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The Creature from Jekkyll Island

From the Quicksilver Metaweb.

Stephensonia

In The Great Simoleon Caper we see the government, specifically the Federal Reserve System, concerned that an online currency like Simoleons will catch on and cause people to abandon dollars, otherwise known as Federal Reserve Notes. Such abandonment could theoretically lead to the collapse of the Federal Reserve System. The fallout of such a collapse could result in such a large contraction in the budget authority of the US government that it will be forced to spin off many agencies that are not central to its core competency, its military-industrial complex, and eventually the sort of world depicted in Snow Crash.

The Creature from Jekyll Island

This is the fanciful nickname given to the Federal Reserve System by some of its critics. The name is based upon the historical fact that the system as we know it was conceived and structured as a legislative act by attendees of a secretive meeting at a private resort on Jekyll Island in 1910. This is not a paranoid theory, this is historical fact, documented even by those who attended the meeting. The attendees included a few powerful politicians and several of the most powerful bankers in the world, who, according to estimates, controlled at the time somewhere between 1/6 to 1/4 of the world's wealth. It was secretive in that attendees were told not to use their full or real names in travelling to the island, and some brought shotguns with them, as the ostensible excuse for the meeting was 'duck hunting', even though the gun toting attendees had never shot a firearm in their lives.

The attendees were as follows: * Senator Nelson W. Aldrich - Republican Whip of the Senate, Chairman of the National Monetary Commission, and father-in-law to John D. Rockefeller, Jr. * Henry P. Davidson - Senior Partner of JP Morgan Company * Charles D. Norton - President of 1st National Bank of New York * A. Piatt Andrew - Assistant Secretary of the Treasury * Frank A. Vanderlip - President of the National City Bank of New York * Benjamin Strong - head of J.P Morgan's Bankers Trust * Paul M. Warburg - a partner in Kuhn, Loeb & Company, representing the Rothschilds and Warburgs in Europe.

The bill agreed to at this meeting would eventually become the Federal Reserve Act of 1913, after it had been extensively laundered to remove signs of their influence.

The Federal Reserve Bank System

The Federal Reserve Bank System is not part of the US Federal Government, it has no reserves, it is not a bank, and the only system it has is oriented toward the theft of the productivity of the working and saving American citizen via debt-bondage and labor indenturement so as to re-institute feudalism under the guise of liberal socialism.

The Fed is a cartel, plain and simple, of a number of regional Reserve Banks, which themselves are regional cartels of banks and other institutions of deposit and lending that utilize a system of fractional reserve banking in order to tie up most all citizens in debtedness by the time they are into adulthood that they lose the desire to take risks, be entrepreneurial, innovate, and look at the powerful as their equals. This cartel is a monopoly, granted this status by an act of congress, and paid for through bribery of individual politicians, as well as entire bureaucracies through the offering of cheap fiat currency with which to fund expansive government programs with which to control and confiscate the income, property, families, and liberties of the average American.

In exchange for this monopoly, the cartel grants the US Federal Government the privilege to appoint the President of the Federal Reserve Board of Governors (the rest of the Governors being appointed by their respective regional reserve banks). For about the past 20 years this President was Alan Greenspan, a one-time Objectivist fan of Ayn Rand who some say has become a turncoat sellout to the beast, while others say he is a secret Libertarian infiltrator into the ranks of power. He has since retired as of 2006 and has been replaced by a self-proclaimed protege.

This appointment power creates the mirage that the Fed is a creature of the Federal Government when it is not, and promotes the popular misconception that the Federal Reserve Notes issued by the cartel are not only legal tender, but are a currency issued by the US government. The use of the term 'reserve' of course creates the false impression that Federal Reserve Notes are backed by concrete assets with intrinsic value. This impression is mostly false. The amount of gold stocks held by the Fed reflect less than 0.15% of the actual printed notes in circulation (if you value that gold by the statutory $42.222/ounce, otherwise it accounts for about 1.5% of the value of the FRNs in circulation.)

The number of FRNs in circulation, of course, are only a large fraction of the M1 money supply (which is about $900 billion) and a minor fraction of the M2 and M3 money supplies (M3 is currently about $8.6 trillion). The overwhelming majority of the 'dollars' in circulation are backed by debt: US government debt, state and local government debt, consumer debt, homeowner debt, corporate debt, etc. While 'gold bugs' as they are called abhor any debt, for various philosophical and/or religious reasons, it is a widely accepted economic truth that the debt of any one person is an asset to everybody else who may hold the note on that debt.

Thus, the current day money supply is quite similar to the land-backed currency proposed by the Tories during the age of The Baroque Cycle and which led to such economic ruin for England and the Bank of England.