The Creature From Jekyll Island: A Second Look at the Federal Reserve by G. Edward Griffin -- Read -- Imperial Library of Trantor

Index

Table of Contents Preface Acknowledgments Introduction Section I. What Creature is This?

1. The Journey to Jekyll Island

Concentration of Wealth Destination Jekyll Island The Story is Confirmed The Structure Was Pure Cartel The Specter of Bank Failure Currency Drains A Bankers’ Utopia The Cartel Adopts A Name The Real Daddy Warbucks The Message Was Plain For Those Who Understood Myth Accepted As History First Reason To Abolish The System Summary

2. The Name of the Game is Bailout

Rules Of The Game The Perpetual-Debt Play The Debt Roll-Over Play The Up-The-Ante Play The Rescheduling Play The Protect-The-Public Play The Guaranteed-Payment Play Prosperity Through Insolvency The FDIC Play Real Insurance Would Be A Blessing The FDIC Will Never Be Adequately Funded Summary

3. Protectors of the Public

Penn Central The Public Be Damned Lockheed New York City Chrysler Federal Deposit Insurance Corporation Unity Bank Commonwealth Bank of Detroit First Pennsylvania Bank Continental Illinois World’s First Electronic Bank Run FDIC Generosity With Tax Dollars The Final Bailout Package Lender of Last Resort Small Banks Be Damned Second Reason To Abolish The Federal Reserve Summary

4. Home, Sweet Loan

Socialism Takes Root In America A House On Every Lot Abandonment of the Free Market Insurance For The Common Man? Full Faith and Credit An Invitation To Fraud The Fallout Begins The Fed Usurps the Role of CONGRESS The Estimates Are Slightly Wrong Bookkeeping Sleight of Hand Accounting Gimmicks Are Not Fraud Junk Bonds Are Not Junk Capital Growth Without Bank Loans or Inflation Real Problem Is Government Regulation Congress Is Paralyzed, With Good Reason A Cartel Within A Cartel Summary

5. Nearer to the Heart's Desire

Bretton Woods: An Attack On Gold The Fabian Society Communist Moles IMF Structure and Funding Paper Gold Gold is Finally Abandoned Trade Deficits The Counterfeit Option IMF Loans: Doomed But Sweet The Hidden Agenda: World Socialism Austerity Measures and Scapegoats Financing Corruption and Despotism Financing Famine and Genocide Reason to Abolish the Federal Reserve Getting Rich Fighting Poverty Converting Money Into Failure Summary

6. Building the New World Order

The Final Play CFR Sets Strategy A Rare Glimpse Into the Inner Workings Panama Mexico Currency Swap Debt Swap IMF Becomes Final Guarantor Brazil Argentina The Need for Convergence China The Great Deception Communists Become Social Democrats Eastern Europe Russia Business Ventures in Russia Insured by U.S. The Conspiracy Theory Summary

Section II. A Crash Course on Money

7. The Barbaric Metal

What is Money? A Working Definition Barter (Pre-Money) Commodity Money Metals As Money The Supremacy of Gold The Misleading Theory of Quantity Gold Guarantees Price Stability Cigarettes As Money Natural Law No. 1 Expanding the Money Supply by Coin Clipping Gold is the Enemy of the Welfare State Real Commodity Money in History Bad Commodity Money in History Receipt Money Natural Law No. 2 Summary

8. Fool's Gold

Fiat Money The Colonial Experience A Classic Pattern The Printing Press and Inflation A Blessing in Disguise Tobacco Becomes Money War Brings A Return of Fiat Money And A Massive Inflation Inflation Is A Hidden Tax Enter Price Controls and Legal Tender Laws Enter Economic Chaos and Insurrection Natural Law No. 3 Fractional Money Deposits Are Not Available for Lending Fractional-Reserve Banking Creating Money Out of Debt Natural Law No. 4 Summary

