169 of 179 people found the following review helpful
on May 31, 2009
This is the most important economic textbook since Marx wrote Das Capital. Whereas Marx goes great lengths explaining all the problems concerning the *production cycles* of capitalism, Griffin explains the *money supply* side. And this ends up being even more disturbing. Griffin explains that money is created "out of nothing", worse even, out of "less than nothing", out of DEBT. Whenever the government is in need of money, they "lend" it to the Federal Reserve, which, by the way, isn't a government institution, but a cartel of private banks, invented by the Rockefeller and Morgan families in Jekyll Island in 1910 and established by Congress in 1913. This Fed "creates" the money the government needs in the form of government bonds, ultimately made out of "paper and ink". Government then spends this money (payment to contractors etc.) and this money ends up as deposits in private bank accounts, where it is used in turn to back up private loans. More money is created "out of nothing", since banks typically lend 9 dollars for each dollar they have in deposit ! As you can see, all money is created out of debt. Would all debts be paid, all money would literally... disappear... Money which is not backed up by gold is thus an illusion.
Now, governments do all what is in their power to be indebted. Remember Bush and Obama rescued "Banks Too Big To Fail" (sic) and other Big Corporations, each time with more than 700 billion USD, without even raising taxes ! They even did better ! They lowered taxes at the same time ! Ever wondered how they perform this fascinating trick? Read this important book. Griffin shows that recollecting taxes isn't really necessary. But we DO end up paying those bills, every time government decides to "create money out of nothing". Don't be mistaken. Every time our governments expand the money supply, inflation goes up, and our money ends up being worth less. In 1966, when Greenspan was still a brilliant economist and not a corrupted chairman of the Fed, he called inflation a "hidden confiscation of wealth".
The first edition of Griffin's book was published in 1994, and has very important historical explanations and references. If you - like me - heard once too much that the actual crisis is similar to the Great Depression of the `30s, and always wanted to know what really happened then, then this book will sort it all out. As a *complementary work* in which the current crisis is explained in great detail, I would also highly recommend Kevin Phillips Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism.
57 of 59 people found the following review helpful
on May 7, 2009
This should open the eyes of anyone who believes the government can, or even has any interest in the economic well being of ordinary people. It makes clear how the secretly formed cabal between the federal government, the nation's major banks, and the stealthy formed and secretive Federal Reserve continuously defraud American citizens. Anyone who wonders why Thomas Jefferson feared the power of banking institutions and why Andrew Jackson fought and killed the Bank of the United States will find the answer in this expose of the Fed, which is nothing more than a successor central bank to its evil predecessor. That bank existed, as does the Fed, to channel the nation's power and wealth to a permanent oligarchy to which common people always are subject irrespective of the fact that -- because of the success of the ongoing subterfuge -- most are not aware of, and do not recognize their subservience. The book does contain some factual errors, most of which are technical in nature, but they are minor and do not detract from the book's value as an eye opening expose of commonly accepted economic and financial myths.
35 of 35 people found the following review helpful
on July 5, 2009
Because of it's size, I was slow to read this one, but BOY when I started, I COULDN'T PUT IT DOWN. I have since researched a lot of of what's in this book, and was I shocked to find that so far, it's all been correct. This book is a serious eye opener, and should be read by everyone. I'm no extremist, but I have to tell you, it could make you change your mind about how America really works, and it IS INDEED Extreme.
If you can't take the heat, leave this one alone, if you want some serious information, READ IT, you won't be let down.
I would like to see my entire family read this book.
30 of 31 people found the following review helpful
on December 20, 2009
THE CREATURE FROM JEKYLL ISLAND is a fascinating look into the history of the United States Federal Reserve system and the power brokers who created, funded and have profited from it. CREATURE reads more like a suspense novel than a history or economics tour de force. Griffin gives a riveting, behind-the-scenes glimpse into the people and politics of America's economy.
Griffin details the history of the secret meetings, the dark conspiracies and powerful families who created and drove the federal banking system, manipulating the system for their own profit. Conspiracy theorists will regard CREATURE as their proof text. And this fellow makes many good points. You don't have to swallow everything he writes hook, line and sinker to learn a great deal from the book.
Griffen defines money in four forms:
1. Commodity money (silver coins or gold pieces)
2. Receipt money (paper money backed by 100% by gold or silver reserves)
3. Fractional money (paper money partially backed by gold or silver reserves)
4. Fiat money (paper money not backed by precious metals and required to use by decree)
In the United States of America, we are living in the age of fiat money. The American dollar has no intrinsic value. Our currency is no longer backed by gold or silver but is the recognized and required by the federal government as legal tender. In fact, our money is backed by no assets; it is backed by debt. The U.S. money supply is simply created out of thin air by the Federal Reserve for Congress to spend as it wishes with no regard for its value, supply, or repayment.
