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The Creature from Jekyll Island: A Second Look at the Federal Reserve

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I used to work in banking 20 years ago. What most people do not understand about the banking system is this... Congress will pass a bill to print more money. When that money is placed into a bank account (i.e.: checking, money market, CD, etc...) the bank can actuall report that they have 90% more money available to loan to customers. (Example: If you open a checking account with $100, then the bank can claim to have $1,000 for the purposes of loans. Where does the extra $900 come from?) The extra 90% is printed by the treasury to allow the banks to perform their loans. When the loan is paid back, the 90% is adjusted (destroyed) to match the balance of the customers on hand. The interest that is paid with the loan is used to pay salary, wages, utilities, etc... So, when a 30 year loan for a $200,000 house is given to a customer, the bank will earn close to $600,000 in interest. The principle $200,000 is backed only by $20,000 worth of deposits. So when the bank receives up to $800,000 for a $200,000 house, the treasury must allow enough cash to be flowing in public to cover this amount. The Federal Reserve Act that was blessed by Congress has allowed the banks to work this way for money. The interest rate is used to control the flow of money. (If the public does not have enough money to cover their loans, the interest rate will then be changed to allow consumer prices to change. Money spent is more money flowing and more loans available to get more money out in public. The opposite is true when too much money is in public and consumer prices are threatening to change. The interest rate is adjust to prevent price changes, but interest rates on loans will eat-up the extra cash that flows throughout the public.) So, Congress and the Federal Reserve is to blame. Plus, interest rates are used to control the accumulation of public wealth, but the banks will always come out ahead. As for this book? The book is actually good. It provides a better history of money from ancient times to the present than anyother book that I have come across. My suggestion? Read this book and then do the necessary research to prove or disprove to yourself the facts therein. One or two minor points from other readers is not enough to condemn a 600 page book.

I have read over 434 books! This is by far the best book that I've ever read! Edward Griffin is an amazing author, I love how he exposes the House of Rothschild and the Rockefeller dynasties! Edward Griffin goes into great detail on how the Federal Reserves was created in 1910 on Jekyll Island. He also talks about the Civil War and who has really behind. I love how accurate his book is. I highly recommend this to everyone! If you want to know why we pay an income tax, then this book is for you!