasta 54:59
55:02

It was finally time for the central bankers to embark in earnest

jasmimrasta 55:02
55:06

on their three-step plan to centralize the economic systems

jasmimrasta 55:06
55:07

of the entire world

jasmimrasta 55:08
55:12

and finally bring about their global government or New World Order.

jasmimrasta 55:12
55:14

The phases of this plan were:

jasmimrasta 55:15
55:19

Step 1: central bank domination of national economies worldwide.

jasmimrasta 55:20
55:24

Step 2: centralize regional economies through organizations

jasmimrasta 55:24
55:30

such as the European Monetary Union and regional trade unions such as NAFTA.

jasmimrasta 55:30
55:35

Step 3: centralize the world economy through a World Central Bank,

jasmimrasta 55:35
55:39

a world money and ending national independence through abolition

jasmimrasta 55:39
55:42

of all tariffs by treaties like GATT.

jasmimrasta 55:42
55:45

Step 1 was completed long ago.

jasmimrasta 55:45
55:49

Steps 2 and 3 are far advanced, nearing completion.

jasmimrasta 55:49
55:50

What about gold?

jasmimrasta 55:50
55:55

Amongst central banks, the largest holder of gold is now the IMF.

jasmimrasta 55:55
55:59

It and central banks now control 2/3 of the world gold supply,

jasmimrasta 55:59
56:03

giving them the ability to manipulate the gold market.

jasmimrasta 56:03
56:06

Remember the Money Changers' golden rule:

jasmimrasta 56:06
56:08

"He who has the gold makes the rules".

jasmimrasta 56:10
56:12

But before we get into solutions to our problem,

jasmimrasta 56:12
56:16

let's take a look to what happened to all that gold in Fort Knox.

jasmimrasta 56:16
56:19

Because if we don't understand that the gold has been stolen,

jasmimrasta 56:19
56:23

we will allow ourselves to be stampeded into the wrong solution:

jasmimrasta 56:23
56:24

a gold-backed currency.

jasmimrasta 56:26
56:31

Most Americans still believe that the gold is still here, at Fort Knox.

jasmimrasta 56:31
56:36

At the end of WW-II, Fort Knox contained over 700 million ounces of gold,

jasmimrasta 56:37
56:40

an incredible 70% of all the gold in the world.

jasmimrasta 56:41
56:43

How much remains? No one knows.

jasmimrasta 56:44
56:46

Despite the fact that federal law requires

jasmimrasta 56:46
56:49

an annual physical audit of Fort Knox gold,

jasmimrasta 56:49
56:53

the treasury has consistently refused to conduct one.

jasmimrasta 56:53
56:58

The truth is that a reliable audit of whatever remains here,

jasmimrasta 56:58
57:02

has not been conducted since president Eisenhower ordered one in 1953.

jasmimrasta 57:04
57:07

Where did America's gold in Fort Knox go?

jasmimrasta 57:08
57:12

Over the years, it was sold off to European Money Changers

jasmimrasta 57:12
57:14

at the $35 per ounce price.

jasmimrasta 57:15
57:19

Remember: this was during the time when it was illegal for Americans

jasmimrasta 57:19
57:22

to buy any of their own gold from Fort Knox.

jasmimrasta 57:22
57:25

In fact, there was a very infamous case

jasmimrasta 57:25
57:29

where the Firestone family set up a string of dummy corporations

jasmimrasta 57:29
57:32

to purchase Fort Knox's gold and keep it in Switzerland,

jasmimrasta 57:32
57:34

never hitting U.S. shores.

jasmimrasta 57:34
57:38

They were eventually caught, however, and successfully prosecuted.

jasmimrasta 57:39
57:44

Finally, by 1971, all the pure gold had been secretly removed from Fort Knox,

jasmimrasta 57:46
57:48

drained back to London.

jasmimrasta 57:48
57:51

Once the gold was gone from Fort Knox,

jasmimrasta 57:51
57:53

president Nixon closed the gold window

jasmimrasta 57:53
57:57

by repealing Roosevelt's gold reserve act of 1934,

jasmimrasta 57:58
58:02

finally making it legal once again for Americans to buy gold.

jasmimrasta 58:04
58:08

Naturally, gold prices immediately began to soar:

jasmimrasta 58:08
58:11

nine years later, gold sold for $880 per ounce,

jasmimrasta 58:12
58:16

25 times what the gold in Fort Knox was sold for.

jasmimrasta 58:18
58:20

One would think that eventually, someone in the government

jasmimrasta 58:20
58:24

would get wind of what was happening and blow the whistle.

jasmimrasta 58:24
58:28

The largest fortune in the history of the world, stolen.

jasmimrasta 58:28
58:31

Shades of the old James Bond film "Goldfinger".

jasmimrasta 58:32
58:37

Well, as a matter of fact, Ian Flaming, the author of the James Bond series,

jasmimrasta 58:37
58:41

was head of the British counter-intelligence service MI5.

jasmimrasta 58:42
58:44

Some believed in the intelligence community

jasmimrasta 58:44
58:49

that he wrote much of his fiction as a warning as many authors of fiction do.

jasmimrasta 58:49
58:53

If the removal of all the good delivery gold from Fort Knox

jasmimrasta 58:53
58:56

can be viewed as a deliberate raid on the U.S. treasury,

jasmimrasta 58:56
59:00

then such an operation might well have been years in the making.

jasmimrasta 59:00
59:01

Namely, 40 years.

jasmimrasta 59:02
59:07

Certainly enough time for Fleming to get wind of it and try to prevent it.

jasmimrasta 59:07
59:12

So just how did the story of the Fort Knox gold robbery get out?

jasmimrasta 59:14
59:18

It all started with an article in a NY periodical in 1974.

jasmimrasta 59:20
59:25

The article charts that the Rockefeller family was manipulating the Fed

jasmimrasta 59:25
59:29

to sell off Fort Knox gold at bargain-basement prices

jasmimrasta 59:29
59:31

to anonymous European speculators.

jasmimrasta 59:34
59:37

Three days later, the anonymous source of the story,

jasmimrasta 59:37
59:41

Louise Auchincloss Boyer, mysteriously fell to her death

jasmimrasta 59:41
59:45

from the window of her 10th floor apartment in NY.

jasmimrasta 59:45
59:47

How had Mrs. Boyer known

jasmimrasta 59:47
59:51

of the Rockefeller connection to the Fort Knox gold heist?

jasmimrasta 59:51
59:55

She was the long-time secretary of Nelson Rockefeller.

jasmimrasta 59:58
1:00:03

For the next 14 years, this man Ed Durell, a wealthy Ohio industrialist,

jasmimrasta 1:00:04
1:00:09

devoted himself to a quest for the truth concerning the Fort Knox gold.

jasmimrasta 1:00:09
1:00:14

He wrote thousands of letters to over 1000 government and banking officials

jasmimrasta 1:00:14
1:00:17

trying to find out how much gold was really left

jasmimrasta 1:00:17
1:00:19

and where the rest of it had gone.

jasmimrasta 1:00:19
1:00:23

Edith Roosevelt, the granddaughter of president Teddy Roosevelt,

jasmimrasta 1:00:23
1:00:27

questioned the actions of the government in a March 1975 edition

jasmimrasta 1:00:27
1:00:30

of the New Hampshire's Sunday news:

jasmimrasta 1:00:52
1:00:57

Unfortunately, Ed Durell never did accomplish his primary goal:

jasmimrasta 1:00:57
1:01:00

a full audit of the gold reserves in Fort Knox�

jasmimrasta 1:01:01
1:01:07

It's incredible that the world's greater treasure has had little accounting or auditing.

