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Date: Fri, 23 May 1997 11:22:22 -0700
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From: Paul Andrew Mitchell [address in tool bar]
Subject: SLS: Killing the Banking Beast (fwd)
<snip>
>
>--------------------------- Forwarded Message ---------------------------
>
>From: "Mark A. Smith" <msmith01@eng.eds.com>
>
>http://www.execpc.com/~jfish/bkrvws/jekyll.txt
>
>Book Review: The Creature From Jekyll Island.
>
>
> Killing the Banking Beast
> Jane H. Ingraham
> The New American
> Vol 10, Number 18 September 5, 1994
>
>The Creature From Jekyll Island, by G. Edward Griffin, Appleton, WI:
>American Opinion Publishing, Inc., 1994, 608 pages, paperback, $19.50.
>(For ordering information, see end of article.)
>
>Has it ever occurred to you that the federal government has no need of
>taxes for revenue? Are you aware that banks prefer lending to
>governments because governments seldom repay loans? Do you realize that
>if all debts, both public and private, were paid, there would be no money
>at all in circulation?
>
>These are only a few of the startling facts that fill the pages of this
>illuminating expose of the Insider scam called The Federal Reserve System
>(Fed). Although author G. Edward Griffin admits to having wondered if
>another book on the Federal Reserve is necessary (his six pages of
>bibliography suggest that the subject may have previously attracted
>attention), it is unlikely that any book has ranged across 2,000 years of
>money and banking from Diocletian to the Rothschilds to Alan Greenspan --
>and tied it into the new world order -- as thoroughly as The Creature
>>From Jekyll Island.
>
>Griffin cuts through the obscurities about the Fed that are intentionally
>meant to mystify and disarm its victims (all of us). Convinced that the
>subject of money and banking is too arcane and complicated to understand,
>we victims are trapped in a world view that utterly fails to jibe with
>reality. The money manipulators, says Griffin, are exploiting our
>ignorance for the advancement of their own appalling plans; the urgency
>of awakening us to our danger has driven Griffin to write this
>extraordinary book.
>
>Although Griffin has never held an academic position, he is a top-notch
>teacher. Making this little-understood subject simple by splendid
>organization, his account is divided into six sections with varying
>numbers of chapters; each section and chapter is introduced by a concise
>paragraph while each chapter is also summarized. Thus the reader is kept
>in touch with where he has been and where he is going, an ingenious and
>helpful device considering the enormous scope of Griffin's narrative.
>
>His explanations and definitions are meticulously worded; one can sense
>the care with which each word was chosen, leaving no room for confusion.
>Griffin continually draws documentation from primary sources, quoting
>letters, speeches, and published works that both enlighten and horrify.
>His own writing is difficult to quote; lt is so trenchant that nearly
>every sentence entices. Yet at the same time Griffin has mastered the
>art of speaking personally to the reader, who never loses the feeling of
>being directly addressed. All this adds up to a superbly clear,
>engrossing book that, once started, is impossible to put down.
>
>Setting the Stage
>
>In order to help us fully understand our present predicament, Mr. Griffin
>ranges far afield in explaining the historical, economic, and political
>antecedents of today's money system. We are given a crash course on the
>nature of money; the origin of banks and the concept of fractional
>reserves; how this led to the seductive idea of using the same money over
>and over; how this inevitably led to economic disaster wherever and
>whenever tried. We are instructed about the Rothschild formula, which
>perfected the art of making enormous profits from loans to governments,
>especially for wars; how this led to preventing any one nation from
>becoming strong enough to establish peace (the famous balance of power);
>how those who could instigate wars or revolutions were financed
>(including the Bolsheviks in 1917); how we Americans were sucked into
>World War I in order to save J.P. Morgan's loans to England; how
>environmentalism is now the weapon of choice replacing war.
