Historical Reprints Money - Economics Fighting the Federal Reserve

Fighting the Federal Reserve

Fighting the Federal Reserve
Catalog # SKU3510
Publisher TGS Publishing
Weight 1.00 lbs
Author Name Louis T. McFadden, Ron Paul, Commander X
ISBN 10: 1606111035
ISBN 13: 9781606111031


Fighting the Federal Reserve

Collective Speeches of
Congressman Louis T. McFadden
Congressman Ron Paul
Commander X

Few Americans today recognize the names of men like Congressman Charles Augustus Lindbergh, Sr., father of the famed aviator, who fought against the passage of the Federal Reserve Act in 1913 and conducted one of the first investigations of 'the Banking and Money Trust in Congress; and of congressman Louis Thomas McFadden. These men spent their lives in heroic combat, as grim and as hopeless as the winter at Valley Forge, but they never admitted the possibility of defeat. And they never lost the courage to go on. But America lost, because America did not support them in their struggle, and America is the loser today.

Excerpt from the Introduction:

The province of this volume is to pay homage to but one of 'these great Americans, Congressman Louis T. McFadden. Congressman Charles A. Lindbergh, Sr. has fortunately already left us a rich legacy of three books published some fifty years ago in which he gives a full account of his inspiring efforts in Congress. (See Bibliography. Ed.) Congressman Louis T. McFadden was born in the heartland of America, a true product of its original and unadulterated self, and because of that heritage, he could do no else but battle for the land which he loved.

And battle he did. Armed with the courage of his convictions and the certitude of his cause he hurled his thundering charges against those who were plundering America and drenching the world in blood with their insane greed. Congressman McFadden. refused obeisance to the high priests of Mammon, the International Bankers, for whom he reserved the full force of his attacks. The enormity of his revealments against the Federal Reserve Board and the Federal Reserve Banks will stagger the credibility of the reader.

The din of the battle being waged by Congressman McFadden against his opponents not only in the halls of Congress but throughout the Capitol. The dean of Washington newspapermen at that time and founder of the National Press Club, Mr. George Stimpson, when asked in later years to comment on the seriousness and magnitude of the charges being made by McFadden he replied, "It was incredible. This town went into a state of shock, we couldn't believe what we were hearing. Of course they said right away that he had lost his mind." "Do you think he had?" Stimpson was asked, "Oh no," came the reply. "But it was too much, too much for one man to do."

It was too much for one man to do, and this proved his heroism. It speaks volumes for the courage and character of Louis T. McFadden that he made these speeches knowing that there was no support, that there would be no support. Was it too quixotic of him? Should he have waited, quietly gathering' his information until it could have been put to more practical use?

But why was there no support? We must remember that when McFadden made these speeches we were in the darkest days of the Great Depression, when the nation was prostrate, and in' the dark night of the soul of the American people. A sad and defeated nation, destroyed from within, brought to its knees, could offer no help when McFadden opened every door, named, every name, exposing every secret of the underground government.

How could any American youth fail to be moved by the spectacle of a small town banker rising to the leadership of our Congressional Committee on Banking and Currency, and, in that capacity, refusing to be bought by those who buy and sell men like cattle? Instead, he nearly brought to a halt the vast and intricate machinations of international bankers and their sinister scheihes to attain perpetual and limitless wealth at the expense of an enslaved, drugged and brainwashed population of drone workers. For twenty years, he fought, our fight, while we knew little or nothing of his efforts, and when he died, seemingly the record of that struggle was buried with him.

Now we. bring it to light, every word faithfully reproduced from the Congressional Record, not only to enshrine his memory in our hearts, but also to give us a standard to which we can rally. We can no longer endure the pitiful half-men, half-women, posturing on the slave block in their efforts to present their best side to the sneering slave-dealers, and we do not refer here to some mythical beings, but rather to the so-called public representatives, the men who have inherited Louis McFadden's mantle, in the Congress of the United States. These men are a poor bargain even for their masters, and even less a bargain are they for' us. Let us demand from them the heroism, the self-sacrifice, the patriotism which Louis T. McFadden gave us without our asking for it. And if they do not have it to give, then sweep them out.

