The McFadden Speech and the Corruption of the Federal Reserve
Two shots were fired at him, but they lodged in the metal of the taxi doors. Poison was mixed into his meal, but his stomach was pumped just in time. Finally, three years after the groundbreaking speech that placed a target on his head, he died most unexpectedly after a “dose” of intestinal flu and sudden heart failure. Another round of poisoning? Perhaps. Congressman Louis T. McFadden is gone, but his speech remains and it is just as powerful as it ever was.
The date was May 23, 1933. The place was the floor of the House of Representatives, where McFadden gave a lengthy and detailed speech about the abuses and crimes of the Board of Governors of the Federal Reserve Bank, the Comptroller of the Currency, and the Secretary of the Treasury. The charges included conspiracy, fraud, and treason. The judiciary committee received his articles for impeachment, but did nothing. Given what soon happened to McFadden, it is no great mystery why.
McFadden did not mince words. He began by announcing,
“We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks.”
He went on to call them “moneyed vultures,” who “created a reign of terror in Russia with our money” by instigating the Russian (Bolshevik) Revolution. He accuses former President Wilson of establishing a bank that now controls us “from the top down, from the cradle to the grave.” He asserts that this bank “fastened down upon the country the very tyranny from which the framers of the Constitution sought to save us.” [i]
Do his charges have any merit? It is no secret that the value of the dollar has plummeted since the Fed was instituted. It is no secret that America was doing just fine before the implementation of the income tax, which pays nothing but our debt to the Federal Reserve (see Reagan’s report – he also got shot at)[ii] . It is likewise no secret that politicians who openly challenge this bank find themselves on the wrong side of a gun; e.g. Lincoln and Jackson to name only two. A corrupt institution? Yes, I’d say that’s a fair charge.
This bank has complete control over our money supply and creates as much or as little as it pleases out of nothing. According to our Constitution, this sort of unchecked power has no place in this country. Often, the Fed uses this unprecedented power to flood the market with currency which only debases the value, hence the dollar’s ninety-five percent loss in worth since 1913. Further, the Fed is run by folks you and I likely will not recognize. These people are not elected and they answer to no one. What they do is create false booms and busts that wreak havoc in our economy. We can’t investigate, of course, for the Fed is not subject to audit. Thus, they give money to whomever they please as they did in 2008, when I was looking at foreclosure papers even as a long list of foreign banks were receiving stacks of our money.[iii] A corrupt institution? Yes, I’d say that’s a fair charge.
I could list pages of charges, but McFadden has already done that; read his speech. In it is a prescient warning about this so-called bank. Andrew Jackson warned us as well. So did Abraham Lincoln and many others, like Henry Cabot Lodge who, one week before the passing of the Federal Reserve Act, wrote a letter to fellow senator Weeks in which he predicted that the Fed would “open the way to a vast inflation of the currency,” and would “harm the general welfare of the people of the United States.” Lodge was right. This Federal Reserve Bank has done infinitely more harm than good and will continue to do so as long as We the People allow it to operate. We must remember front-line soldiers like McFadden, Jackson, and Lincoln who directly attacked this monster. We need courageous men like this to face the beast head on whilst countless other brave souls flank its sides and take it down. Won’t you join us? Won’t you help us make McFadden’s prophecy come true?
“I predict that the American people, outraged, pillaged, insulted, and betrayed as they are in their own land, will rise up in their wrath, and will sweep the money changers out of the temple.”
Louis T. McFadden