What US Collapse Looks like

USA on the Brink: Poverty in the Pandemic

 

Directed by Kristell Bernnaud and Matthieur Faurous (2020)

 

Film Review

 

USA on the Brink recounts how more than a million middle class Americans fell into poverty virtually overnight at the start of the Covid “pandemic” in March 2020. At the time of filming (in mid-2020) more than 2 1/2 million Americans had lost their jobs, with many losing their homes and struggling to feed themselves.The French filmmakers begin with some great scenes of thousands of cars (many luxury cars) lined up at a Los Angeles foodbank.

Producing a 33% drop in GDP, the Covid pandemic triggered the worst US recession since the Great Depression. As the lockdowns forced many restaurants into bankruptcy, many farmers also went bankrupt when lack of demand caused the price of milk and other food commodities to collapse.

Filming prior to the September 2020 eviction moratorium, the filmmakers also present heart breaking scenes of sheriffs evicting jobless tenants unable to pay rent with no paycheck. In Columbus Ohio, the eviction court works directly with a local charity that helps newly unemployed families avoid eviction by paying their back rent. In Missouri, a similar charity puts newly evicted families up in hotels.

At the time of filming 156,000 people were homeless in California, with the number expected to increase by 30% by the end of the year. One solution near Los Angeles is to offer families living in their cars a secure parking lot to sleep in.

In Midland Texas, viewers are is introduced to a Latino family who have no health insurance after losing their business and owe $11,000 for a hospital bill when their son breaks his arm.

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*The movie was filmed prior to the CDC’s Eviction Moratorium went into effect on September 4, 2020. It expired on July 21, 2021, when the Supreme Court blocked an effort by the CDC to extend the moratorium to October 3, 2021. Several states passed their own eviction moratoriums.

How Corporate America Uses Immigration Policy to Hold Down Wages

Amend: The Fight for America Episode 6

Netflix (2021)

Film Review

Episode 6 looks at the ongoing struggle of foreign immigrants seeking equal protection and due process guarantees of the 14th amendment. Following several court rulings extending 14th Amendment protections to non-citizens (including due process rights for immigrants entering the US illegally), President Clinton signed the Immigration Reform and Immigrant Responsibility Act of 1996. This law makes it legal to jail immigrants seeking asylum, as well as to deport people without a due process hearing.

The major weakness of this final episode is its failure to emphasize the historic role US corporations have played in promoting mass immigration to hold down wages.

The first example of this was the massive import of Chinese immigrant laborers in the mid-19th century to built the Trans-Atlantic Railroad. Once the tracks were completed in 1869, Chinese immigrants were less welcome. The 1871 Chinese Massacre in Los Angeles was one of the largest mass lynchings (with 19 killed) in US history.

Competition for scarce jobs grew during the 1880 economic depression only increased anti-Chinese sentiment. In 1882, Congress pass the first US immigration law, the Chinese Exclusion Act.* In the 1924 Immigration Act, Congress also established strict national origin quotas for immigrants from countries outside of Western Europe.

With the major industrial boom the US experienced in the early 20th century, US employers looked to roughly one million Mexican immigrants to fill labor shortages. When the bubble burst in 1929 (with the start of the Great Depression). the US deported upwards of 400,000 Mexican-Americans, even though 60% were US citizens. Following the recession of 1953, thousands more were deported under Operation Wetback.

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*Which remained in force until 1943.

Did Roosevelt’s New Deal End the Great Depression?

The Skeptics Guide to American History

Episode 18 What Did Roosvelt’s New Deal Really Do?

Film Review

In this lecture, Stoler argues that contrary to popular perception, Franklin Roosevelt was a wealthy, aristocratic conservative in the traditional European sense (see Who Were the First Populists ). Stoler claims he is falsely credited with ending the Great Depression (according to Stoler, World War II ended it). Stoler blames this failure on FDR’s unwillingess to incur debt (as recommended by British economist John Maynard Keynes) to stimulate the US economy. I disagree. In my view, FDR’s failure stemmed from his unwillingness to instruct the US Treasury to create money to spend into the economy (instead of borrowing it), as occurred in Canada and New Zealand.*

When Roosevelt was inaugurated on March 4, 1933, the US was experiencing the worst economic crisis in its history, with an unemployment rate of 25%. An estimated 40-60% of the US population earned below the marginal subsistence income of $2,000 a year. The day after his inauguration, Roosevelt shut all the banks, Wall Street and the Chicago Board of Trade – to prevent investors from collapsing them by withdrawing all their money.

