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Congressman Louis T. McFadden before the House of Representatives, June 10, 1932, in the midst of the first Great Depression
Congressman Louis T. McFadden before the House of Representatives, June 10, 1932, in the midst of the first Great Depression
ONE OF THE MOST CORRUPT INSTITUTIONS THE WORLD HAS EVER KNOWN
"They have since begun the breaking up of American homes and the dispersal of American children."
Tennessee children living with their homeless mother during the Great Depression.
Mr. Chairman, at the present session of Congress we have been dealing with emergency situations. We have been dealing with the effects of things, rather than the cause of things.
In this particular discussion, I shall deal with some of the causes that lead up to these proposals. There are underlying principles which are responsible for conditions such as we have at the present time, and I shall deal with one of these in particular which is tremendously important in the consideration you are now giving this bill.
Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks.
The Federal Reserve Board has cheated the Government of the United States and the people of the United States out of enough money to pay the national debt. The depredations and iniquities of the Federal Reserve Board and the Federal Reserve Banks acting together have cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the People of the United States; has bankrupted itself; and has practically bankrupted our government. It has done this through the defects of the law under which it operates, through the maladministration of that law by the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it.
WHAT THE FEDERAL RESERVE IS
Some people think the Federal Reserve Banks are United States Government institutions. They are not government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders.
In that dark crew of financial pirates there are those who would cut a man's throat to get a dollar out of his pocket; there are those who send money into states to buy votes to control our legislation; and there are those who maintain an international propaganda for the purpose of deceiving us and of wheedling us into the granting of new concessions which will permit them to cover up their past misdeeds and set again in motion their gigantic train of crime.
FOREIGN ORIGIN; FINANCING JAPAN IN WAR AGAINST RUSSIA
Those 12 private credit monopolies were deceitfully and disloyally foisted upon this country by bankers who came here from Europe. Those bankers took money out of this country to finance Japan in a war against Russia. They created a reign of terror in Russia with our money in order to help that war along. They instigated the separate peace with Germany and Russia, and thus drove a wedge between the allies in the World War. [WWI]
FINANCING TROTSKY AND INSTIGATING THE RUSSIAN REVOLUTION (ADVENT OF COMMUNISM)
Trotsky, working from New York.
They financed Trotsky's mass meetings of discontent and rebellion in New York. They paid Trotsky's passage from New York to Russia so he might assist in the destruction of the Russian Empire. They fomented and instigated the Russian revolution, and they placed a large fund of American dollars at Trotsky's disposal in one of their branch banks in Sweden, so that through him Russian homes might be thoroughly broken up and Russian children flung far and wide from their natural protectors. They have since begun the breaking up of American homes and the dispersal of American children.
WILSON DECEIVED TO ESTABLISH THE FEDERAL RESERVE
It has been said that President Wilson was deceived by the attentions of these bankers and by the philanthropic poses they assumed. It has been said that when he discovered the manner in which he had been misled by Colonel House, he turned against that busybody, that "holy monk" of the financial empire, and showed him the door. He had the grace to do that; and in my opinion he deserves great credit for it.
President Wilson was a victim of deception. When he came to the Presidency, he had certain qualities of mind and heart which entitled him to a high place in the councils of this Nation. But there was one thing he was not, and which he never aspired to be: He was not a banker.
He said that he knew very little about banking. It was therefore on the advice of others that the iniquitous Federal Reserve Act — the death warrant of American Liberty — became law in his administration.
THE ALDRICH BILL
In 1912, the National Monetary Association, under the chairmanship of the late Senator Nelson W. Aldrich, made a report and presented a vicious bill called The National Reserve Association Bill. This bill is usually spoken of as The Aldrich Bill.
Senator Aldrich did not write the Aldrich Bill. He was the tool of European-born bankers who for nearly 20 years had been scheming to set up a central bank in this country, and who in 1912 had spent and were continuing to spend vast sums of money to accomplish their purpose.
THE DEMOCRATIC PARTY PROMISES NOT TO CREATE A CENTRAL BANK
The Aldrich Bill was condemned in the platform upon which Theodore Roosevelt was nominated in the year 1912; and in the same year — when Woodrow Wilson was nominated — the Democratic platform as adopted at the Baltimore Convention expressly stated:
"We are opposed to the Aldrich plan for a central bank."
This was plain language. The men who ruled the Democratic Party then promised the people that if they were returned to power, there would be no central bank established here while they held the reins of power.
Thirteen months later, that promise was broken; and the Wilson administration, under the tutelage of those sinister Wall Street figures who stood behind Colonel House, established here in our free country the worm-eaten, monarchical institution of the "King's Bank," to control us from the top downward, and to shackle us from the cradle to the grave.
CONSEQUENCES OF THE FEDERAL RESERVE ACT
President Andrew Jackson
Popular war-hero of the Battle of New Orleans, President Andrew Jackson.
Not long after Thomas Jefferson stood against the central bankers at the founding of the United States, Jackson waged a heroic battle to cast away the Second Bank of the United States. Jackson told the bankers publicly, "You are a den of vipers and thieves. I intend to rout you out. And by eternal God, I will rout you out."
He made good on this promise.
Lincoln too had to resist subversion over the duration of the Civil War, but owing to the principles of Jefferson, Jackson, and Lincoln, international usurers would not succeed in subduing us again under a central bank until 1913.
The Federal Reserve Act destroyed our old and characteristic way of doing business: It discriminated against our one-name commercial paper — the finest in the world; it set up the antiquated two-name paper which is the present curse of this country, and which has wrecked every country which has ever given it scope: It fastened down upon this country the very tyranny from which the framers of the Constitution sought to save us.
One of the greatest battles for the preservation of this Republic was fought out here in Jackson's day, when the Second Bank of the United Sates — which was founded upon the same false principles as those which are exemplified in the Federal Reserve Act — was hurled out of existence.
After the downfall of the Second Bank of the United Sates in 1837, the country was warned against the dangers that might ensue if these same predatory interests, after being cast out, should come back in disguise and unite themselves to the Executive, and through him acquire control of the government. That is what the predatory interests did when they came back in the livery of hypocrisy, and under false pretenses, obtained the passage of the Federal Reserve Act.