jasmimrasta 1:01:07
1:01:09

This gold belonged to the American people,

jasmimrasta 1:01:09
1:01:13

not to the Federal Reserve and their foreign owners.

jasmimrasta 1:01:13
1:01:18

One thing is certain: the government could blow all of this speculation away

jasmimrasta 1:01:18
1:01:20

in a few days with a well publicized audit

jasmimrasta 1:01:20
1:01:23

under the searing lights of media cameras.

jasmimrasta 1:01:23
1:01:25

It has chosen not to do so.

jasmimrasta 1:01:26
1:01:30

One must conclude that they are afraid of the truth

jasmimrasta 1:01:30
1:01:32

such an audit would reveal.

jasmimrasta 1:01:33
1:01:36

What is the government so afraid of?

jasmimrasta 1:01:36
1:01:40

Here is the answer: when president Ronal Reagan took office in 1981,

jasmimrasta 1:01:40
1:01:44

his conservative friends urged him to study the feasibility

jasmimrasta 1:01:45
1:01:47

of returning to a gold standard

jasmimrasta 1:01:47
1:01:50

as the only way to curb government's spending.

jasmimrasta 1:01:50
1:01:53

It sounded like a reasonable alternative,

jasmimrasta 1:01:53
1:01:57

so president Reagan appointed a group of men called the "Gold Commission",

jasmimrasta 1:01:57
1:02:00

to study the situation and report back to Congress.

jasmimrasta 1:02:00
1:02:05

What Reagan's Gold Commission reported back to Congress in 1982,

jasmimrasta 1:02:05
1:02:09

was the following shocking revelation concerning gold:

jasmimrasta 1:02:09
1:02:12

the U.S. treasury owned no gold at all.

jasmimrasta 1:02:13
1:02:15

All the gold that was left in Fort Knox,

jasmimrasta 1:02:15
1:02:18

was now owned by the Federal Reserve,

jasmimrasta 1:02:18
1:02:23

a group of private bankers, as collateral against the national debt.

jasmimrasta 1:02:23
1:02:25

The truth of the matter is that never before

jasmimrasta 1:02:25
1:02:29

had so much money been stolen from the hands of the general public

jasmimrasta 1:02:29
1:02:33

and put into the hands of a small group of private investors:

jasmimrasta 1:02:33
1:02:35

the Money Changers.

jasmimrasta 1:02:40
1:02:44

I'm standing in front of the headquarters of the International Monetary Fund,

jasmimrasta 1:02:44
1:02:46

located in Washington D.C.

jasmimrasta 1:02:47
1:02:51

Across the street, right over there, is the headquarters of the World Bank.

jasmimrasta 1:02:51
1:02:54

What are these organizations? Who controls them?

jasmimrasta 1:02:55
1:02:58

And, most importantly, are they about to create

jasmimrasta 1:02:58
1:03:00

a huge worldwide depression?

jasmimrasta 1:03:03
1:03:07

Let us step back in time for a moment to the aftermath of WWI.

jasmimrasta 1:03:07
1:03:09

People were tired of war.

jasmimrasta 1:03:09
1:03:11

So, under the guys of peacemaking,

jasmimrasta 1:03:11
1:03:14

the international banker devised the plan

jasmimrasta 1:03:14
1:03:16

to consolidate power even further.

jasmimrasta 1:03:17
1:03:22

Claiming only an international government would stand the tide of world wars,

jasmimrasta 1:03:22
1:03:26

the Money Changers pushed forward a proposal for world government,

jasmimrasta 1:03:26
1:03:28

which stood on three legs:

jasmimrasta 1:03:28
1:03:32

a world central bank, to be called the Bank of International Settlements,

jasmimrasta 1:03:32
1:03:37

a world judiciary, to be called the world court located in The Hagues in the Netherlands

jasmimrasta 1:03:37
1:03:42

and a world executive and legislator, to be called the League of Nations.

jasmimrasta 1:03:43
1:03:47

As president Clinton's mentor, Georgetown historian Carrol Quigley,

jasmimrasta 1:03:47
1:03:50

wrote in his 1966 book "Tragedy and Hope":

jasmimrasta 1:04:59
1:05:03

Despite intense pressure from the international banker and the press,

jasmimrasta 1:05:03
1:05:07

a handful of U.S. senators, lead by senator Henri Cabbot Lodge,

jasmimrasta 1:05:08
1:05:10

kept the U.S. out of these schemes.

jasmimrasta 1:05:11
1:05:14

Without U.S. participation, the League was doomed.

jasmimrasta 1:05:15
1:05:20

Incredibly, event though the U.S. rejected the World Central Bank, the BIS,

jasmimrasta 1:05:20
1:05:23

the NY Federal Reserve ignored its government

jasmimrasta 1:05:23
1:05:26

and arrogantly sent representatives to Switzerland

jasmimrasta 1:05:26
1:05:29

to participate in the central bankers' meeting

jasmimrasta 1:05:29
1:05:31

right up until 1994,

jasmimrasta 1:05:32
1:05:35

when the U.S. was finally officially dragged into it.

jasmimrasta 1:05:36
1:05:39

Their World Government's schemes thwarted,

jasmimrasta 1:05:39
1:05:42

the bankers resorted to the old formula:

jasmimrasta 1:05:42
1:05:45

another war to wear down the resistance to world government

jasmimrasta 1:05:45
1:05:47

while reaping handsome profits.

jasmimrasta 1:05:48
1:05:51

To this end, Wall Street helped resurrect Germany

jasmimrasta 1:05:51
1:05:53

through the Thissen Banks,

jasmimrasta 1:05:53
1:05:55

which were affiliated with the Herman interests in NY,

jasmimrasta 1:05:55
1:05:59

just as the Chase Bank had assisted in the financing

jasmimrasta 1:05:59
1:06:02

of the Bolshevik revolution in Russia during WWI.

jasmimrasta 1:06:02
1:06:06

Chase Bank was controlled by the Rockefeller family.

jasmimrasta 1:06:06
1:06:09

Subsequently, it was merged with Warburg's Manhattan Bank

jasmimrasta 1:06:09
1:06:11

to form the Chase-Manhattan Bank.

jasmimrasta 1:06:15
1:06:18

Now, this has merged with Chemical Bank of NY

jasmimrasta 1:06:18
1:06:21

making it the largest Wall Street bank.

jasmimrasta 1:06:23
1:06:27

Their strategy worked: even before WW-II was over,

jasmimrasta 1:06:27
1:06:30

world government was back on track.

jasmimrasta 1:06:30
1:06:33

In 1944 at Bretton Woods, New Hampshire,

jasmimrasta 1:06:33
1:06:38

the IMF and the World Bank were approved with full U.S. participation.

jasmimrasta 1:06:40
1:06:44

The second League of Nations, renamed the United Nations,

jasmimrasta 1:06:44
1:06:46

was approved in 1945.

jasmimrasta 1:06:47
1:06:51

Soon a new international courting system was functioning as well.

jasmimrasta 1:06:52
1:06:56

All effective opposition to these international bodies before the war

jasmimrasta 1:06:56
1:07:00

had evaporated in the heat of war, just as planned.

jasmimrasta 1:07:02
1:07:06

These new organizations simply repeated on a world scale

jasmimrasta 1:07:06
1:07:09

what the National Banking Act of 1864

jasmimrasta 1:07:09
1:07:12

and the Federal Reserve Act of 1913

jasmimrasta 1:07:12
1:07:14

had established in the U.S.

