Money
allows for exchanges and exchanges are vital for life. Who controls money also
controls the life energy of nations and people. In order to progress towards
happiness it is therefore fundamental that money is governed for the wellbeing
of people, life and nations.
The Bank
of England, founded in 1694, has been the first Central Bank. It grouped the
major commercial banks and had the monopoly on banknotes. The Bank of England
was a private institution that concentrated immense powers in the hands of a
few unscrupulous bankers. The founding fathers of the United States prohibited,
in the first article of the constitution, the establishment of a private
central bank: “Only the Congress shall have power … to coin money, regulate the
value thereof.”
The
Astor, Guggenheim and Straus, the most powerful bankers were strong supporters
of the first article of the constitution and were against the establishment of
a central bank. The Rockefellers, Morgan and Rothschild pushed for the
establishment of a private central bank. Strangely enough, the Astor,
Guggenheim and Straus died on April 15th, 1912 in the sinking of the
Titanic. Soon after the newly elected president of the USA, Woodrow Wilson,
signed the Federal Reserve Act which was firmly in the hand of the
Rockefellers, Morgan and Rothschild. In 1914, the FED started printing the
first banknotes, and only eight months later, in August 1914, the First World
War transformed the dollar into the main international currency. The US
government spending increased fifteen times, causing it to borrow from the FED.
The same happened to the European allies and the FED favored the indebtment of
nations by lending the dollars generously. President Woodrow Wilson, who had
signed the Federal Reserve Act, wrote: “I
am a most unhappy man. I have unwittingly ruined my country. A great industrial
nation is controlled by its system of credit. Our system of credit is
concentrated. The growth of the nation, therefore, and all our activities are
in the hands of a few men. We have come to be one of the worst ruled, one of
the most completely controlled and dominated governments in the civilized
world. No longer a government by free opinion, no longer a government by
conviction and the vote of the majority, but a government by the opinion and
duress of a small group of dominant men.”[1]
Louis
McFadden, Republican Member of the United States House of Representatives from
1915 to 1935, principal sponsor of the McFadden Act of 1927, described the FED with
the following words: “Some people think that the Federal Reserve Banks are
United States Government institutions. They are private monopolies which prey
upon the people of the United States for the benefit of themselves and their
foreign customers; foreign and domestic speculators and swindlers; and rich and
predatory money lenders.”
The Vital Needs Theory - page 46
[1] Woodrow W. “The New Freedom”, Doubleday Page
Company, 1918, New York, under the chapter IX titled: BENEVOLENCE, OR JUSTICE?