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Great Depression and
socialism
"Irving Fisher, advocated the stamp-scrip
(demurrage) system as the way out of the Great Depression: "The correct
application of stamp scrip would solve the depression crisis in the US in three
weeks!"
Other economists agreed, but pointed out to Treasury
Undersecretary Dean Acheson possible decentralizing political
effects.
Roosevelt responded by banning all emergency
currencies, choosing instead the
centralized solution of the New
Deal." - Charles
Eisenstein
1903
Tax exempt foundations begin
pushing the ideology of socialism.
1928 FDR selected governor of
New York.
Many of the worst banking scandals occur under FDR's
governorship.
"In practice, the Federal Reserve Bank of New
York became the fountainhead of the system of twelve regional banks,
for New York was the money market of the nation.
The other eleven banks
were so many expensive mausoleums erected to salve the local pride and quell
the Jacksonian fears of the hinterland.
Benjamin Strong, president of the Bankers Trust was
selected as the first Governor of the Federal Reserve Bank of New York.
Under Benjamin Strong, the Reserve System was brought into interlocking
relations with the Bank of
England and the Bank of
France.
Benjamin Strong held his position as Governor of the Federal Reserve Bank of New York
until his sudden death during a Congressional investigation of the secret
meetings in 1928 between Reserve Governors and heads of
European central banks." - Ferdinand
Lundberg
October 29, 1929
Share prices on the
New York Stock Exchange
collapse.
Milton
Friedman and Anna Jacobson Schwartz argue in, "A Monetary History of the
US," the single biggest cause of the Great Depression was that the
Federal Reserve
let the money supply fall by
one-third, causing deflation.
"Let me end my talk by
abusing my status as an
official representative of the Federal Reserve. I would like to say to
Milton and Anna: Regarding the Great Depression. You're right, we did it." -
Ben Shalom Bernanke, 2002 birthday tribute
to Milton Friedman
Banks are allowed to fail in the same way that
Lehmann Brothers was allowed to fail September 15, 2008 causing a credit
crisis.
"It was not accidental. It was a carefully contrived occurrence.
The international bankers sought to
bring about a condition of despair here so that they might emerge as rulers of
us all." - Louis T. McFadden
1931 Gerald Swope, an avid reader of
Edward Mandell
House, presents a proposal for recovery, the "Swope Plan".
Swope's
plan becomes Roosevelt's "New
Deal".
Backed by the same industrialists the New Order of Adolf
Hitler is the same as Roosevelt's New Deal - plans for
a corporate
state.
Gerard Swope*, Owen Young, and A. Baldwin of General Electric
in the US were directors of AEG.
General Electric helps finance the
Bolshevik Expansion.
Executive
offices of General Electric
are at 120 Broadway, New York.
When FDR is working on Wall Street, his
address is 120 Broadway.
The Roosevelt Warm Springs Institute for
Rehabilitation and the Franklin D Roosevelt Foundation is located at
120 Broadway.
The most prominent financial backer of an earlier
Roosevelt Wall Street venture from 120 Broadway is Gerard Swope of
General Electric.
"The Great Depression spawned
government involvement in business affairs and a new wave of business-related
litigation." - Sullivan &
Cromwell LLP
1933 "The smart thing to do
would be to go off the Gold Standard a little farther than England has
done." - Henry Agard Wallace, January 31, 1933
Roosevelt takes office,
defaults on the debt and takes the US off the
Gold Standard.
"By
February 19, gold withdrawals from banks increased from five to fifteen million
dollars a day.
In two weeks $114,000,000 of gold was taken from banks
for export and another $150,000,000 was withdrawn to go into hiding.
The infection of fear was everywhere.
Factories are closing.
Unemployment is rising rapidly.
Bank closings multiplied daily."
- John T. Flynn
Gold confiscation order pays Americans $20.67 an
ounce.
The world price of gold has been set since 1810 in the private
bank of NM Rothschild & Sons in London, at 11:00 a.m., on a daily basis.
Paul Warburg
and his partners put their money into
gold at $20.67 before the
stockmarket crash and ship it to London.
The official price of gold is
then raised to $35 per ounce.
They then ship it back and sell it to the
US Government for the new higher price of $35 per ounce for a profit of $14.33
on every ounce.
(Baron David de Rothschild withdrew NM Rothschild from
the gold market in 2005 shortly after this posting.)