>
>We are taken to the super-secret meeting of Insider financiers and
>Rothschild agent Paul Warburg on Jekyll Island in 1910 where the basic
>plan for what became the Federal Reserve Act was formulated; we learn
>that these plotters were already affiliated with the conspiratorial
>British oneworld Round Table group which preceded the Council on Foreign
>Relations (our secret government); we are astounded by the brazen
>deception of Congress that pushed through this unconstitutional act
>creating the Insiders' fundamental tool -- a central bank with the
>ability to inflate. We are told how this same tool has been expanded
>internationally through the International Monetary Fund (IMF) and World
>Bank in order to create worldwide inflation, pay enormous sums of
>perpetual interest on never paid-up loans to Insider banks, and socialize
>the Third World, all courtesy of us unsuspecting taxpayers. Lastly,
>Griffin foretells our dismaying fate if our course is not altered; then
>he lays out a step-by-step procedure of how to alter it, inviting us to
>join with him in doing so.
>
>Griffin looks the Fed "creature" straight in the eye and tells us it is
>not federal, it has no reserves, and it is not a bank. It is, in fact, a
>pernicious cartel operating against the public interest. The widespread
>belief that the Federal Reserve exists to "stabilize the economy" is
>hogwash; the real reason for its existence is the making of money -- not
>out of "thin air" as is commonly supposed, but, more accurately, out of
>debt. Griffin explains that it is the act of borrowing by the federal
>government that causes money to spring into existence.
>
>Griffin takes us through the Open Market steps by which Treasury IOUs
>(bonds) are converted by the Federal Reserve into money through the
>issuance of Federal Reserve checks with no money in existence to cover
>them; anyone else doing this would go to jail. Congress has made this
>legal for the Fed, however, because this hidden process allows our
>congressmen to enjoy unlimited revenue without having to visibly raise
>taxes. Without this service, says Griffin, the monetary/political
>partnership would dissolve, and Congress would abolish the Fed.
>
>Money Multlplied
>
>Griffin explains that these Federal Reserve checks are endorsed by the
>government, deposited in a Federal Reserve bank, and used to pay
>government expenses by checks which create the first wave of fiat
>(unbacked paper) money that floods into the economy. Recipients deposit
>these checks into commercial banks that are part of the Fed system. Here
>is where the real inflationary action is. (The Federal Reserve holds
>"only" seven percent of the national debt of almost $5 trillion. The 12
>percent held by foreigners and the 56 percent held by Americans are not
>inflationary because the money used for purchase already existed.)
>
>Commercial banks, like the Federal Reserve, also create money out of
>nothing -- and collect interest on it -- by multiplying every dollar
>deposited nine times. This amazing feat is accomplished through the
>device of fractional reserves, whereby the Fed allows 90 percent of
>deposits to be loaned out. As deposits become loans and loans become
>deposits, this process repeats with smaller numbers each time around. For
>instance, $1 million in government money (first wave) gives birth to
>$900,000 (second wave), which gives birth to $810,000 (third wave), etc.,
>until the process plays itself out. Thus, the banking cartel creates an
>amount of money that is nine times the amount of the original government
>debt that made the process possible.
>
>Griffin shows that when the original debt is added in, the Federal
>Reserve and the commercial banks together have created approximately ten
>times the amount of the underlying government debt. Since this newly
>created money causes the purchasing power of all money to decline, the
>resulting rise in prices is, in reality, a hidden tax. As Griffin puts
>it:
>
> Without realizing it, Americans have paid over the years, in addition
> to their federal income taxes and excise taxes, a completely hidden
> tax equal to approximately ten times the national debt!
>
>Griffin is astonished at the public's indifference to this fleecing; he
>blames it on ignorance based on disinformation. Nothing could prove him
>more right than the current deception that inflation is higher prices
>caused by full employment and a strong economy; therefore, letting the
>"steam" out of the economy and slowing growth (and thereby employment) is
>"good." This talk is madness. Alan Greenspan. chairman of the Federal
>Reserve (who has the temerity to say he is "worried about inflation"), is
>repeating this claptrap as he pretends to control inflation by increasing
>interest rates that merely devastated the bond market, clobbered the
>stock market, and helped only the bankers. Thus the Insiders are
>perfectly protected and the scam rolls on.
