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The Federal Reserve – Part III – The Takeover

Posted on April 19, 2015 by 

Roosevelt established the FDIC in 1933 assuring people it was safer to keep their money in a reopened bank than under the mattress. Then on August 23,1935, Congress approved legislation that had a major impact on the Federal Reserve Banks, the Banking Act of 1935.

This Act structurally altered forever the entire concept behind the Federal Reserve whereas its purpose originally was to provide stability with respect to internal capital flows in addition to a regulatory clearing house for the banks.

Each branch maintained its separate interest rate to attract capital to a region or to deflect it to prevent another Panic of 1907 when cash flowed from the East to the West because of the San Francisco Earthquake of 1906.

This is where the Open Market Committee was established and national monetary and credit policies were determined in Washington and this would gradually become the new political-economy and Laissez-faire was now officially dead.

Read more....

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