Eco365 Creature of Jekyll Island

Creature of Jekyll Island

Trouble Carter

ECO/365

March 9, 2019

Professor John Opincar

Introduction

Where does all of our money come from? Who makes it? Who controls it? Where does it go? These are just a few of the questions that come to mind when you consider The Creature of Jekyll Island subject matter. It sounds like the title of a scary movie, but it is so much more. Men of power and wealth met at a secret meeting in 1910. The meeting had to be secret because they did not want the reason and result of the meet to be disclosed. These powerful men wanted to create what we know as the Federal Reserve System. For over a week, these men met at Jekyll Island with these five objectives in mind. 1.Obtain a franchise to create money. 2.Stop growing competition. 3.Convince congress of purpose. 4.Shift losses to taxpayers. 5.Get control of all bank reserves. It has been surmised over the years that the Federal Reserve is simply a money Cartel. They wanted the mirage of government backing to sell people on their theories. Is this book a big conspiracy theory? Society is on both sides of the fence in regards to the Federal Reserve System. Some are against the formation and status of the Federal Reserve System and some people are for the formation and status of the Federal Reserve System.

Articles Analyzed

 We should go back in time to around 1910. During this time period, most of our financial income the world is in the hands of a few banking elitist. They went by the names of Rockefeller, Morgan, Warburg, Rothschild, and Kuhn-Loeb. At the time, these were all competitors in the banking industry. Rothschild, Warburg, and Kuhn-Loeb were from Europe. Morgan and Rockefeller were from America. But in November of 1910, these powerful banking groups (who represented at least a 4th of important money in the whole world) met in secrecy on an undisclosed island off the coast of Georgia called Jekyll Island.  Why, you ask? In the late 1800’s, there was a growing trend of banks opening up in America.  With the combination of low borrowing and inside business investing, the market share and power of these powerful banking groups started to go down or decline. At this point, these powerful men realized that “the enemy of my enemy is my friend.”  For each of the wealthy banking associations witnessed competitors and the free market as their own worst enemy.  To abolish this problem, they met secretly to come up with a plan on harnessing and monopolizing their individual position.

Thus, the meeting became one of forming a cartel agreement. As I mentioned earlier, they planned on using the power of the government, to gather control over the money supply. Here’s the deal, they had to coerce Congress that the system was a measure to protect the public. The result of this meeting formed the Federal Reserve System.

The Federal Reserve System has replaced our money with fiat money. In essence, this is paper money is declared as legal tender, not backed by silver or gold. This simply means we own fun money, since paper is neither scarce nor intrinsic in value. In my opinion, it is as if we’re using Monopoly money! One difference is that we’re forced by our government to accept this madness. This is a strategy of the Federal Reserve System in order to make money more hard to get.  This fiat money is made out of thin air that Griffin named the “Mandrake Mechanism. I was shocked to find out that this was not the first time that something of this magnitude had taking place. America banking systems had already tested the waters with centralized banking three times. The years of these experiments were 1781, 1791, and 1816. The banks operated the same way the Federal Reserve does.  What ended up happening is that the American people skimmed up to 60% of their own money. And this is on top of their taxes! This is the question. Has our Federal Reserve’s been a benefit or hinder to America?