From the Radio Free Michigan archives ftp://141.209.3.26/pub/patriot If you have any other files you'd like to contribute, e-mail them to bj496@Cleveland.Freenet.Edu. ------------------------------------------------ THE FEDERAL RESERVE ISN'T FEDERAL AT ALL Nelson Wilmarth Aldrich, b. Nov. 5, 1841, d. Apr. 16, 1915, was an American businessman and politician. Starting in the wholesale grocery business in Providence, R.I., he further invested in sugar, rubber, street railways, and utilities and became a multimillionaire. He served on the Providence city council (1869-74) and in the Rhode Island legislature (1875-76), the U.S. House of Representatives (1879-81), and the U.S. Senate (1881-1911). In the Senate, Aldrich wielded enormous power--especially after 1897--on behalf of the Republican majority. For a time he was the nemesis of President Theodore Roosevelt, with whom he clashed on foreign policy and railroad legislation. Aldrich advocated a conservative social philosophy on such issues as currency and banking, the tariff, and business regulations. Interested in establishing a central bank in the United States, he became chairman of the National Monetary Commission in 1908. Its report, the so-called Aldrich Plan (1911), served as the basis of the Federal Reserve Act of 1913. The Rockefeller's were instrumental in creating the Federal Reserve System which was designed at a secret 1910 meeting at Jekyl Island off the coast of Georgia. Out of the Jekyl Is. meeting came the Monetary Commission Report and from it the Aldrich Bill. Warburg had urged that the proposed legislation be called the "Federal Reserve System", but Aldrich insisted his name appear as the Bill's chief sponsor and Congress was repelled at the obvious takeover and rejected the Bill. Taking advantage of Congress' desire to adjourn for Christmas in 1913, the Federal Reserve Act was passed by a vote of 298 to 60 in the House and 43 to 25 in the Senate of the United States. After the vote, Congressman Charles A. Lindbergh Sr., father of the famous aviator whose child would later be killed by agents of the World Order, told Congress; "This Act establishes the most gigantic trust on earth ... When the President signs this Act the invisible government by the money power, proven to exist by the Money Trust investigation, will be legalized ... This is the Aldrich Bill in disguise." Federal Reserve System The Federal Reserve System, nicknamed the Fed, is the CENTRAL BANK of the United States. It has two main functions: to be a "bankers' bank," holding deposits of the commercial banks and operating a nationwide check-clearing system; and to serve as the basic controller of credit in the U.S. economy, thus determining the size of the money supply and the ease or difficulty of borrowing. All national banks must belong to the Federal Reserve System, and many state banks belong voluntarily. The system was established in 1913. Unlike the central banks of other countries, the Federal Reserve is divided into 12 PRIVATELY CONTROLLED, separate, central banks located in Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, New York City, Philadelphia, Richmond, St. Louis, and San Francisco. Each bank serves a designated district. The system was organized this way to diffuse the power of the central bank. All member banks are required to maintain non-interest-bearing reserve deposits based on a percentage of their transaction balances at the district Federal Reserve Bank. The monetary authorities implement monetary policy primarily by changing the size of the reserves. By raising legal reserve requirements, the Federal Reserve tightens credit, that is, reduces the size of the money supply generated by the BANKING SYSTEM. By lowering reserve requirements, it can increase the money supply. More often, however, the Federal Reserve controls reserves indirectly, through the operations of the Federal Open Market Committee (consisting of the 7 governors and 5 of the 12 reserve-bank presidents), which directs the buying and selling of U.S. government securities on the open market. When the Federal Reserve wishes to decrease reserves in this way, it sells federal securities; the checks it receives in payment have the effect of removing funds from the banking system. When it wishes to expand the money supply, it buys securities, issuing checks drawn on itself; these checks enable banks receiving them to obtain increased reserve deposits with their reserve banks, which lets them expand the money supply. The Federal Reserve's ability to implement monetary policy has been adversely affected by state banks' LEAVING THE SYSTEM to invest their reserves more profitably. In 1980, to counteract this trend, the U.S. Congress passed legislation REQUIRING all commercial banks to establish reserves with the Federal Reserve over an 8-year phase-in period, although membership is not required. It was hoped that by increasing the Federal Reserve's influence it could control monetary policy more effectively. In 1981 about 5,500 of the 15,000 U.S. commercial banks belonged to the Federal Reserve; in 1991 there were more than 6,000 members out of fewer than 14,000 commercial banks. Enemy of the Rockefellers Born on Feb. 4, 1902, in Detroit, Charles Augustus Lindbergh spent his childhood in Little Falls, Minn. His father served in the U.S. Congress from 1907 to 1917. The son, however, was unconcerned with politics until later in life. Lindbergh spent much of his life as a business consultant to the aircraft and airline industries. In 1929 he married Anne Spencer Morrow, the daughter of U.S. ambassador to Mexico, Dwight Morrow. Their life, however, was touched by tragedy in 1932 when their infant son was kidnapped from their home in New Jersey and murdered. Soon thereafter Congress enacted the "Lindbergh law", making kidnapping a federal crime. After a sensational trial Bruno Richard HAUPTMANN was convicted of the crime and executed (1936) after being framed by NJ Police. In the United States kidnapping was a major concern in the 1920s and '30s. After the kidnapping of Charles A. LINDBERGH's 20-month-old son in 1932, federal kidnapping laws with severe penalties were enacted to silence the furor over the sham. The Schwarzkopf Reward United States Army General H. Norman Schwarzkopf, born Trenton, N.J., Aug. 22, 1934, was the commander of the U.S.-led coalition of land, sea, and air forces that won decisive victory in the PERSIAN GULF WAR in 1991. Schwarzkopf graduated from the United States Military Academy in 1956 and became an infantry second lieutenant. His father, Herbert Norman Schwarzkopf, was also a West Point graduate. The senior Schwarzkopf gave his name to his son, but disliking the name Herbert, gave him only the letter H.). The senior Schwarzkopf became superintendent of the New Jersey State Police and was the CHIEF INVESTIGATOR in the kidnapping case of Charles Lindbergh's son. New Jersey was home to the Rockefellers whom had protested the Aldrich Bill and then railed against the falsity of the privately owned Federal Reserve System. .---. .----------- * ::::::::::::::::::::::::::: / \ __ / ------ * 75321.3407@compuserve.com / / \(..)/ ----- * ::::::::::::::::::::::::::: ////// ' \/ ` ---- * //// / // : : --- * PERMISSION TO \\/ / * / /` '--* COPY ETC. OK \/ * //..\\ x-x-UU----UU-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x- '//||\\` N E M O M E I M P U N E L A C E S S I T ''`` . . . . . . . . . . . . . . . . . . . . x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x ------------------------------------------------ (This file was found elsewhere on the Internet and uploaded to the Radio Free Michigan archives by the archive maintainer. All files are ZIP archives for fast download. E-mail bj496@Cleveland.Freenet.Edu)