By G. Edward Griffin
The place does funds come from? the place does it pass? Who makes it? the cash magicians' secrets and techniques are unveiled. We get a detailed examine their mirrors and smoke machines, their pulleys, cogs, and wheels that create the grand phantasm known as funds. A dry and uninteresting topic? simply wait! You'll be hooked in 5 mins. Reads like a detective tale Â— which it truly is. yet it's all actual. This booklet is ready the main blatant rip-off of all background. It's all right here: the reason for wars, boom-bust cycles, inflation, melancholy, prosperity. Creature from Jekyll Island will swap how you view the realm, politics, and funds. Your global view will certainly switch. You'll by no means belief a political candidate back Â— or a banker.
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Extra info for The Creature from Jekyll Island: A Second Look at the Federal Reserve
Off-book i Chernow, p. 658. Sprague, p. 153. 58 THE CREATURE FROM JEKYLL ISLAND liabilities swelled Continental's real size to $69 billion. In this massive liability structure only some $3 billion within the insured limit was scattered among 850,000 deposit accounts. So it was in our power and entirely legal simply to payoff the insured depositors, let everything 1 else collapse, and stand back to watch the carnage. That course was never seriously considered by any of the players. From the beginning, there were only two questions: how to come to Continental's rescue by covering its total liabilities and, equally important, how to politically justify such a fleecing of the taxpayer.
From the beginning, there were only two questions: how to come to Continental's rescue by covering its total liabilities and, equally important, how to politically justify such a fleecing of the taxpayer. As pointed out in the previous chapter, the rules of the game require that the scam must always be described as a heroic effort to protect the public. In the case of Continental, the sheer size of the numbers made the ploy relatively easy. There were so many depositors involved, so many billions at risk, so many other banks interlocked, it could be claimed that the economic fabric of the entire nation---of the world itself-was at stake.
The banks agreed to write down $600 million of their old loans and to exchange an additional $700 million for preferred stock. Both of these moves were advertised as evidence the banks were taking a terrible loss but were willing to yield in order to save the nation. It should be noted, however, that the value of the stock which was exchanged for previously uncollectable debt rose drastically after the settlement was announced to the public. Furthermore, not only did interest payments resume on the balance of the old loans, but the banks now replaced the written down portion with fresh loans, and these were far superior in quality because they were fully guaranteed by the taxpayers.
The Creature from Jekyll Island: A Second Look at the Federal Reserve by G. Edward Griffin