"The real truth of the matter is, as you and I know that a financial element in the larger centers has owned the Government ever since the days of Andrew Jackson..."
FDR, in a private letter to Col. Edward Mandell House, on 21 November 1933.
In 1913, Edward House was hoping the US could be taken over by a banking dictatorship. He was an advisor to Woodrow Wilson when the Federal Reserve Act was signed into law, and he helped pick the first Federal Reserve governors! I suspect that a banking dictatorship is not something Americans would approve of today, but the FED still thinks we are too stupid (or too scared) to get our economy fixed in a Constitutional way.
These “financial elements, in the larger centers”, really like to have recessions and depressions. It’s their “year of jubilee”, so to speak, except, it’s a case where they are willing to “forgive your debt” by accepting your house or business, as payment, and let you keep the worthless sheets of paper you were using to service your loan. Now they own something of value for something they managed to convince you actually had some value; Federal Reserve Notes. Read more...