The Biography of the Federal Reserve will tell you why the Federal Reserve was designed as a peculiar structure that is neither private nor state-owned. Why did Wall Street and the Federal Reserve package monetary policy so complicated that it is difficult for ordinary people to understand? Why can the Federal Reserve predict every economic crisis but cannot prevent it? Why did the US government have to rescue too-big-to-fail banks after the subprime mortgage crisis? Why does the Federal Reserve not want the United States to reduce its national debt? What does the Federal Reserve's interest rate hike mean to ordinary people? This is a "non-brief history" of the Federal Reserve from a new perspective. By examining the evolution of modern finance, we can see the past and present of the Federal Reserve, as well as the future direction of the world economy.
By 1910, the centralized control of financial resources by the big capitalists was already very advanced. In the United States, this centralized control had two main focuses: the Morgan Group and the Rockefeller Group. Around each focus, a group of commercial banks, acceptance banks and investment companies gathered. Europe also embarked on this path, and even went further, eventually gathering the Rothschild Group and the Warburg Group.
That same year, the secret meeting on Jekyll Island, Georgia, conceived the Federal Reserve - the birth of a banking cartel designed to protect its members from competition; and a strategy for how to convince Congress and the public that this banking cartel was an agent of the US government.
That secret meeting brought together six people who owned about a quarter of the world's wealth at the time.
1. Nelson W. Aldrich, Republican Whip in the Senate, Chairman of the National Monetary Commission, business partner of J.P. Morgan, and father-in-law of John D. Rockefeller, Jr.
2. Abraham Piatt Andrew, Assistant Secretary of the U.S. Treasury Department.
3. Frank A Vanderlip, President of the most powerful bank at the time, the National City Bank of New York, he was also a representative of William Rockefeller and the international investment bank Kuhn, Loeb & Company.
4. Henry P Davison, senior partner of J.P. Morgan & Co.
5. Benjamin Strong, president of J.P. Morgan's Bankers Trust Company.
6. Paul M Warburg, partner in Kuhn, Loeb & Co., representative of the Anglo-French Rothschild banking dynasty, brother of Max Warburg, head of the German-Holstein Warburg banking consortium.