9. The Secret Science

THE BANK OF VENICE The Bank of Amsterdam The Bank of Hamburg Early Banking in England The Bank of England The Secret Science of Money From Inflation to Bank Runs The Pattern of Protection Was Set Booms and Busts Now Guaranteed In Defense of the Gold Standard Depression and Reform The Roller Coaster Continues The Mechanism Spreads to Other Countries Summary

10. The Mandrake Mechanism

The Federal Reserve is Candid Money Would Vanish Without Debt What’s Wrong With A Little Debt? Third Reason to Abolish the System Who Creates the Money to Pay the Interest? Understanding the Illusion The Mandrake Mechanism: An Overview The Discount Window The Open Market Operation THE MANDRAKE MECHANISM: A DETAILED VIEW Reserve Ratios National Debt Not Necessary for Inflation Taxes Not Even Necessary Fourth Reason to Abolish the System A Tool for Social Planning Redistribution of Wealth Expansion Leads to Contraction Summary

Section III. The New Alchemy

11. The Rothschild Formula

The Profits of War The Rothschild Dynasty A Fortune in Smuggling Napoleon vs the Bankers A Plan to Destroy the United States Gold for the Duke of Wellington The Battle of Waterloo Sidonia The Formula Perpetual War in Eighteenth Century England Summary

12. Sink The Lusitania!

An Investment in War Germany’s U-Boats Almost Won the War Colonel House A Secret Agreement to Get the U.S. into War Selling War to the American People Morgan Control Over Shipping The Lusitania Churchill Sets A Trap A Floating Munitions Depot The Final Voyage A Mighty Explosion, A Watery Grave A Hurried Cover-Up The Cry for War Summary

13. Masquerade in Moscow

Trotsky Was Schiff’s Agent Schiff Was Not Alone The Secret Society Ruskin, Rhodes, and Milner The Pattern of Conspiracy Round Table Agents in Russia An Object Lesson in South Africa Placing Bets on All Horses British Agent of the Round Table American Agent of the Round Table Summary

14. The Best Enemy Money Can Buy

Russia’s Two Revolutions Popular Support Was Not Necessary Notes From Lincoln Steffens’ Diary Wolves Behind the Mask Additional Background: The Deaf Mute Blindmen A Side Trip Through World War II The Transfusion Mechanism The New Alchemy Fifth Reason to Abolish the System Summary

Section IV. A Tale of Three Banks

15. The Lost Treasure Map

Paper Money in the Colonies Wartime Inflation Price Controls and Legal-Tender Laws The Constitutional Convention A Suggestion for Your Congressman The Origin of the Dollar Bimetallism Free Coinage Sound Money and Economic Prosperity Summary

16. The Creature Comes to America

Functioned as a Central Bank An End Run Around the Constitution The Hamilton-Jefferson Conflict America’s Second Central Bank is Created The Creature Comes From Europe Inflation All Over Again Wildcat Banks An Instrument of Plutocracy The War of 1812 Juggling Tricks and Banking Dreams Summary

17. A Den Of Vipers

The Second Bank of the United States The First Boom-Bust Cycle The Cycle is Worsened by Government Interference The Supreme Court Upholds the Bank Nicholas Biddle Jackson Overrides Congress The Bank Controlled by Foreign Investors Biddle’s Control Over Congress Jackson Appeals Directly to the Voters Jackson Removes Federal Deposits Biddle Deliberately Creates Monetary Chaos Jackson is Censured by the Senate Biddle Defies Congress Some Bad Mixed in With the Good Summary

18. Loaves and Fishes and Civil War

Proposal to Base Money on Bank Assets Proposal to Protect Deposits With A Safety Fund Proposal to Base Money on Securities Proposal to Back Money With State Credit The Mirage of Free Banking Industrial Expansion in Spite of Dishonest Banking The Union in Jeopardy Legal Plunder, Not Slavery, The Cause of War Mexico and the Monroe Doctrine Summary