The danger that the country was warned against came upon us and is shown in the long train of horrors attendant upon the affairs of the traitorous and dishonest Federal Reserve Board and the Federal Reserve Banks. Look around you when you leave this chamber and you will see evidences of it on all sides. This is an era of economic misery; and for the conditions which caused that misery, the Federal Reserve Board and Federal Reserve Banks are fully liable.
This is an era of financed crime; and in the financing of crime, the Federal Reserve Board does not play the part of a disinterested spectator.
It has been said that the draftsman who was employed to write the text of the Federal Reserve Bill used the text of the Aldrich Bill for his purpose. It has been said that the language of the Aldrich Bill was used because the Aldrich Bill had been drawn up by expert lawyers, and seemed to be appropriate.
It was indeed drawn up by lawyers. The Aldrich Bill was created by acceptance bankers of European origin in New York City. It was a copy, and in general, a translation of the Reischbank, and other European central banks.
Half a million dollars was spent on one part of the propaganda organized by those same European bankers for the purpose of misleading public opinion in regard to it and for the purpose of giving Congress the impression there was an overwhelming popular demand for that kind of banking legislation, and the kind of currency that goes with it...
Dr. H. Parker Willis had been employed by the Wall Street bankers and propagandists; and when the Aldrich measure came to naught and he obtained employment from Carter Glass to assist in drawing a banking bill for the Wilson administration, he appropriated the Aldrich Bill for his purpose. The text of the Federal Reserve Act was tainted from the beginning.
Not all of the Democratic members of the Sixty-third Congress voted for this great deception. Some of them remembered the teachings of Jefferson. Senator Henry Cabot Lodge wrote:
"The bill, as it stands, seems to me to open the way to a vast inflation of the currency."
In the 18 years which have passed since Senator Lodge wrote that letter of warning, the government is in the banking business as never before. Against its will it has been made the backer of swindlers in all parts of the world. Through the Federal Reserve Board and the Federal Reserve Banks the riffraff of every country is operating on the public credit of the United States Government. Meanwhile, and on account of it, we ourselves are in the midst of the greatest depression we have ever known.
Thus the menace to our prosperity so feared by Senator Lodge has indeed struck home. From the Atlantic to the Pacific our country has been ravaged and laid waste by the evil practices of the Federal Reserve Board and the Federal Reserve Banks, and the interests which control them. At no time in our history has the general welfare of the people of the United States been at a lower level, or the mind of the people so filled with despair.
SIXTY THOUSAND CONFISCATED HOUSES AND FARMS AUCTIONED IN A SINGLE DAY
Unemployed Chicagoans during Great Depression.
What virtues of an "economic" system could render jobless, a prospering nation, fully capable otherwise of continuous production?
The infamous "Colonel House."
The infamous "Colonel House," "economic" advisor to President Woodrow Wilson, was largely responsible not only for the first Great Depression, but artificial indebtedness, dispossession, and cyclical collapse to ensue the deceptively named Federal Reserve Act.
House was largely responsible for the establishment of the Federal Reserve. Reportedly, he was seen constantly at the president's side, forever mystifying him with unqualified "economic" jargon. The president himself jested that House had become his alter ego. In truth, House dominated the president with the veiled intentions of the Aldrich Plan authors, without ever laying a true science before him. In a year, the Democrats had done what the Republicans were defeated for intending to do, and what the Democrats were elected for promising they would not do. In the eve of December 23, 1913, they passed their "Federal Reserve Act" in the Christmas absence of the many legislators who opposed it.
The act therefore was not only passed without public assent, but in explicit violation of public mandate.
Recently in one of our states 60,000 dwelling houses and farms were brought under the hammer in a single day.
According to Rev. Father Charles E. Coughlin, who has lately testified before a committee of this House, 71,000 houses and farms in Oakland County, Michigan have been sold, and their erstwhile owners disposed. Similar occurrences have probably taken place in every county in the United States.
The people who have thus been driven out are the wastage of the Federal Reserve Act. They are the victims of the dishonest and unscrupulous Federal Reserve Board and the Federal Reserve Banks. Their children are the new slaves of the auction block in the revival here of the institution of human slavery.
PURPOSELY CROOKED MACHINERY
In 1913, before the Senate Banking and Currency Committee, Mr. Alexander Lassen made the following statement:
"But the whole scheme of the Federal Reserve Bank, with its commercial paper basis, is an impractical, cumbersome machinery — is simply a cover to find a way to secure the privilege of issuing money and to evade payment of as much tax upon the circulation as possible — and then to control the issue, and maintain instead of reduce, interest rates."
"It is a system that, if inaugurated, will prove to the advantage of the few, and the detriment of the people of the United States." It will mean further extension of credit — for when there is a lack of money, people have to borrow credit, to their cost."
A few days before the Federal Reserve Act was passed, Sen. Elihu Root denounced the Federal Reserve Bill as an outrage on our liberties; and made the following prediction:
"Long before we wake up from our dreams of prosperity through an inflated currency, our gold will have vanished, and no rate of interest will tempt it to return."
If ever a prophecy came true, that one did.
It was impossible however, for those luminous and instructed thinkers to control the course of events. On December 23, 1913, the Federal Reserve Bill became law; and that night Colonel House wrote to his hidden master in Wall Street as follows:
"I want to say a word of appreciation to you for the silent but no doubt effective work you have done in the interest of currency legislation; and to congratulate you that the measure has finally been enacted into law. We all know that an entirely perfect bill, satisfactory to everybody, would have been an impossibility; and I feel quite certain that fair men will admit that unless the President had stood as firm as he did, we should likely have had no legislation at all.
"The bill is a good one in many respects — anyhow good enough to start with — and to let experience teach us in what direction it needs perfection, which in due time we shall then get. In any event, you have personally good reason to be gratified with what has been accomplished.
The words, "unless the President had stood firm as he did, we should likely have had no legislation at all,"were a gentle reminder that it was Colonel House, himself, the "holy monk," who had kept the President firm.
The foregoing letter affords striking evidence of the manner in which the predatory interests then sought to control the Government of the United States by surrounding the Executive with the personality and the influence of a financial Judas.
Left to itself, and to the conduct of its own legislative functions, without pressure from the Executive, the Congress would not have passed the Federal Reserve Act.
According to Colonel House — and since this was his report to his master, we may believe it to be true: the Federal Reserve Act was passed because Wilson stood firm. In other words, because Wilson was under the guidance and control of the most ferocious usurers in New York through their hireling, House.
