However, the Federal Reserve System has replaced our nation’s receipt money with fiat money—“paper money decreed legal tender, not backed by gold or silver”—that fails two of the standards constituting sound money. As the Fed pays off the national debt, there’s going to be far more dollars in circulation all at once, causing a sudden surge of inflation, or rather devaluation of the fiat US dollar. The book delves into the clandestine meeting on Jekyll Island, Georgia in 1910, where key figures in banking and finance conspired to create what would later become the Federal Reserve System.

He endorsed the historicity of the Biblical account of the flood, and speculated that the flood was the byproduct of massive tides caused by a gravitational interaction between Earth and a large celestial body coming close to it. It was an exclusive boys-club gathering of American financiers and politicians who wanted to shoot the shit on monetary policy. Charges for the use of that money go directly to banks, which earn profligate amounts on fiat money. And learning the concepts doesn't feel too much like learning, but more like hearing a crime story unfold.It will help you understand the Federal Reserve System—but more importantly, it will change your outlook of money forever. Edward Griffin reports that in 1910, a secretive group of powerful men met on Jekyll Island in Georgia and crafted what became the US Federal Reserve System. Previously in America, our nation hadreceipt money, which was backed by gold and silver— that generally met the standards of sound money. Schulz and Edwin Vieira organize a meeting at Jekyll Island of thirty people which, according to the Southern Poverty Law Center, included tax protesters, militiamen, nativists, anti-Obama ' birthers,' libertarians, conspiracy-minded individuals with theories about FEMA death camps, and even an anti-Semite named Edgar Steele. As such, Griffin believes there are always webs of conspiracy running through and behind the power structures of every civilization.

The author lacks understanding, or, even worse, misrepresents basic banking fundamentals such as how banks make money, how a balance sheet works, how lending works, how deposits work, what happens when loans go sideways, how bank profitability works, etc. Kennedy, a major proponent of global socialism, advocated a more equitable distribution of the world’s wealth from the richest to the poorest. In Europe, in contrast, bankers invested much of their portfolio in short-term loans to merchants and manufacturers. They actually drafted the Federal Reserve Act on 1910 and then the next three years it took that much time to promote it and get it through congress.He also points to the Council of Foreign Relations (CFR) which Griffin suggests is even more powerful than the federal government because most of the key positions in US government are occupied by its members. Disagreements over authorship of the Federal Reserve Act received widespread publicity in the late 1920s. Griffin, who wrote a scathing 1994 attack on the Fed published by the anti-communist John Birch Society and also a sympathetic biography of the group's founder, was the first to speak at the meeting. Griffin wrote and produced a number of documentary-style videos covering controversial topics similar in theme to his books.