The Washington Post And The Coming Crash

The Post's official history on its website tells nothing about Meyer's background before buying the newspaper. In fact, Meyer was one of the linchpins of the New York financier establishment from the time he graduated from Yale in 1895 and went to work for the New York banking house of Lazard Frères, where his father was a partner. By 1915, Meyer had amassed a personal fortune of $40 million, gigantic for the times. Just two years before, in 1913, Congress had enacted the Federal Reserve Act. Contrary to its name, the Federal Reserve is not a government agency. Rather it is a privately-owned central banking institution to which Congress ceded its constitutional authority to issue currency and set its value. This came after 50 years of gradual concentration of American financial power in the hands of Wall Street and European bankers, eventually including J.P. Morgan, his Rockefeller allies, and the Rothschilds, following passage of the National Banking Acts of 1863-4 during the Civil War. The United States government financed its role in World War I by borrowing through the Federal Reserve. The national debt was $1.191 billion in 1915. By 1919, it had soared to over $25 billion. It was Eugene Meyer, as head of the War Finance Corporation, who presided over the creation of this permanent mortgage of America's future. Later, President Coolidge named Meyer chairman of the Federal Farm Loan Board, and President Hoover made him chairman of the Federal Reserve, where he served from September 16, 1930, to May 10, 1933. It was at the Federal Reserve that Meyer carried out perhaps his worst mischief. Despite the crash of the stock market on October 29, 1929, by the spring of 1930 a recovery was underway. Unemployment that year was under nine percent. A return to prosperity, said the press, "was just around the corner." http://www.waynemadsenreport.com/guest1.htm

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