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The following excerpt is from the book 'Secrets of the Temple -- How the Federal Reserve runs the country by William Greider
A short excerpt here on the unlimited power and economic manipulation pursued during the great depression, just as it is today, just to once again point out that there is nothing new under the sun.
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"There is no limit to the amount of money that can be created by the banking system," Eccles warned, "but there are limits to our productive facilities and our labor supply, which can be only slowly increased and which at present are being used to near capacity."This was the Marriner Eccles that the Federal Reserve remembered reverently--talking like a worried central banker, not a liberal dreamer.
Yet Treasury wanted to keep interest rates low, both to hold down the cost of government borrowing and to encourage private economic activity. It was, Eccles acknowledged, "a conflict of responsibilities. The Treasury's primary job is to finance the government at the lowest cost at which it can... The The Federal Reserve has the job of regulating money and credit in such a manner as to help maintain economic stability."
ECCLESIASTES 1:9 / 1:11
(9) The thing that hath been, it is that which shall be; and that which is done is that which shall be done; and there is NO new thing under the sun.
(10) Is there anything whereof it may be said, See, this is new? it hath been already of old time, which was before us.
(11) There is NO remembrance of former things; neither shall there be any remembrance of things that are to come with those that shall come after.
Greg
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