Federal Reserve wasn’t born out of a noble quest to stabilize the economy — it was cooked up in secrecy by the nation’s richest bankers to protect their own interests. The infamous meeting took place in 1910 on Jekyll Island, a private retreat off the coast of Georgia owned by J.P. Morgan and his circle of elites. Traveling under the guise of a “duck hunting trip,” a handful of powerful men — representatives from Morgan, Rockefeller, Kuhn, Loeb, and others — gathered to design what would become the Federal Reserve System.
The Fed is essentially a banking cartel, not a government safeguard. These men, who controlled vast swaths of the nation’s wealth, sought to solve a few “problems”: stop smaller banks from eating into their dominance, create a mechanism for endless credit expansion (and inflation), and ensure that when risky bets went bad, losses could be socialized onto the public instead of their own fortunes.
