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Distinguished Toastmaster
BUSINESS & BRANDING COACH . LIFE & LEADERSHIP STRATEGIST MOTIVATIONAL SPEAKER SERVING ENTREPRENEURS & MAIN STREET |
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PRESIDENT WILSON SIGNED A SECRET CALLED THE FEDERAL RESERVE ACT… (c) Carrie Devorah :
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Somethings are just never intended to get better or balanced like checkbooks Congress created with a secret source of privateers....
Federal Reserve Bank of Minneapolis President Neel Kashkari, speaking Tuesday in Washington, said his regional Fed bank will study ways to toughen U.S. banking laws to prevent another financial crisis. Kashkari said Congress and regulators should consider breaking them up to protect the financial system from another crisis. Kashkari became President at the Minneapolis Federal Reserve following a failed run for governor of California as a Republican in 2014. Kashkari was a Goldman Sachs Group Inc. banker before joining the Treasury during the administration of President George Bush, “W.”
Kashkari’s proposed disruption of the banking system is of concern, timing wise. Banks are invested in “dark currency,” bitcoin and blockchain manipulated by Silicon Valley venture capitalists. Banking has gone the way of VC seeded companies- Apple Pay, PayPal. Banking is done online moreso than in person.
Ma Bell was broken up by the Silicon Venture capitalists led by Vint Cerf and Worldcom to make way for the Internet.
Kashkari’s recommendation to break up banking raises red flags to some. To most? Well, people refer to the Federal Reserve as off the cuff as saying they are heading to Starbucks. The Federal Reserve is anything but an laissez Faire. The Federal Reserve began in secret, with secrets. The Federal Reserve is many things, public and open? And California is where the Silicon Valley Venture Capitalists agenda of disruption soon to teeter banking, began.
Kashkari failed as Governor. This Fed breakup idea is another approach to the same idea, from a different zipcode of course....
Nope, not at all.
Something that starts as a secret will always have skeletons in its closets even the Federal Reserve and the littler Feds, the .orgs, not .govs. .org means the entity is a non-profit. The IRS has 29 non profit categories. Charity is one category. Business league is another.
JP Morgan had a history of being a sugar daddy to America. America didn’t have a central bank. The United States had a habit of running short on cash. JP Morgan guided the bailing out of America. Morgan was a mogul. Morgan had the connections. 1895 and then again in 1907, JP organized investments from the private sector. JP Morgan facilitated lines of credit extended to stabilize the banking system.
Panic to JP was cashing in time on the backs of others misfortune.
The Aldrich-Vreeland Act was passed, by Congress, May 30, 1908. The explanation behind this Act was to provide currency in emergencies. An 18 member National Monetary Commission was created. The role of the National Monetary Commission was to figure out what changes were needed by the nation for it’s monetary system. The Commission would look at laws related to banking and currency.
The Commission did a travelling exploratory tour, over the next three years. The Commission went to major cities in Europe. Hearings were held in the USA. Senator Nelson Aldrich chaired the National Monetary Commission. Aldrich revealed, in 1911, the plan the Commission was revising since a secret 1910 meeting on Jekyll Island in Georgia. Investment banker Paul Warburg attended the Jekyll Island meeting as did Treasury official Abram Piatt Andrew, and other financiers and bankers who believed the public would rebel against a plan conceived by bankers. Code names were used, only their first names. Anyone asking where the men had gone, were told, ‘a duck hunting trip.’
The secret plan, the National Reserve Association, presented to Congress, 1912, was shot down accused of giving too much power to bankers running the largest institutions. The plan determined a 46 member board. Six of the board members would be appointed by Government. The head of the board, according to the plan, would be picked from three names the National Reserve Association would put forth.
The First and Second Banks of the United States existed. The idea was, allegedly, the government would have no stake in the National Reserve Association, other than the obvious, Congress authorizing the plan.
The banking community had been behind the Aldrich plan.
