FDR and the Corporate Socialists
Remember that Baruch, who went by the initials BM (ha) and Hugh Johnson were part of Team Socialism responsible for getting the bones of socialism implanted here in America. After the enormous success of the Bolshevik Revolution, locking up the means of production, and all, the financiers of Wall Street sough to wash, rinse and repeat everywhere they could. As we'll learn in our next study of Wall Street money and collectivism, National Socialism aka Nazis is another operation of central banksters. So FDR's cabinet are studying how fascism works for future reference. That's just swell.
At the beginning of this study, it was pointed out that FDR believed the US government to be owned by a finanical elite. Unlike an Occupier, he was down with the 1% struggle. This fact was often used in Soviet propaganda and among Marxists even before Lenin. This is what the average American does not see and prevents a mature understanding of history. The ironic thing is that these "capitalists" used Marxist techniques to lock down their grip in country after country. Using the fifth plank of communism, centralization of credit, these Wall Streeters locked down the money supply, not just in America, but around the world.
These New Dealers -- FDR, BM, and Hugh sowed the seeds for our destruction, but you've got to admit some people got wealthy and powerful over the long haul. They've got the money to buy off academia to support their ongoing ponzi schemes as SmartPeople Certified. Just take a gander at one of my maps and you'll see these people as provosts and trustees of just about every college in the land. What's ironic is that these liberal professors downing capitalism don't realize that their beloved socialism is actually an invention of the capitalists they claim to despise.
Government is the problem, our host Dr. Sutton explains:
What we do find is that government intervention into the economy is the root of our present problems; that a Wall Street cotérie has substantive, if subtle, muscle within this government structure to obtain legislation beneficial to itself; and that a prime example of this self-seeking legislation to establish legal monopoly under big business control was FDR's New Deal and, in particular, the National Recovery Administration.Franklin Delano Roosevelt was a financier, and that's all he ever really was. He came from a long line of financiers and used that power to become Governor of New York. He was director of 11 corporations with his office right there at 120 Broadway, the portal to Hell. He was also president of the American Construction Council, a bs outfit designed to bring all construction workers under government oversight. When not trying to nationalize the construction industry, we find FDR president of United European Investors, Ltd, buying up Germany during their hyperinflation/wheelbarrow period. His uncle Fred was on the Federal Reserve Board and George Roosevelt was a director of Guarnty Trust, the nice little outfit that gave the Bolsheviks some gold to get going, meanwhile funding an anti-commie group United Americans to keep people off the scent. Like today, FDR was funded by the biggest names on the Street because buying legislation and policy is the highest returning endeavor as explained in Confessions of a Monopolist.
Why did Wall Street favor FDR over Hoover? I would suspect that his connections had something to do with it, as Hoover was a farm boy from Iowa. According to Hoover it really came down to Hoover not playing their game.
In fact, Hoover lost in 1932 because, in his own words, he was unwilling to accept the Swope Plan, alias NRA, which he termed, not incorrectly, "a fascist measure."
Wall Street was totally in favor of the New Deal, it was in fact, their baby. Why? I'll continue to hammer that point home. Dr. Sutton explains corporate socialism
..that the political way of running an economy is more attractive to big business because it avoids the rigors and the imposed efficiency of a market system. Further, through business control or influence in regulatory agencies and the police power of the state, the political system is an effective way to gain a monopoly, and a legal monopoly always leads to wealth. Consequently, Wall Street is intensely interested in the political arena and supports those political candidates able to maximize the amount of political decision-making under whatever label and minimize the degree to which economic decisions in society are made in the market place. In brief. Wall Street has a vested interest in politics because through politics it can make society go to work for Wall Street. It can also thus avoid the penalties and risks of the market place.
Dr. Sutton gives us the big, big picture:
Can we look at this story in any wider perspective? The ideas behind the Roosevelt New Deal were not really those of Wall Street; they actually go back to Roman times. From 49 to 44 B.C. Julius Caesar had his new deal public works projects; in 91 A.D. Domitian had his equivalent of the American Construction Council to stop overproduction. The ultimate fall of Rome reflected all the elements we recognize today: extravagant government spending, rapid inflation, and a crushing taxation, all coupled with totalitarian state regulation.Fast forward 1900 years:
Under Woodrow Wilson Wall Street achieved a central banking monopoly, the Federal Reserve System. The significance of the International Acceptance Bank, controlled by the financial establishment in Wall Street, was that the Federal Reserve banks used the police power of the state to create for themselves a perpetual money-making machine: the ability to create money with a stroke of a pen or the push of a computer key. The Warburgs, key figures in the International Acceptance Bank—an overseas money-making machine—were advisers to the Roosevelt administration and its monetary policies. Gold was declared a "barbaric relic," opening the way to worthless paper money in the United States. In 1975, as we go to press, the fiat inconvertible dollar is obviously on the way to ultimate depreciation.Oh, man is he ever right. Stop calling these fiat money people stupid. They're not stupid - they know exactly what they're doing. They knew what would happen when gold was removed as a backing for currency. Listen to Paul Warburg, the primary architect of Keynes/fiat money in America testify before Congress:
Abandonment of the gold standard means wildly fluctuating foreign exchanges and, therefore, the destruction of the free inflow of foreign capital and business. Weak countries will repudiate—or, to use the more polite expression, "fund their debts"—but there will be no general demonetization of gold. Gold at the end of the war will not be worth less but more.Source: United States Senate, Hearings, Munitions Industry, Part 25, op. cit., p. 8105.
So from the horses mouth, the weak countries will be forced to put their efforts into keeping their debts, meanwhile gold will hold its value. Conquering nations by force is sooo 19th century, doing it via debt keeps one's hands clean. That doesn't mean we won't have war, another very profitable exercise. Notice that this was a hearing on the munitions industry, which profited heavily from WW1 and noted by Gen. Smedley Butler as being a huge racket. So many Americans don't want to face or acknowledge how much money is made through war and now TSA/Homeland Security Theater.
Dr. Sutton concludes:
The inevitable conclusion forced upon us by the evidence is that there may indeed exist a financial élite, as pointed out by Franklin D. Roosevelt, and that the objective of this élite is monopoly acquisition of wealth. We have termed this élite advocates of corporate socialism. It thrives on the political process, and it would fade away if it were exposed to the activity of a free market. The great paradox is that the influential world socialist movement, which views itself as an enemy of this élite, is in fact the generator of precisely that politicization of economic activity that keeps the monopoly in power and that its great hero, Franklin D. Roosevelt, was its self-admitted instrument.Every phrase of that paragraph was profound. FDR was the hero for a generation of Americans. He represented Daddy Government taking care of them through the Depression and WW2.
Although the women of the United States are confined within the narrow circle of domestic life, and their situation is, in some respects, one of extreme dependence, I have nowhere seen woman occupying a loftier position; and if I were asked... in which I have spoken of so many important things done by Americans, to what the singular prosperity and growing strength of that people ought mainly to be attributed, I should reply, To the superiority of their women.
--Alexis de Tocqueville, Democracy in America
--Alexis de Tocqueville, Democracy in America