A Historical Perspective on the Current Financial Meltdown
November 18, 2008
In light of the current global financial meltdown, an examination of recent history in the United States may help us to get a better handle on our present day economic issues.
The United States was successfully seized by international bankers with the passing of the Federal Reserve Act in 1913. Then, with the crash of 1929, further control was gained and great profits were reaped by its engineers. Now, these same interests have their sights set on the globe in an unprecedented power grab. Daily calls for a “New World financial Order” and global governance are now a common occurrence. Discussion of dropping the dollar as the world reserve currency and the creation of a world currency is now taking place.
Author and researcher Gary Allen writes in his 1979 book None Dare Call it Conspiracy:
“When the Federal Reserve System was foisted on an unsuspecting American public, there were absolute guarantees that there would be no more boom and bust economic cycles. The men who, behind the scenes, were pushing the central bank concept for the international bankers faithfully promised that from then on there would be only steady growth and perpetual prosperity. However, Congressman Charles A. Lindberg Sr. accurately proclaimed:
“From now on depressions will be scientifically created.”
Using a central bank to create alternate periods of inflation and deflation, and thus whipsawing the public for vast profits, had been worked out by the international bankers to an exact science.
Having built the Federal Reserve as a tool to consolidate and control wealth, the international bankers were now ready to make a major killing. Between 1923 and 1929, the Federal Reserve expanded (inflated) the money supply by sixty-two percent. Much of this new money was used to bid the stock market up to dizzying heights.
At the same time that enormous amounts of credit money were being made available, the mass media began to ballyhoo tales of the instant riches to be made in the stock market. According to Ferdinand Lundberg:
“For profits to be made on these funds the public had to be induced to speculate, and it was so induced by misleading newspaper accounts, many of them bought and paid for by the brokers that operated the pools…”
The House Hearings on Stabilization of the Purchasing Power of the Dollar disclosed evidence in 1928 that the Federal Reserve Board was working closely with the heads of European central banks. The Committee warned that a major crash had been planned in 1927. At a secret luncheon of the Federal Reserve Board and heads of the European central banks, the committee warned, the international bankers were tightening the noose.
Montagu Norman, Governor of the Bank of England, came to Washington on February 6, 1929, to confer with Andrew Mellon, Secretary of the Treasury. On November 11, 1927, the Wall Street Journal described Mr. Norman as “the currency dictator of Europe.” Professor Carroll Quigley notes that Norman, a close confidant of J. P. Morgan, admitted: ‘I hold the hegemony of the world.’”
Author William T. Still offers further evidence in his 1990 book New World Order: The Ancient Plan of Secret Societies:
“Through the Roaring Twenties some eight billion dollars was sliced off the federal deficit incurred during the Wilson administration. James Perloff observed: ‘This atmosphere was apparently not to the liking of the Money Trust.’
In 1929, only nine months after the inauguration of Herbert Hoover, the third consecutive Republican president, leaders of America’s new secret society, the Council on Foreign Relations, engineered the Great Crash of 1929. The crash was the most significant fruit of the new Federal Reserve – the system initiated to prevent such occurrences. Between 1923 and 1929, the Federal Reserve inflated the nation’s money supply by sixty-two percent. In the year before the crash, more than 500 banks failed nationwide. The stage was now set for disaster.
Louis McFadden, chairman of the House Banking Committee blamed the international bankers for the Crash:
‘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.’
Curtis Dall, a broker for Lehman Brothers, later to head up the ultra right wing Liberty Lobby in the 1970’s, was on the floor of the New York Stock Exchange the day of the Crash. As he explained in FDR: My Exploited Father-In-Law, published in 1970, the Crash was triggered by the planned sudden shortage of call money in the New York money market.
Plummeting stock prices ruined many small investors, but the top ‘insiders’, like John D. Rockefeller, Bernard Baruch, and Joseph P. Kennedy, made vast fortunes by getting out just before the Crash, then buying back at wholesale prices afterwards.”