If you want to work out the cause of the Crash of 1907, checking who benefited is where you might like to look first. The stock market slumped causing most of the over extended banks to falter. But in steps J.P. Morgan offering to save the day. People will do strange things when in a…
Fleecing of the flock is the term the money changers use for the process of booms and depressions which make it possible for them to repossess property at a fraction of its worth. In 1891 a major fleece was being planned. “On Sept 1st, 1894, we will not renew our loans under any consideration. On…
Let’s explore the Gold Standard (1866 – 1881). “Right after the Civil War there was considerable talk about reviving Lincoln’s brief experiment with the Constitutional monetary system. Had not the European money-trust intervened, it would have no doubt become an established institution.” W.Cleon Skousen. Even after his death, the idea that America might print its…
Even though Andrew Jackson had killed off the Central Bank, fractional reserve banking moved like a virus through numerous state chartered banks instead. Fractional Banking continues to cause instability… and it thrives. Greed drives it on. When people lose their homes someone else wins them for a fraction of their worth. Depression is good news…
When the American congress voted to renew the charter of The Second Bank of The United States, President Andrew Jackson (1767-1845) responded by using his veto vote to prevent the renewal bill from passing. His response gives us an interesting insight. “It is not our own citizens only who are to receive the bounty of…
Napoleon Bonaparte (1761-1829) didn’t trust the Bank of France, saying: “When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes… Money has no motherland; financiers are without patriotism and without decency; their sole object…
Hey! It worked once, it will work again. It’s been six years. There are a lot of new hungry politicians. Let’s give it a try. And so there it was, in 1791, the First Bank of the United States. Not only deceptively named to sound official, but also to take attention away from the real…
Robert Morris was born in Liverpool, England in 1734, the son of ironmonger Robert Morris, Sr. When the senior Morris emigrated to the colonies, he settled in Maryland and became a tobacco agent. Robert joined his father in Maryland in 1747 and was an apprentice in the Philadelphia mercantile house of Charles Willing. Here he…
By the mid 1700’s Great Britain was at its height of power, but was also heavily in debt. Since the creation of the Bank of England, they had suffered four costly wars and the total debt now stood at £140,000,000, (which in those days was a lot of money). In order to make their interest…