He then called a special session of Congress to pass a banking bill (written by the banks), to cut World War I veterans benefits, to reduce federal salaries and to enact a new tax on beer and wine.

During their first six weeks in session, Congress passed seven major New Deal bills to create jobs and help pump money into the US economy and to better regulate Wall Street to better protect it against future financial crashes. These include the Agricultural Adjustment Act, the National Industrial Recovery Act (suspended US anti-trust laws to encourage price fixing and cartels and allowed for federal regulation of wages and prices), the Home Owners Loan Act, the Civilian Conservation Corps (creating 300,000 jobs for young men 17-28) and bills creating the Securities and Exchange Commission (to better regulate Wall Street), the Federal Deposit Insurance Corporation (which protects depositors’ saving if their bank fails) and the Tennessee Valley Authority (TVA).**

As a result of these measures, the US economy began to recover in 1934.

However in 1935, the recovery stalled as unemployment crept upward towards 1929 levels. In 1935-36, Roosevelt responded with the Second New Deal, which included legislation creating the Works Progress Administration (employing 8 million Americans – 1/3 of the jobless), Social Security and unemployment insurance, the National Labor Relations Board (guaranteeing US workers the right to collective bargaining), a rural electrical electrification program, as well as higher taxes on the weathy and greater regulator control over banks and utilities.

This new swathe of laws generated major claims from business that Roosevelt was a communist and socialist.*** Disturbed by these attacks, Roosevelt began to cut federal spending following his 1936 reelection. Around the same time, the Federal Reserve reduced the amount of money in circulation. These cutbacks totally wiped out the economic gains the US had made between 1933 and 1936, leading to a 33% drop in industrial production, a 35% drop in wages, a 13% drop in national income and an increase in unemployment to 18%.

The New Deal essentially ended in 1938 after 1) the Supreme Court declared it unconstitutional and 2) Roosevelt lost the support of Congress. The Depression would only end in 1941, as military production ramped up following US entry into World War II.

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*Contrary to popular belief, most new money isn’t created by the US Treasury or the Federal Reserve (except in the case of Quantitative Easing, in which the Federal Reserve creates new money to buy back Treasury bonds from private banks). Most new money is created by private banks out of thin air when they make loans.

**The Tennessee Valley Authority is a federally owned corporation created by congressional charter on May 18, 1933, to provide navigation, flood control, electricity generation, fertilizer manufacturing, and economic development to the Tennessee Valley (a region disproportionately affected by the Depression).

***Stoler makes no mention of assassination attempt against Roosevelt exposed by retired general Smedley Butler. See https://constantinereport.com/smedley-butler-and-the-fascist-plot-to-overthrow-fdr/

****By increasing the reserves required for private banks to create new money.

The film can be view free at Kanopy

https://pukeariki.kanopy.com/video/what-did-roosevelts-new-deal-really-do

Hidden History: The Legacy of President Herbert Hoover

A Skeptics View of American History

Episode 17 Hoover and the Great Depression

Film Review

In this lecture, Stoler attempts to separate fact from mythology in evaluating the presidency of Herbert Hoover. The latter is commonly blamed for the deep economic depression Americans experienced during the 1930s.

I was very surprised to learn that prior to his election in 1928, Hoover was considered to be a progressive humanitarian, based on his work in international relief programs. As Secretary of Commerce in Woodrow Wilson’s Democratic administration, he embraced the progressive ideal of using business-government cooperation to abolish poverty. He first came to public attention for organizing food relief to Belgium during World War I and to Central and Western Europe following the war.

Stoler lists a number of economic causes for the Great Depression (aka The Banker-Engineered Deflationary Crisis of 1927-40), but fails to mention the most important: namely the deliberate contraction of the money supply by private banks.*.

Stoler enumerates a number of New Deal  programs started by Hoover but mistakenly credited to Roosevelt. These include the Reconstruction Finance Corporation. the Emergency Relief and Reconstruction Act (providing loans to states to help them create jobs), the Federal Farm Board (created to buy surplus crops from farmers) and the 1932 Glass-Steagall Banking Act. The latter allowed banks to offer commercial paper* and mortgage contracts as collateral on federal loans.

According to Stoler, Hoover’s biggest mistake was ordering the Army attack on the Bonus Army protest in Washington (see The US Government Assault on World War I Veterans and Their Families)

His second biggest mistake was his passage of the Smith-Hawley Act, which significantly reduced international trade through punitive tariffs.

