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Forum Post: The Federal Reserve Act of 1913

Posted 12 years ago on Nov. 3, 2011, 6:20 p.m. EST by asinine (7) from Austin, TX
This content is user submitted and not an official statement

When President Woodrow Wilson signed the Federal Reserve Act of 1913, he transferred control of our nation's monetary system into the hands to a private system now generally known as the Federal Reserve. He later regretted this act, writing:

"A great industrial nation is controlled by it's system of credit. Our system of credit is concentrated in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the world-- no longer a government of free opinion, no longer a government by conviction and vote of the majority, but a government by the opinion and duress of small groups of dominant men."

This Act ended the long struggle between various American presidents and the banking elite who were vying for control over our financial system, and with it the bankers had won. Our monetary system is managed in secrecy by private corporations. We don't even know exactly what the Federal Reserve does - an attempt to pull back the veil of secrecy, the Federal Reserve Transparency Act, has yet to become law, and currently has no real prospects of doing so. The banking elite continue to operate in secrecy without oversight for their own purposes.

If OWS is to become more than a footnote in history books about the general unrest of our time, we must obtain and wield political power to first introduce transparency into our economic system and then wrest back control over our national finance. By beginning with transparency via bills such as the Federal Reserve Transparency Act, it will be possible to fully monitor the actions of the Federal Reserve. This will undoubtedly lead to a great deal of revelations that can be used to justify further action.



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[-] 2 points by thefederalist (6) 12 years ago

Well said, as you all should know , the Act in question was passed by a few men of both Houses of Congress during the 1913 Christmas recess.This is because it would not have passed a fully attendant legislature. Our people were kidnapped and enslaved to this Plan which benefits no one but the bankers.It is time to take another look at the function and the need for the Federal Reserve and to either replace it with a better system or reform it in a way that benefits the people of our great republic.

[-] 2 points by PartyX (202) 12 years ago



[-] 1 points by Jimboiam (812) 12 years ago

Thus the movement needs to focus on Washington rather than Wall Street.

[-] 1 points by asinine (7) from Austin, TX 12 years ago

It always needed to focus on political power, but the emphasis on reforming Wall Street is key.

[-] 1 points by Jimboiam (812) 12 years ago

We live in a country of laws. You don't change the nature of Wall Street without changing the laws. Simple.