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The Secrets of the Federal Reserve
Eustace Mullins
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Dedicated to two of the finest scholars of the twentieth century
GEORGE STIMPSON and EZRA POUND
who generously gave of their vast knowledge to a young writer to
guide him in a field which he could not have managed alone.
ACKNOWLEDGEMENTS
I wish to thank my former fellow members of the staff of the Library
of Congress whose very kind assistance, cooperation and
suggestions made the early versions of this book possible. I also wish
to thank the staffs of the Newberry Library, Chicago, the New York
City Public Library, the Alderman Library of the University of Virginia,
and the McCormick Library of Washington and Lee University,
Lexington, Virginia, for their invaluable assistance in the completion
of thirty years of further research for this definitive work on the
Federal Reserve System.
About the Author
Eustace Mullins is a veteran of the United States Air Force, with thirty-
eight months of active service during World War II. A native
Virginian, he was educated at Washington and Lee University, New
York University, Ohio University, the University of North Dakota, the
Escuelas des Bellas Artes, San Miguel de Allende, Mexico, and the
Institute of Contemporary Arts, Washington, D.C.
The original book, published under the title Mullins On The Federal
Reserve, was commissioned by the poet Ezra Pound in 1948. Ezra
Pound was a political prisoner for thirteen and a half years at St.
Elizabeth’s Hospital, Washington, D.C. (a Federal institution for the
insane). His release was accomplished largely through the efforts of
Mr. Mullins.
The research at the Library of Congress was directed and reviewed
daily by George Stimpson, founder of the National Press Club in
Washington, whom The New York Times on September 28, 1952
called, "A highly regarded reference source in the capitol.
Government officials, Congressmen, and reporters went to him for
information on any subject."
Published in 1952 by Kasper and Horton, New York, the original book
was the first nationally-circulated revelation of the secret meetings
of the international bankers at Jekyll Island, Georgia, 1907-1910, at
which place the draft of the Federal Reserve Act of 1913 was
written.
During the intervening years, the author continued to gather new
and more startling information about the backgrounds of the
people who direct the Federal Reserve policies. New information
gathered over the years from hundreds of newspapers, periodicals,
and books give corroborating insight into the connections of the
international banking houses.*
While researching this material, Eustace Mullins was on the staff of
the Library of Congress. Mullins later was a consultant on highway
finance for the American Petroleum Institute, consultant on hotel
development for Institutions Magazine, and editorial director for the
Chicago Motor Club’s four publications.
* The London Acceptance Council is limited to seventeen
international banking houses authorized by the Bank of England to
handle foreign exchange.
ABOUT THE COVER
The cover reproduces the outline of the eagle from the red shield,
the coat of arms of the city of Frankfurt, Germany, adapted by
Mayer Amschel Bauer (1744-1812) who changed his name from
Bauer to Rothschild ("Red Shield"). Rothschild added five golden
arrows held in the eagle’s talons, signifying his five sons who
operated the five banking houses of the international House of
Rothschild: Frankfurt, London, Paris, Vienna, and Naples.
Table of Contents
Chapter One Jekyll Island 1
Chapter Two The Aldrich Plan 10
Chapter Three The Federal Reserve Act 16
Chapter Four The Federal Advisory Council 40
Chapter Five The House of Rothschild 47
Chapter Six The London Connection 63
Chapter Seven The Hitler Connection 69
Chapter Eight World War One 82
Chapter Nine The Agricultural Depression 114
Chapter Ten The Money Creators 119
Chapter Eleven Lord Montagu Norman 131
Chapter Twelve The Great Depression 143
Chapter Thirteen The 1930's 151
Chapter Fourteen Congressional Expose 171
Addendum 179
Appendix I 181
Biographies 186
Bibliography 193
Index 197
@The above facsimile is reproduced from page 60 of "HISTORICAL
BEGINNINGS . . . . THE FEDERAL RESERVE", published by the Federal
Reserve Bank of Boston in its seventh printing, 1982.
