From: Web of Debt
Most people, evidently including Mr. Grant, actually think that the Federal Reserve is a federal agency; and that paper dollars are issued by the government; and that Fannie Mae and Freddie Mac are federal mortgage giants. The American people are silent because they have been duped into believing they have gotten what they wanted. In fact, what the people got was not at all what the Populists fought for, or what their leader William Jennings Bryan thought he was approving when he voted for the Federal Reserve Act in 1913. …
To get their bill past the opposition in Congress, the Wall Street faction changed its name to the Federal Reserve Act and brought it three days before Christmas, when Congress was preoccupied with departure for the holidays. The bill was so obscurely worded that no one really understood its provisions. …
The Federal Reserve Act of 1913 was a major coup for the international bankers. They had battled for more than a century to establish a private central bank in the United States with the exclusive right to “monetize” the government’s debt; that is, to print their own money and exchange it for government securities or I.O.U.s. The Federal Reserve Act authorized a private central bank to create money out of nothing, lend it to the government at interest, and control the national money supply, expanding or contracting it at will. Representative Charles Lindbergh Sr. called the Act “the worst legislative crime of the ages.” He warned prophetically….
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