Hoover’s policies, as would Roosevelt’s, would prove ineffective in ending the Great Depression. As Stoler points out in a later lecture on FDR, only US entry into World War I would end the Depression. Yet, owing to Roosevelt’s far greater political experience (the US presidency was Hoover’s first elected office), the former would be revered for failed New Deal policies – while the latter would be demonized.

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*During the early 20th century, as now, private banks created the vast majority of the money in circulation. Carroll Quigley outlines their role in triggering the Great Depression in his masterpiece Tragedy and Hope. See The Real Vampires: An Insider’s View of Banks

**Bank commercial paper is an unsecured form of promissory note that pays a fixed rate of interest

The film can be viewed free on Kanopy.

https://pukeariki.kanopy.com/video/hoover-and-great-depression-revisited

Plutocracy V: America’s Brutal Treatment of Its Working Class

Plutocracy V: Subterranean Fire

Directed by Scott Noble (2017)

Film Review

This documentary provides a comprehensive labor history of the United States, involving the most violent history of union repression in the world.

Largely owing to inhuman pay and working conditions, American workers first attempted to organization soon after the birth of large scale industrialization in the US. Prior to the passage of Roosevelt’s National Labor Relations Act, most worker strikes were suppressed violently by the National Guard, the US Army or private armies hired by factory owners.

The initial era of radical unionizing (1870-1914) abated with World War I and brutal government repression via the Red Scare and Palmer Raids. (1) Despite massive profits Wall Street businesses amassed during the so-called “Roaring” Twenties, more than 60% of US families were earning less than $2,000 a year (with $2,500 the minimum income necessary for a family four).

With the 1929 Wall Street crash came the Great Depression. Unemployment surged to 25% and skyrocketing poverty led to a resurgence in union organizing and strikes. Pay cuts and worsening working conditions would give rise to the “sit down” strike, in which striking workers occupied their factories. Loathe to damage their valuable machinery, employers refrained from launching violent attacks on sit down strikes. In this way workers at many companies (including GM, Chrysler and Ford) won the right to form unions.

In 1935, John L Lewis formed the Congress of Industrial Organization (CIO), which unlike the American Federation Labor (which only represented skilled workers), represented all industrial workers regardless of sex, race or national origin.

The same year Roosevelt, courting the union vote in the 1936 election, introduced the National Labor Relations Act. The Act gave all Americans (except for domestic and agricultural workers) the right to unionize.

A typical politician, following reelection, Roosevelt ordered the FBI to “monitor” radical unions and other groups, including the CIO, United Auto Workers, United Mine Workers and the National Association for the Advancement of Colored Peoples (NAACP).

With the approach of World War II, federal forces of repression overtly suppressed union organizing, via the Smith Act (2), and the formation (in 1938) of the House on Un-American Activities Committee (HUAC). In 1939, the US Supreme Court would declare sit-down strikes illegal.

Following World War II, the 1947 Taft Hartley Act (4) would deal the single biggest blow to trade unionism in the US. This law. combined with fanatical anti-communist hysteria promoted by HUAC (3), the CIA, the US State Department and the mainstream media would lead to top down trade union organizing that discouraged strike action in favor of a bloated trade union bureaucracy and sweetheart (5) deals with management.

The end result would be one of the lowest levels of union representation in the developed world.

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(1) The Red Scare was a campaign of anti-radical hysteria launched under Woodrow Wilson. Its goal was to promote the irrational fear that a Bolshevik revolution was imminent in the US. The Palmer Raids were a series of raids the Wilson administration conducted between November 1919 and January 1920 under to arrest suspected leftists, mostly Italian immigrants and Eastern European immigrants, and deport them (without trial).

(2) Passed in 1940, the Smith Act set down criminal penalties for advocating the overthrow of the US government. The Supreme Court declared it unconstitutional (for violating the First Amendment) in 1957.

(3) The Taft Hartley Act banned wildcat strikes, solidarity or political strikes, closed shops, union donations for political purposes and the election of communists and other radicals to union leadership. It also permitted states to pass Right To Work laws (under right to laws, there is a ban on union contracts forcing non-union members to contribute to the costs of union representation).

(4) Although Hollywood celebrities received the most publicity when they were subpoenaed for being suspected communists, most of the individuals summoned before HUAC were union organizers.