Foreword
In 1949, while I was visiting Ezra Pound who was a political prisoner
at St. Elizabeth’s Hospital, Washington, D.C. (a Federal institution for
the insane), Dr. Pound asked me if I had ever heard of the Federal
Reserve System. I replied that I had not, as of the age of 25. He then
showed me a ten dollar bill marked "Federal Reserve Note" and
asked me if I would do some research at the Library of Congress on
the Federal Reserve System which had issued this bill. Pound was
unable to go to the Library himself, as he was being held without
trial as a political prisoner by the United States government. After he
was denied broadcasting time in the U.S., Dr. Pound broadcast from
Italy in an effort to persuade people of the United States not to
enter World War II. Franklin D. Roosevelt had personally ordered
Pound’s indictment, spurred by the demands of his three personal
assistants, Harry Dexter White, Lauchlin Currie, and Alger Hiss, all of
whom were subsequently identified as being connected with
Communist espionage.
I had no interest in money or banking as a subject, because I was
working on a novel. Pound offered to supplement my income by
ten dollars a week for a few weeks. My initial research revealed
evidence of an international banking group which had secretly
planned the writing of the Federal Reserve Act and Congress’
enactment of the plan into law. These findings confirmed what
Pound had long suspected. He said, "You must work on it as a
detective story." I was fortunate in having my research at the Library
of Congress directed by a prominent scholar, George Stimpson,
founder of the National Press Club, who was described by The New
York Times of September 28, 1952: "Beloved by Washington
newspapermen as ‘our walking Library of Congress’, Mr. Stimpson
was a highly regarded reference source in the Capitol. Government
officials, Congressmen and reporters went to him for information on
any subject."
I did research four hours each day at the Library of Congress, and
went to St. Elizabeth’s Hospital in the afternoon. Pound and I went
over the previous day’s notes. I then had dinner with George
Stimpson at Scholl’s Cafeteria while he went over my material, and I
then went back to my room to type up the corrected notes. Both
Stimpson and Pound made many suggestions in guiding me in a
field in which I had no previous experience. When Pound’s
resources ran low, I applied to the Guggenheim Foundation,
Huntington Hartford Foundation, and other foundations to
complete my research on the Federal Reserve. Even though my
foundation applications were sponsored by the three leading poets
of America, Ezra Pound, E.E. Cummings, and Elizabeth Bishop, all of
the foundations refused to sponsor this research. I then wrote up my
findings to date, and in 1950 began efforts to market this manuscript
in New York. Eighteen publishers turned it down without comment,
but the nineteenth, Devin Garrity, president of Devin Adair
Publishing Company, gave me some friendly advice in his office. "I
like your book, but we can’t print it," he told me. "Neither can
anybody else in New York. Why don’t you bring in a prospectus for
your novel, and I think we can give you an advance. You may as
well forget about getting the Federal Reserve book published. I
doubt if it could ever be printed."
This was devastating news, coming after two years of intensive work.
I reported back to Pound, and we tried to find a publisher in other
parts of the country. After two years of fruitless submissions, the book
was published in a small edition in 1952 by two of Pound’s disciples,
John Kasper and David Horton, using their private funds, under the
title Mullins on the Federal Reserve. In 1954, a second edition, with
unauthorized alterations, was published in New Jersey, as The
Federal Reserve Conspiracy. In 1955, Guido Roeder brought out a
German edition in Oberammergau, Germany. The book was seized
and the entire edition of 10,000 copies burned by government
agents led by Dr. Otto John.
The burning of the book was upheld April 21, 1961 by judge Israel
Katz of the Bavarian Supreme Court. The U.S. Government refused
to intervene, because U.S. High Commissioner to Germany, James
B. Conant (president of Harvard University 1933 to 1953), had
approved the initial book burning order. This is the only book which
has been burned in Germany since World War II. In 1968 a pirated
edition of this book appeared in California. Both the FBI and the U.S.