jasmimrasta 1:07:15
1:07:20

They created a baking cartel composed of the world's central banks,

jasmimrasta 1:07:20
1:07:24

which gradually assumed the power to dictate credit policies

jasmimrasta 1:07:24
1:07:26

to the banks of all the nations.

jasmimrasta 1:07:28
1:07:31

For example, just as the Federal Reserve Act

jasmimrasta 1:07:31
1:07:35

authorized the creation of a new national fiat currency

jasmimrasta 1:07:35
1:07:37

called Federal Reserve notes,

jasmimrasta 1:07:37
1:07:42

the IMF has been given the authority to issue a world fiat money

jasmimrasta 1:07:42
1:07:44

called Special Drawing Rights, or SDRs.

jasmimrasta 1:07:46
1:07:51

To date, the IMF has created an excess of $30 billion worth of SDRs.

jasmimrasta 1:07:54
1:07:57

Member nations have been pressured to make their currencies

jasmimrasta 1:07:57
1:07:59

fully exchangeable for SDRs.

jasmimrasta 1:08:00
1:08:02

In 1968, Congress approved laws

jasmimrasta 1:08:03
1:08:07

authorizing the Fed to accept SDRs as reserves in the U.S.

jasmimrasta 1:08:09
1:08:12

and to issue Fed notes in exchange for SDRs.

jasmimrasta 1:08:14
1:08:16

What does that mean.

jasmimrasta 1:08:16
1:08:21

It means that in the U.S., SDRs are already part of our lawful money.

jasmimrasta 1:08:21
1:08:23

And what about gold?

jasmimrasta 1:08:23
1:08:26

SDRs are already partially backed by gold,

jasmimrasta 1:08:26
1:08:30

and with 2/3 of world's gold now in the hands of Central Banks,

jasmimrasta 1:08:30
1:08:35

the Money Changers can go about structuring the world's economic future

jasmimrasta 1:08:35
1:08:38

in whichever way they deem most profitable.

jasmimrasta 1:08:39
1:08:43

Keep in mind: just as the Fed is controlled by its board of governors,

jasmimrasta 1:08:43
1:08:46

the IMF is controlled by its board of governors,

jasmimrasta 1:08:46
1:08:49

which are either the heads of the different Central Banks

jasmimrasta 1:08:49
1:08:53

or the heads of the various national treasury departments,

jasmimrasta 1:08:53
1:08:55

dominated by their Central Banks.

jasmimrasta 1:08:56
1:09:00

Voting power in the IMF gives the U.S. and the U.K.,

jasmimrasta 1:09:00
1:09:02

that is to say the Fed and the Bank of England,

jasmimrasta 1:09:02
1:09:03

effective control.

jasmimrasta 1:09:05
1:09:09

Just as the Fed controls the amount of money in the U.S.,

jasmimrasta 1:09:09
1:09:13

the BIS, IMF and World Bank control the money supply for the world.

jasmimrasta 1:09:17
1:09:21

So we see the repetition of the old goldsmiths' fraud,

jasmimrasta 1:09:21
1:09:25

replicated on the national scale, with Central Banks like the Fed,

jasmimrasta 1:09:25
1:09:30

and on the international scale by the three arms of the World Central Bank.

jasmimrasta 1:09:31
1:09:34

Is this organization of the BIS, the IMF and the World Bank,

jasmimrasta 1:09:34
1:09:38

which we refer to collectively as the "World Central Bank",

jasmimrasta 1:09:38
1:09:41

presently expanding and contracting world credit?

jasmimrasta 1:09:41
1:09:41

Yes.

jasmimrasta 1:09:42
1:09:45

Regulations put into effect in 1988 by the BIS

jasmimrasta 1:09:46
1:09:50

required the world's bankers to raise their capital and reserves

jasmimrasta 1:09:50
1:09:52

to 8% of liabilities by 1992.

jasmimrasta 1:09:55
1:09:58

Increased capital requirements put an upper limit

jasmimrasta 1:09:58
1:10:01

to the fractional reserve lending

jasmimrasta 1:10:01
1:10:05

similar to the way cash reserve requirements do.

jasmimrasta 1:10:05
1:10:08

What is this seemingly insignificant regulation

jasmimrasta 1:10:08
1:10:12

made in a Swiss city 8 years ago meant to the world?

jasmimrasta 1:10:13
1:10:17

It means our banks cannot loan more and more money

jasmimrasta 1:10:17
1:10:20

to buy more and more time before the next depression

jasmimrasta 1:10:20
1:10:23

as a maximum loan ratio is now set.

jasmimrasta 1:10:24
1:10:28

It means those nations with the lowest bank reserves in their systems

jasmimrasta 1:10:28
1:10:32

have already felt the terrible effects of this credit contraction

jasmimrasta 1:10:32
1:10:37

as their banks scramble to raise money to increase their reserves to 8%.

jasmimrasta 1:10:38
1:10:41

To raise the money, they had to sell stocks,

jasmimrasta 1:10:41
1:10:43

which depressed their stock markets

jasmimrasta 1:10:43
1:10:46

and began the depression first in their countries.

jasmimrasta 1:10:47
1:10:52

Japan, which in 1988 had among the lowest capital and reserve requirements,

jasmimrasta 1:10:52
1:10:55

and thus was the most affected by the regulation,

jasmimrasta 1:10:55
1:11:00

has experienced the financial crash, which began almost immediately in 1989,

jasmimrasta 1:11:01
1:11:06

which has wiped out a staggering 50% of the value of its stock market since 1990

jasmimrasta 1:11:07
1:11:11

and 60% of the value of its commercial real estate.

jasmimrasta 1:11:12
1:11:16

The Bank of Japan has lowered its interest rates to 0.5%,

jasmimrasta 1:11:17
1:11:21

practically giving away money to resurrect the economy,

jasmimrasta 1:11:21
1:11:23

but still the depression worsens.

jasmimrasta 1:11:25
1:11:28

Due to the $20 billion U.S. bailout of Mexico,

jasmimrasta 1:11:29
1:11:33

the financial collapse in that nation is already known here.

jasmimrasta 1:11:33
1:11:38

Yet, despite the bailout, the economy continues to be a disaster.

jasmimrasta 1:11:38
1:11:41

One huge debt after another is rolled over,

jasmimrasta 1:11:41
1:11:44

as new loans have been made simply to enable Mexico

jasmimrasta 1:11:44
1:11:47

to pay the interests on the old loans.

jasmimrasta 1:11:47
1:11:51

In the south of Mexico, the poor have been in open revolt,

jasmimrasta 1:11:51
1:11:54

as every spare peso has been siphoned out of the country

jasmimrasta 1:11:54
1:11:56

to make interest payments.

jasmimrasta 1:11:57
1:11:58

It is important to note

jasmimrasta 1:11:58
1:12:01

that a radical transfer of power is taking place

jasmimrasta 1:12:01
1:12:05

as nations become subservient to a supra-national WCB,

jasmimrasta 1:12:07
1:12:11

controlled by a handful of the world's richest bankers.

jasmimrasta 1:12:13
1:12:18

As the IMF creates more and more SDRs by the stroke of a pen on IMF ledgers,

jasmimrasta 1:12:18
1:12:22

more and more nations borrow them to pay interests on their mounting debts

jasmimrasta 1:12:22
1:12:24

and gradually fall under the control

jasmimrasta 1:12:24
1:12:27

of the faceless bureaucrats of the WCB.