(5) A sweetheart contract is a contractual agreement inappropriately advantages some parties over others. The term was coined in the 1940s to describe corrupt labor contracts unduly favorable to the employer. They usually involved some kind of kickback or special treatment for the labor negotiator.

 

Solving the Covid Economic Crisis: Taking a Page Out of History

Brother Can You Spare a Billion?

Directed by Eric Strange (2000)

Film Review

This biographical documentary, narrated by Walter Cronkite, concerns the head of Roosevelt’s Reconstruction Finance Corporation (RFC), Houston banker Jesse H Jones. The RFC was a national bank owned and operated by the US government (in contrast to the Federal Reserve, which is privately owned). Under the leadership of Jones, the RFC became the “bank of last resort,” lending money to struggling farmers, small businesses and homeowners when private banks refused to give them loans. HR 6422, a bill introduced by Illinois Representative Danny K Davis in March 2020, seeks to address the COVID economic crisis with a National Infrastructure Bank along the lines of the RFC.  (See HR 6422)

Jones, the son of a Tennessee tobacco farmer, left school after eighth grade to help his father. At 19, he moved to Houston to help run his uncle’s lumber yard. When his uncle died four years later, he became the executor of his uncle’s million dollar estate. He used this capital to leverage millions in bank loans to build a chain of lumber yards and over the years, a chain of Houston hotels and skyscrapers. He also ran a Houston bank and was part owner of the city’s major newspaper.

The major cause of the Great Depression that started in 1929 was a contraction in the global money supply, owing to private banks’ extreme reluctance to issue new loans. Then, as now, the vast majority of money (everything but notes and coins) was created by private banks when they issued loans.*

In desperation, President Herbert Hoover created the RFC in 1932, which initially only issued loans to banks (to encourage them to increase their lending) and railroads (1/3 of railroads were already bankrupt and 2/3 on the verge). For ideological reasons, Hoover vetoed a bill Congress passed to allow the RFC to also issue loans to farmers and businesses.

Jones, who first joined the RFC board under Hoover, became its chair following Roosevelt’s inauguration in 1933. The former Houston banker persuaded Roosevelt to expand lending to businesses and farmers, in addition to banks, railroads, mortgage associations, numerous federal infrastructure projects (eg extending power lines to rural American and building aqueduct supplying water to California and to assist struggling states with relief efforts. Putting more money into circulation generated rapid recovery in numerous sectors of the economy.

Rather than fund the RFC via taxation or increasing government debt, the RFC was capitalized via bonds issued to the general public by the US Treasury. It was then given the same power as private banks to create the vast majority of money it lent out.

With the US entry into World War II, the RFC would finance the massive build-up necessary in armaments manufacture. It would be abolished in 1957.

For more information about the bill that would create a National Infrastructure Bank to fulfill the same role as the RFC, contact the Coalition for a $4 Trillion Infrastructure bank at NIB Coalition

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*FDR wasn’t the first president to create a national bank. He was following the example of Alexander Hamilton, John Qunicy Adams and Abraham Lincoln.

**See In Memorium: Monetary Reform Hero Stephen Zarlinga

Civilian Conservation Corp: Lessons from the Great Depression

“American Experience”: Civilian Conservation Corp

Directed by Robert Stone (2009)

Film Review

Between the COVID19 lockdown, curfews in many cities, and impending martial law if the riots continue, the US economy is taking a severe hammering – which many predict will produce higher unemployment than the Great Depression.

This 2009 documentary looks at the Civilian Conservation Corp (CCC) Roosevelt created when he took office in 1933. It served the dual the dual purpose of putting 2-3 million men to work and repairing the vast environmental damage wreaked by 200 years of laissez-faire agriculture. Prior to the 1930s, US farmers were unaware of the importance of using windbreaks to prevent erosion, replenishing soil nutrients with fertilizers, or rotation cropping. Until 1900, farmers and plantation owners simply abandoned their land when it became infertile and moved west.

In the 1930s, thousands of US farmers were forced to abandon their land, due to droughts, brought on by rampant deforestation, and massive topsoil loss in dust storms.

Roosevelt’s CCC was the very first national environmental program in the US. CCC members planted 2.3 billion trees, created 800 billion state parks, fought forest fires, and restored healthy pastures on thousands of farms. In addition to cutting ski trails in New England (thus launching the US ski industry), the CCC built Camp David,* the Carlsbad Caverns National Park, and the Appalachian Trail.

