Unveiling the Financial Cartel: Fractional Reserve Banking and the Federal Reserve

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Quoted from video clips:
All the banks are broke. They're broke because we have a system called fractional reserve banking, which means that banks can lend money that they don't actually have. It's a criminal scandal and it's been going on for too long.

We have counterfeiting, sometimes called quantitative easing, the artificial printing of money, which if any ordinary person did, they go to prison for a very long time. And yet governments and central banks do it all the time.

Central banks repress the amount of interest rate so that we don't have the real cost of money. It's central banks that manipulate interest rates, Commissioner. And plus, underneath all this, we talk loosely about deposit guarantees. So when banks go broke through their own incompetence and chicanery, the taxpayer picks up the tab.

It's theft from the taxpayer, and until we start sending bankers, and I include central bankers and politicians to prison for this outrage, it will continue.

The Federal Reserve Act wasn't drafted in Congress. It was drafted on a private island off the coast of Georgia in 1910 at Jekyll Island, and it was drafted under great secrecy. Jekyll Island was the retreat for billionaires like William Rockefeller and JP Morgan, and in 1910 Senator Nelson Aldrich. The Republican in the Senate and the chair of the National Monetary Commission sent his private railroad car to the New Jersey railroad station, where he and five other men were instructed to come one at a time. And everybody pretend they just didn't know each other.

Aldrich, who wrote the original bill, was a business associate of JP Morgan, oh and the father-in-law to John D Rockefeller Junior. So there's no special interest happening there. There was also Abram Piatt, Andrew, Assistant Secretary of the Treasury, and Frank Vanderlip, representing William Rockefeller, Henry Davidson and Benjamin Strong with JP Morgan and Paul Warburg. He was a partner at Coon Lobe and Company. He was representing the Rothschild banking family.

These are the men that represented 1/4 of the entire wealth of the world. These guys were all competitors according to G Edward Griffin. They all had come together to form a banking cartel, so they didn't have to compete against each other. They were like an oil cartel or a sugar cartel, but this cartel actually went into partnership with the government.

So, for more than a week, these men sat around this big table and they hammered out all the details of what became the Federal Reserve System with five objectives

1 To stop the growing competition from the nations newer bank.

2 To obtain a franchise to create money out of nothing for the purpose of lending.

3 To get control of the reserves of all of the banks so the reckless ones wouldn't be exposed to currency drains or bank runs, then shift the losses from the bank owners to the taxpayers.

4 To convince Congress that the purpose was to protect the public.

Well, they started the Federal Reserve with no money, just a checkbook. The government could go to the Fed and obtain instant money without having to consult the taxpayer.

Money created out of nothing and then given to the government. It's loaned by the banks to you and me, and then we pay interest on it, and it goes to them. Interest on nothing.

Again, the Fed is nothing more than a cartel like OPEC, except it's a money cartel. And this cartel brought the federal government into a partnership, where you and I have to answer to it.