Fed Up

"So, here's to the men who did what was considered wrong, in order to do what they knew was right...what they knew was right."
--Benjamin Franklin Gates (National Treasure)

An excerpt from Ron Paul's new book, End The Fed. Congressman Paul continues to impress me with his depth of understanding. It's also hard not to note his tenacity. He knows that central banking is located at ground zero of our problems and he won't be shaken out of his position.

This excerpt provides a nice overview of the history of central banking and the origins of the Fed. When reflecting on the composition of the Jeckyll Island group--those who met at JP Morgan's coastal Georgia resort in late 1910 to blueprint the Fed's structure--Paul writes:

"So we had two Rockefellers, two Morgans, one Kuhn Loeb person, and one economist. In this group, we find the essence of the Fed: powerful bankers with powerful government officials working together to have the nation's money system serve their interests, justified by economists there to provide the scientific gloss. It has been pretty much the same ever since."

I doubt truer words were ever spoken.