Closed to women, the CCC was run by the Army with rigid army discipline. There were 200 men each camp and all US states had several. They received $1 a day for six hours work, plus all the meat and eggs they could eat.** All recruits who were illiterate learned to read. There was also an opportunity to undergo vocational training in the evening (mainly typing, plumbing and electrical work.

Most men sent $25 a month to their families, which was instrumental in reviving many local economies.

After Pearl Harbor in December 1941, the CCC was dissolved, and nearly all 2.3 million recruits were mustered into the US Army.

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*Camp David is the country retreat for the US president.

**As with the COVID19 lockdown, farmers were forced to slaughter most of their cattle prior to the formation of the CC. Owing to massive unemployment, no one could afford to buy their meat.

 

 

Rebel Voice: Biography of Woody Guthrie

Bound for Glory

Directed by Hal Ashby (1976)

Film Review

Starring the late David Carradine, this is a feature-length biography of radical songwriter Woodie Guthrie. For me its greatest strength is its unflinching portrayal of the brutal poverty and physical violence (by corporate-hired thugs) of the Great Depression.

The film begins with Guthrie’s early married life in rural Oklahoma and his struggle to support a wife a two kids as a sign painter and occasional fiddler for square dances.

Hoping to find work picking fruit, Guthrie, along with thousands of other unemployed men, hitchhikes and hops freights to California. Those who don’t have at least $50 are stopped at the state line by Los Angeles police and turned back.

Penniless, Guthrie finds alternative entry and is sardined into a work camp with thousands of other out-of-state families. The massive worker surplus translates into starvation-level pay.

Guthrie falls in with union organizer Ozark Bule, who recognizes his talent and helps him land a gig with a local radio station. Owing to pressure from sponsors to censor his songs, Guthrie chucks it in (included a gig an agent lands him with CBS) to retain his political and artistic freedom.

Of the songs featured, my favorite is Do Re Mi about the blockade at the California state line.

Although the film can’t be embedded for copyright reasons, it can be viewed free at the following link:

Bound for Glory (1976 – Hal Ashby)

 

Hidden History: The Great Depression, Henry Ford and Detroit’s Unemployed Workers Councils

1929 The Great Depression Part 1 – A Job At Ford’s

PBS (1993)

Film Review

This is Part 1 of a fascinating 7-part PBS series on the Great Depression, one of the many topics Americans never study in school. The series reveals much hidden history unfavorable to the ruling elite – I doubt that PBS would air documentaries this honest in the current political landscape.

This first episode examines the rapid US industrialization of the 1920s, exemplified by the stellar growth of Ford Motor Company.

Henry Ford’s goal in perfecting assembly line manufacturing was to produce Model T’s so cheaply they would cost less than a team of horses. Ford’s River Rouge complex in Detroit was the largest industrial plant in history, employing 50,000 workers and producing 6,000 cars per day. The availability of credit, another new phenomenon, to purchase cars and other durable goods also played a major role in post-World War I expansion.

Squeezing Workers to Cut Costs

By paying the unprecedented wage of $5/hour, Ford attracted workers from all over the US and Mexico. Over time, however, he cut the hourly wage and sped up the assembly line to further reduce costs. He also created an extremely repressive private security force that relied on 9,000 worker/informants to weed out employees who couldn’t keep up or expressed anger and/or frustration with the speed-ups.

Detroit’s Unemployed Workers Councils

Following the Wall Street crash in October, 1929, the US was the only industrialized country without a government safety net (eg unemployment insurances, old age pensions, welfare benefits, etc) for the millions of Americans who lost their jobs. President Hoover believed the solution to the Great Depression was to increase business investment (and production)* and called on charities and local government to provide relief for homeless and starving families.

The city of Detroit provided relief to destitute families for over a year but ran out of money as unemployment climbed from 20 to 50% in 1930. It climbed to 80% in August 1931, when Ford closed his factory and laid off 60,000 workers.

Assisted by Communist Party organizers, Detroit’s unemployed workers formed a dozen unemployed workers councils, which organized marches and rallies demanding jobs, unemployment compensation and protection against evictions.** The councils also organized direct actions to block sheriff’s officers from removing families’ furniture from their home.

In March 1932, 3,000 unemployed workers organized a hunger march on the Ford factory. In addition to using fire hoses to spray them with freezing water, local police and Ford’s private security force shot 25 of them (many in the back). Four, including a New York Times photographer died instantly.