Postal inspectors refused to act, despite numerous complaints from
me during the next decade. In 1980 a new German edition
appeared. Because the U.S. Government apparently no longer
dictated the internal affairs of Germany, the identical book which
had been burned in 1955 now circulates in Germany without
interference.
I had collaborated on several books with Mr. H.L. Hunt and he
suggested that I should continue my long-delayed research on the
Federal Reserve and bring out a more definitive version of this book.
I had just signed a contract to write the authorized biography of
Ezra Pound, and the Federal Reserve book had to be postponed.
Mr. Hunt passed away before I could get back to my research, and
once again I faced the problem of financing research for the book.
My original book had traced and named the shadowy figures in the
United States who planned the Federal Reserve Act. I now
discovered that the men whom I exposed in 1952 as the shadowy
figures behind the operation of the Federal Reserve System were
themselves shadows, the American fronts for the unknown figures
who became known as the "London Connection." I found that
notwithstanding our successes in the Wars of Independence of 1812
against England, we remained an economic and financial colony
of Great Britain. For the first time, we located the original
stockholders of the Federal Reserve Banks and traced their parent
companies to the London Connection.
This research is substantiated by citations and documentation from
hundreds of newspapers, periodicals and books and charts showing
blood, marriage, and business relationships. More than a thousand
issues of The New York Times on microfilm have been checked not
only for original information, but verification of statements from
other sources.
It is a truism of the writing profession that a writer has only one book
within him. This seems applicable in my case, because I am now in
the fifth decade of continuous writing on a single subject, the inside
story of the Federal Reserve System. This book was from its inception
commissioned and guided by Ezra Pound. Four of his protégés have
previously been awarded the Nobel Prize for Literature, William
Butler Yeats for his later poetry, James Joyce for "Ulysses", Ernest
Hemingway for "The Sun Also Rises", and T.S. Elliot for "The Waste
Land". Pound played a major role in the inspiration and in the
editing of these works--which leads us to believe that this present
work, also inspired by Pound, represents an ongoing literary
tradition.
Although this book in its inception was expected to be a tortuous
work on economic and monetary techniques, it soon developed
into a story of such universal and dramatic appeal that from the
outset, Ezra Pound urged me to write it as a detective story, a genre
which was invented by my fellow Virginian, Edgar Allan Poe. I
believe that the continuous circulation of this book during the past
forty years has not only exonerated Ezra Pound for his much
condemned political and monetary statements, but also that it has
been, and will continue to be, the ultimate weapon against the
powerful conspirators who compelled him to serve thirteen and a
half years without trial, as a political prisoner held in an insane
asylum a la KGB. His earliest vindication came when the
government agents who represented the conspirators refused to
allow him to testify in his own defense; the second vindication came
in 1958 when these same agents dropped all charges against him,
and he walked out of St. Elizabeth’s Hospital, a free man once
more. His third and final vindication is this work, which documents
every aspect of his exposure of the ruthless international financiers
to whom Ezra Pound became but one more victim, doomed to
serve years as the Man in the Iron Mask, because he had dared to
alert his fellow-Americans to their furtive acts of treason against all
people of the United States.
In my lectures throughout this nation, and in my appearances on
many radio and television programs, I have sounded the toxin that
the Federal Reserve System is not Federal; it has no reserves; and it is
not a system at all, but rather, a criminal syndicate. From
November, 1910, when the conspirators met on Jekyll Island,
Georgia, to the present time, the machinations of the Federal
Reserve bankers have been shrouded in secrecy. Today, that
secrecy has cost the American people a three trillion dollar debt,
with annual interest payments to these bankers amounting to some
three hundred billion dollars per year, sums which stagger the
imagination, and which in themselves are ultimately unpayable.