Americans with gold
were paid $20.67 per ounce and those that refused to surrender their gold were
given a ten year prison sentence.
To store the confiscated gold
Fort Knox is built.
German General Electric (Deutsche
Edison-Gesellschaft für angewandte Elektrizität) is a prominent
financier of Adolf Hitler and the Nazi Party both directly and indirectly
through Osram.
International
General Electric in New York is a major participant in the ownership and
direction of both AEG and Osram.
"I regard the condition of the country
the most serious in its history. The
mere talk of inflation retards business. If you start talking about that
you would not have a nickel's worth of gold in the Federal Reserve the day
after tomorrow." - Bernard
Baruch, February 11, 1933
"One of the key Roosevelt advisors is
Bernard Baruch, a power in
the Wilson Administration." - Jewish Examiner of Brooklyn, October 20,
1933
June National Industrial Recovery Act enacted.
Hugh S. Johnson, Raymond Moley, Donald Richberg, Rexford Tugwell,
Jerome Frank, and Bernard Baruch - key Roosevelt advisors - claim unrestrained
competition caused the Great Depression.
They claim the government had
a critical role to play through national
planning, regulation, the fostering
of trade associations, support for "fair" trade
practices and support for "democratization of the
workplace".
The New Deal -
a program of central control,
collectivism, similar to
fascism,
communism and
corporatism - is
accepted by the American people as
a viable alternative to the rugged
individualism of early Americans.
Roosevelt institutes
a disastrous legacy of
agricultural subsidies and seeks to cartelize industry.
"It was
a crime against our civilization to pay farmers to destroy crops and limit
production. It was a shocking
thing to see the government pay one big sugar corporation over $1,000,000 not
to produce sugar." - John T. Flynn
Roosevelt took steps to
strengthen unions and
to keep real wages high.
This helped workers with jobs but
made it much harder for the
unemployed.
Unemployment rates remained
high for the duration of the New Deal.
Under
Herbert Hoover and continuing
with Roosevelt, the federal government increases
income taxes, excise
taxes, inheritance taxes, corporate income taxes, holding incorporation taxes
and "excess profits"
taxes.
The New Deal, "new economic order," is not a creature of
classical liberalism but a
creature of corporate socialism or corporatism.
Big business, as
reflected in Wall Street, strived for a state order in which they could
control industry and
eliminate competition.
This is the core of the New Deal.
No
one knows who was responsible for the gold confiscation order.
No
Congressman ever claimed having written it.
FDR stated he had not
written it, nor had he even read it.
Secretary of the Treasury,
William H. Woodin, claimed he never read it.
He stated it was "what the experts
wanted."
1934
Retired Marine Corps Major General Smedley Butler testifies before
the Congressional McCormack-Dickstein Committee that
Wall Street bankers including
Guaranty Trust director Grayson Murphy,
JP Morgan,
DuPont,
Remington Arms, and other
interests are plotting to create
a fascist veterans'
organization with Butler as its leader to use in
a coup d'état to overthrow
FDR.
1935 Supreme Court unanimously
declares the National Recovery
Administration unconstitutional.
The National Recovery
Administration is headed by Hugh Johnson a business associate of
Bernard Baruch - a financial
supporter of Red
Zionism.
The National Recovery Administration allowed
industries to create "codes of fair
competition" set minimum
wages and maximum weekly hours while also allowing industry heads to
collectively set minimum prices.
"The National Recovery
Administration worked by fostering giant cartels, which made products
artificially expensive and punished small business trying to compete against
big business. The general lesson is that
government sponsored cartels don't help the economy as a whole. " - Robert
P. Murphy
1937 FED increased reserve
requirements for banks, thereby curbing lending and moving the economy back to
dangerous deflationary pressures.
Henry Wallace becomes Secretary of
Agriculture in Roosevelt's cabinet.
Wallace orders the
slaughtering of
pigs and plowing up of cotton
fields in rural America to drive up the price of these
commodities.
"The American fascist would prefer not to use violence.
His method is to poison the
channels of public information." - Henry Agard Wallace
September 2, 1939 Whittaker Chambers informs Adolf
Augustus Berle, Jr. that several senior government officials, including Alger
Hiss are members of a Soviet "apparatus" designed to influence US policy and
pass classified documents and information to the Soviets.