>
>There are many more threads to Griffin's discourse on the operations of
>the banking cartel that should not be missed, such as:
>
> * How holders of Treasury bonds can be paid off only by the creation
> of an identical bond out of nothing.
>
> * Why the U.S. has to be, must be, in debt.
>
> * How the Discount Window (Fed loans to banks) creates more phony
> money.
>
> * How the federal government could operate without levying any taxes
> whatsoever.
>
> * How the Fed causes booms and busts.
>
> * How, since 1913, our money has depreciated by over 1,000 percent.
>
> * How a gold standard automatically stabilizes prices.
>
> * How the Fed can now monetize the debts offoreign governments!
>
>Without the extensive knowledge offered by Griffin, no American can fully
>understand the financial reality of our time.
>
>Understanding the Game
>
>Also critical to our reality check is an understanding of how the Fed
>protects and enriches the banking brotherhood in the international arena.
>The game our Insiders are playing makes the Rothschilds look like
>novices. Here it is in a nutshell: The game starts with a mammoth loan
>(created out of nothing through the magic of fractional reserves) from
>one of our megabanks (Citicorp, Chase Manhattan, Bank of America, etc.)
>to a Third World country with scant means of servicing the debt much less
>ever repaying the principle. Are these top bankers stupid? Hardly;
>Griffin explains that this is the kind of loan these bankers love, since
>they make their money from interest on the loan, not on repayment of the
>loan. They prefer the loan never to be repaid. They know they can't lose
>because the Federal Reserve guarantees that massive loans that go into
>default will not be allowed to seriously affect the issuing bank (too big
>to fail) because this would "disrupt the entire economy."
>
>So, says Griffin, "since the System makes it profitable for banks to make
>large, unsound loans, that is the kind of loans banks will make.
>Furthermore, it is predictable that most unsound loans will go into
>default." Sure enough; pretty soon default threatens. The bank creates
>additional money out of nothing and lends that so its interest stream
>continues on both the original loan plus the new loan (the "roll-over"
>play). At the next crisis, the bank creates still more money out of
>nothing to cover the interest on both loans plus an additional amount for
>the borrower to spend freely (the "up-the-ante" play). Finally the bank
>agrees to a lower interest rate and a longer period for repayment (the "
>rescheduling" play). Eventually it is time for the "Final Maneuver."
>Congress agrees to guarantee future payments and the whole mess is
>shifted to the backs of U.S. taxpayers while the borrower is trapped into
>an IMF "austerity" program that makes an "end run" around his
>sovereignty.
>
>Now money moves through various foreign aid channels to the deadbeat
>borrower, who continues to pay perpetual interest to the bank. Almost all
>of this money is generated by the Federal Reserve; as it moves out into
>the economy it dilutes the value of the money already there. The American
>people, says Griffin, have no idea they are footing the bill to enrich
>the Insider bankers.
>
>Founder' Fears Realized
>
>Readers may be surprised to learn that the Federal Reserve is the fourth
>central bank the United States has had, the previous three having crashed
>in inevitable raging inflation and widespread economic disaster. So
>clearly did our Founders understand and fear worthless paper money forced
>on the public by legal tender laws (precisely what we now have) that they
>filled the proceedings of the Constitutional Convention with statements
>of their horror of it. We Americans today, deprived of hearing such
>truth, need to listen to their words:
>
> * George Mason of Virginia:
>
> "I have a mortal hatred of paper money."
>
> * John Langdon of New Hampshire:
>
> "I would rather reject the whole [Constitution] than grant the
> new government the right to issue fiat money."
>
> * George Reed of Delaware:
>
> "The right to issue fiat money would be as alarming as the mark
> of the beast in Revelation."
>
> * Thomas Paine:
>
> "The punishment of a member of Congress who should move for such
> a law ought to be death."
>
>Griffin does not stop with presenting the known picture, but projects
>today's reality into the future. His frst projection is a doomsday
>scenario his second is a realistic plan for saving our country and
>ourselves. These chapters might, after all, be the most important ones in
>the book.
