Federal Reserve Critics Quotes (Unsourced)
Quotes from important Critics of the Federal Reserve act.
These quotes are as of yet unsourced, meaning that wiki criteria, such as the date and year of each quote has not yet been determined.
Most of these quotes are however mainstream and well-known throughout academia, and exist in one form or another throughout the internet on well known and reasonably serious and accountable sources. Such as Columbia University (Woodrow Wilson quotes), many of the Thomas Jefferson quotes etc.
Many of these will be sourced in the coming days and months but can often be verified by a simple google search or simply going to the authors wiki quote page (as in the case of Thomas Jefferson).
McFadden's quotes are largely taken from his 1913 speech to the senate / congress and is documented in library of congress.
Important Critics of the Federal Reserve act
- "Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States"
- -- Sen. Barry Goldwater (Rep. AZ)
- "The [Federal Reserve Act] as it stands seems to me to open the way to a vast inflation of the currency... I do not like to think that any law can be passed that will make it possible to submerge the gold standard in a flood of irredeemable paper currency."
- --Henry Cabot Lodge Sr., 1913
- "The Federal Reserve bank buys government bonds without one penny..."
- -- Congressman Wright Patman, Congressional Record, Sept 30, 1941
- "I have never seen more Senators express discontent with their jobs....I think the major cause is that, deep down in our hearts, we have been accomplices in doing something terrible and unforgiveable to our wonderful country. Deep down in our heart, we know that we have given our children a legacy of bankruptcy. We have defrauded our country to get ourselves elected."
- -- John Danforth (R-Mo)
- "These 12 corporations together cover the whole country and monopolize and use for private gain every dollar of the public currency..."
- --Mr. Crozier of Cincinnati, before the Senate Banking and Currency Committee - 1913
- "This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President Wilson signs this bill, the invisible government of the monetary power will be legalized....the worst legislative crime of the ages is perpetrated by this banking and currency bill."
- -- Charles A. Lindbergh, Sr. , 1913
- "We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it".
- -- Congressman Louis T. McFadden in 1932 (Rep. Pa)
- "The Federal Reserve banks are one of the most corrupt institutions the world has ever seen. There is not a man within the sound of my voice who does not know that this nation is run by the International bankers
- -- Congressman Louis T. McFadden (Rep. Pa)
- "The financial system has been turned over to the Federal Reserve Board. That Board administers the finance system by authority of a purely profiteering group. The system is Private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money"
- -- Charles A. Lindbergh Sr., 1923
- "From now on, depressions will be scientifically created."
- -- Congressman Charles A.Lindbergh Sr. , 1913
- "Some people think the Federal Reserve Banks are the United States government's 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 swindlers"
- -- Congressional Record 12595-12603. Louis T. McFadden, Chairman of the Committee on Banking and Currency (12 years) June 10, 1932
Critics from the Federal Reserves ranks
- "When you or I write a check there must be sufficient funds in our account to cover the check,but when the Federal Reserve writes a check there is no bank deposit on which that check is drawn. When the Federal Reserve writes a check, it is creating money."
- -- Putting it simply, Boston Federal Reserve Bank
- "Neither paper currency nor deposits have value as commodities, intrinsically, a 'dollar' bill is just a piece of paper. Deposits are merely book entries."
- -- Modern Money Mechanics Workbook,Federal Reserve Bank of Chicago, 1975
- "The Federal Reserve system pays the U.S. Treasury $20.60 per thousand notes --a little over 2 cents each-- without regard to the face value of the note. Federal Reserve Notes, incidently, are the only type of currency now produced for circulation. They are printed exclusively by the Treasury's Bureau of Engraving and Printing, and the $20.60 per thousand price reflects the Bureau's full cost of production. Federal Reserve Notes are printed in 01, 02, 05, 10, 20, 50, and 100 dollar denominations only; notes of 500, 1000, 5000, and 10,000 denominations were last printed in 1945."
- --Donald J. Winn, Assistant to the Board of Governors of the Federal Reserve system
- "We are completely dependant on the commercial banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system.... It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon."
- --Robert H. Hamphill, Atlanta Federal Reserve Bank
From general law
- "The entire taxing and monetary systems are hereby placed under the U.C.C. (Uniform Commercial Code)"
- -- The Federal Tax Lien Act of 1966
- "There is a distinction between a 'debt discharged' and a debt 'paid'. When discharged, the debt still exists though divested of it's charter as a legal obligation during the operation of the discharge, something of the original vitality of the debt continues to exist, which may be transferred, even though the transferee takes it subject to it's disability incident to the discharge."
- --Stanek vs. White,172 Minn.390, 215 N.W. 784
- "The Federal Reserve Banks are not federal instrumentalities..."
- -- Lewis vs. United States 9th Circuit 1992
- "The regional Federal Reserve banks are not government agencies. ...but are independent,privately owned and locally controlled corporations."
- -- Lewis vs. United States, 680 F. 2d 1239 9th Circuit 1982
Past Presidents, not including the Founding Fathers
- "Whoever controls the volume of money in any country is absolute master of all industry and commerce."
- -- James A. Garfield, President of the United States
- "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by it's system of credit. Our system of credit is concentrated 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 world--no longer a government of free opinion, no longer a government by conviction and vote of the majority, but a government by the opinion and duress of small groups of dominant men."
- --President Woodrow Wilson
Founding Father's Quotes on Central Banking
(Maybe some repeats from "Founding Father's Quotes" / Information tends to converge)
- "I believe that banking institutions are more dangerous to our liberties than standing armies.
Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs."
- --Thomas Jefferson, U.S. President.
- "If Congress has the right to issue paper money, it was given to them to be used ... and not to be delegated to individuals or corporations"
- -- President Andrew Jackson, Vetoed Bank Bill of 1836
- "History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance".
- -- James Madison
- "Banks lend by creating credit. They create the means of payment out of nothing"
- -- Ralph M.Hawtrey, Secretary of the British Treasury
- "To expose a 15 Trillion dollar ripoff of the American people by the stockholders of the 1000 largest corporations over the last 100 years will be a tall order of business."
- -- Buckminster Fuller
- "Every Congressman, every Senator knows precisely what causes inflation...but can't, [won't] support the drastic reforms to stop it [repeal of the Federal Reserve Act] because it could cost him his job."
- -- Robert A. Heinlein, Expanded Universe
- "It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
- -- Henry Ford
- "[Every circulating FRN] represents a one dollar debt to the Federal Reserve system."
-- Money Facts, House Banking and Currency Committee
- "...the increase in the assets of the Federal Reserve banks from 143 million dollars in 1913 to 45 billion dollars in 1949 went directly to the private stockholders of the [federal reserve] banks."
- -- Eustace Mullins
- "As soon as Mr. Roosevelt took office, the Federal Reserve began to buy government securities at the rate of ten million dollars a week for 10 weeks, and created one hundred million dollars in new [checkbook] currency, which alleviated the critical famine of money and credit, and the factories started hiring people again."
- -- Eustace Mullins
- "Should government refrain from regulation (taxation), the worthlessness of the money becomes apparent and the fraud can no longer be concealed."
- -- John Maynard Keynes, "Consequences of Peace."
- "Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create deposits".
- -- SIR JOSIAH STAMP,(President of the Bank of England in the 1920's, the second richest man in Britain)
- "The modern Banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. Banks can in fact inflate, mint and unmint the modern ledger-entry currency".
- -- MAJOR L .L. B. ANGUS
- "While boasting of our noble deeds were careful to conceal the ugly fact that by an iniquitous money system we have nationalized a system of oppression which, though more refined, is not less cruel than the old system of chattel slavery.
- -- Horace Greeley
- On the Muscle Shoals Dam: "People who will not turn a shovel full of dirt on the project nor contribute a pound of material, will collect more money from the United States than will the People who supply all the material and do all the work. This is the terrible thing about interest ...But here is the point: If the Nation can issue a dollar bond it can issue a dollar bill. The element that makes the bond good makes the bill good also. The difference between the bond and the bill is that the bond lets the money broker collect twice the amount of the bond and an additional 20%. Whereas the currency, the honest sort provided by the Constitution pays nobody but those who contribute in some useful way. It is absurd to say our Country can issue bonds and cannot issue currency. Both are promises to pay, but one fattens the usurer and the other helps the People. If the currency issued by the People were no good, then the bonds would be no good, either. It is a terrible situation when the Government, to insure the National Wealth, must go in debt and submit to ruinous interest charges at the hands of men who control the fictitious value of gold. Interest is the invention of Satan".
- -- THOMAS A. EDISON
- "By this means government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft."
- -- John Maynard Keynes (the father of 'Keynesian Economics') in his book "THE ECONOMIC CONSEQUENCES OF THE PEACE" (1920).
- "Capital must protect itself in every way...Debts must be collected and loans and mortgages
foreclosed as soon as possible. When through a process of law the common people have lost their homes, they will be more tractable and more easily governed by the strong arm of the law applied by the central power of leading financiers. People without homes will not quarrel with their leaders. This is well known among our principal men now engaged in forming an imperialism of capitalism to govern the world. By dividing the people we can get them to expend their energies in fighting over questions of no importance to us except as teachers of the common herd."
- --Taken from the Civil Servants' Year Book, "The Organizer" January 1934.
- "The Federal Reserve banks, while not part of the government,..."
- -- United States budget for 1991 and 1992 part 7, page 10
- "The Money Power! It is the greatest power on earth; and it is arrayed against Labour. No other power that is or ever was can be named with it...it attacks us through the Press - a monster with a thousand lying tongues, a beast surpassing in foulness any conceived by the mythology that invented dragons, were wolves, harpies, ghouls and vampires.It thunders against us from innumerable platforms and pulpits. The mystic machinery of the churches it turns into an engine of wrath for our destruction. Yes, so far as we are concerned, the headquarters of the Money Power is Britain. But the Money Power is not a British institution; it is cosmopolitan. It is of no nationality, but of all nationalities. It dominates the world. The Money Power has corrupted the faculties of the human soul, and tampered with the sanity of the human intellect...
- -- Editorial from 1907 edition of The Brisbane Worker (Australia)
- ...I am convinced that the agreement [Bretton Woods] will enthrone a world dictatorship of private
finance more complete and terrible than and Hitlerite dream. It offers no solution of world problems, but quite blatantly sets up controls which will reduce the smaller nations to vassal states and make every government the mouthpiece and tool of International Finance. It will undermine and destroy the democratic institutions of this country - in fact as effectively as ever the Fascist forces could have done - pervert and paganise our Christian ideals; and will undoubtedly present a new menace, endangering world peace.World collaboration of private financial interests can only mean mass unemployment, slavery, misery, degradation and financial destruction. Therefore, as freedom loving Australians we should reject this infamous proposal.
- -- Labor Minister of Australia, Eddie Ward, during the inception of the World Bank and Bretton Woods, he gave this warning.