jasmimrasta 1:12:28
1:12:31

As the worldwide depression worsens and spreads,

jasmimrasta 1:12:31
1:12:36

this will give the WCB the power of economic life and death over these nations.

jasmimrasta 1:12:37
1:12:41

It will decide which nations will be permitted to receive further loans

jasmimrasta 1:12:41
1:12:43

and which nations will starve.

jasmimrasta 1:12:43
1:12:47

Despite all the rhetoric about development and the alleviation of poverty,

jasmimrasta 1:12:47
1:12:51

the result is a steady transfer of wealth from the deader nations

jasmimrasta 1:12:51
1:12:53

to the Money Changers' Central Banks,

jasmimrasta 1:12:53
1:12:56

which control the IMF and the World Bank.

jasmimrasta 1:12:56
1:13:00

For example, in 1992, the third world deader nations,

jasmimrasta 1:13:00
1:13:02

which borrowed from the World Bank,

jasmimrasta 1:13:02
1:13:07

paid $198 million more to the central banks of the developed nations

jasmimrasta 1:13:08
1:13:10

for World Bank funded purposes,

jasmimrasta 1:13:10
1:13:13

then they received from the World Bank.

jasmimrasta 1:13:13
1:13:15

All this increases their permanent debt

jasmimrasta 1:13:15
1:13:20

in exchange for temporary relief of poverty caused by prior borrowings.

jasmimrasta 1:13:21
1:13:26

Already, these repayments exceed the amount of the new loans.

jasmimrasta 1:13:26
1:13:30

By 1992 Africa's external debt had reached $290 billion,

jasmimrasta 1:13:31
1:13:33

2.5 times greater then in 1980,

jasmimrasta 1:13:34
1:13:37

resulting in skyrocketing infant mortality rates

jasmimrasta 1:13:37
1:13:41

and unemployment, deterioration of school, housing

jasmimrasta 1:13:41
1:13:44

and the general health of the people.

jasmimrasta 1:13:44
1:13:47

The entire world faces the immeasurable suffering

jasmimrasta 1:13:47
1:13:50

already destroying the third world and now Japan,

jasmimrasta 1:13:50
1:13:53

all for the benefit of the Money Changers.

jasmimrasta 1:13:53
1:13:57

As one prominent Brazilian politician put it:

jasmimrasta 1:14:33
1:14:36

Although it would be absurd to ignore the pivotal role

jasmimrasta 1:14:36
1:14:39

played by influential families such as

jasmimrasta 1:14:39
1:14:43

the Rothschilds, the Warburgs, the Shiffs, the Morgans and the Rockefellers,

jasmimrasta 1:14:43
1:14:47

in any review of the history of central banking and fractional banking,

jasmimrasta 1:14:47
1:14:52

keep in mind: by now, central banks and the large commercial banks

jasmimrasta 1:14:52
1:14:56

are up to three centuries old and deeply entrenched

jasmimrasta 1:14:56
1:14:59

in the economic life of many nations.

jasmimrasta 1:15:00
1:15:04

These banks are no longer dependent on clever individuals

jasmimrasta 1:15:04
1:15:06

such as a Nathan Rothschild.

jasmimrasta 1:15:06
1:15:11

Years ago, the question of ownership was important, but no longer.

jasmimrasta 1:15:11
1:15:15

For example, both the Bank of England and the Bank of France

jasmimrasta 1:15:15
1:15:18

were nationalized after WW-II and nothing changed,

jasmimrasta 1:15:19
1:15:20

nothing at all.

jasmimrasta 1:15:21
1:15:26

They endure and continue to grow now protected by numerous laws,

jasmimrasta 1:15:26
1:15:29

paid politicians and mortgage media,

jasmimrasta 1:15:30
1:15:33

untouched by the changing of generations.

jasmimrasta 1:15:34
1:15:38

Three centuries have given them an aura of respectability;

jasmimrasta 1:15:39
1:15:43

the old-school tie is now worn by the sixth generation son,

jasmimrasta 1:15:44
1:15:48

who has been raised in a system that he may never question

jasmimrasta 1:15:48
1:15:51

as he is named to serve on the governing boards

jasmimrasta 1:15:51
1:15:53

of countless philanthropic organizations.

jasmimrasta 1:15:55
1:15:59

To focus attention today on individuals or families

jasmimrasta 1:16:00
1:16:03

or to attempt to sort out the current holders of power,

jasmimrasta 1:16:03
1:16:08

serves little useful purpose and would be a distraction from the cure.

jasmimrasta 1:16:08
1:16:11

The problem is far bigger than that.

jasmimrasta 1:16:11
1:16:15

It is the corrupt banking system that was and is

jasmimrasta 1:16:16
1:16:20

being used to consolidate vast wealth into fewer and fewer hands,

jasmimrasta 1:16:21
1:16:23

that is our current economic problem.

jasmimrasta 1:16:24
1:16:26

Change the names of the main player now,

jasmimrasta 1:16:26
1:16:30

and the problem would neither go away, nor even miss a beat.

jasmimrasta 1:16:31
1:16:35

Likewise, among the hordes of bureaucrats working in the World Bank,

jasmimrasta 1:16:35
1:16:38

central banks and international banks,

jasmimrasta 1:16:38
1:16:42

only a tiny fraction have any idea of what's really going on.

jasmimrasta 1:16:43
1:16:45

No doubt they'd be horrified to learn

jasmimrasta 1:16:45
1:16:49

that their work is contributing to the terrible impoverishment

jasmimrasta 1:16:49
1:16:54

and gradual enslavement of mankind to a few, incredibly rich plutocrats.

jasmimrasta 1:16:57
1:17:02

So really, there is no use in emphasizing the role of individuals anymore.

jasmimrasta 1:17:02
1:17:08

And the problem even transcends the normal spectrum of political right and left.

jasmimrasta 1:17:08
1:17:12

Both, communism and socialism, as well as monopoly capitalism

jasmimrasta 1:17:14
1:17:16

have been used by the Money Changers.

jasmimrasta 1:17:17
1:17:21

Today they profit from either side of the new political spectrum:

jasmimrasta 1:17:23
1:17:27

the big government welfare state on the so-called left wing,

jasmimrasta 1:17:27
1:17:31

vs. the neo-conservative laissez-faire capitalists

jasmimrasta 1:17:31
1:17:36

who want big government totally out of their lives, on the right wing.

jasmimrasta 1:17:37
1:17:39

Either way the bankers win.

jasmimrasta 1:17:40
1:17:45

Monetary reform is the most important political issue facing this nation.

jasmimrasta 1:17:48
1:17:53

That clarified, let's proceed to the conclusions in the spirit Lincoln declared:

jasmimrasta 1:17:55
1:17:58

"with malice towards none, with charity towards all".

jasmimrasta 1:18:02
1:18:07

At the start of this video, we asked a number of troubling questions.

jasmimrasta 1:18:07
1:18:09

Let's be sure we've answered them.

jasmimrasta 1:18:10
1:18:13

What's going on in America today?

jasmimrasta 1:18:13
1:18:15

Why are we over our heads in debt?

jasmimrasta 1:18:15
1:18:18

Why can't the politicians bring debt under control?

jasmimrasta 1:18:18
1:18:21

Why are we over our heads in debt?

jasmimrasta 1:18:21
1:18:23

Because we're labouring under a debt money system,

jasmimrasta 1:18:23
1:18:27

that is designed and controlled by private bankers.

jasmimrasta 1:18:27
1:18:30

Some will argue that the Federal Reserve system

jasmimrasta 1:18:30
1:18:32

is a quasi-governmental agency.

