Sunday, November 28, 2010

The 100 Year Old Bankster Conspiracy

In November of 1910, Senator Nelson W. Aldrich (R) of Rhode Island, chair of the National Monetary Commission formed in the wake of the Panic of 1907 to review banking policies in the United States, invited a small group of men out to Jekyll Island off the coast of Georgia for a "duck hunt". That was what people were led to believe at the time, anyway. But this was no ordinary group of amateur outdoor sportsmen. In addition to the Senator and his personal secretary Arthur Shelton, the Jekyll Island group gathering for the "duck hunt" was comprised of Dr. A. Piatt Andrew, a former Harvard University assistant Professor of Economics and as of 1910, Assistant Secretary of the Treasury, Henry P. Davidson, partner at J.P. Morgan and Co., Frank A. Vanderlip, President of the Rockefeller-owned National City Bank and Paul M. Warburg, representing US interests as a partner of Kuhn, Loeb and Co. and extensive international interests as a member of the Warburg banking family.

How many ducks they actually bagged on that trip is inconsequential; it was subterfuge for the real purpose: the most powerful monied interests in the world secretly redesigning the way money works in America. The plan hatched on this trip was the basis for what would eventually become the Federal Reserve. Though Aldrich's initial legislation upon return from this trip would be rejected by Congress, it did approve a similar proposal complete with a central banking system in 1913, which President Wilson signed into law called the Federal Reserve Act. This law, which forever altered the structure of the US economy, would never have been conceived if these most powerful monied interests (Morgan, Rockefeller, Warburg) had not secretly conspired to make it so.

One hundred years later, the world looks very different on the outside, but business still gets done pretty much the same way it did back then. Even in the 21st century, we still see that a "duck hunt" can be used as a ruse by powerful interests to get business done. That's how I would define the word conspiracy as it relates to economic and political power: how business gets done. Why is the subject of conspiracy not given a more open and honest examination within the context of US historical analysis? I leave it to the late, great comedian George Carlin to explain:

"The limits of debate in this country are established before the debate even begins.

And everyone else is marginalized and made to seem either to be communists, or some sort of a disloyal person; or 'kook' - there's a word - and now its 'conspiracy', see.

They've made that something that should not be even entertained for a minute! That powerful people might get together and have a plan! 'Doesn't happen! You're a kook! You're a conspiracy buff'!"

If you think this 100 year old conspiracy is a joke, I would counter by saying not only do the powers that profit the most from this arrangement think the joke is on you, they are still rubbing that joke in our faces. Consider recent events from earlier this month:

Fed has starring role in 'Return to Jekyll Island'

By Neil Irwin

(Photo Credit: Andrew Harrer/Bloomberg)
By Neil Irwin
JEKYLL ISLAND, Ga. -- After making their most significant monetary policy decision in quite a long time earlier this week, top officials of the Federal Reserve are now set to turn their attention to some big-picture questions about their institution: Where has it been? How did it get here? And where is it going?
They are gathering this weekend at the very resort on the Georgia coast where 100 years ago a group of bankers and finance experts met to craft what would eventually become the Federal Reserve System.
Indeed, the 1910 Jekyll Island gathering has long been viewed by conspiracy theorists as the root of what they consider to be the central bank's shadowy, elitist ways. There is even a Fed-bashing book called "The Creature from Jekyll Island."
Now, the Federal Reserve Bank of Atlanta is hosting a conference titled "Return to Jekyll Island." It may sound like the sequel to a bad horror movie, but it is in fact a meeting that aims to examine the full scope of the Fed's history (see the agenda here).

As Neil Irwin points out, unlike the original meeting 100 years that was deliberately shrouded in secrecy, there were plenty of journalists on hand to record what happened this November. Here is a recording of one moment that stood out in particular:

Is it time yet for America to force these banks into receivership?
To force prosecution for these frauds..... these crimes?
And to hold accountable the regulators.... including The Fed..... who intentionally ignored these frauds and crimes?
How many Americans have to lose their homes?
How many jobs have to go to China?
How much devaluation of our currency - undertaken to prop up these scams - will you tolerate?
How much higher does gasoline and food have to go in price, while your wages remain stagnant or you lose your job - and you're evicted from your house - before you demand it stop and the scammers go to prison?


While I have gone on record many times in the past with my condemnation of the astro-turf front known as the Tea Party, I have no problem citing the likes of Karl Denninger, especially since he has seen what he had thought was the original intent of the organization be usurped by the likes of Sarah Palin & Newt Gingrich focusing on "Guns, gays, God," instead of "enforcement of the law against those who have robbed, financially ****d and pillaged the nation." I would hope that all people of good conscience, regardless of their ideological preference, would stand in unity against this assault from the Elite. There can be no real justice or real democracy in this country until there is economic justice and economic democracy. While there may not be a consensus on how to get there, the first step is to recognize that the banksters are not a realistic part of that solution, only the continuation of a very debilatating problem.


Tanya Savko said...

Thanks for posting about Jekyll Island - I don't recall hearing the story before. I wonder how many other "conspiracies" will come to light for their hundredth anniversaries?

Robert Paulsen said...

It's a very interesting piece of history obviously still relevant today. As far as other hundredth anniversaries go, we've got the sinking of the Titanic coming up in 2012 and the start of World War I in 2014. We'll see if any "conspiracies" come to light for those events!