The Creature From Jekyll Island

A Second Look at the Federal Reserve
5th Edition Softcover
By G. Edward Griffin
608 pages - $17.95 + $7.95 S&H
Ships to continental US only. For orders outside the continental US please call 1-800-257-3253

"A superb analysis. Be prepared for one heck of a journey through time and mind." Ron Paul, Member of Congress, House Banking Committee, 2008 Presidential candidate.

The Creature From Jekyll Island

Have you ever wondered where our money comes from? Ever wondered what causes inflation?

This amazing book describes the Federal Reserve so anyone can understand it. As the author says:

"In spite of first appearances, the process is not complicated. It is just absurd." (p 195)

This book describes how our US currency is created by debt.

"In truth, money is not created until the instant it is borrowed. It is the act of borrowing which causes it to spring into existence. And, incidentally, it is the act of paying off the debt that causes it to vanish." (p 185)

It is amazing to think that if the national debt was paid off and all individual loans to banks were paid off, all of our "money" would disappear!

"Since our money supply, at present at least, is tied to the national debt, to pay off that debt would cause money to disappear. Even to seriously reduce it would cripple the economy. Therefore, as long as the Federal Reserve exists, America will be, must be, in debt." (p 202)

If someone earns money, saves it, and then lends it to us, it is perfectly reasonable for them to charge us interest for our use of that money over time. What are we to think, however, about a lender that did nothing to earn the money, had not saved it, and, in fact, simply created it out of thin air? This is exactly what the banking system has done for every dollar currently in circulation.

As this book describes, this process of creating money is the cause of inflation. Inflation is not a mysterious, complicated concept somehow linked to unemployment. Very simply, inflation occurs when additional money is pumped into the system. This makes the existing money less valuable, and it is a transfer of purchasing power from the public to the bankers.

"Make no mistake about it, inflation is a tax. Furthermore, it is the most unfair tax of them because it falls most heavily upon those who are thrifty, those on fixed incomes, and those in the middle and lower income brackets." (p 203)

The Creature From Jekyll Island details out the following reasons why the Federal Reserve should be abolished:

* It is incapable of accomplishing its stated objectives (Chapter 1).
* It is a cartel operating against the public interest (Chapter 1).
* It is the supreme instrument of usury (Chapter 10).
* It generates our most unfair tax (Chapter 10).
* It encourages war (Chapter 14).
* It destabilizes the economy (Chapter 23).
* It is an instrument of totalitarianism (Chapters 5 and 26).

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"The FDIC "protection" is not insurance in any sense of the word. It is merely part of a political scheme to bail out the most influential members of the banking cartel when they get into financial difficulty. As we have already seen, the first line of defense in this scheme is to have large, defaulted loans restored to life by a Congressional pledge of tax dollars." (p 37)(This book was published in 1994.)

"To pay for this [FDIC] protection, each bank is assessed a specified percentage of its total deposits. That percentage is the same for all banks regardless of their previous record or how risky their loans... The banks making reckless loans earn a higher rate of interest than those making conservative loans. They are also far more likely to collect from the fund, yet pay not one cent more... Moral hazard, therefore, is built right into the system." (p 36)

"The FDIC will never have enough money to cover the entire banking system... the financial exposure [as of 1994] is about 99.3% larger than the safety net which is supposed to catch it." (p 37)