The Federal Reserve Act became law the day before Christmas Eve in the year 1913. And shortly afterwards the German international bankers, Kuhn, Loeb and Company, sent one of their partners here to run it.
In 1913, when the Federal Reserve Bill was submitted to the Democratic caucus, there was a discussion in regard to the form the proposed paper currency should take.
The proponents of the Federal Reserve Act, in their determination to create a new kind of paper money, had not needed to go outside of the Aldrich Bill for a model.
By the terms of the Aldrich bill, bank notes were to be issued by the National Reserve Association,and were to be secured partly by gold and partly by circulating evidences of debt. The first draft of the Federal Reserve Bill presented the same general plan, that is, for bank notes as opposed to government notes — but with certain differences of regulation.
When the provision for the issuance of Federal Reserve Notes was placed before President Wilson, he approved of it. But other Democrats were more mindful of Democratic principles; and a great protest greeted the plan.
Foremost amongst those who denounced it was William Jennings Bryan, the Secretary of State. Bryan wished to have the Federal Reserve Notes issued as government obligations.
President Wilson had an interview with him and found him adamant. At the conclusion of the interview, Bryan left with the understanding that he would resign if the notes were made bank notes.
The President then sent for his Secretary, and explained the matter to him. Mr. Tumulty went to see Bryan, and Bryan took from his library shelves a book containing all the Democratic platforms, and read extracts from them bearing on the matter of the public currency.
Returning to the President, Mr. Tumulty told him what had happened, and ventured the opinion that Mr. Bryan was right, and that Mr. Wilson was wrong.
The President then asked Mr. Tumulty to show him where the Democratic Party in its national platforms had ever taken the view indicated by Bryan. [The President was unapprised even of the party position on the issue.]
Mr. Tumulty gave him the book, which he had brought from Bryan's house, and the President read very carefully plank after plank on the currency.
He then said, "I am convinced there is a great deal in what Mr. Bryan says," and thereupon it was arranged that Mr. Tumulty should see the proponents of the Federal Reserve Bill, in an effort to bring about an adjustment of the matter.
GLASS, PROPONENT OF THE FEDERAL RESERVE ACT, CONFUSES THE PRESIDENT MERELY BY ACTING AS IF THE PROPOSITION THAT GOVERNMENT ISSUE ITS CURRENCY IS RIDICULOUS
Wilson and Tumulty
Wilson and Tumulty.
The history-teacher-turned-president knew nothing about finance or banking, and evidently had never taken serious notice of the many historic dissertations of Jefferson, Franklin, Jackson, and Lincoln before him. The gullible President Wilson was far too easily confused and disuaded by unqualified dogma.
As McFadden emphasizes, Wilson's recorded Democrat Party platform explicitly promised not to create a central bank. Wilson thus violated campaign promises to make one of the most destructive mistakes in history — the unassented creation of the private banking monopoly intentionally given the deceptive name, "Federal Reserve."
While the 1912 election was won on this dishonored promise, Wilson was instrumental in passing the so-called Federal Reserve Act on the eve of December 23, 1913, in the Christmas absence of the many legislators who opposed it.
Guilt surely contributed to a stroke and infirmity in his final term. He took shame to his grave:
"I am a most unhappy man. I have unwittingly ruined my country.
A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation therefore, and all our activities, are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world — no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men."
William Jennings Bryan
"...and a great protest greeted the plan."
The popular William Jennings Bryan, Secretary of State, understood that the proposed nature of the Federal Reserve Note was overtly dangerous. The insightful Mr. Bryan, is seen here after resigning his position under protest — saluted for refusing to participate in the destruction of his country.
HIDEOUS WILSON CAMPAIGN PROPAGANDA
Second-term Wilson campaign truck.
Propaganda, blatant lies, or incredible stupidity?
Vote for Wilson re-election truck asks (top question on vertical side-panel behind cab), "WHO BROKE THE MONEY TRUST?"
Certainly Wilson had not "broken" the "money trust." On the contrary, he had ensured the money "trusts" would have every power necessary to breaking the people.
In ten years, "the money trust" would make itself the real owner of the country. The central banking business could never be better.
The remainder of this story may by be told in the words of Senator Glass [proponent of the Federal Reserve Act]:
"The only other feature of the currency bill around which a conflict raged at this time was the note-issue provision. Long before I knew it, the President was desperately worried over it. Some of his advisers told him Mr. Bryan could not be induced to give his support to any bill that did not provide for a 'Government Note.'"
"There was in the Senate and House a large Bryan following, which, united with a naturally adversary party vote, could prevent legislation. Certain overconfident gentlemen [banking representatives] proffered their services in the task of 'managing Bryan.' They did not budge him."
"When a decision could no longer be postponed, the President summoned me to the White House to say he wanted Federal Reserve Notes to be 'obligations of the United States.'"
"I was for an instant speechless. With all the earnestness of my being I remonstrated, pointing out the unscientific nature of such a thing, as well as the evident inconsistency of it." [How could it have been more consistent that private, international bankers be obligated to deliver nothing?]
"There is not, in truth [a plain lie] any government obligation here, Mr. President, I exclaimed. It would be a pretense on its face. Was there ever a government note based primarily on the property of banking institutions? [The basis of the note was to be the property and production of the people — NOT of banking institutions.] Was there ever a government issue, not one dollar of which could be put out except by demand of a bank? [... in truth, indicating the banks provided no service whatever.] The suggested government obligation is so remote it could never be discerned, I concluded, out of breath." [The government obligation was, and is, to see that what circulation is issued will sustain commerce. By arguing the government had no obligation or responsibility, and convincing the President so, the ploy here was to relieve the central banks of accountability to the government or people.]
"'Exactly so, Glass,' earnestly said the President. 'Every word you say is true. The government liability is a mere thought. And so, if we can hold to the substance of the thing and give the other fellow the shadow, why not do it, if thereby we can save our bill?'"
Shadow and substance! One can see from this HOW LITTLE President Wilson knew about banking. Unknowingly, he gave the substance to the international banker, and the shadow to the common man.
