Forum Post: The Great Depression, The Fed Part One .Amazing post

(see how you can relate this to now)

The Crash of '29--A Federal Reserve Production

The Wall Street Crash is the opening act in the Great Depression, the latest production of the boys in the back room who own the private company operating under the deceptive name of the Federal Reserve.

The Federal Reserve was supposedly created to prevent such things as the Wall Street Crash happening. But, from 1921 to 1929, the Fed dramatically increases the U.S. money supply, fueling massive speculation.

Throughout the 1920s, Americans with modest income and savings are lured into the stock market in large numbers by the ruling class including the Rockefellers, the Morgans and the Dillons.

People who know nothing of the true forces and limitless skullduggery behind financial markets and cannot afford to lose the money they invest are persuaded to pay artificially inflated prices for hundreds of millions of shares. Suckers are lured into the market with the trick of buying on margin. A purchaser puts down ten percent of the value of the shares being bought and then counts on the continuing inflation of share prices to make a profit. It's like getting something for nothing.

With millions of suckers lured into the market, share prices are driven up and, for a while, John Q. Sucker, looks like coming out ahead.

However, that is not the nature of the financial world.

In fact, the Rockefellers, the Morgans, the Dillons and their minions are fleecing ordinary Americans of hundreds of millions of dollars in an orgy of financial scams many of which will be later uncovered in the long-suppressed Pecora Hearings.

Massive manipulation and speculation drives share prices to unsupportable levels. A few months before the Crash, word has it that the Rockefellers, Joe Kennedy and all the other scam artists quietly exit the market, selling when the artificially inflated prices are sky high. On October 24th, the big banks, owned by the same unindicted co-conspirators, call the loans to the suckers. Invevitably, a selling panic ensues and the whole house of cards collapses.

Gee, what a surprise.

It is seldom considered, however, that most of the shares which crashed on October 29 and in the next two weeks had been bought for some thirty billion dollars more than they were ultimately sold for, an astonishing amount of money in 1929, most of which ended up in the pockets of some individuals in the know.

Neither is it considered who rushed in to buy up the vast numbers of shares being dumped during and after Black Tuesday, acquiring companies and their assets for pennies on the dollar. The Crash and the Depression which followed were, for some, not so much a disaster as simply another business opportunity in which they could snap up assets for a fraction of their true value and, simultaneously, and very importantly, drive down the cost of labor.

"The way to make money is to buy when blood is running in the streets." John D. Rockefeller... Of course, it helps if you are in a position to make the blood run in the streets. Over the next ten years, tens of millions of Americans will pay the price in untold misery and hardship for the accumulation of yet more wealth by the handful of families which constitute the American ruling class. Following the Crash, the boys who run the Federal Reserve contract the money supply, plunging the U.S. into the Great Depression and making it possible to snap up anything they want including farms, businesses and land for pennies on the dollar. Not coincidentally, hundreds of small banks which provide the big boys with a bit of competition, are also driven to the wall and snapped up.

The Crash and the Great Depression which follow come after almost a decade of economic rule by multi-millionaire banker and oilman Andrew Mellon as U.S. Treasury Secretary. Mellon, one might assume, knew exactly what he was doing. In was during Mellon's tenure that the rampant manipulations and scams which led to the Crash were allowed to be carried out. Mellon dramatically reduced taxes on the wealthy and ultra-wealthy, including inheritance taxes, to the point where many paid no tax at all. Mellon, of course, increased those taxes largely paid by the poor and working class, such as excise tax.

As a little gift to his oil industry buddies and to his own Gulf Oil, he also introduced the "oil depletion allowance", a cute little accounting scam which reduces the taxes paid by oil companies almost to zero. The multi-millionaire Mellon claimed to be a believer in the so-called "trickle down" theory of economics under which, if you make the ultra-wealthy even wealthier, tiny drips of cash will theoretically "trickle down", sooner or later, to the underclass. Mellon refused to give tax breaks to the poor on the perfectly understandable grounds that they would just piss it away on food, clothing and shelter.

Mellon clearly recognized that, for some, the Great Depression was a good thing, a fine business opportunity, and made no bones about it. "People will work harder, live a more moral life," the millionaire Mellon pontificated as the Great Depression deepened. "Enterprising people will pick up the wrecks from less competent people."