Do we dare to admit that everything which has happened to America since the Whiskey Rebellion has been the result of foreign' influences, of alien conspiracies carried out through fetid and subterranean corridors of power, the work of the government that dares not speak its name. The Civil War, World War I, the Great Depression, World War II, these were events which were not desired by the American people, they were not planned by the American people, they were not voluntarily entered into by the American people. But all of these events were the result of the planning of men who have no addresses, no fixed homes, no substantial loyalties save only to their own 'criminal interests. These are men who in healthier times were sent to the gibbet, but today we make them presidents of our banks and universities, and we watch appalled at the chaos and destruction which ensues from their every act.

Let us remember that for ten years, Congressman McFadden had been Chairman of the House Banking and Currency Committee. While exercising the duties of this position he exposed some of the greatest crimes of the century, including his stinging indictment of the Board of Governors of the Federal Reserve System in which he charged them "with having treasonably conspired to destroy constitutional government in the United States." Because of these exposures, Louis T. McFadden had un-, leashed' the full power of the international criminals against him. When he made these speeches, he was alone. He had nothing to look forward to save his own political demise. The power and pelf of his enemies was brought to bear and the political life of this great servant of the people was terminated in the November 1934 elections held in the 15th Congressional District of Pennsylvania.

Thus these speeches are the personal signature of a great man, a hero fighting to the death, surrounded but never thinking of surrender, the final gesture of a man we should all honor and emulate, an American worthy of the name.

August 18, 1934 issue of NewsWeek
House Representative McFadden In Role of a Modern Lazarus

In Pennsylvania last week, a man arose biblical-fashion from the land, of the dead. The person to achieve this feat was Louis T. McFadden, United States Republican Representative from the G. O. P.'s strongest State.

Mr. McFadden spectacularly sank into oblivion at the tail-end of the Hoover administration. Dec. 13, 1932, the House of Representatives was up to its neck in work. Representative McFadden, arch-harrier of vested interests, strode the length of the gray-carpeted chamber to obtain the floor on a point of constitutional privilege. As a rule, House orators have to yell to make themselves heard above the clatter of conversation. But as the quiet-mannered Mr. McFadden got under way, the audience snapped to attention, straining to catch every word.

Mr. McFadden had proposed nothing less than impeachment of President Hoover on charges of "high crimes and misdemeanors." To make matters worse, the Representative referred to the President simply' as Hoover. When it was announced that the vote to table the resolution was carried by 361-8, cheers and wild applause echoed from the House's glass ceiling. Senator David A. Reed, ranking Republican wheelhorse, declared thenceforth the party would consider apostate McFadden as "dead."

Last week Mr. McFadden came to life under the wing of the National Republican Committee. In a radio address he railed against the New Deal's "pulmotored" prosperity. The ostracized politician seemed once again pulled to the official bosom.

Meanwhile, the "national nuisance," as he was called, was pleased with his return to favor. Glibly he belittled recovery measures. "Don't spend your time worrying over the alleged tyrannies of Hitler." he said. "Look first to your own case."

by Ron Paul

There has been a lot of talk in the news recently about the Federal Reserve and the actions it has taken over the past few months. Many media pundits have been bending over backwards to praise the Fed for supposedly restoring stability to the market. This interpretation of the Fed's actions couldn't be further from the truth.

The current market crisis began because of Federal Reserve monetary policy during the early 2000s in which the Fed lowered the interest rate to a below-market rate. The artificially low rates led to overinvestment in housing and other malinvestments. When the first indications of market trouble began back in August of 2007, instead of holding back and allowing bad decision-makers to suffer the consequences of their actions, the Federal Reserve took aggressive, inflationary action to ensure that large Wall Street firms would not lose money. It began by lowering the discount rates, the rates of interest charged to banks who borrow directly from the Fed, and lengthening the terms of such loans. This eliminated much of the stigma from discount window borrowing and enabled troubled banks to come to the Fed directly for funding, pay only a slightly higher interest rate but also secure these loans for a period longer than just overnight.

After the massive increase in discount window lending proved to be ineffective, the Fed became more and more creative with its funding arrangements. It has since created the Term Auction Facility (TAF), the Primary Dealer Credit Facility (PDCF), and the Term Securities Lending Facility (TSLF). The upshot of all of these new programs is that through auctions of securities or through deposits of collateral, the Fed is pushing hundreds of billions of dollars of funding into the financial system in a misguided attempt to shore up the stability of the system.

Softbound, 7x8½, 600+ pages
EAN: 9781606111031
ISBN: 1606111035

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