The First Bank of the United States - 1791 - charter of 20 years. Formed to assist in the management of debt incurred in the Revolutionary War. Charter not renewed by Congress.
The Second National Bank - 1816 - charter of 20 years. Formed to assist in the management of debt incurred in the War of 1812. Charter not renewed by Congress. No central bank for nearly eighty years and we were doing fine until…
Federal Reserve Act - 1913 - charter of 20 years. Unlike the prior national bansk, at this point there was no war debt or other real circumstance to justify another national bank. The move was purely political one by bank and financial interests tp obtain direct control over the nations currency. And the far reaching scope of the proposed institution reflected that goal.
The structure of the Fed was outlined in what became known as the Aldrich Plan. The Plan had been formulated in a secret meeting on Jekyll Island in November 1910, which Aldrich and other well connected banksters and financiers attended.
The Democratic party stated strong opposition to the Aldrich Plan going in to the 1912 elections. Opposition to the Plan was based on fears that the public would be subject domination by what was then known as the "Money Trust" (banksters) The Democratic Party won control of the White House and both chambers of Congress that year.
Not surprisingly, the final plan that the Democrats passes was more or less the same as the Aldrich Plan they had campaigned against. With the subsequent lifting of the 20 year charter restriction in 1927 - a permanent monster had been created.
The Constitutional grants to the Congress the power…' To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures" When one considers just why any Congress would choose to delegate that tremendous power to a half secret and largely unccountable body of powerful special interests - well the question seems to answer itself.
The Fed is only onepart needed to explain current situation - here are others i will try to post of these soon:
Bretton Wood Agreement - 1944
Nixon Shock - 1971
Petro Dollar
here also is a story about one brave judge who correctly ruled the fed had no authority to make loans: http:// educationcenter2000.com/legal/credit_river_decision.htm