Adolf Augustus
Berle, Jr. told Chamber's that he and journalist, Isaac Don Levine, met with
Roosevelt and conveyed what Chambers told them, but Roosevelt unequivocally
refused to take any action.
Alger Hiss remains at the State
Department throughout WWII in positions
as Roosevelt's principal adviser on Soviet affairs at the Yalta conference, as a
delegate to the Dumbarton Oaks Conference and as Secretary General of the San
Francisco conference establishing the United Nations.
1941 Roosevelt names Henry Agard Wallace chairman
of the Board of Economic Warfare (BEW) and of the Supply Priorities and
Allocations Board (SPAB).
1944 Henry Agard
Wallace is wined and dined in Siberia by Sergei Goglidze and Dalstroi director
Ivan Nikishov, both NKVD generals.
Henry Agard Wallace becomes a
staunch supporter of the Soviet Union.
Wallace is endorsed by the
Communist Party (USA).
Subsequent refusal to publicly disavow any
Communist support costs him the backing of anti-Communist liberals in the 1948
presidential election.
"I reached a conclusion, under
no circumstances, have any business dealings with him." - Henry Agard Wallace
after getting to know
FDR
"The outright ownership of farms
ought to be greatly restricted.
Under intelligent state control it
should be possible to introduce a planned flexibility into the congestion and
rigidity of our outmoded system." - Rexford Tugwell Undersecretary of
Agriculture
"I know of no severe depression, in any country or
any time that was not accompanied by a sharp decline in the stock of money, and
equally of no sharp decline in the stock of money that was not accompanied by
a severe
depression." - Milton
Friedman
May 2007 Federal Reserve reports assets
of about $836 billion, 92% of them are the marketable securities.
By
the spring of 2008 the value of marketable
securities had dropped to $500 billion and total asset value had remained level
until September of 2008.
September 2008 The
Federal Reserve allows the Monetary
Base to increase from $836 billion to $1,479 billion.
By December
2008 95% of the Federal Reserve "assets" are toxic collateralized debt
obligations.
December 16, 2008
Federal Reserve cuts interbank lending rate to a range of 0% to
.25%.
"The banks have exchanged $2 trillion in toxic debt consisting
of Asset-Backed Securities in sub-prime mortgages,
stocks and other high-risk credits in exchange for cash and US Treasury bonds.
The Federal Reserve is holding some $2 trillion in toxic debt.
Any
release of information is opposed as that
might signal 'weakness'
and spur short selling or a run by
depositors.
The
Federal Reserve does not want to discuss this.
That is clearly also
behind their blunt refusal to reveal the nature of their $2 trillion assets
acquired from member banks and other financial institutions.
Simply
put, were the Fed to reveal to the public precisely what 'collateral' they held
from the banks, the public would know the potential losses that the government
may take." - F. William Engdahl 12/17/08
The interest tab to finance
federal government
expenditures is $412 billion in fiscal year 2008, or about one-third of the
federal government total income from personal income taxes which was $1,220
billion.
"The Fed Open Market
Committee authorized $300 billion in purchases of long term treasury bonds
for six months.
The central bank's latest efforts may help swell its
balance sheet to more than $4
trillion this year." - Scott Lanman, March 25, 2009
"The Federal
Reserve, like other regulators around the world, did not do all it could have
to constrain excessive risk-taking in the financial sector in the period
leading up to the crisis." - Ben Salom Bernanke, November 29, 2009
January 2009 Federal Reserve reports assets of $2.1 trillion,
an increase of $1.2 trillion from September 2008.
That represents loans
worth $1.2 trillion - a startling increase more than doubling the size of the
Monetary Base during the last quarter of 2008.
Ben Gisin, a former
banker tracking statistical releases, says he has never seen anything like it.
Fungible assets magically
appear on the Federal Reserve
balance sheet.
The Federal Reserve is paying out roughly $400
million a year for "research" - much of it to outside economists who
then advocate for the Federal Reserve agenda without disclosing their Federal
Reserve ties.
Seven of the eight economists on a 2009 anti-oversight
letter to Congress failed to note they are or were on the payroll of the
Federal Reserve.
The Federal Reserve "so thoroughly dominates the field
of economics that real criticism of the central bank has become
a career liability for
members of the economic profession."
"Under a misguided set of international rules that took hold late
1990s, banks were allowed to set their capital requirements." - Joe Nocera
"To understand the real cause of the credit crisis
and how it can be reversed, we first need to understand credit itself what it
is, where it comes from, and what the real tourniquet is that has limited its
flow.
