“The Creature from Jekyll Island” is a book written by G. Edward Griffin, which gives an insightful exposé of the Federal Reserve System that has been in operation in the United States since 1913. The book is written in a way that allows the average person to understand the complexities of banking and how the Federal Reserve System operates in the country. This blog post will outline ten lessons that are invaluable in understanding the book and the system it exposes.
“The Federal Reserve System is not Federal; it has no reserves; and it is not a system at all, but rather a criminal syndicate”
Eustace Mullins
Lesson 1: The Creation of the Federal Reserve
The first lesson the author teaches in his book is about the creation of the Federal Reserve. The book reveals that the Federal Reserve is not an entity of the government as most people assume but is instead a group of private banks with a cartel-like structure. The lesson highlights the fact that bankers were instrumental in the formation of the Federal Reserve and have used it as a tool to maintain their control over the economy. It exposes the weaknesses and dangers of the Federal Reserve System and how the bankers use it to manipulate the economy to their advantage.
Lesson 2: The Secret Meeting on Jekyll Island
Lesson 2 takes us back in time to November 1910 when a secret meeting occurred on Jekyll Island. This meeting gave birth to the Federal Reserve System. The author sheds light on the significance of this meeting and how the meeting was kept secret for many years. The author reveals the individuals who attended the meeting, which include prominent bankers, including J. Pierpont Morgan, who was one of the wealthiest men in America at the time. It is vital to understand this meeting’s details as it sets a stage for the subsequent lessons, which delve deeper into the creation and running of the Federal Reserve.
Lesson 3: Understanding Fractional Reserve Banking
Lesson 3 goes deeper into the banking system and highlights fractional reserve banking. The author explains how banks operate and how they use leverage to make profits. Fractional Reserve Banking allows banks to create money out of thin air, which means that they can loan more money than they have in their vaults. This system of banking creates a cycle of inflation whereby banks continually loan money that does not exist. It is vital to evaluate why and how the Federal Reserve encourages this type of banking.
Lesson 4: The Money Trust
The author’s fourth lesson focuses on the “Money Trust” and how it functions. The Money Trust refers to the group of wealthy individuals and banking families who maintain control over the money supply through the Federal Reserve. The author outlines the members of the Money Trust and how they use their power to manipulate the economy. On the other hand, the book also makes a case for the dangers that excessive concentration of wealth can bring to society.
Lesson 5: The Origins of the Income Tax
This lesson explores how the Income tax was enacted and its implications on the economy. The author explains how the Income tax became law during the same year that the Federal Reserve System was created, and how it was sold to the American public as a way of making the rich pay more taxes. However, the author highlights how the tax has been used as a tool of control by government and big business.
Lesson 6: The Federal Reserve and World War I
Lesson 6 highlights how the Federal Reserve played a decisive role in financing World War I for the United States. The author explains how the Federal Reserve was instrumental in creating the debt that funded the war and how they profited from it. The lesson is a cautionary tale of how war can be used to manipulate the economy.
Lesson 7: The Great Depression and the New Deal
Lesson 7 is about the Great Depression and how government intervention prolonged it. The author explains how the Federal Reserve’s policies were detrimental to the economy and how the government intervention during the Great Depression expressed nefarious agendas.
Lesson 8: The Federal Reserve and World War II
The author’s eighth lesson highlights the role of the Federal Reserve during World War II. The author explains how the Federal Reserve became the primary financier of the war and how they profited from it. He illustrates that excessive funding for warfare can result in global economic crisis.
Lesson 9: The Bretton Woods Agreement
This lesson talks about the Bretton Woods Agreement, which was signed after World War II, establishing the US Dollar as the world’s primary reserve currency. The author explains how this agreement affected world trade and the economy and how it led to inflation.
Lesson 10: The Federal Reserve Today
The author’s final lesson brings the story of the Federal Reserve up to date by explaining its role today. The author evaluates how the Federal Reserve has not solved any of the problems it was created to address and how it overstates its capabilities.
Conclusion
Through these ten lessons, the author exposes the darkness behind the Federal Reserve’s veil of secrecy. Understanding the dangers that the Federal Reserve poses to the economy is imperative to understanding the role of the banking system in our society. The lessons serve as a guide to users in understanding how the entire financial system across the globe is structured and the significance of a sound monetary system. It is a well-written book full of useful information and offers unique insights into the Federal Reserve System, which allows individuals to make informed decisions. It is a must-read for anyone interested in economics, banking, or government.