Thus was Bryan circumvented in his efforts to uphold the Democratic doctrine of the rights of the people. Thus the "unscientific blur" upon the bill was perpetrated. The "unscientific blur" however, was the fact that the United States Government, by the terms of Bryan's edict, was obliged to assume as an obligation,WHATEVER currency was issued! Mr. Bryan was right when he insisted that the United States should preserve its sovereignty over the public currency. The "unscientific blur" was the nature of the currency itself, a nature which makes it unfit to be assumed as an obligation of the United States Government! Federal Reserve Note is essentially unsound. As Kemmerer says:
"The Federal Reserve Notes therefore, in form have some of the qualities of government paper money, but, in substance, are almost a pure asset currency possessing a government guaranty, against which the government has made no provision whatever."
Hon. E. J. Hill, a former Member of the House, said, and truly:
"They are obligations of the government for which the United States has received nothing, and for the payment of which, at any time, it assumes the responsibility — looking to the Federal Reserve Bank to recoup itself. If the United States Government is to redeem the Federal Reserve Notes when the general public finds out what it costs to deliver this flood of paper money to the 12 Federal Reserve Banks, and if the government has made no provision for redeeming them, then the first element of their unsoundness is not far to seek."
Before the Senate Banking and Currency Committee, while the Federal Reserve Bill was under discussion, Mr. Crozier, of Cincinnati, said:
"In other words, the imperial power of elasticity of the public currency is wielded exclusively by these central corporations owned by the banks. This is a life and death power over ALL local banks AND ALL BUSINESS. It can be used to create or destroy prosperity, to ward off or cause stringencies or panics. By making money artificially scarce, interest rates throughout the country can be arbitrarily raised — and the bank tax on all business, and cost of living, increased for the profit of the banks owning these regional, central banks — without the slightest benefit to the people. These 12 [private] corporations together cover the whole country, and monopolize and use for private gain EVERY dollar of the public currency — and all public revenues of the United States. NOT A DOLLAR can be put into circulation among the people, by their government, without the consent of, AND ON TERMS FIXED BY, these 12 private money trusts."
In defiance of this and all other warnings, the proponents of the Federal Reserve Act created [vested this power in] the 12 private credit corporations, and gave them an absolute monopoly of the currency of the United States — not of Federal Reserve Notes alone, but of all the currency... the Federal Reserve Act providing ways by means of which the gold and general currency in the hands of the American people could be obtained by the Federal Reserve Banks in exchange for Federal Reserve Notes — which are not money... but merely promises to pay money.
Since the evil day when this was done, the initial monopoly has been extended by vicious amendments to the Federal Reserve Act — and by the unlawful and treasonable practices of the Federal Reserve Board and the Federal Reserve Banks.
Mr. Chairman, when a Chinese merchant sells human hair to a Paris wigmaker and bills him in dollars, the Federal Reserve Banks can buy this bill against the wigmaker and then use that bill as collateral for Federal Reserve Notes. The United States Government thus pays the Chinese merchant the debt of the wigmaker, and gets nothing in return except a shady title to the Chinese hair.
Mr. Chairman, if a Scotch distiller wishes to send a cargo of Scotch whisky to the United States, he can draw his bill against the purchasing bootlegger in dollars; and after the bootlegger has accepted it by writing his name across the face of it, the Scotch distiller can send that bill to the nefarious open discount market in New York City, where the Federal Reserve Board and the Federal Reserve Banks will buy it and use it as collateral for a new issue of Federal Reserve Notes.
Thus the Government of the United States pays the Scotch distiller for the whisky before it is shipped; and if it is lost on the way, or if the coast Guard seizes it and destroys it, the Federal Reserve Banks simply write off the loss, and the government never recovers the money that was paid to the Scotch Distiller.
While we are attempting to enforce prohibition here, the Federal Reserve Board and the Federal Reserve Banks are financing the distillery business in Europe; and are paying bootleggers' bills with the public credit of the United States Government.
Mr. Chairman, if Dynamit Nobel of Germany wishes to sell dynamite to Japan to use in Manchuria or elsewhere, it can draw its bill against its Japanese customers in dollars, and send that bill to the nefarious open discount market in New York City, where the Federal Reserve Board and the Federal Reserve Banks will buy it and use it as collateral for a new issue of Federal Reserve Notes — while at the same time the Federal Reserve Board will be helping Dynamit Nobel by stuffing its stock into the United States banking system.
FEDERAL RESERVE PAYING JAPANESE DEBTS TO GERMAN MUNITIONS MAKERS, FINANCING THE MUNITION FACTORIES OF GERMANY AND SOVIET RUSSIA
Why should we send our representatives to the disarmament conference at Geneva while the Federal Reserve Board and the Federal Reserve Banks are making our government PAY JAPANESE DEBTS TO GERMAN MUNITIONS MAKERS? [Prelude to WWII.]
Was it for this that our National Bank depositors had their money taken out of our banks and shipped abroad? Was it for this that they had to lose it?
WHY should our National Bank depositors and our government be forced TO FINANCE THE MUNITION FACTORIES OF GERMANY AND SOVIET RUSSIA?
Mr. Chairman, if a German in Germany wishes to sell wheelbarrows to another German, he can draw a bill in dollars and get the money out of the Federal Reserve Banks before an American farmer could explain his request for a loan to move his crop to market.
In Germany, when credit instruments are being given, the creditors say, "See you, it must be of a kind that I can cash at the Reserve." Other foreigners feel the same way.
The Reserve to which these gentry refer is our reserve which, as you know, is entirely made up of money belonging to American bank depositors. I think foreigners should cash their own trade paper and not send it over here to bankers who use it to fish cash out of the pockets of the American people.
Mr. Chairman, there is nothing like the Federal Reserve pool of confiscated bank deposits in the world. It is a public trough of American wealth in which foreigners claim rights equal to or greater than those of Americans.
The Federal Reserve Banks are agents of the foreign central banks. They use our bank depositors' money for the benefit of their foreign principals. They barter the public credit of the United States Government, and hire it out to foreigners at a profit to themselves.
ALL THIS is done at the expense of the United States Government, and at a sickening loss to the American people. Only our great wealth enabled us to stand the drain of it as long as we did.
I believe the nations of the world would have settled down after the World War [I] more peacefully if we had not had this standing temptation here — this pool of our bank depositors' money given to private interests and used by them in connection with illimitable drafts upon the public credit of the United States Government. The Federal Reserve Board invited the world to come in and to carry away cash, credit, goods, and everything else of value that was movable. Values amounting to many billions of dollars have been taken out of this country by the Federal Reserve Board and the Federal Reserve Banks for the benefit of their foreign principals. Our structures have been gutted; and only the walls are left standing.