Banks actually create credit; and if private banks can do it, so
could public banks or public treasuries.
The crisis is not one of
"liquidity" but of "solvency."
It has been caused, not by the
banks' inability to get credit, but by their inability to meet the capital
requirement imposed by the Bank for
International Settlements, the private foreign head of the banking
system.
"The central bankers" central bank, the BIS pulls the strings of
the private international banking system from
Basel, Switzerland." -
Ellen Brown
"The Fed
generates market activity by
creating incentives for
borrowing.
Borrowing leads to
speculation.
Speculation
leads to steadily rising asset
prices or asset price
inflation.
The Fed is not an unbiased observer of
free market activity.
The Fed fuels speculation
and controls behavior by fixing interest
rates.
The Fed IS the market, which is why it
is foolish to talk about a "recovery".
The idea of recovery implies a
system based on supply and demand.
The bottom line, is that the current
financial architecture is not designed to work; it is
designed to make a handful of speculators very
rich.
Speculators own Congress,
the White House and financial media,
which is why there has been no meaningful change in regulations." - Mike
Whitney
"The Federal Reserve will ask
a US appeals court to block a ruling that for the first time would force the
central bank to reveal secret identities of financial firms that might have
collapsed without the largest
government bailout in US history." - David Glovin 01/11/10
Freedom of Information Act
requires federal agencies to make government documents available to the press
and public.
US District Judge Loretta Preska notes in her August 24,
2009 ruling that loan records are covered by Freedom of Information
Act and rejected the claim that their disclosure might harm banks and
shareholders.
"The Fed speculates on how a borrower might enter a
downward spiral of financial instability if its participation in the Federal
Reserve lending programs were to be disclosed. Conjecture, without evidence of
imminent harm, simply fails to meet the board's burden of proof." - US District
Judge Loretta Preska
In its appeal, the
Board of Governors of the
Federal Reserve System argued that
disclosure of "highly sensitive" documents, including 231 pages of daily
lending reports, threatens to stigmatize lenders and cause them "severe and
irreparable competitive injury."
"The stock of money, prices and output was
decidedly more unstable after the establishment of the Federal Reserve than
before.
Any system which gives
so much power and so much discretion to a few men is a bad system. "
- Milton Friedman
2009 "The
outbreak of the current crisis confront us with a long-existing but still
unanswered question, i.e., what kind of
international reserve currency do we need to secure global financial
stability?
Theoretically, an international reserve currency should
first be anchored to a stable benchmark and issued according to a clear set of
rules.
Second, its supply should be flexible enough to allow timely
adjustment according to the changing demand; third, such adjustments should be
disconnected from economic conditions and
sovereign interests.
The acceptance of credit-based national currencies as major
international reserve currencies, as is the case in the current system, is a
rare special case.
The crisis again calls for creative reform of the
existing international monetary system towards an international currency with a
stable value.
Issuing countries of reserve currencies are constantly
confronted with the dilemma
between achieving their domestic monetary policy goals and meeting other
countries' demand for reserve currencies.
They may fail to adequately
meet the demand of liquidity, or create
excess liquidity in global markets by
stimulating domestic
demand.
The Triffin Dilemma - issuing countries of reserve
currencies cannot maintain the value of the reserve currencies while providing
global liquidity.
Increasing intensity of financial crises following the
collapse of the Bretton Woods
system suggests costs of such a system may have exceeded its
benefits.
[Nixon Ends Bretton Woods International Monetary
System]
The International
Monetary Fund created Special Drawing Rights when the defects of the
Bretton Woods system initially
emerge to mitigate risks.
Special Drawing Rights(SDR)
should be given a greater role.
The SDR has the potential to act as a
super-sovereign reserve currency.
An increase in SDR allocation would
help the Fund address its resources problem and the difficulties in the voice
and representation reform.
The SDR could become a widely accepted means
of payment in international trade and financial transactions to further boost
market confidence
in value.
The allocation of the SDR can be shifted from a purely
calculation-based system to a system backed by real assets, such as a reserve
pool.
To address the
crisis strengthen the role of the SDR
and maintain the stability of the
international monetary and financial system.
The IMF is endowed
with a natural advantage to act as the manager of its member countries'
reserves." - Zhou Xiaochuan, Bank of China 03/23/09 |
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