The operating schemes of unlimited supplies of money, unlimited spending, and increasing national debt, suit the purposes of those who profit from it: the banks which sponsor and broker the activity. One wonders, then why taxes are necessary at all. Griffen maintains that taxes serve two purposes:
1. To fool the public into believing it is paying for government spending and
2. To enable social planners (socialists) to wage war on the middle class
The nature of evil is the impulse to power over others. And this struggle is all about power and control. At this time in history, the greatest problem is the growing dependence of more and more citizens on their friendly, motherly federal government. "When people can vote on issues involving the transfer of wealth to themselves from others, the ballot box becomes a weapon with which the majority plunders the minority."
The final piece of this long and fascinating conspiracy against the citizenry requires a central government unrestrained. This requires a war. The war of choice for the present leadership is the environmental movement. Several years ago, Griffen predicated that "fraudulent scientific studies" would fuel the politicians' appetite for an enemy. The threat of doom would empower the central government to seize the leverage it needed to socialize the economy and lead the public into a doomsday scenario. Couple with failing banks and bailout of private industries, the politicians and back-room power brokers would seize the opportunity to destroy the greatest asset of a people and free markets: their freedom. How could Griffen know this many years before the Great Recession of 2008 and Copenhagen 15?
39 of 43 people found the following review helpful
on May 8, 2009
I have read several books on the problems that our economy and monetary system is going through today. This book takes you through the history of money and politics behind the Federal Reserve and The World Bank. If you want to understand how we got into this mess and how we should get out of it, this book is for you. A word of warning, it is going to scare you. The Creature is very engrained in our system and it is not going to be easy to get it out, if at all.
11 of 11 people found the following review helpful
on December 31, 2009
The best book on money creation and control I have ever read.The creature from Jekyll Island is a masterpiece mystery who do it about the Federal Reserve by G. Edward Griffin.
If you think Congress, the President and the Supreme Court are the main control of the United States think again.
Its a big book (608 pages) obviously years of work by Mr Griffin. Finished it in 3 days. A compelling read. Some good pictures too. Its very depressing to see how people are destroyed by the creature. Entire Nations are controlled. Wars deliberately wanted to supply both combatants with supplies, bonds and money flow. Totally disgusting.
Its 1910 and 7 of some of the richest men in the world( some say 40% of the worlds wealth) secretly take a private railroad car to Jekyll Island off the coast of Georgia to hammer out a cartel to eliminate competition for banking control. We see how the US government becomes a partner with the cartel by congressional vote.
Mr Griffin goes back and forth in time (examples the Civil War, the deliberate sinking of the Lusitania) and many more episodes in history to add to information about money flow, gold/silver ratios, inflation destroying everything,making money out of nothing, etc. I can see the reason why he skips back and forth in time to add information for us to understand the monstrous creature.
Its a wonderful financial REAL mystery done very well but for me very depressing. I learned hundreds of useful facts. It was well worth reading. The last chapter tells a few things individuals can do to protect themselves and try to stop complete world control. Not much the individual can do. Mr Griffin stresses that large groups must rise up put pressure on Congress to get rid of the Federal Reserve NOW before its too late.
A frightening mystery of a real financial creature that must be destroyed! I never have given a 5 star rating to such a depressing book with so many horrible despicable people in control of other peoples lives for profit only. Many had NO national affiliations and wanted war for profit. May these monsters enjoy their stay in hell.
In conclusion buy this book. Hope you don't get too depressed reading it. Not a happy face book. Thank you G. Edward Griffin for the enlightenment about the Federal Reserve. The Creature from Jekyll Island a true masterpiece.
15 of 16 people found the following review helpful
on June 16, 2009
THE MORE I LEARN ABOUT THE HOUSE OF CARDS UPON WHICH THE U.S. FINANCIAL SYSTEM IS BASED , THE MORE UPSET I GET. THE BOOK IS MARVELOUS, EASY TO READ AND BEAUTIFULLY WRITTEN.
14 of 15 people found the following review helpful
on June 28, 2009
I will write a full review in the near future. However, at this point it will suffice to say that this book should be required reading for every high school student in the country.
Completing a four year business degree in finance, as I did, does not begin to provide as full an understanding of our financial system as this work does in a brief 600 pages.
Read this book, understand the way the world works.
10 of 10 people found the following review helpful
on May 24, 2009
This is one of the most informative books on the global financial situation as it exists today -- giving a great history of how it came to be and the consequences of having a few people becoming the puppeteers of an entire nation's being. Changes need to start immediately to preserve the United States as soon as possible.
16 of 18 people found the following review helpful
on January 6, 2013
5 stars for content. Great book, but ALL the photographs are missing and only the captions are included. These historical photos lend a lot to the book and not to have them included in a Kindle book that is actually more expensive than the huge paper copy is a real shame!