While this crime was being perpetrated, everything the world could rake up to sell us was brought here at our own expense by the Federal Reserve Board and the Federal Reserve Banks, until our markets were swamped with unneeded and unwanted imported goods priced far above their value — and thus made to equal the dollar volume of our honest exports — and [thus] to kill our favorable balance of trade.
As agents of the foreign central banks, the Federal Reserve Board and the Federal Reserve Banks try by every means within their power to reduce our favorable balance of trade. They act for their foreign principals and they accept fees from foreigners for acting against the best interests of the United States. Naturally, there has been great competition among foreigners for the favors of the Federal Reserve Board.
IMPOSSIBLE INTEGRITY: A FIXED, ALTERNATE MONETARY STANDARD INEVITABLY RESULTS IN A FRACTIONAL RESERVE WHICH VIOLATES THE STANDARD
McFadden and many others want to think that a finite monetary standard can succeed.
But this position itself is a principal obstruction to achieving sound money, because it is impossible to adhere to the limitation of finite reserves if a greater circulation is required; and neither is it necessary to abide by an alternate standard, because money is introduced to circulation as debts; and the very asset related to the debt therefore comprises a sufficient reserve to always guarantee the value of the money if there is no interest and if the debt is paid at the rate of depreciation or consumption of the asset (which are equivalent).
The very limitations of any alternate finite reserve concept whatever therefore inevitably results in a fractional reserve such as McFadden refers to; and that fractional reserve provides no real protection at all for (given the numbers he cites) the vast majority of the circulation.
Mr. Chairman, when you hold a $10 Federal Reserve Note in your hand, you are holding a piece of paper which sooner or later is going to cost the United States Government $10 in gold — unless the government is obliged to give up the gold standard.
It is [was] protected by a reserve of 40 percent, or $4 in gold.
Immense sums belonging to our national bank depositors have been given to Germany on no collateral security whatever. The Federal Reserve Board and the Federal Reserve Banks have issued United States currency on mere finance drafts drawn by Germans.
Billions upon billions of our money has been pumped into Germany — and money is still being pumped into Germany by the Federal Reserve Board and the Federal Reserve Banks. Her worthless paper is still being negotiated here and renewed here on the public credit of the United States Government, and at the expense of the American people.
On April 27, 1932, the Federal Reserve sent $750,000 belonging to American bank depositors, in gold, to Germany. A week later, another $300,000 in gold was shipped to Germany in the same way. About the middle of May, $12,000,000 in gold was shipped to Germany by the Federal Reserve Board and the Federal Reserve Banks. Almost every week, there is a shipment of gold to Germany.
These shipments are NOT made for profit on exchange — since German marks are below parity against the dollar.
Mr. Chairman, I believe the National Bank depositors of the United States are entitled to know what the Federal Reserve Board and the Federal Reserve Banks are doing with their money. There are millions of National Bank depositors in this country who do not know that a percentage of every dollar they deposit in a member bank of the Federal Reserve System goes automatically to the American agents of foreign banks; and that all of their deposits can be paid away to foreigners without their knowledge or consent by the crooked machinery of the Federal Reserve Act, and the questionable practices of the Federal Reserve Board and the Federal Reserve Banks. Mr. Chairman, the American people should be told the truth by their servants in office.
The Federal Reserve Board and the Federal Reserve Banks have been international bankers from the beginning — with the United States Government as their enforced banker, and supplier of currency. But it is nonetheless extraordinary to see those 12 private credit monopolies buying the debts of foreigners against foreigners in all parts of the world, and asking the Government of the United States for new issues of Federal Reserve Notes IN EXCHANGE FOR THEM.
I see no reason why a worthless acceptance drawn by a foreign swindler as a means of getting gold out of this country should receive the lowest and choicest rate from the Federal Reserve Board — and be treated as better security than the note of an American farmer living on American land.
The magnitude of the acceptance racket, as it has been developed by the Federal Reserve Banks, their foreign correspondents, and the predatory European-born bankers who set up the Federal Reserve institution here and taught our own brand of pirate how to loot the people... the magnitude of this racket is estimated to be in the neighborhood of $9,000,000,000 [nine billion dollars] a year. In the past ten years, it is said to have amounted to $90,000,000,000 [ninety billion].
Coupled with this, you have, to the extent of billions of dollars — the gambling in United States securities — which takes place in the same open discount market — a gamble upon which the Federal Reserve Board is now spending $100,000,000 a week. [Promoting the facade of prosperity.]
Federal Reserve Notes are taken from the United States Government in unlimited quantities. Is it strange that the burden of supplying these immense sums of money to the gambling fraternity has at last proved too heavy for the American people to endure?
Would it not be a national calamity if the Federal Reserve Board and the Federal Reserve Banks should again bind this burden down on the backs of the American people and — by the means of the long rawhide whips of the credit masters — compel them to enter into another 17 years of slavery? They ARE trying to do that now.
They are asking $100,000,000 of the public credit of the United States Government every week — in addition to all their other seizures — and they are spending that money in the nefarious open discount market in New York City, in a desperate gamble to reestablish their graft as a going concern.
They are putting the United States Government in debt to the extent of $100,000,000 a week — and with this money they are buying up our government securities for themselves, and their foreign principals.
Our people are disgusted with the experiments of the Federal Reserve Board.
A PURPOSELY BROKEN MONETARY STANDARD
Federal Reserve Note prior to removal of gold to foreign principals of the Federal Reserve Banks.
The words, "AND IS REDEEMABLE IN LAWFUL MONEY," refer to original legal obligations of the Federal Reserve Act. In the arguments by which the Federal Reserve Act was passed, the notes were to be redeemable in "lawful money" — still defined by the Constitution in units of gold or silver.
Purportedly, the obligation to redeem the notes in lawful money would prevent the Federal Reserve Banks from abusive issues of currency, because the Treasury would be obligated to give up so much monetary reserves as might recklessly be issued in paper.
Obviously however, the pretended justification doesn't hold water if the so-called Federal Reserve isn't obligated either to retain the monetary reserves for redemption, or to honor the obligation to redeem, should it abuse the reserves.
