G. Edward Griffin, the author of “The Creature from Jekyll Island,” notes that the Federal Reserve isn’t part of the federal government, and describes it as a “banana or oil cartel.” He discusses the six men representing the largest financial institutions who met in secret to protect the elite from public finance reform, hammering out what Congress would pass as the Federal Reserve Act in 1913. Griffin believes that the power to create money out of nothing went far beyond the originators’ wildest dreams because they never thought the American people or their leaders would be so stupid as to allow this complete, unrestricted expansion of the money supply. Scott Minerd, Chief Investment Officer of Guggenheim Partners, is also a member of the Federal Reserve Bank of New York’s Investor Advisory Committee on Financial Markets. Minerd states that the Federal Reserve Act was started by individuals to design a central bank for people of the U.S. to mitigate risks of financial collapses that occurred in the early 1900s. He explains that every major power had central banking for a long time and that a major industrial economy not having such a system was unusual. Minerd points to Progressives viewing acts of Wall Street as a concentration of power beyond the scope of what should be available to a handful of financial people.
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