More on this book
Community
Kindle Notes & Highlights
Read between
July 22 - August 3, 2018
In May of 1696, just two years after the Bank was formed, a law was passed authorizing it to "suspend payment inspecie." By force of law, the Bank was now exempted from having to honor its contract to return the gold.
Jewish London stockbroker by the name of David Ricardo.
in spite of the general and recurring failures of the Bank of England during these years, the central-bank mechanism was so attractive to the political and monetary scientists that it became the model for all of Europe.
John Maynard Keynes writes: Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency.
By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and while the process impoverishes many, it actually enriches some. ... As the inflation proceeds and the real value of the currency fluctuates wildly and from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting
...more
The most important method used by the Federal Reserve for the creation of fiat money is the purchase and sale of securities on the open market.
There is virtually no limit to the amount of fiat money that can be manufactured under the present system.
The January 1946 issue of American Affairs
Just as money is created when the Federal Reserve purchases bonds or other debt instruments, it is extinguished by the sale of those same items.
Ben Bernanke, wrote: "The Federal Reserve believes it is possible that, ultimately, its operating framework will allow the elimination of minimum reserve requirements."
All eyes were upon him as he slumped dejectedly, staring at the floor. Then, he raised his gaze and, with pained expression, began to sell. The whisper went through the crowded room, "Nathan is selling?" "Nathan is selling!" "Wellington must have lost." "Our government bonds will never be repaid." "Sell them now. Sell. Sell!" Prices tumbled, and Nathan sold again. Prices plummeted, and still Nathan sold. Finally, prices
collapsed altogether and, in one quick move, Nathan reversed his call and purchased the entire market in government bonds. In a matter of just a few hours, he had acquired the dominant holding of England’s entire debt at but a tiny fraction of its worth.
The Rothschild Formula.
The greater the threat and the more destructive the war, the greater the need for debt.
The ultimate obstacle is a government which declines to finance its wars through debt.
As long as the mechanism of central banking exists, it will be to such men an irresistible temptation to convert debt into perpetual war and war into perpetual debt.
Each month, Morgan presided over purchases which were equal to the gross national product of the entire world just one generation before.25
German submarines had sunk over 5,700 surface ships. Three-hundred thousand tons of Allied shipping were sent to the bottom every week. One out of every four steamers leaving the British Isles never returned.
Robert Ferrell hints at the answer: In the mid-thirties a Senate committee headed by Gerald P. Nye of North Dakota investigated the pre-1917 munitions trade and raised a possibility that the Wilson administration went to war because American bankers needed to protect their Allied loans.
sources of new capital had dried up, the only way to keep the war going, he said, was to make direct grants from the U.S. Treasury. But, since this would be a violation of neutrality treaties, the United States would have to abandon its neutrality and enter the war.
It is widely acknowledged that Colonel House was the man who selected Wilson as a presidential candidate and who secured his nomination.
On the surface it is a paradox that Wilson, who had always been a pacifist, should now enter into a secret agreement with foreign powers to involve the United States in a war which she could easily avoid.
The Lusitania and the Mauretania were built by Cunard and became major competitors of the Morgan cartel. It is an interesting footnote of history, therefore, that, from the Morgan perspective, the Lusitania was quite dispensable.
The fact that the Lusitania was a passenger ship is misleading.
she was entered into the Admiralty fleet register, not as a passenger liner, but an armed auxiliary cruiser!
On March 8, 1915, after several close calls with German submarines, the captain of the Lusitania turned in his resignation. He was willing to face the U-boats, he said, but he was no longer willing "to carry the responsibility of mixing passengers with munitions or contraband."
the German embassy made one final effort to avert disaster. It placed an ad in fifty East Coast newspapers, including those in New York City, warning Americans not to take passage on the Lusitania.
Although the ad was in the hands of newspapers in time for the requested deadline, the State Department intervened and, raising the specter of possible libel suits, frightened the publishers into not printing it without prior clearance from State Department attorneys. Of the fifty newspapers, only the DesMoines Register carried the ad on the requested date.
He was a transplanted college professor from the ivy-covered walls of Princeton, an internationalist at heart who dreamed of helping to create a world government and to usher in a millennium
of peace. But he found himself surrounded by and dependent upon men of strong wills, astute political aptitudes, and powerful financial resources. Against these forces, he was all but powerless to act on his own,
The Lusitania, one of the largest ships ever built, sank in less than eighteen minutes!
the Germans had been right all along in claiming the ship was carrying war materials and was a legitimate military target.... The diving team estimates that around four million rounds of U.S.-manufactured Remington .303 bullets lie in the Lusitania's hold at a depth of 300 ft.66
printed in 1829 and called 'A Wreath of Appreciation of Andrew Jackson.'
it was Jackson who prophesied:
Is there no danger to our liberty and independence in a bank that in its nature has so little to bind it to our country?... [Is there not] cause to tremble for the purity of our elections in peace and for the independence of our country in war?... Controlling our currency, receiving our public monies, and holding thousands of our citizens in dependence, it would be more formidable and dangerous than a naval and military power of the enemy.73
On April 16, 1917, the United States officially declared war on Imperial Germany. Eight days later, Congress dutifully passed the War Loan Act which extended $1 billion in credit to the Allies. The first advance of $200 million went to the British the next day and was immediately applied as payment on the debt to Morgan. A few days later, $100 million went to France for the same purpose.
recommended the hitherto unknown [Bernard] Baruch, speculator in copper stocks, as chairman of the all-powerful War Industries Board....
it was that the separate motives of such diverse personalities as Winston Churchill, J.P. Morgan, Colonel House, and Woodrow Wilson all found common cause in bringing America into World War I. Churchill maneuvered for military advantage, Morgan sought the profits of war, House schemed for political power, and Wilson dreamed of a chance to dominate a post-war League of Nations.
The head of the British Secret Service in America at the time was Sir William Wiseman who, as fate would have it, occupied the apartment directly above the apartment of Edward Mandell House and who had become fast friends with him. House advised Wiseman that President Wilson wished to have Trotsky released, Wiseman advised his government, and the British Admiralty issued orders on April 21st that Trotsky was to be sent on his way.
Trotsky could not have gone even as far as Halifax without having been granted an American passport,
When Dr. Quigley wrote his scholarly, 1300-page book of dry history, it was not intended for the masses.
Tragedy and Hope
The Council on Foreign Relations was a spin-off from the failure of the world's leaders at the end of World War I to embrace the League of Nations as true world government.
the Red Cross
With the discovery of gold in the Transvaal, Rhodes' greed became passionate. His hatred of Paul Kruger, the Afrikaner President of the Transvaal, knew no limits.
The CFR, which was initially dominated by J.P. Morgan and later by the Rockefellers, is the most powerful group in America today. It is even more powerful than the federal government, because almost all of the key positions in government are held by its members.
When the February Revolution occurred, Lenin and Trotsky were not even in Russia. Lenin was in Switzerland and didn't arrive until April. Trotsky was still in New York writing propaganda and giving speeches.
The second revolution, called the October Revolution, was the one through which the Bolsheviks came to power. It was, in fact, no revolution at all. It was a coup d'etat. The Bolsheviks simply took advantage of the confusion and indecisiveness that existed among the various groups that comprised the new government and caught them by surprise with a lightning strike of force.
government buildings and communication centers.
In 1922, the Soviets formed their first international bank.
