"To cause high prices, all the Federal Reserve Board will do will be to lower the re-discount rate..., producing an expansion of credit and a rising stock market; then when ... business men are adjusted to these conditions, it can check ... prosperity in mid career by arbitrarily raising the rate of interest. It can cause the pendulum of a rising and falling market to swing gently back and forth by slight changes in the discount rate, or cause violent fluctuations by a greater rate variation and in either case it will possess inside information as to financial conditions and advance knowledge of the coming change, either up or down. This is the strangest, most dangerous advantage ever placed in the hands of a special privilege class by any Government that ever existed. The system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money. They know in advance when to create panics to their advantage, They also know when to stop panic. Inflation and deflation work equally well for them when they control finance."
Is that not the history of the past 100 years of monetary history? Anyhow, I found the following excerpt from the book especially germane to our current political situation:
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It makes since then that the TEA Party not only angers Democrats, but scares the fool out of RINOs as well. As we see our nation under the tyrannical grip of these progressives, the voting public is rapidly finding out who the true patriots are. Note: They are not Lindsey Graham, Dick Lugar, Bob Corker, John McCain, Lamar Alexander, Olympia Snowe, Susan Collins, etc. These people do not want to submit to our leadership. They do not want to serve, but want to dictate, through oh so paternalistic language what is best for |
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