Book review: The Creature from Jekyll Island by G. Edward Griffin
The Creature from Jekyll Island by G. Edward Griffin has it all. Even though it is subtitled A Second Look at the Federal Reserve, the subtitle doesn’t do the book justice. The topics this book covers may seem wide ranging but all make sense to the bigger picture the book attempts to paint. Those topics include:
- The story of a secret meeting of 7 powerful men in 1910 on Jekyll Island to draft the basic plan for what would become the Federal Reserve
- The intentional role that government bailouts play in the business of banking
- Some notable bailouts in the 1970s
- Government intervention in the mortgage industry
- The abandonment of the gold standard and the reason for the creation of the International Monetary Fund (IMF) and the World Bank (the reason was to establish world socialism)
- The IMF/World Bank acting to bailout nations around the globe
- A history of money, including the types of money and gold as the basis for money
- Fiat money and fractional money and the history of problems with each
- A brief history of banking
- How the Federal Reserve creates money from nothing as debt but does not create the interest to pay back on that debt
- How the House of Rothschild dominated the world of banking and the method by which they do so
- How the sinking of the Lusitania was set up to trigger the United States joining England and France in fighting World War I
- How the Bolshevik (Russian) revolution was not a spontaneous uprising of the masses but rather was planned, financed, and orchestrated by outsiders
- The early monetary systems in use by the American Colonies and our Founding Father’s establishment of the powers to issue money by the government
- The history of the first three central banks in the United States and how they failed
- The role of money and trade in the American Civil War
- The rise of J.P. Morgan
- The details of the passage of the Federal Reserve Act
- The rise of Woodrow Wilson to power as President
- The stock market bubble in the 1920s and the great depression of the 1930s
- The national debt
- The need to find a credible global threat in the form of environmentalism as a substitute for war
- Scenarios of what could happen in a banking collapse and how individuals can prepare for these scenarios
- Is M-1 subtractive or accumulative?
Throughout the course of the book, the author presents seven reasons to abolish the Federal Reserve. Those are:
- It is incapable of achieving its stated objective of stabilizing our economy.
- It is a cartel operating against the public interest.
- It is a lender who does nothing to earn its money, meaning it charges interest for waving the magic wand called fiat money.
- It generates inflation, our most unfair tax.
- It is used to fund wars.
- It destabilizes the economy. It is the height of egotistical folly for “experts” to think that they can outsmart or do better than the free market, which is the combined, interactive decisions of hundreds of millions of people all acting in response to their own best judgment.
- It is an instrument of totalitarianism. It is the starting point for creating extreme swings in the business cycle, which in bust phases of the cycle provides an excuse for increasing government power.
I told you this book has it all. I debated writing much more about this book, but nothing else I write seems to do the book justice, other than the fact that I give it my highest possible rating.
Rating: 10 out of 10.