As a constitutional amendment is required to change the legal definition of the dollar, it is wholly unlawful to remove the promise to redeem the note ("promise to pay") and still claim yet it is (label it as) a "dollar."
Original issues therefore promised to pay lawful money upon demand.
The Federal Reserve Note, after removal of gold to foreign principals, is simply stripped of the evidence of the obligation to redeem.
Thus by redeeming worthless German paper issued by the constituents, once the perpetrators had taken the gold, the "Federal Reserve" note was simply made a promise to pay nothing.
FEDERAL RESERVE STOCK SPECULATION PATTERNS INDICATE THE CENTRAL BANK KNEW OF THE 1929 STOCK MARKET CRASH BEFOREHAND
Mr. Speaker, on the 13th of January of this year, I addressed the House on the subject of the Reconstruction Finance Corporation. In the course of my remarks, I made the following statement:
"In 1928 [year prior to stock market crash], the member banks of the Federal Reserve System borrowed $60,593,690,000 from the Federal Reserve Banks on their 15-day promissory notes."
Think of it! Sixty billion dollars payable upon demand in gold in the course of one single year! The actual payment of such obligations calls for six times as much monetary gold as there is in the entire world. Such transactions represent a grant in the course of one single year of about $7,000,000 to every member bank of the Federal Reserve System.
Is it any wonder that there is a depression in this country? Is it any wonder that American labor — which ultimately pays the cost of ALL the banking operations of this country — has at last proved unequal to the task of supplying this huge total of cash and credit for the benefit of stock-market manipulators and foreign swindlers?
Mr. Chairman, some of my colleagues have asked for more specific information concerning this stupendous graft — this frightful burden which has been placed on the wage-earners and taxpayers of the United States for the benefit of the Federal Reserve Board and the Federal Reserve Banks. They were surprised to learn that member banks of the Federal Reserve System had received the enormous sum of $60,593,690,000 from the Federal Reserve Board and the Federal Reserve Banks on their promissory notes in the course of one single year — namely, 1928.
Another member of this House, Mr. Beedy, the honorable gentleman from Maine, has questioned the accuracy of my statement — and has informed me that the Federal Reserve Board denies absolutely that the figures are correct.
This member has said to me that the thing is unthinkable — that it cannot be — that it is beyond all reason to think that the Federal Reserve Board and the Federal Reserve Banks should have so subsidized and endowed their favorite banks of the Federal Reserve System.
This member is HORRIFIED at the thought of a graft so great — a bounty so detrimental to the public welfare — as sixty and a half billion dollars a year and more shoveled out to favored banks of the Federal Reserve System.
I sympathize with Mr. Beedy. I would spare him pain if I could. But the facts remain as I have stated them. In 1928, the Federal Reserve Board and the Federal Reserve Banks presented the staggering amount of $60,593,690,000 to their member banks at the expense of wage-earners and taxpayers of the United States.
In 1929, the year of the stock market crash, the Federal Reserve Board and the Federal Reserve Banks advanced fifty-eight billions to member banks.
In 1930, while the speculating banks were getting OUT of the stock market at the expense of the general public, [with suspected forewarning of Federal Reserve plans to withdraw further credit from the remainder of the market] the Federal Reserve Board and the Federal Reserve Banks advanced them $13,022,782,000. [Enough to play their way out of the market, neatly.]
This shows that when the banks were gambling [or knowing what profits they could depend on extricating from American wealth] they were subsidized to any amount they required by the Federal Reserve Banks.
When the swindle began to fail, the banks knew it in advance, and withdrew from the market. They got out with whole skins — and left the people of the United States to pay the piper.
On November 2, 1931, I addressed a letter to the Federal Reserve Board asking for the aggregate total of member banks' borrowings in the years of 1928, 1929, and 1930. In due course I received a reply from the Federal Reserve Board, dated November 9, 1931 — the pertinent part of which read as follows:
My Dear Congressman,
In reply to your letter of November 2, you are advised that the aggregate amount of 15-day promissory notes of member banks during each of the past three calendar years has been as follows:
Very truly yours,
CHESTER MORRILL, Secretary
This will show the gentleman from Maine the accuracy of my statement.
As for the denial of these facts made by the Federal Reserve Board, I can only say that it must have been prompted by fright, since hanging is too good for a government board which permitted such a misuse of government funds and credit.
My friend from Kansas, Mr. McGugin, has stated that he thought the Federal Reserve Board and the Federal Reserve Banks lent money by rediscounting. So they do. But they lend comparatively little that way.
The real rediscounting they do has been called a mere penny in the slot business. It is too slow for genuine high flyers.
They prefer to subsidize their favorite banks by making these $60,000,000,000 advances. And they prefer to acquire acceptances in their notorious open discount market in New York — where they can use them to control the prices of stocks and bonds on the exchanges.
For every dollar they advanced on rediscounting in 1928, they lent $33 to their favorite banks. In other words, their rediscounting in 1928 amounted to $1,814,271,000 [1.8 billion], while their loans to member banks amounted to $60,598,690,000. [60 billion]
SOUND CONDITIONS REPORTED
Propaganda of the times. Four New York Times headlines.
Daily serial of New York Times headlines start with the promise of sound conditions, and help from the same bankers who crashed the market.
Everything you see today:
It might be hilarious if people weren't jumping out of buildings for the truth — the only thing you can't find here.
Sure; it's just "banking." Hang on to your papers; they might be worth a fortune some day.
Veterans Expelled From Capitol
WWI veterans, expelled from the capitol.
Homeless WWI veterans leave the Capitol after the President and Congress refuse to award their pay — while the international banks called the Federal Reserve sent our gold to Germany to pay Japanese debts to German munitions makers and to build Hitler's military clout for WWII.
TROOPS EVICT VETERANS
Irony and extreme abuse of power.
US veterans dispossessed by the first Great Depression, bravely fight with troops intent on evicting them from the outskirts of the Capitol, where they had assembled for peaceful protest, hoping to be paid.
The veterans answered bullets with rocks.
In the end, after the imposed Federal Reserve crashed the world's economies by an unassented process which can only multiply artificial indebtedness, ten years of deprivation would suffice to wipe debt away under failure; and only yet another world war would suffice to renew artificially destroyed credit-worthiness, that on such a devastated stage the unlawful central bank could begin the multiplication of indebtedness anew — to culminate once again in systemic, artificial, insoluble debt.