Officials of the Federal Reserve System routinely issue remonstrances
to the public, much as the Hindu fakir pipes an insistent tune to the
dazed cobra which sways its head before him, not to resolve the
situation, but to prevent it from striking him. Such was the soothing
letter written by Donald J. Winn, Assistant to the Board of Governors
in response to an inquiry by a Congressman, the Honorable Norman
D. Shumway, on March 10, 1983. Mr. Winn states that "The Federal
Reserve System was established by an act of Congress in 1913 and
is not a ‘private corporation’." On the next page, Mr. Winn
continues, "The stock of the Federal Reserve Banks is held entirely by
commercial banks that are members of the Federal Reserve
System." He offers no explanation as to why the government has
never owned a single share of stock in any Federal Reserve Bank, or
why the Federal Reserve System is not a "private corporation" when
all of its stock is owned by "private corporations".
American history in the twentieth century has recorded the
amazing achievements of the Federal Reserve bankers. First, the
outbreak of World War I, which was made possible by the funds
available from the new central bank of the United States. Second,
the Agricultural Depression of 1920. Third, the Black Friday Crash on
Wall Street of October, 1929 and the ensuing Great Depression.
Fourth, World War II. Fifth, the conversion of the assets of the United
States and its citizens from real property to paper assets from 1945
to the present, transforming a victorious America and foremost
world power in 1945 to the world’s largest debtor nation in 1990.
Today, this nation lies in economic ruins, devastated and destitute,
in much the same dire straits in which Germany and Japan found
themselves in 1945. Will Americans act to rebuild our nation, as
Germany and Japan have done when they faced the identical
conditions which we now face--or will we continue to be enslaved
by the Babylonian debt money system which was set up by the
Federal Reserve Act in 1913 to complete our total destruction? This
is the only question which we have to answer, and we do not have
much time left to answer it.
Because of the depth and the importance of the information which
I had developed at the Library of Congress under the tutelage of
Ezra Pound, this work became the happy hunting ground for many
other would-be historians, who were unable to research this
material for themselves. Over the past four decades, I have
become accustomed to seeing this material appear in many other
books, invariably attributed to other writers, with my name never
mentioned. To add insult to injury, not only my material, but even
my title has been appropriated, in a massive, if obtuse, work called
"Secrets of the Temple--the Federal Reserve". This heavily advertised
book received reviews ranging from incredulous to hilarious. Forbes
Magazine advised its readers to read their review and save their
money, pointing out that "a reader will discover no secrets" and that
"This is one of those books whose fanfares far exceed their merit."
This was not accidental, as this overblown whitewash of the Federal
Reserve bankers was published by the most famous nonbook
publisher in the world.
After my initial shock at discovering that the most influential literary
personality of the twentieth century, Ezra Pound, was imprisoned in
"the Hellhole" in Washington, I immediately wrote for assistance to a
Wall Street financier at whose estate I had frequently been a guest.
I reminded him that as a patron of the arts, he could not afford to
allow Pound to remain in such inhuman captivity. His reply shocked
me even more. He wrote back that "your friend can well stay where
he is." It was some years before I was able to understand that, for
this investment banker and his colleagues, Ezra Pound would always
be "the enemy".
Introduction
Here are the simple facts of the great betrayal. Wilson and House
knew that they were doing something momentous. One cannot
fathom men’s motives and this pair probably believed in what they
were up to. What they did not believe in was representative
government. They believed in government by an uncontrolled
oligarchy whose acts would only become apparent after an
interval so long that the electorate would be forever incapable of
doing anything efficient to remedy depredations.
(AUTHOR’S NOTE: Dr. Pound wrote this introduction for the earliest
version of this book, published by Kasper and Horton, New York,
1952. Because he was being held as a political prisoner without trial
by the Federal Government, he could not afford to allow his name
to appear on the book because of additional reprisals against him.
Neither could he allow the book to be dedicated to him, although
he had commissioned its writing. The author is gratified to be able to
remedy these necessary omissions, thirty-three years after the
events.)
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