Ford’s Anti-Semitism

This episode also explores Ford’s anti-Semitic writings in the Dearborn Independent and his book The International Jew, as well as the mutual admiration he and Adolph Hitler shared. It fails to mention the considerable direct and indirect assistance Ford provided the Third Reich in rebuilding the German military machine. See Ford and the Fuhrer

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*Hoover’s views flew in the face of most economists, who viewed the Great Depression as a crisis in overproduction and under-consumption.

**At the height of the depression, 150 Detroit families were evicted everyday and someone died of starvation every seven hours.

The Lost Science of Money – Wars Are Won By Bankers, Not Armies

The Lost Science of Money: The Mythology of Money – The Story of Power

by Stephen Zarlinga

American Monetary Institute (2002)

Book Review

This book, by co-author of Congressman Dennis Kucinich’s HR 2990 to abolish the Federal Reserve (see HR2990: Historic Bill to Abolish the Federal Reserve), is one of the most amazing books I’ve ever read. At 775 pages, the lowest price I could find for a used copy was $225 from Alibris. Fortunately it’s also available in PDF format at The Lost Science of Money

It’s clear from Zarlenga’s extensive documentation and footnotes that the research for this book took decades. He essentially rewrites western history dating back to the ancient Sumerians. His goal is to expose and correct all the distortions and myths introduced into official history historians in the pay of merchants and bankers. Both are fiercely committed to perpetuating our current global monetary system in which private central banks create and control the money supply.

Among many others, two of the myths Zarlenga explodes are that the Roman Empire collapsed due to barbarian invasion (he demonstrates very convincingly that Rome collapsed due to a debasement of their currency) and the often repeated claim that excessive government printing of money was responsible for the deadly inflation in the early years of the Third Reich – as Zarlenga points out, it was actually the privately owned central Reichsbank that issued the money and created the inflation.

The Concept of “True Money,”

Zarlenga begins by establishing a clear difference between “true money,” which he defines as money with a fixed value set by law and “commodity money,” in which private merchants and banks issue and control the value of money. In the rare historical periods where governments have issued and controlled money by law, the result has been long periods of political stability and flourishing industry and culture.

The Romans enjoyed the longest continuous period (200 years) of monetary stability. Roman leaders maintained control of their money by prohibiting silver and gold coinage for domestic use – issuing fixed value copper and bronze coinage instead. In this way they prevented foreign merchants from capturing control of their money supply and manipulating the value of their currency.

He Who Controls the Money Controls the World

Zarlenga carefully traces how after the fall of the Roman Empire, control of western money shifted from Constantinople (after the 4^th Crusade which sacked Constantinople – see link), to Venice, to Portuguese traders in Antwerp (after they opened the trade route around the southern tip of Africa), to Amsterdam (following the civil war splitting the Netherlands into Holland and Belgium), to London (after the Dutch prince William of Orange seized the English throne). In each case, control of the money supply was far more important than military strength in consolidating political control.

Zarlinga also clarifies, though careful research, the historical role played by the Knights Templar and Jewish merchants and money lenders in the development of global monetary centers.

The Dutch Usurper Who Chartered the Bank of England

One of the sections that interested me most concerned the founding of the Bank off England – which set the global standard for all private central banks – in 1694. Previously I hadn’t realized that the Bank of England was started by a Dutch king (William of Orange), who usurped the English throne from James II. Nor that his purpose for chartering the Bank of England was to advance the interest of the Dutch merchants and bankers who initially controlled it.

“True Money” in the Americas

I also enjoyed the detailed section outlining the history of government issued money in the US. Again Zarlenga presents extensive and convincing evidence that it was the ability of colonial governors to issue their own money that enabled commerce and industry in the 13 original colonies, as well as enabling them to organize a successful war of independence against England.

Zarlenga also describes in detail the battle Jefferson, Andrew Jackson and their allies fought against the creation of a privately controlled central bank, as well as the immense popularity of the Greenback Congress issued during the Civil War – and the immense national uprising (the populist movement) launched at the end of the 19^th century to save them.

The Federal Reserve Engineers the Great Depression

Obviously the book wouldn’t be complete without a chapter on the criminal conspiracy that lead to the formation of the Federal Reserve in 1913, the Federal Reserve’s role in engineering the Great Depression 26 years later, and Roosevelt’s prolonged battle with Wall Street to implement the New Deal recovery.