No man did more to expose the
power of the FED than Louis T. McFadden, who was the Chairman of the House
Banking Committee back in the 1930s. In describing the FED, he remarked in the
Congressional Record, House pages 1295 and 1296 on June 10, 1932:
"Mr. Chairman,
we have in this country one of the most corrupt institutions the world has ever
known. I refer to the Federal Reserve Board and the Federal reserve banks. The
Federal Reserve Board, a Government Board, has cheated the Government of
the United States and the people of the United States out
of enough money to pay the national debt. The depredations and the iniquities
of the Federal Reserve Board and the Federal reserve banks acting together have
cost this country enough money to pay the national debt several times over.
This evil institution has impoverished and ruined the people of the United
States; has bankrupted itself, and has practically bankrupted our Government.
It has done this through the maladministration of that law by which the Federal
Reserve Board, and through the corrupt practices of the moneyed vultures who
control it".
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