Instead, the House Banking and Currency Committee assigned Congressman Carter Glass to head a subcommittee with the purpose of examining reform proposals. Glass asked a Washington and Lee University professor, Henry Parker Willis to help. The subcommittee knew little about banking and finance. Willis wrote a column for the New York Journal of Commerce.
Glass’ plan differed from Aldrich in some ways, one of which was eliminating a central coordinating board along with setting up twenty regional banks throughout the United States. Glass wrote “In the United States, with its immense area, numerous natural divisions, still more numerous competing divisions, and abundant outlets to foreign countries, there is no argument, either of banking theory or of expediency, which dictates the creation of a single central banking institution, no matter how skillfully managed, how carefully controlled, or how patriotically conducted.” Glass’ plan gave the lion’s share of authority to the bankers. Glass, a Democrat, had his committee work in secret, keeping the Republicans distant from the developing legislation. Glass objected to government control. Glass thought a comptroller of the currency would coordinate the function of the system
President Wilson preferred a central board suggesting a governmental oversight agency would get the plan past Congress. The Federal Reserve Board was created to add authority over the banks. The Federal Reserve Board was made up of presidential appointees either out of office or appointed for set terms to the Board. A Federal Advisory Council consisting of twelve bankers elected by the regional banks would meet, from time to time, with the Board. Oklahoma Democratic Senator Robert L Owen came up with the idea of limiting the Reserve Banks to twelve, not more.
Senator Owen’s bill removed the Secretary of Agriculture and the Comptroller of the Currency off the Federal Reserve Board. The capital of the system was 6% of member banks’ capital.
The progressing bill put the Comptroller of the Currency back on the Board. The terms of the Federal Reserve Governors extended to ten years, staggered, the intent being no president could appoint all governors.
Presidential terms, back then, were two years.
President Wilson signed Federal Reserve Act December 23, 1913.
All twelve Reserve Banks opened on the same day, Monday, November 16, 1914, seven months after the Reserve Bank Organization Committee announced the selected sites. There was a sense of urgency to open the Reserve Banks.
Eight months later, August 1914, war broke out in Europe. A financial crisis ensued.... and has continued ever since, with secrets.....
Federal Reserve Bank of Minneapolis President Neel Kashkari, speaking Tuesday in Washington, said his regional Fed bank will study ways to toughen U.S. banking laws to prevent another financial crisis. Kashkari said Congress and regulators should consider breaking them up to protect the financial system from another crisis. Kashkari became President at the Minneapolis Federal Reserve following a failed run for governor of California as a Republican in 2014. Kashkari was a Goldman Sachs Group Inc. banker before joining the Treasury during the administration of President George Bush, “W.”
Kashkari’s proposed disruption of the banking system is of concern, timing wise. Banks are invested in “dark currency,” bitcoin and blockchain manipulated by Silicon Valley venture capitalists. Banking has gone the way of VC seeded companies- Apple Pay, PayPal. Banking is done online moreso than in person.
Ma Bell was broken up by the Silicon Venture capitalists led by Vint Cerf and Worldcom to make way for the Internet.
Kashkari’s recommendation to break up banking raises red flags to some. To most? Well, people refer to the Federal Reserve as off the cuff as saying they are heading to Starbucks. The Federal Reserve is anything but an laissez Faire. The Federal Reserve began in secret, with secrets. The Federal Reserve is many things, public and open? And California is where the Silicon Valley Venture Capitalists agenda of disruption soon to teeter banking, began.
Kashkari failed as Governor. This Fed breakup idea is another approach to the same idea, from a different zipcode of course....
Nope, not at all.
Something that starts as a secret will always have skeletons in its closets even the Federal Reserve and the littler Feds, the .orgs, not .govs. .org means the entity is a non-profit. The IRS has 29 non profit categories. Charity is one category. Business league is another.