jasmimrasta 1:18:33
1:18:37

But the president appoints only two of the seven members

jasmimrasta 1:18:37
1:18:40

of the Fed's board of governors every four years.

jasmimrasta 1:18:40
1:18:45

And he appoints them to 14 year terms, far longer than his own.

jasmimrasta 1:18:46
1:18:48

The senate does confirm those appointments,

jasmimrasta 1:18:48
1:18:51

but the whole truth is that the president wouldn't dare

jasmimrasta 1:18:51
1:18:56

appoint anyone to that board of whom Wall Street does not approve.

jasmimrasta 1:18:57
1:19:00

Of course, this does not preclude the possibility

jasmimrasta 1:19:00
1:19:04

that some honourable men may be appointed to the board of governors.

jasmimrasta 1:19:04
1:19:08

But the fact is that the Fed is specifically designed

jasmimrasta 1:19:08
1:19:11

to operate independently of our government

jasmimrasta 1:19:11
1:19:14

as are nearly all other central banks.

jasmimrasta 1:19:15
1:19:19

Some argue that the Fed promotes monetary stability.

jasmimrasta 1:19:19
1:19:22

We saw the current head of the Bank of England, Eddie George,

jasmimrasta 1:19:22
1:19:26

claim that this was the most important role of a central bank.

jasmimrasta 1:19:26
1:19:29

In fact, the Fed's record of stabilizing the economy,

jasmimrasta 1:19:29
1:19:33

shows it to be a miserable failure in this regard.

jasmimrasta 1:19:33
1:19:35

Within the first 25 years of its existence,

jasmimrasta 1:19:35
1:19:40

the Fed caused three major economic downturns, including the great depression,

jasmimrasta 1:19:40
1:19:44

and for the last 30 years has shepherded the American economy

jasmimrasta 1:19:44
1:19:47

into a period of unprecedented inflation.

jasmimrasta 1:19:49
1:19:52

Again, this is not some wild conspiracy theory;

jasmimrasta 1:19:52
1:19:55

it's a well known fact among top economists.

jasmimrasta 1:19:56
1:20:00

As Nobel price-winning economist Milton Friedman put it:

jasmimrasta 1:21:37
1:21:40

We must learn from our history before it is too late.

jasmimrasta 1:21:40
1:21:43

Why can't politicians control the federal debt?

jasmimrasta 1:21:43
1:21:46

Because all our money is created out of debt.

jasmimrasta 1:21:47
1:21:49

Again, it's a debt-money system.

jasmimrasta 1:21:49
1:21:53

Our money is created initially by the purchase of U.S. bonds.

jasmimrasta 1:21:53
1:21:56

The public buys bonds, like savings bonds,

jasmimrasta 1:21:56
1:21:59

the banks buy bonds, foreigners buy bonds,

jasmimrasta 1:21:59
1:22:02

and when the Fed wants to create more money in the system,

jasmimrasta 1:22:02
1:22:06

it buys bonds but pays for them with a simple bookkeeping entry,

jasmimrasta 1:22:06
1:22:09

which it creates out of nothing.

jasmimrasta 1:22:09
1:22:11

Then, this new money created by the Fed

jasmimrasta 1:22:11
1:22:14

is multiplied by a factor of ten by the banks,

jasmimrasta 1:22:14
1:22:17

thanks to the fractional reserve principle.

jasmimrasta 1:22:21
1:22:24

So, although the banks don't create currency,

jasmimrasta 1:22:24
1:22:28

they do create check book money, or deposits, by making new loans.

jasmimrasta 1:22:29
1:22:32

They even invest some of this created money.

jasmimrasta 1:22:32
1:22:36

In fact, over one trillion dollars of this privately-created money

jasmimrasta 1:22:36
1:22:40

has been used to purchase U.S. Bonds on the open market,

jasmimrasta 1:22:40
1:22:44

which provides the banks with roughly 50 billion dollars in interest,

jasmimrasta 1:22:44
1:22:49

risk free, each year, less the interest they pay some depositors.

jasmimrasta 1:22:50
1:22:53

In this way, through fractional reserve lending,

jasmimrasta 1:22:53
1:22:55

banks create over 90% of the money,

jasmimrasta 1:22:56
1:23:00

and therefore cause over 90% of our inflation (approximately 97%).

jasmimrasta 1:23:01
1:23:03

What can we do about all this?

jasmimrasta 1:23:03
1:23:06

Fortunately, there's a way to fix the problem fairly easily,

jasmimrasta 1:23:06
1:23:10

speedily, and without any serious financial problems.

jasmimrasta 1:23:10
1:23:14

We can get our country totally out of debt in 1-2 years

jasmimrasta 1:23:14
1:23:18

by simply paying off U.S. bonds with debt-free U.S. Notes,

jasmimrasta 1:23:19
1:23:21

just like Lincoln issued.

jasmimrasta 1:23:21
1:23:25

Of course, that by itself would create tremendous inflation,

jasmimrasta 1:23:25
1:23:28

since our currency is presently multiplied

jasmimrasta 1:23:28
1:23:31

by the fractional reserve banking system.

jasmimrasta 1:23:31
1:23:36

But here's the ingenious solution advanced in part by Milton Friedman

jasmimrasta 1:23:36
1:23:38

to keep the money supply stable

jasmimrasta 1:23:39
1:23:43

and avoid inflation and deflation while the debt is retired.

jasmimrasta 1:23:44
1:23:49

As the Treasury buys up its bonds on the open market with U.S. Notes,

jasmimrasta 1:23:49
1:23:52

the reserve requirements of your hometown local bank

jasmimrasta 1:23:52
1:23:54

will be proportionally raised

jasmimrasta 1:23:55
1:23:58

so the amount of money in circulation remains constant.

jasmimrasta 1:23:58
1:24:02

As those holding bonds are paid off in U.S. Notes,

jasmimrasta 1:24:02
1:24:05

they will deposit this money, thus making available the currency

jasmimrasta 1:24:05
1:24:09

then needed by the banks to increase their reserves.

jasmimrasta 1:24:09
1:24:12

Once all the U.S. bonds are replaced with U.S. Notes,

jasmimrasta 1:24:12
1:24:15

banks will be at 100% reserve banking,

jasmimrasta 1:24:15
1:24:19

instead of the fractional reserve system currently in use.

jasmimrasta 1:24:20
1:24:24

From this point on, the former Fed buildings will only be needed

jasmimrasta 1:24:24
1:24:29

as a central clearing houses for checks, and as vaults for U.S. Notes.

jasmimrasta 1:24:30
1:24:35

The Federal Reserve Act will no longer be necessary, and could be repealed.

jasmimrasta 1:24:36
1:24:40

Monetary power could be transferred back to the treasury department.

jasmimrasta 1:24:40
1:24:44

There would be no further creation or contraction of money by banks.

jasmimrasta 1:24:47
1:24:52

By doing it this way, our national debt can be paid off in a single year or so,

jasmimrasta 1:24:52
1:24:56

and the Fed and fractional reserve banking abolished

jasmimrasta 1:24:56
1:25:00

without national bankruptcy, financial collapse, inflation or deflation,

jasmimrasta 1:25:00
1:25:06

or any significant change in the way the average American goes about his business.

jasmimrasta 1:25:06
1:25:09

To the average person, the primary difference would be

jasmimrasta 1:25:09
1:25:14

that for the first time since the Federal Reserve Act was passed in 1913,

jasmimrasta 1:25:14
1:25:16

taxes would begin to go down.

