The Great Devaluation

9Prometheus

The central bank of the United States is over 100 years old. Unlike many other government agencies, the Federal Reserve was not created for the benefit of the citizens. It was an entity created solely to protect the interests of a few rich and powerful men. These men included steel magnate Andrew Carnegie, philanthropist John D. Rockefeller—the wealthiest man in the world at the time—railroad baron Cornelius Vanderbilt, the Warburgs of Hamburg, and the Rothchilds of Paris and London. These men remained silent behind the most powerful man of them all, J.P. Morgan, the secret father of the Federal Reserve.

Prior to 1913, when the Federal Reserve was founded, the United States had never succeeded in maintaining a central banking system. Banking institutions were controlled by state chartered banks and unchartered “free banks” that issued their own notes, redeemable in gold. Gold served as the one constant. This localized formation of independent regional banks, however, presented regulatory challenges for the federal government.

The J.P. Morgan & Co. is a commercial and banking institution officially founded in 1871. It is the predecessor of the three largest banking institutions in the world today, JP Morgan Chase, Morgan Stanley, and Drexel Burnham Lambert. Insiders refer to it as the House of Morgan. The banks origins trace back to 1854, when patriarch Junius Morgan joined George Peabody & Co, a London based banking institution. “J.P.” Morgan, the son of Junius, ...