In 1886, Jekyll Island was purchased to become an exclusive winter retreat, known as the Jekyll Island Club. It soon became recognized as “the richest, most inaccessible club in the world.” Club members included such notable figures as J.P. Morgan, Joseph Pulitzer, William K. Vanderbilt, and Marshall Field.

Members prized the island for its “sense of splendid isolation,” beautiful landscape, and moderate climate. Jekyll Island, with its cottage colony and clubhouse, was viewed as a little paradise, where members and guests pursued “a life of elegant leisure.”

The Creature from Jekyll Island: A Second Look at the Federal Reserve

In 1944, as a part of the Bretton Woods system, the International Monetary Fund and the World Bank were created. These were western dominated institutions whose sole purpose was organizing foreign markets for the acceptance of U.S. dollars. We will leave the full explanation of these institutions and their role in structuring our current debt based system for another essay series, but for our purposes here, it’s important to understand that they propagated the exporting of dollar inflation to what we now call the “emerging markets”, or the BRICS countries.

The second came when President Richard Nixon uncoupled the dollar from its peg with gold. This was in 1971. A third milestone can be argued to be in 1973, when the so called “petrodollar” was created with agreements between the U.S. and Saudi Arabia, and later all the OPEC countries. This “petrodollar” scheme ensured that all oil trades were completed internationally in U.S. dollars. This was a slight-of-hand from the Bretton Woods arrangement to the “petrodollar”

arrangement. A fourth milestone was obviously the onset of Quantitative Easing after the financial crisis of 2008.

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https://archonmatrix.com/the-creature-from-jekyll-island-a-second-look-at-the-federal-reserve-pdf/

https://www.princeton.edu/~ies/IES_Essays/E192.pdf