This picture is making the rounds on the internet depicting the ramifications of the Federal Reserve Act of 1913, and it's clear that there were some in the media that had great foresight.
Update: For more information about this cartoon, check out U.S. money vs. corporation currency, "Aldrich plan." By Alfred Owen Crozier, where it first appeared.
5 comments:
Great cartoon!
While the privatized institution's leadership is appointed by the government and thus sanctioned by the government, it becomes more powerful than both the government itself and the people subject to the government.
Great cartoon!
(you can delete the previous comment)
Though I still feel that the post-9/11 United States cannot be trusted to print its own money directly. They'd just practice fractional reserve banking in secret, embezzling gold to bomb random countries and lie about their reserves while we suffer unexplainable inflation.
Please note the update to the blog post.
Thanks for the link, just downloaded the book.
$1 for a new 500-page physical book? With today's money, that'll only buy you a used copy on eBay!
Though keep in mind the Constitutionally-defined grant-based copyright system of the time, and the fact that copyright has expired means that anyone can publish the book and keep the profits without paying royalties, and so books would tend to be deflationary, and with the Internet, competition would reduce the cost of a scanned public domain eBook to $0.
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