jasmimrasta 1:25:17
1:25:20

Now there's a real national blessing for you,

jasmimrasta 1:25:20
1:25:23

rather than for Hamilton's banker friends.

jasmimrasta 1:25:25
1:25:29

Now, let's take a look at these proposals in more detail.

jasmimrasta 1:25:29
1:25:32

Here are the main provisions of a Money Reform Act,

jasmimrasta 1:25:32
1:25:35

which needs to be passed by Congress.

jasmimrasta 1:25:35
1:25:38

We've drafted a proposed Monetary Reform Act,

jasmimrasta 1:25:38
1:25:40

which follows at the end of this tape.

jasmimrasta 1:25:41
1:25:45

Of course, variations with the same results would be equally welcome.

jasmimrasta 1:25:51
1:25:55

As Thomas Edison put it, if the U.S. can issue a dollar bond,

jasmimrasta 1:25:55
1:25:57

it can issue a dollar bill.

jasmimrasta 1:25:57
1:26:02

They both rest purely on the faith and credit of the U.S. government.

jasmimrasta 1:26:03
1:26:08

This amounts to a simple substitution of one type of government obligation for another.

jasmimrasta 1:26:08
1:26:11

One bears interest, the other doesn't.

jasmimrasta 1:26:11
1:26:14

Federal Reserve Notes could be used for this as well,

jasmimrasta 1:26:14
1:26:17

but could not be printed after the Fed is abolished, as we propose,

jasmimrasta 1:26:17
1:26:20

so we suggest using U.S. Notes instead,

jasmimrasta 1:26:33
1:26:35

to absorb the new U.S. Notes,

jasmimrasta 1:26:35
1:26:40

which would be deposited and become the banks' increased reserves.

jasmimrasta 1:26:40
1:26:43

Towards the end of the first year of the transition period,

jasmimrasta 1:26:43
1:26:46

the remaining liabilities of financial institutions

jasmimrasta 1:26:46
1:26:51

would be assumed or acquired by the U.S. government in a one-time operation.

jasmimrasta 1:26:51
1:26:57

In other words, they too would eventually be paid off with debt-free U.S. Notes,

jasmimrasta 1:26:57
1:27:00

in order to keep the total money supply stable.

jasmimrasta 1:27:01
1:27:05

At the end of the first year, or so, all of the national debt would be paid,

jasmimrasta 1:27:05
1:27:10

and we could start enjoying the benefits of full-reserve banking.

jasmimrasta 1:27:10
1:27:13

The Fed would be obsolete, an anachronism.

jasmimrasta 1:27:14
1:27:18

3. Repeal of the Federal Reserve Act of 1913

jasmimrasta 1:27:19
1:27:21

and the National Banking Act of 1864.

jasmimrasta 1:27:22
1:27:27

These acts delegate the money power to a private banking monopoly.

jasmimrasta 1:27:27
1:27:30

They must be repealed and the monetary power handed back

jasmimrasta 1:27:30
1:27:32

to the Department of the Treasury,

jasmimrasta 1:27:32
1:27:36

where they were initially, under President Abraham Lincoln.

jasmimrasta 1:27:36
1:27:40

No banker or person in any way affiliated with financial institutions

jasmimrasta 1:27:40
1:27:43

should be allow to regulate banking.

jasmimrasta 1:27:43
1:27:45

After the first two reforms,

jasmimrasta 1:27:45
1:27:48

these Acts would serve no useful purpose anyway,

jasmimrasta 1:27:48
1:27:52

since they relate to a fractional reserve banking system.

jasmimrasta 1:28:00
1:28:02

These institutions, like the Federal Reserve,

jasmimrasta 1:28:02
1:28:05

are designed to further centralize the power

jasmimrasta 1:28:05
1:28:08

of the international bankers over the world's economy

jasmimrasta 1:28:08
1:28:10

and the U.S. must withdraw from them.

jasmimrasta 1:28:10
1:28:13

Their harmless functions such as currency exchange

jasmimrasta 1:28:13
1:28:15

can be accomplished either nationally,

jasmimrasta 1:28:15
1:28:19

or in new organizations limited to those functions.

jasmimrasta 1:28:20
1:28:23

Such a Monetary Reform Act would guarantee

jasmimrasta 1:28:24
1:28:28

that the amount of money in circulation would stay very stable,

jasmimrasta 1:28:28
1:28:31

causing neither inflation nor deflation.

jasmimrasta 1:28:31
1:28:34

Remember: for the last three decades

jasmimrasta 1:28:34
1:28:38

the Fed has doubled the American money supply every 10 years.

jasmimrasta 1:28:39
1:28:44

That fact and fractional reserve banking are the real causes of inflation

jasmimrasta 1:28:44
1:28:47

and the reduction in our buying power, a hidden tax.

jasmimrasta 1:28:48
1:28:51

These and other taxes are the real reasons

jasmimrasta 1:28:51
1:28:54

both parents now have to work just to get by.

jasmimrasta 1:28:55
1:28:59

The money supply should increase slowly to keep prices stable,

jasmimrasta 1:28:59
1:29:03

roughly in proportion to population growth, about 3% per year,

jasmimrasta 1:29:03
1:29:07

not at the whim of a group of bankers meeting in secret.

jasmimrasta 1:29:07
1:29:11

In fact, all future decisions on how much money would be in the American economy

jasmimrasta 1:29:11
1:29:15

must be made based on statistics of population growth

jasmimrasta 1:29:15
1:29:17

and the price level index.

jasmimrasta 1:29:19
1:29:22

The new monetary regulators and the treasury department,

jasmimrasta 1:29:22
1:29:24

perhaps called the Monetary Committee,

jasmimrasta 1:29:24
1:29:27

would have absolutely no discretion in this matter

jasmimrasta 1:29:27
1:29:29

except in time of declared war.

jasmimrasta 1:29:29
1:29:34

This would ensure a steady, stable money growth of roughly 3% per year,

jasmimrasta 1:29:35
1:29:39

resulting in stable prices and no sharp changes in the money supply.

jasmimrasta 1:29:40
1:29:44

To make certain the process is completely open and honest,

jasmimrasta 1:29:44
1:29:47

all deliberations would be public, not secret

jasmimrasta 1:29:48
1:29:52

as meetings of the Fed's board of governors are today.

jasmimrasta 1:29:54
1:29:56

How do we know this would work?

jasmimrasta 1:29:56
1:30:01

Because these steps remove the two major causes of economic instability:

jasmimrasta 1:30:01
1:30:03

the Fed and fractional reserve banking

jasmimrasta 1:30:03
1:30:08

and the newest one as well, the BIS, Bank of International Settlements.

jasmimrasta 1:30:08
1:30:14

But, most importantly, the danger of a severe depression would be eliminated.

jasmimrasta 1:30:14
1:30:18

Let's listen to Milton Freedman on the single cause

jasmimrasta 1:30:18
1:30:20

of severe economic depressions:

jasmimrasta 1:30:38
1:30:41

Issuing our own currency, is not a radical solution.

jasmimrasta 1:30:42
1:30:45

It's been advocated by Presidents Jefferson,

jasmimrasta 1:30:45
1:30:47

Madison, Jackson, Van Buren and Lincoln.

jasmimrasta 1:30:48
1:30:52

But has been used at different times in Europe as well.

jasmimrasta 1:30:53
1:30:56

Perhaps the best example is one of the small islands

jasmimrasta 1:30:56
1:30:59

off the coast of France in the English Channel.