>
>Griffin sees doomsday as an engineered financial debacle the severity of
>which will cause panicked Americans to welcome a World Bank "rescue" with
>a world currency. The IMF/World Bank is already functioning - in
>conjunction with the Federal Reserve - as a world central bank. A world
>currency is already designed, awaiting a crisis to justify its
>introduction. From this point on, writes Griffin, there will be no escape
>from the new world order. At present the U.S. is being deliberately
>weakened by seemingly insane spending both at home and abroad: As just
>one more dismaying example, during President Clinton's recent trip to
>Europe he blithely promised more billions of dollars to Poland, Ukraine,
>and the Baltic countries. The name of the game is to spend - on anything,
>anywhere. The object is to bring down the system.
>
>Life in the New World Order
>
>What will life be like in the Insiders' new world order? Griffin spells
>it out from the words of the Insiders themselves. One source is the 1966
>secret Hudson Institute study commissioned by Defense Secretary Robert
>McNamara, entitled Report From Iron Mountain. This study cold-bloodedly
>discusses various means by which government might control the populace
>and perpetuate itself in power in the absence of war (UN peace).
>
>Griffin's review (with extensive quotes) of this truly diabolical Insider
>study is masterful; he takes it apart and shows us its consummate evil.
>The study's premise is that historically the only means by which a
>government has ever been able to "secure the subordination of citizens to
>the state" is war. Only war has been able to provide the external threat
>without which no government can accumulate power. War is used to make the
>masses put up with all kinds of privation, taxation, and controls without
>complaint. No amount of sacrifice in the name of victory is rejected.
>Resistance is viewed as treason.
>
>But, says Griffin, Report From Iron Mountain explains that the war system
>may have to be replaced because "it may now be possible to create a world
>government in which all nations will be disarmed and disciplined by a
>world army, a condition which we will call peace." In this case, what
>could be a substitute for war?
>
>Here, explains Griffin, is the origin of the stratagem to promote
>ecological doom as the new enemy that threatens the entire world. The
>threat need not be real, provided the masses can be convinced it is real.
>Credibility is the key, not reality. Griffin writes that Report From Iron
>Mountain explains the avalanche of phony scientific claims that are
>uncritically publicized by the Insider-controlled media, as well as the
>funding of environmental "crazies" by corporations and businesses that
>would appear to have the most to lose. He sees the plan as being
>brilliantly successful.
>
>The barrage of propaganda has had a phenomenal result. Politicians are
>now being elected on nothing but "concern for the environment and a
>promise to clamp down on nasty industries," with no one caring about the
>damage done to the economy or our freedoms. Just as no sacrifice is too
>great in time of war, what happens to the economy or our freedom is of no
>consequence "when the very planet on which we live is sick and dying."
>
>Griffin introduces us to multi-millionaire Maurice Strong, the powerful
>UN environmental czar, who gives us the whole line: The U.S. is
>committing environmental aggression against the rest of the world.
>Current lifestyles of the affluent middle class -- high meat intake,
>frozen and convenience foods, electric household appliances, cars, air
>conditioning, suburban housing -- all this has to go. The world's
>ecosystems can be preserved only by lowering our standard of living by
>rationing, taxation, and political domination by world government.
>
>Reading this section will forever change the way in which you view
>government. Yet, says Griffin, this perverted, power-mad Insider fix need
>not prevail. None of these dreadful things needs to happen. He outlines a
>procedure by which the Federal Reserve can be abolished, the national
>debt paid, and the country returned to a sound monetary system based on
>silver and gold. All that is neeeded are the efforts of concerned and
>caring Americans. Griffin invites us to join him in freeing ourselves
>from the one-world conspirators. It can be done.
>
> ---
>
> To order:
>
> "The Creature From Jekyll Island"
>
> send $19.50 + $2.00 shipping to:
>
> American Opinion Book Services
> P.O. Box 8040
> Appleton, WI 54913
>
> or by credit card:
>
> 414-749-3783
>
> G. Edward Griffin will be in a city near you, for details call:
>
> 414-749-3780
>
>
>[end]
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