Sunday, January 23, 2011

Seven Men, Nine Days, One New Monetary Cartel, Pt. 2 | zero hedge


by Phoenix Capital Research on 01/23/2011

Thus, on a wintery day in November 1910, seven men retreated to JP Morgan’s private Jekyll Island resort to plan a system of banking that would address all of these problems, while simultaneously expanding their power and influence over the US banking system.

G. Edward Griffin, in The Creature From Jekyll Island, puts their primary goals as the following:

1) To stop the growing influence of smaller banks and increase the Anglo-American banking giants’ grip on the US financial system

2)To shift US banking to a more “loan heavy” structure thereby expanding the monetary base more dramatically (making money more “elastic”)

3) To pool all national banks reserves and set nation-wide standards for loans to reserves ratios, thereby minimizing the risks of bank runs and failure

4) To establish a means of shifting the losses from bank failures away from the banks and onto the public

And finally

5) To develop a PR campaign that would result in the US populace accepting the implementation of a full-scale private banking cartel

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