After all, only a solvent and unknowledgeable people can profit the collectors of involuntary servitude.
As for their open market operations, these are on a stupendous scale; and no tax is paid on the acceptances they handle — and their foreign principals, for whom they do a business of several billion dollars every year, pay no income tax on their profits to the United States Government.
This is the John Law swindle over again. The theft of Teapot Dome was trifling compared to it.
What king ever robbed his subjects to such an extent as the Federal Reserve Board and the Federal Reserve Banks have robbed us? Is it any wonder there have lately been 90 cases of starvation in one of the New York hospitals? Is it any wonder that the children of this country are being dispersed and abandoned?
The government and the people of the United States have been swindled by swindlers deluxe — to whom the acquisition of American gold or a parcel of Federal Reserve Notes presented no more difficulty than the drawing up of a worthless acceptance in a country not subject to the laws of the United States — by sharpers with a strong banking 'fence' on this side of the water acting as a receiver of worthless paper coming from abroad, endorsing it and getting the currency out of the Federal Reserve Banks for it as quickly as possible, exchanging that currency for gold, and in turn transmitting the gold to its foreign confederates.
Such were the exploits of Ivar Kreuger, Mr. Hoover's friend, and his hidden Wall Street backers. Every dollar of the billions Kreuger and his gang drew out of this country on acceptances was drawn from this government and the people of the United states through the Federal Reserve Board and the Federal Reserve Banks, for their own private gain.
That is what the Federal Reserve Board and the Federal Reserve Banks have been doing for many years. THIS is what happens when a country forsakes its Constitution, and gives the sovereignty over the public currency to private interests.
The nature of Kreuger's organized swindle and the bankrupt condition of Kreuger's combine was known here last June when Hoover sought to exempt Kreuger's loan to Germany — of one-hundred-twenty-five millions — from the operation of the Hoover moratorium.
The bankrupt condition of Kreuger's swindle was known here last summer, when $30,000,000 was taken from American taxpayers by certain bankers in New York, for the ostensible purpose of permitting Kreuger to make a loan to Columbia.
Columbia never saw that money.
The nature of Kreuger's swindle, and the bankrupt condition, was known here in January when he visited his friend, Mr. Hoover, at the White House. It was known here in March, before he went to Paris and committed suicide there.
Mr. Chairman, I think the people of the United States are entitled to know how many billions of dollars were placed at the disposal of Kreuger and his gigantic combine by the Federal Reserve Board and Federal Reserve Banks, and to know how much of our government currency was issued and lost in the financing of that great swindle in the years during which the Federal Reserve Board and the Federal Reserve Banks took care of Kreuger's requirements.
Mr. Chairman, I believe there should be a congressional investigation of the operations of Kreuger and Toll in the United States; and that Swedish Match, International Match, the Swedish-American Investment Corporation, and all related enterprises, including the subsidiary companies of Kreuger and Toll, should be investigated; and that the issuance of United States currency in connection with those enterprises, and the use of our National Bank depositors' money for Kreuger's benefit, should be made known to the general public.
I am referring, not only to the securities which were floated and sold in this country, but also to the commercial loans to Kreuger's enterprises, and the mass financing of Kreuger's companies by the Federal Reserve Board and the Federal Reserve Banks, and the predatory institutions which the Federal Reserve Board and Federal Reserve Banks shield and harbor.
[There was no investigation, and despite all the persistent improprieties of the Federal Reserve System, Congress is still not considering repeal of the Federal Reserve Act.]
HOOVER ASKS SENATE TO LEVY TAX SO THAT FOREIGNERS WILL KNOW U.S. CITIZENS WILL PAY THE FEDERAL RESERVE'S DEBTS TO THEM
A few days ago, the President of the United States [Hoover], with a white face and shaking hands, went before the Senate on behalf of the moneyed interests, and asked the Senate to levy a tax on the people so that foreigners might know the United States would pay its debts, to them.
Most Americans thought that it was the other way around. What does the United States owe to foreigners? When and by whom was that debt incurred?
It was incurred by the Federal Reserve Banks, when they peddled the signature of this government for a price. That debt is what the people of the United States have to pay to redeem the obligations of the Federal Reserve Board and the Federal Reserve Banks.
Are you going to let those thieves get off scot-free? Is there one law for the looter who drives up to the door of the United States Treasury in his limousine, and another for the United States veterans who are sleeping on the floor of a dilapidated house on the outskirts of Washington?
The Baltimore and Ohio Railroad is here asking for a large loan from the people and the wage-earners and taxpayers of the United States.
It is begging for a handout from the government. It is standing, cap in hand, at the door of the Reconstruction Finance Corporation, where all the other jackals have gathered to the feast. It is asking for money that was raised from the people by taxation — and it wants this money of the poor to benefit Kuhn, Loeb and Company, the German International Bankers.
Is there one law for the sleek and prosperous swindlers who call themselves bankers — and another law for the soldiers who defended the United States flag?
LAWS ALTERED, ALLOWING THE FEDERAL RESERVE TO SWITCH (OR NULLIFY) COLLATERAL
Mr. Chairman, some people are horrified because the collateral behind Kreuger and Toll debentures was removed, and worthless collateral substituted for it.
What is this, but what is done daily by the Federal Reserve Banks?
When the Federal Reserve Act was passed, the Federal Reserve Banks were allowed to substitute "other like collateral" for collateral behind Federal Reserve Notes. But by an amendment obtained at the request of the corrupt and dishonest Federal Reserve Board, the act was changed so that the word "like" was stricken out.
At the present time, behind the scenes there is a night-and-day movement of collateral. A visiting Englishman leaving the United States a few weeks ago said things would look better here after "they cleaned up the mess at Washington." Cleaning up the mess consists of fooling the people and making them pay a second time for the bad foreign investments of the Federal Reserve Board and the Federal Reserve Banks. It consists of moving that heavy load of dubious and worthless foreign paper — the bills of wig makers, brewers, distillers, narcotic drug vendors, munition makers, illegal finance drafts, and worthless foreign securities — out of the banks, and putting it on the back of American labor.