jasmimrasta 1:30:59
1:31:02

Called Guernsey, it has been using debt-free money issues

jasmimrasta 1:31:02
1:31:06

to pay for large building projects for nearly 200 years.

jasmimrasta 1:31:08
1:31:09

Here we are in Guernsey,

jasmimrasta 1:31:09
1:31:13

and this is the Guernsey flower and vegetable market.

jasmimrasta 1:31:13
1:31:17

Guernsey is one of the most successful examples of just how well

jasmimrasta 1:31:17
1:31:20

a debt-free money system can work.

jasmimrasta 1:31:22
1:31:25

In 1815, a committee was appointed to investigate

jasmimrasta 1:31:26
1:31:28

how best to finance this new market.

jasmimrasta 1:31:29
1:31:33

The impoverished island could not afford more new taxes,

jasmimrasta 1:31:33
1:31:37

so the State's fathers decided to try a revolutionary idea:

jasmimrasta 1:31:37
1:31:39

issue their own paper money.

jasmimrasta 1:31:40
1:31:44

They were just colourful paper notes, backed by nothing,

jasmimrasta 1:31:44
1:31:49

but the people of this tiny island agreed to accept them and trade with them.

jasmimrasta 1:31:49
1:31:51

To be sure they circulated widely,

jasmimrasta 1:31:51
1:31:55

they were declared to be "good for the payment of taxes".

jasmimrasta 1:31:58
1:32:00

Of course this idea was nothing new.

jasmimrasta 1:32:00
1:32:04

It was exactly what America had done before the American Revolution

jasmimrasta 1:32:04
1:32:07

and there are many other examples throughout the world.

jasmimrasta 1:32:07
1:32:11

But it was new to Guernsey, and it worked miracles.

jasmimrasta 1:32:12
1:32:15

This market is still in use, and remember,

jasmimrasta 1:32:15
1:32:19

it was built for no debt to the people of this island's state.

jasmimrasta 1:32:21
1:32:24

But what if we follow Guernsey's example?

jasmimrasta 1:32:24
1:32:27

How would the bankers react to these reforms?

jasmimrasta 1:32:27
1:32:31

Certainly the international bankers' cartel will oppose reforms

jasmimrasta 1:32:31
1:32:34

that do away with their control of the world's economies,

jasmimrasta 1:32:34
1:32:36

as they have in the past.

jasmimrasta 1:32:36
1:32:38

But it is equally certain that Congress

jasmimrasta 1:32:38
1:32:42

has the Constitutional authority and responsibility

jasmimrasta 1:32:42
1:32:46

to authorize the issuance of debt free money, U.S. Notes,

jasmimrasta 1:32:46
1:32:50

and to reform the very banking laws it ill-advisedly enacted.

jasmimrasta 1:32:51
1:32:55

Undoubtedly, the bankers will claim that issuing debt-free money

jasmimrasta 1:32:55
1:32:59

will cause severe inflation or make other dire predictions,

jasmimrasta 1:32:59
1:33:01

but remember, it is fractional reserve banking

jasmimrasta 1:33:01
1:33:05

which is the real cause of over 90% of all inflation

jasmimrasta 1:33:06
1:33:11

not whether debt-free U.S. Notes are used to pay for government deficits.

jasmimrasta 1:33:11
1:33:15

In the current system, any spending excesses on the part of Congress,

jasmimrasta 1:33:15
1:33:17

are turned into more debt bonds,

jasmimrasta 1:33:17
1:33:20

and the 10% purchased by the Fed,

jasmimrasta 1:33:20
1:33:23

are then multiplied many times over by the bankers,

jasmimrasta 1:33:23
1:33:25

causing over 90% of all inflation.

jasmimrasta 1:33:27
1:33:32

Our fractional reserve and debt-based banking system is the problem.

jasmimrasta 1:33:32
1:33:35

We must ignore its inevitable resistance to reform

jasmimrasta 1:33:35
1:33:39

and remain firm until the cure is complete.

jasmimrasta 1:33:40
1:33:45

As the director of the Bank of England in the 1920s, Sir Josiah Stamp put it,

jasmimrasta 1:33:45
1:33:49

referring to this modern fractional reserve banking system:

jasmimrasta 1:34:29
1:34:31

Americans are slowly figuring this out.

jasmimrasta 1:34:32
1:34:36

Today, over 3,200 cities and counties have endorsed the proposal

jasmimrasta 1:34:36
1:34:39

of a non-profit organization called "Sovereignty".

jasmimrasta 1:34:40
1:34:42

The Sovereignty movement calls for Congress

jasmimrasta 1:34:42
1:34:48

to authorize the secretary of the treasury to issue $90 billion per year of U.S. Notes,

jasmimrasta 1:34:48
1:34:51

not Fed notes nor debt-based bonds,

jasmimrasta 1:34:51
1:34:56

to loan money, interest-free, to cities, counties and school districts

jasmimrasta 1:34:56
1:34:58

for needed capital improvements.

jasmimrasta 1:35:00
1:35:05

Remarkably, and to their praise, the community bankers association of Illinois,

jasmimrasta 1:35:05
1:35:10

representing 515 member banks, has endorsed this Sovereignty proposal,

jasmimrasta 1:35:10
1:35:13

a good step in the right direction.

jasmimrasta 1:35:14
1:35:17

As Milton Friedman has repeatedly pointed out,

jasmimrasta 1:35:17
1:35:21

no severe depression can occur without a severe contraction of money.

jasmimrasta 1:35:22
1:35:27

In our system, only the Fed, the BIS, with U.S. bankers cooperation

jasmimrasta 1:35:28
1:35:31

or a combination of the largest Wall Street banks

jasmimrasta 1:35:31
1:35:33

could cause a depression.

jasmimrasta 1:35:33
1:35:37

In other words, our economy is so huge and resilient

jasmimrasta 1:35:37
1:35:40

a depression just can't happen by accident.

jasmimrasta 1:35:40
1:35:45

Unless we reform our banking system, they will always have that power.

jasmimrasta 1:35:46
1:35:50

They can pull the plug on our economy any time they chose.

jasmimrasta 1:35:50
1:35:53

The only solution is to abolish the Fed

jasmimrasta 1:35:53
1:35:55

and the fractional reserve banking system

jasmimrasta 1:35:55
1:35:57

and withdraw from the BIS.

jasmimrasta 1:35:58
1:36:03

Only that would brake the power of the international bankers over our economy.

jasmimrasta 1:36:05
1:36:08

And keep in mind, a stock market crash itself

jasmimrasta 1:36:08
1:36:10

cannot cause a severe depression.

jasmimrasta 1:36:11
1:36:14

Only the severe contraction of our money supply

jasmimrasta 1:36:15
1:36:17

can cause a severe depression.

jasmimrasta 1:36:17
1:36:21

The stock market crash of 1929 only wiped out market speculators,

jasmimrasta 1:36:22
1:36:24

mostly the small and the medium ones,

jasmimrasta 1:36:24
1:36:27

resulting in $3 billion in wealth changing hands.

jasmimrasta 1:36:28
1:36:32

But it served as a smoke screen for a 33% contraction

jasmimrasta 1:36:32
1:36:35

in credit by the Fed over the next 4 years,

jasmimrasta 1:36:35
1:36:40

which resulted in over $40 billion of wealth from the American middle class

jasmimrasta 1:36:40
1:36:42

being transferred to the big banks.

jasmimrasta 1:36:43
1:36:48

Then, despite impotent howls of protest from a divided Congress,

jasmimrasta 1:36:48
1:36:53

the independent Fed kept the money supply contracted for a full decade.