19. Greenbacks and Other Crimes

Russia Aligns With the North The Emancipation Proclamation Raising Armies on Both Sides Rebellion in the North Income Taxes and War Bonds The Greenbacks Lincoln’s Mixed View of Banking The National Banking Act The Hidden Cost of War Lincoln’s Concern for the Future With Malice Toward None Knights of the Golden Circle John Wilkes Booth Summary

Section V. The Harvest

20. The London Connection

And Still More Booms and Busts Morgan Prospers When Others Fail Junius Morgan Selected by Peabody Americanizing the New York Branch Concealed Alliance With Rothschild? Rise of the House of Morgan Morgan and the Panic of 1857 Anti-Semitism Was Profitable England Faces a Dilemma England in Depression Problem of American Prosperity Secret Meeting of 1927 Bringing Down the Dollar The British-American Union Summary

21. Competition is a Sin

Half-Way House to Central Banking Trusts and Cartels Replace Competition The Aldrich-Vreeland Act The Jekyll Island Plan A Central Bank by Any Other Name The Aldrich Bill Turning the Opposition Against Itself The Pujo Committee Enlisting the Help of Academia Wilson and Wall Street Opposition to the Aldrich Bill Summary

22. The Creature Swallows Congress

The Bull Moose Candidate The Money Trust They Love to Hate The Role of Colonel House Death of the Aldrich Plan The Glass-Owen Bill Emerges Bankers Become Divided The Pretense is Dropped Bryan Makes an Ultimatum An Amazing Revelation Bryan Endorses the Bill Summary

23. The Great Duck Dinner

Consolidation of Power Return of the New York “Money Trust” Bailing Out Europe Agents of a Higher Power Farmers Become Duck Dinner Building the Mandrake Mechanism When Banks Borrow From the Fed Banker’s Acceptances Warburg and Friends Make A Little Profit Congress Suspicious But Afraid to Tinker Paying for World War I The Emergence of Government Debt The “Discovery” of the Open Market Drowning in Credit Booms and Busts Made Worse The Roller Coaster Sixth Reason to Abolish the Fed Tulipomania Tulips in the Stock Market Banks Become Speculators The Final Bubble Advance Warning for Members Only A Message of Comfort to the Public The Duck Dinner Begins Natural Law No. 5 From Crash to Depression Summary

Section VI. Time Travel Into The Future

24. Doomsday Mechanisms

Mired in Debt The Doomsday Mechanism Who Owns the National Debt? What Difference Does It Make? The New World Order America is the Target The Report From Iron Mountain A New Definition of Peace A Sophisticated Form of Slavery Blood Games Finding A Credible Global Threat The Environmental-Pollution Model Authenticity of the Report Environmentalism A Substitute For War Humanity Itself is the Target Gorbachev Becomes an Ecology Warrior U.S. Branded as Ecological Aggressor A Plot for Economic Crisis Summary

25. A Pessimistic Scenario

A Banking Crisis To Save the Banks is to Save the World Panic Averted A Real Run on the Banks Bank Bailout and More Inflation New Money The Rise of Revolutionary Movements Homes are Nationalized Wage-Price Controls and Work Armies No Taxes or Inflation or Depressions Effect of “Modest” 5% Inflation High-Tech Feudalism Voices From the Past EDUCATION AS A TOOL FOR HUMAN ENGINEERING Back to the Future The Function of Waste in Modern Totalitarianism Regionalism as a Transition to World Government How Fixed is the Future? Summary

26. A Realistic Scenario

Seventh Reason to Abolish the Fed What Must Not Be Done The JFK Rumor Monetarists vs Supply-Siders Balanced-Budget Amendment A Plan for Eliminating the Fed Measuring the Size of the Hangover Bad, But Not That Bad Some Bad News and Some Good How to Prepare Profiting From Disaster An Educational Crusade Conclusions and Summary

An Invitation Appendix

A. Structure and Function of the Federal Reserve System B. Natural Laws of Human Behavior in Economics

Natural Law No. 1 Natural Law No. 2 Natural Law No. 3 Natural Law No. 4 Natural Law No. 5

C. Is M-1 Subtractive or Accumulative?

Bibliography Index

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