JP Morgan had a history of being a sugar daddy to America. America didn’t have a central bank. The United States had a habit of running short on cash. JP Morgan guided the bailing out of America. Morgan was a mogul. Morgan had the connections. 1895 and then again in 1907, JP organized investments from the private sector. JP Morgan facilitated lines of credit extended to stabilize the banking system.
Panic to JP was cashing in time on the backs of others misfortune.
The Aldrich-Vreeland Act was passed, by Congress, May 30, 1908. The explanation behind this Act was to provide currency in emergencies. An 18 member National Monetary Commission was created. The role of the National Monetary Commission was to figure out what changes were needed by the nation for it’s monetary system. The Commission would look at laws related to banking and currency.
The Commission did a travelling exploratory tour, over the next three years. The Commission went to major cities in Europe. Hearings were held in the USA. Senator Nelson Aldrich chaired the National Monetary Commission. Aldrich revealed, in 1911, the plan the Commission was revising since a secret 1910 meeting on Jekyll Island in Georgia. Investment banker Paul Warburg attended the Jekyll Island meeting as did Treasury official Abram Piatt Andrew, and other financiers and bankers who believed the public would rebel against a plan conceived by bankers. Code names were used, only their first names. Anyone asking where the men had gone, were told, ‘a duck hunting trip.’
The secret plan, the National Reserve Association, presented to Congress, 1912, was shot down accused of giving too much power to bankers running the largest institutions. The plan determined a 46 member board. Six of the board members would be appointed by Government. The head of the board, according to the plan, would be picked from three names the National Reserve Association would put forth.
The First and Second Banks of the United States existed. The idea was, allegedly, the government would have no stake in the National Reserve Association, other than the obvious, Congress authorizing the plan.
The banking community had been behind the Aldrich plan.
Instead, the House Banking and Currency Committee assigned Congressman Carter Glass to head a subcommittee with the purpose of examining reform proposals. Glass asked a Washington and Lee University professor, Henry Parker Willis to help. The subcommittee knew little about banking and finance. Willis wrote a column for the New York Journal of Commerce.
Glass’ plan differed from Aldrich in some ways, one of which was eliminating a central coordinating board along with setting up twenty regional banks throughout the United States. Glass wrote “In the United States, with its immense area, numerous natural divisions, still more numerous competing divisions, and abundant outlets to foreign countries, there is no argument, either of banking theory or of expediency, which dictates the creation of a single central banking institution, no matter how skillfully managed, how carefully controlled, or how patriotically conducted.” Glass’ plan gave the lion’s share of authority to the bankers. Glass, a Democrat, had his committee work in secret, keeping the Republicans distant from the developing legislation. Glass objected to government control. Glass thought a comptroller of the currency would coordinate the function of the system
President Wilson preferred a central board suggesting a governmental oversight agency would get the plan past Congress. The Federal Reserve Board was created to add authority over the banks. The Federal Reserve Board was made up of presidential appointees either out of office or appointed for set terms to the Board. A Federal Advisory Council consisting of twelve bankers elected by the regional banks would meet, from time to time, with the Board. Oklahoma Democratic Senator Robert L Owen came up with the idea of limiting the Reserve Banks to twelve, not more.
Senator Owen’s bill removed the Secretary of Agriculture and the Comptroller of the Currency off the Federal Reserve Board. The capital of the system was 6% of member banks’ capital.
The progressing bill put the Comptroller of the Currency back on the Board. The terms of the Federal Reserve Governors extended to ten years, staggered, the intent being no president could appoint all governors.
Presidential terms, back then, were two years.
President Wilson signed Federal Reserve Act December 23, 1913.
All twelve Reserve Banks opened on the same day, Monday, November 16, 1914, seven months after the Reserve Bank Organization Committee announced the selected sites. There was a sense of urgency to open the Reserve Banks.
Eight months later, August 1914, war broke out in Europe. A financial crisis ensued.... and has continued ever since, with secrets.....