Elite banking families – including the Rockefellers, Rothschilds, and
Morgans – have gained control of the global economy through the central
banking system. They set up the Federal Reserve in the US in 1913 and
have been manipulating the market to benefit themselves ever since. This
timeline shows the pattern of American Presidents being assassinated
after challenging central bankers and their monopoly on money, and the
Federal Reserve’s artificial creation of booms and busts that causes
people to lose their jobs, homes, and retirements, while the bankers
further consolidate wealth and control.
1694 – Bank of England Established
First Central Bank established in the UK. Served as model for most modern central banks.
1744- Mayer Amschel Rothschild, Founder of the Rothschild Banking Empire, is Born in Frankfurt, Germany
Mayer Amschel Rothschild extended his banking empire across Europe by
carefully placing his five sons in key positions. They set up banks in
Frankfurt, Vienna, London, Naples, and Paris. By the mid 1800’s they
dominated the banking industry, lending to governments around the world
and people such as the Vanderbilts, Carnegies, and Cecil Rhodes.
1757- Colonial Scrip Issued in US
Debt free, fiat currency was printed in the public interest. As Benjamin Franklin said,
“In the colonies we issue our own money. It is called colonial
scrip. We issue it in proper proportion to the demands of trade and
industry to make the products pass easily from the producers to the
consumers. In this manner, creating for ourselves our own paper money,
we control its purchasing power and we have no interest to pay no one.”
1776 – American Independence
1791 – Congress Creates the First US Bank – A Private
Company, Partly Owned by Foreigners – to Handle the Financial Needs of
the New Central Government
Previously, the 13 states had their own banks, currencies and financial institutions.
1816 – The Privately Owned Second Bank of the US was
Chartered – It Served as the Main Depository for Government Revenue,
Making it a Highly Profitable Bank
1832 – Andrew Jackson Campaigns Against the 2nd Bank of the US and Vetoes Bank Charter Renewal
Andrew Jackson was skeptical of the central banking system and
believed it gave too few men too much power and caused inflation. He was
also a proponent of gold and silver and an outspoken opponent of the 2nd National Bank. The Charter expired in 1836.
1833 – President Jackson Issues Executive Order to Stop Depositing Government Funds Into Bank of US
By September 1833, government funds were being deposited into state chartered banks.
Jan 30, 1835 – Jackson Escapes Assassination
Assassin misfired twice.
1833-1837 – Manufactured “boom” created by central bankers – money supply Increases 84%, Spurred by the 2nd Bank of the US
The total money supply rose from $150 million to $267 million.[1]
1837-1843 – Terrible Depression
343 of the 850 banks in the US closed entirely as largest banks consolidated wealth and power.[2]
1861 – American Civil War
1862-1863 Lincoln Over Rules Debt-Based Money and Issues Greenbacks to Fund the War
Bankers would only lend the government money under certain conditions
and at high interest rates, so Lincoln issued his own currency –
“greenbacks” – through the US Treasury, and made them legal tender. His
soldiers went on to win the war, followed by great economic expansion.
April 15, 1865 – Lincoln Assassinated
1881- President James Garfield, Staunch Proponent of “Honest Money” Backed by Gold and Silver, was Assassinated
Garfield opposed fiat currency (money that was not backed by any physical object) and was a strong advocate of a bi-metal monetary system. He had the second shortest Presidency in history.
1907- Banking Panic of 1907
The New York Stock Exchange dropped dramatically as everyone tried to
get their money out of the banks at the same time across the nation.
This banking panic spurred debate for banking reform. JP Morgan and
others gathered to create an image of concern and stability in the face
of the panic, which eventually led to the formation of the Federal
Reserve. The founders of the Federal Reserve pretended like the bankers
were opposed to the idea of its formation in order to mislead the public
into believing that the Federal Reserve would help to regulate bankers
when in fact it really gave even more power to private bankers, but in a
less transparent way.
1908 – JP Morgan Associate and Rockefeller Relative Nelson Aldrich Heads New National Monetary Commission
Senate Republican leader, Nelson Aldrich, heads the new National
Monetary Commission that was created to study the cause of the banking
panic. Aldrich had close ties with J.P. Morgan and his daughter married
John D. Rockefeller.
1910 – Bankers Meet Secretly on Jekyll Island to Draft Federal Reserve Banking Legislation
Over the course of a week, some of the nations most powerful bankers
met secretly off the coast of Georgia, drafting a proposal for a private
Central Banking system. Those in attendance included Nelson Aldrich,
A.P. Andrew (Assistant Secretary of the Treasury), Paul Warburg (Kuhn,
Loeb, & Co.), Frank Vanderlip (President of National City Bank of
New York), Charles D. Norton (president of the Morgan-dominated First
National Bank of New York), Henry Davidson (Senior Partner of JP Morgan
Co.), and Benjamin Strong (representing JP Morgan).
Dec 23, 1913 – Federal Reserve Act Passed
Two days before Christmas, while many members of Congress were away
on vacation, the Federal Reserve Act was passed, creating the Central
banking system we have today. It was based on the Aldrich plan drafted
on Jekyll Island and gave private bankers supreme authority over the
economy. They are now able to create money out of nothing (and loan it
out at interest), make decisions without government approval, and
control the amount of money in circulation.