That is what the Reconstruction Finance Corporation is doing now. They talk about loans to banks and railroads. But they say very little about that other business of theirs — which consists of relieving the swindlers who promoted investment trusts in this country and dumped worthless foreign securities into them — and then resold that mess of pottage to American investors under the cover of their own corporate titles.
The Reconstruction Finance Corporation is taking over those worthless securities from those investment trusts with United States Treasury money, at the expense of the American taxpayer and wage-earner.
New York Discount Market Indirectly Owned by Private "Federal Reserve" Banks
Mr. Chairman, within the limits of time allowed me, I cannot enter into a particularized discussion of the Federal Reserve Board and the Federal Reserve Banks. I have singled out the Federal Reserve currency for a few remarks, because there has lately been some talk here of "fiat money."
What kind of money is being pumped into the open discount market and through it, into open channels and stock exchanges? Mr. Mills of the Treasury has spoken here of his horror of the printing presses — and his horror of dishonest money. He has no horror of dishonest money. If he had, he would be no party to the present gambling of the Federal Reserve Board and the Federal Reserve Banks in the nefarious open discount market of New York — a market in which the sellers are represented by ten great discount dealer-corporations — owned and organized by the very banks which own and control the Federal Reserve Board and the Federal Reserve Banks.
Fiat money, indeed!
After the several raids on the Treasury, Mr. Mills borrows the speech of those who protested against those raids — and speaks now with pretended horror of the raid on the Treasury.
Where was Mr. Mills last October, when the United States Treasury needed $598,000,000 of the taxpayers' money, which was supposed to be in the designated depositories of Treasury funds — but which was not in those depositories when the Treasury needed it?
Mr. Mills was the Assistant Secretary of the Treasury then; and he was at Washington throughout October, with the exception of a very significant week he spent at White Sulphur Springs closeted with international bankers — while the Italian minister, Signor Grandi, was being entertained — and bargained with — at Washington.
MCFADDEN ASKS FOR AN AUDIT OF THE FEDERAL RESERVE (STILL NEVER PERFORMED); DECLARES THE FEDERAL RESERVE BOARD HAS USURPED THE GOVERNMENT OF THE UNITED STATES; ASKS FOR IMPEACHMENT OF FAITHLESS GOVERNMENT OFFICERS, RETURN OF STOLEN PROPERTY, AND REPEAL OF THE FEDERAL RESERVE ACT
Mr. Chairman, last December I introduced a resolution here asking for an examination and audit of the Federal Reserve Board and the Federal Reserve Banks, and all related matters. If (?) the House sees fit to make such an investigation, the people of the United States will obtain information of great value.
This is a government of the people, by the people, and for the people. Consequently, nothing should be concealed from the people.
The man who knows or suspects that a crime has been committed, and who conceals or covers up that crime, is an accessory to it. Mr. Speaker, it is a monstrous thing for this great nation of people to have its destinies presided over by a traitorous government board acting in secret concert with international usurers.
Every effort has been made by the Federal Reserve Board to conceal its power. But the truth is, the Federal Reserve Board has usurped the government of the United States.
It controls everything here; and it controls our foreign relations. It makes or breaks governments at will. No man, and no body of men, is more entrenched in power than the arrogant credit monopoly which operates the Federal Reserve Board and the Federal Reserve Banks.
These evil-doers have robbed this country of more than enough money to pay the national debt. What the National Government has permitted the Federal Reserve Board to steal from the people should now be restored to the people. The people have a valid claim against the Federal Reserve Board and the Federal Reserve Banks. If that claim is enforced, Americans will not need to stand in bread lines. Homes will be saved. Families will be kept.
The Federal Reserve Act should be repealed; and the Federal Reserve Banks — having violated their charters — should be liquidated immediately. Faithless government officers who have violated their oaths of office should be impeached and brought to trial.
Unless this is done by us, I predict the American people — outraged, robbed, pillaged, insulted, and betrayed as they are in their own land — will rise in their wrath and send a President here who WILL sweep the money changers from the temple.
"To find the players in all the corruption of the world, 'Follow the money.' To find the captains of world corruption, follow the money all the way."
mike montagne — founder, PEOPLE For Mathematically Perfected Economy™, author/engineer of mathematically perfected economy™ (1979)
REFUTATION OF CONTROVERSIAL MONETARY PROPOSITIONS, REVIEW OF OTHER MATERIAL
REVERSE CHRONOLOGICAL ORDER
pfmpe[ at ]perfecteconomy[ dot ]com
Gross National Public Debt Clock
"National debt," perhaps better said to be "federal debt," refers only to public debt accumulated by the federal government. National debt does not include the even greater sum of private debt, or further public debt accumulated by state and local governments.
PER CAPITA, THE CURRENT FEDERAL PUBLIC DEBT COMES TO APPROXIMATELY THIRTY-THOUSAND DOLLARS.
FIGURED AT THE ROUGH SCALE USED BELOW TO DETERMINE RESPONSIBILITY FOR PRIVATE DEBT, THE AVERAGE FEDERAL DEBT WOULD BE ROUGHLY $93,750 PER ELDER ADULT MOST RESPONSIBLE FOR THE ACCUMULATION OF FEDERAL DEBT. BUT LIKE PRIVATE DEBT, THE UNDUE BURDENS OF THIS SHARE WILL SIMPLY BE SADDLED UPON YOUNGER GENERATIONS.
PER CAPITA U.S. PUBLIC AND PRIVATE DEBT
Estimates of the sum of private and public U.S. debt together, accounting for potential Social Security and Medicare liabilities as of November, 2007, run as much as more than $96 trillion; or $320,000 per capita even for infants; OR AN AVERAGE OF ROUGHLY HALF A MILLION DOLLARS PER ADULT.
THIS EQUATES TO ROUGHLY $1 MILLION PER ELDER ADULT, MOST RESPONSIBLE FOR ENGENDERING THIS DEBT.
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While 12,000 homes a day continue to go into foreclosure, mathematically perfected economy™ would re-finance a $100,000 home with a hundred-year lifespan at the overall rate of $1,000 per year or $83.33 per month. Without costing us anything, we would immediately become as much as 12 times as liquid on present revenue. Transitioning to MPE™ would apply all payments already made against existent debt toward principal. Many of us would be debt free. There would be no housing crisis, no credit crisis. Unlimited funding would immediately be available to sustain all the industry we are capable of.
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