“To cause high prices all the Federal Reserve Board will do will be to lower the rediscount rate producing an expansion of credit and rising stock market, then when business men are adjusted to these conditions, it can check prosperity in mid career by raising the rate of interest. It can cause the pendulum of a rising and falling market to swing gently back and forth by slight changes in the discount rate, or cause violent fluctuations by greater rate variation and in either case, it will possess inside information as to financial conditions and advanced knowledge of the coming change, either up or down. This is the strangest and most dangerous advantage ever placed in the hands of a special privilege class by any government that ever existed. The system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other peoples’ money. They know in advance when to create panics to their advantage, and they also know when to stop panic. Inflation and deflation work equally well for them when they control finance.” – Rep. Charles Lindbergh Sr. (R. MN), 1914
Posted on: Sun, 16 Mar 2014 20:19:46 +0000