jasmimrasta 1:36:54
1:37:00

Only WW-II ended the terrible suffering the Fed inflicted on the American people.

jasmimrasta 1:37:01
1:37:05

In a depression, the remaining wealth of the debt-burned American middle class

jasmimrasta 1:37:05
1:37:11

would be wiped out by unemployment, declining wages and the resulting foreclosures.

jasmimrasta 1:37:12
1:37:15

If we start to act reforming our monetary system,

jasmimrasta 1:37:15
1:37:20

the Money Changers may do what they did in 1929 and then the 1930s:

jasmimrasta 1:37:21
1:37:25

crash the stock market and use that as a smoke screen

jasmimrasta 1:37:25
1:37:27

while contracting the money supply.

jasmimrasta 1:37:28
1:37:32

But if we're determined to fight to regain control over our money,

jasmimrasta 1:37:32
1:37:36

we can come out of it fairly quickly, perhaps in only a very few months,

jasmimrasta 1:37:36
1:37:42

as U.S. Notes begin to circulate and replace the money withdrawn by the bankers.

jasmimrasta 1:37:42
1:37:44

The longer we wait, the greater the danger

jasmimrasta 1:37:44
1:37:47

we'll permanently loose control of our Nation.

jasmimrasta 1:37:49
1:37:53

But some still wonder why the international bankers

jasmimrasta 1:37:53
1:37:55

would want to cause a depression.

jasmimrasta 1:37:55
1:37:58

Wouldn't that be killing the goose that is currently

jasmimrasta 1:37:58
1:38:01

laying all those gold and interest eggs?

jasmimrasta 1:38:02
1:38:06

Remember what Larry Bates said at the first of this videotape:

jasmimrasta 1:38:07
1:38:13

"In periods of economic crisis, wealth is not destroyed, it is merely transferred".

jasmimrasta 1:38:17
1:38:21

Do we have any hints as to what the Money Changers have in store for us?

jasmimrasta 1:38:21
1:38:25

Here is what David Rockefeller, the chairman of Chase-Manhattan Bank,

jasmimrasta 1:38:25
1:38:28

the largest Wall Street bank, had to say:

jasmimrasta 1:38:37
1:38:41

So, crisis is needed to fulfil their plans quickly.

jasmimrasta 1:38:41
1:38:44

The only question is when the crisis will occur.

jasmimrasta 1:38:44
1:38:48

Fortunately, we probably have a little time.

jasmimrasta 1:38:48
1:38:52

It's unlikely that this crisis will occur before the 1996 elections

jasmimrasta 1:38:52
1:38:55

but after that, the danger begins rising.

jasmimrasta 1:38:57
1:39:01

But whether or not they decide to cause a crash or depression

jasmimrasta 1:39:01
1:39:04

through relentless increases in taxes and the loss

jasmimrasta 1:39:04
1:39:08

of hundreds of thousands of jobs being sent overseas,

jasmimrasta 1:39:08
1:39:11

thanks to trade agreements such as GATT or NAFTA,

jasmimrasta 1:39:11
1:39:14

the American middle class is an endangered species.

jasmimrasta 1:39:15
1:39:19

Cheaper labour, including slave labour in red China,

jasmimrasta 1:39:19
1:39:21

which Harry Wu has heroically documented,

jasmimrasta 1:39:22
1:39:25

is being used to compete with American labour.

jasmimrasta 1:39:26
1:39:31

In other words, money is being consolidated in fewer and fewer hands

jasmimrasta 1:39:31
1:39:36

as never before in the history of this nation or the world.

jasmimrasta 1:39:36
1:39:40

Without reform, the American middle class will soon be extinct,

jasmimrasta 1:39:41
1:39:45

leaving only the very rich few and the very many poor

jasmimrasta 1:39:46
1:39:49

as has already occurred in most of the world.

jasmimrasta 1:39:50
1:39:53

We've been warned of all this by Congressmen, presidents,

jasmimrasta 1:39:53
1:39:57

industrialists and economists down through the years.

jasmimrasta 1:39:58
1:40:01

Religious leader too, have seen the danger.

jasmimrasta 1:40:02
1:40:08

About 1898, during the time of William Jennings Bryan, Pope Leo XIII put it this way:

jasmimrasta 1:41:00
1:41:03

More recently, during America's great depression,

jasmimrasta 1:41:03
1:41:06

Pope Pius XI spoke of the same problem:

jasmimrasta 1:41:47
1:41:48

Educate your friends.

jasmimrasta 1:41:49
1:41:54

Our country needs a solid group who really understand how our money is manipulated

jasmimrasta 1:41:54
1:41:58

and what the solutions really are, because, if a depression comes,

jasmimrasta 1:41:58
1:42:01

there will be those who will call themselves conservatives

jasmimrasta 1:42:01
1:42:06

who will come forward advancing solutions framed by the international bankers.

jasmimrasta 1:42:07
1:42:10

Beware of calls to return to a gold standard.

jasmimrasta 1:42:10
1:42:11

Why?

jasmimrasta 1:42:11
1:42:16

Simple: because never before has so much gold been so concentrated

jasmimrasta 1:42:16
1:42:18

outside of American hands.

jasmimrasta 1:42:19
1:42:22

And never before has so much gold been in the hands

jasmimrasta 1:42:22
1:42:26

of international governmental bodies such as the World Bank

jasmimrasta 1:42:26
1:42:28

and International Monetary Fund.

jasmimrasta 1:42:29
1:42:33

A gold-backed currency usually brings despair to a nation

jasmimrasta 1:42:33
1:42:37

and to return to it would certainly be a false solution in our case.

jasmimrasta 1:42:37
1:42:41

Remember, we had a gold-backed currency in 1929

jasmimrasta 1:42:41
1:42:45

and during the first four years of the great depression.

jasmimrasta 1:42:45
1:42:50

Likewise, beware of any plans advanced for a regional or world currency:

jasmimrasta 1:42:51
1:42:54

this is the international bankers' Trojan horse.

jasmimrasta 1:42:59
1:43:01

Educate your member of Congress.

jasmimrasta 1:43:01
1:43:07

It only takes a few persuasive members to make the others pay attention.

jasmimrasta 1:43:07
1:43:10

Most Congressmen just don't understand the system.

jasmimrasta 1:43:10
1:43:15

Some understand it, but are so influenced by bank PAC contributions

jasmimrasta 1:43:15
1:43:19

that they ignore it, not realizing the gravity of their neglect.

jasmimrasta 1:43:21
1:43:24

We hope we have made a valuable contribution

jasmimrasta 1:43:24
1:43:27

to the national debate on monetary reform.

jasmimrasta 1:43:27
1:43:32

It remains for each man to do his duty, consistent with his state in life.

jasmimrasta 1:43:33
1:43:37

May God give us the light to help reform our nation, and ourselves.

jasmimrasta 1:43:39
1:43:43

We say ourselves, because ultimately vast multitudes of men

jasmimrasta 1:43:44
1:43:47

are going to be driven more and more to desperation

jasmimrasta 1:43:47
1:43:52

by the accumulation of the world's wealth in fewer and fewer hands.

jasmimrasta 1:43:52
1:43:56

Men will tend to become like their oppressors, selfish and greedy.

jasmimrasta 1:43:57
1:44:01

Rather, let's keep in mind, during this period of reform,

jasmimrasta 1:44:01
1:44:04

a warning not to lose sight of greater things.

jasmimrasta 1:44:04
1:44:06

As Pope Pius XI put it: