
Congressman Louis T. McFadden served as Chairman of the House Committee on Banking and Currency from 1920 thru 1931. He was thus a supreme expert witness to events which culminated in the first Great Depression. As this material further attests, seven years prior to the fact he was also an unknowing witness to "financial" events which contributed mightily in terms of American monetary gold to the arming of Japan and Germany in preparation for World War II.
The following excerpts are from a speech which is now difficult to obtain from the Congressional Record, in which he addressed the House of Representatives in the midst of the first Great Depression, June 10, 1932. The speech largely documents the extensive crimes of the private banks which were unlawfully consolidated under the deceptively named Federal Reserve Act, which gave these unassented private banks the audacious power to draw unlimited unearned profit from a currency costing practically nothing to private banking institutions which are neither federal, nor a reserve of anything. As McFadden testifies, the excesses of that unassented profit not only manifested in mightily arming foes of the world's wars, and even instigating wars; they further comprise not only all the "interest" and multiplication of cost we have endured since 1914, but the sum of our crippling private and public debt.
From the portions of Mr. McFadden's address preserved here, considerable material has been dropped because it is less germane to the arguments of these pages, and because the whole of the speech is a practically overwhelming body of material.
As this abbreviated version retains most important points, it nonetheless is especially obligatory reading, because McFadden testifies to so many issues which the usual citizen not only is wholly unaware of, but which we must find wholly adverse to American principles and our republican form of government.
His ultimate conclusion is certainly worthwhile. It is certainly an address capable itself of re-uniting America. Few principled people will finish before their ire peaks.
















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