1913 – Income tax established -16th Amendment Ratified
Taxes ensured that citizens would cover the payment of debt due to
the Central Bank, the Federal Reserve, which was also created in
1913.The 16th Amendment stated: “The Congress shall have
power to lay and collect taxes on incomes, from whatever source derived,
without apportionment among the several States, and without regard to
any census or enumeration.”
1914 – JP Morgan and Co. Profits from Financing both sides of War and Purchasing Weapons
J.P. Morgan and Co. made a deal with the Bank of England to give them
a monopoly on underwriting war bonds for the UK and France. They also
invested in the suppliers of war equipment to Britain and France.
November 1914 – Federal Reserve Banks Open
1921-1929 – The “Roaring 20’s” – The Federal Reserve Floods the Economy with Cash and Credit
From 1921 to 1929 the Federal Reserve increased the money supply by
$28 billion, almost a 62% increase over an eight-year period.[3] This
artificially created another “boom”.
1929 – Federal Reserve Contracts the Money Supply
In 1929, the Federal Reserve began to pull money out of circulation
as loans were paid back. They created a “bust” which was inevitable
after issuing so much credit in the years before. The Federal Reserve’s
actions triggered the banking crisis, which led to the Great Depression.
October 24, 1929 – “Black Thursday”, Stock Market Crash
The most devastating stock market crash in history. Billions of
dollars in value were consolidated into the private banker’s hands at
the expense of everyone else.
1930- Great Depression Begins
1929-1933- Federal Reserve Reduces Money Supply by 33%
June 4, 1963 – Kennedy Issued an Executive Order (11110) that
Authorized the US Treasury to Issue Silver Certificates, Threatening
the Federal Reserve’s Monopoly on Money
This government issued currency would bypass the governments need to borrow from bankers at interest.
Nov. 22, 1963 - Kennedy Assassinated
December 1963 – Johnson Reverses Kennedy’s Banking Rule and Restores Power to the Federal Reserve
1999 – The Financial Services Modernization Act Allows Banks to Grow Even Larger
Many economists and politicians have recognized that this legislation
played a key part in the subprime mortgage crisis of 2007. It repealed
part of the Glass-Steagall Act of 1933 and allowed investment banks,
commercial banks, securities firms, and insurance companies to merge.
Citigroup was a major proponent of this particular bill (it had already
merged with Travelers Insurance and needed to find a way to legally keep
the corporation together). The government gave Citi officials the
opportunity to review and approve drafts before the legislation was
introduced and to modify it as they desired. Robert Rubin, Treasury
Secretary at the time, helped move the bill forward in early 1999. He
then stepped down from the Treasury position in July, joined CitiGroup
in October, and the bill was passed in November. The Center for
Responsive Politics also found that members of Congress who supported
the bill received twice as much money from the banking sector than those
who opposed it.[4]
2000-2003 – The Federal Reserve Extends “Easy Credit”, Lowers the Federal Fund Rate from 6.5% to 1%[5] and Sets up Another Financial “Boom”
2004 – Investment Banks and the SEC Cut a Deal
On April 28, 2004, five of the biggest investment banks, including
Bear Stearns and Goldman Sachs (then run by Henry Paulson, who later
became Secretary of the Treasury), met with members of the Securities
and Exchange Commission (SEC), urging them to allow voluntary regulation
of themselves, so they could determine themselves how much money they
could make up out of nothing to loan into circulation. This is known as
the banks leverage ratio, or amount of assets to borrowing ratio. Up
until 2004, the amount of debt the banks could take on was limited.
However, in 2004, the SEC agreed to let banks regulate themselves and
take on as much debt as they wanted, therefore unleashing billions of
dollars for high-risk investment packages. Under this new voluntary
regulation the Bear Stearns ratio, for example, jumped to 33 to 1.[6]
Not long after, the economy collapsed and financial wealth and power was
again further consolidated into the hands of the private bankers who
run the Federal Reserve.
2004-2006 – Federal Reserve Sets Off New “Bust” by Making
Loans and Adjustable Rate Mortgages More Expensive, Raising Fed Fund
Rates to 5.25%[7], This contracts the market.
2007-2010 – Worst Financial Crisis Since the Great Depression
The financial crisis impacted people around the world – millions lost
their homes, jobs, and retirement funds. Many of the smaller banks were
absorbed by others, which allowed the biggest banks to further
consolidate wealth and eliminate competition. In 2008, J.P. Morgan Chase
& Co. bought up both Washington Mutual (the biggest bank to “fail”
in the history of the United States) and Bear Stearns (the fifth largest
investment bank).
2010 – JP Morgan Chase Reports Record Profits
The bank made a record profit of $17.4 Billion in 2010. [8]
[1] http://wiki.mises.org/wiki/Panic_of_1837
[2] http://wiki.mises.org/wiki/Panic_of_1837
[3] “The Inflationary Factors”: http://mises.org/rothbard/agd/chapter4.asp
[4] “Money and Votes Aligned in Congress’s Last Debate Over Bank Regulation” by Massie Ritsch, September 23, 2008. http://www.opensecrets.org/news/2008/09/money-and-votes-aligned-in-con.html
[5] Open Market Operations Archive, The Federal Reserve: http://www.federalreserve.gov/monetarypolicy/openmarket_archive.htm
[6] http://www.nytimes.com/2008/10/03/business/03sec.html?pagewanted=1
[7] http://www.federalreserve.gov/monetarypolicy/openmarket.htm#2006
[8] http://www.bbc.co.uk/news/business-12189494
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