by Eustace Mullins
(NOTE: Mention is made of some charts in Secrets of the Federal
Reserve. In preparing this for the internet, the editor had no
access to them, but hopes to rectify the lack soon.)
Table of Contents
Foreword
Introduction by Ezra
Pound
Chapter One: Jekyll
Island
Chapter Two: The Aldrich
Plan
Chapter Three: The
Federal Reserve Act
Chapter Four: The
Federal Advisory Council
Chapter Five: The House
of Rothschild
Chapter Six: The London
Connection
Chapter Seven: The
Hitler Connection
Chapter Eight: World War
One
Chapter Nine: The
Agricultural Depression
Chapter Ten: The Money
Creators
Chapter Eleven: Lord
Montagu Norman
Chapter Twelve: The
Great Depression
Chapter Thirteen: The
1930's
Chapter Fourteen:
Congressional Expose
Appendix
Biographies
Bibliography
Questions and Answers
In 1949, while I was visiting Ezra Pound who was a
political prisoner at St. Elizabeth's Hospital, Washington, D.C. (a
Federal institution for the insane), Dr. Pound asked me if I had ever
heard of the Federal Reserve System. I replied that I had not, as of the
age of 25. He then showed me a ten dollar bill marked "Federal Reserve
Note" and asked me if I would do some research at the Library of
Congress on the Federal Reserve System which had issued this bill. Pound
was unable to go to the Library himself, as he was being held without
trial as a political prisoner by the United States government. After he
was denied broadcasting time in the U.S., Dr. Pound broadcast from Italy
in an effort to persuade people of the United States not to enter World
War II. Franklin D. Roosevelt had personally ordered Pound's indictment,
spurred by the demands of his three personal assistants, Harry Dexter
White, Lauchlin Currie, and Alger Hiss, all of whom were subsequently
identified as being connected with Communist espionage.
I had no interest in money or banking as a subject,
because I was working on a novel. Pound offered to supplement my income
by ten dollars a week for a few weeks. My initial research revealed
evidence of an international banking group which had secretly planned
the writing of the Federal Reserve Act and Congress' enactment of the
plan into law. These findings confirmed what Pound had long suspected.
He said, "You must work on it as a detective story." I was fortunate in
having my research at the Library of Congress directed by a prominent
scholar, George Stimpson, founder of the National Press Club, who was
described by The New York Times of September 28, 1952: "Beloved by
Washington newspapermen as 'our walking Library of Congress', Mr.
Stimpson was a highly regarded reference source in the Capitol.
Government officials, Congressmen and reporters went to him for
information on any subject."
I did research four hours each day at the Library of
Congress, and went to St. Elizabeth's Hospital in the afternoon. Pound
and I went over the previous day's notes. I then had dinner with George
Stimpson at Scholl's Cafeteria while he went over my material, and I
then went back to my room to type up the corrected notes. Both Stimpson
and Pound made many suggestions in guiding me in a field in which I had
no previous experience. When Pound's resources ran low, I applied to the
Guggenheim Foundation, Huntington Hartford Foundation, and other
foundations to complete my research on the Federal Reserve. Even though
my foundation applications were sponsored by the three leading poets of
America, Ezra Pound, E.E. Cummings, and Elizabeth Bishop, all of the
foundations refused to sponsor this research. I then wrote up my
findings to date, and in 1950 began efforts to market this manuscript in
New York. Eighteen publishers turned it down without comment, but the
nineteenth, Devin Garrity, president of Devin Adair Publishing Company,
gave me some friendly advice in his office. "I like your book, but we
can't print it," he told me. "Neither can anybody else in New York. Why
don't you bring in a prospectus for your novel, and I think we can give
you an advance. You may as well forget about getting the Federal Reserve
book published. I doubt if it could ever be printed."
This was devastating news, coming after two years of
intensive work. I reported back to Pound, and we tried to find a
publisher in other parts of the country. After two years of fruitless
submissions, the book was published in a small edition in 1952 by two of
Pound's disciples, John Kasper and David Horton, using their private
funds, under the title Mullins on the Federal Reserve. In 1954, a second
edition, with unauthorized alterations, was published in New Jersey, as
The Federal Reserve Conspiracy. In 1955, Guido Roeder brought out a
German edition in Oberammergau, Germany. The book was seized and the
entire edition of 10,000 copies burned by government agents led by Dr.
Otto John.
The burning of the book was upheld April 21, 1961 by
judge Israel Katz of the Bavarian Supreme Court. The U.S. Government
refused to intervene, because U.S. High Commissioner to Germany, James
B. Conant (president of Harvard University 1933 to 1953), had approved
the initial book burning order. This is the only book which has been
burned in Germany since World War II. In 1968 a pirated edition of this
book appeared in California. Both the FBI and the U.S. Postal inspectors
refused to act, despite numerous complaints from me during the next
decade. In 1980 a new German edition appeared. Because the U.S.
Government apparently no longer dictated the internal affairs of
Germany, the identical book which had been burned in 1955 now circulates
in Germany without interference.
I had collaborated on several books with Mr. H.L. Hunt
and he suggested that I should continue my long-delayed research on the
Federal Reserve and bring out a more definitive version of this book. I
had just signed a contract to write the authorized biography of Ezra
Pound, and the Federal Reserve book had to be postponed. Mr. Hunt passed
away before I could get back to my research, and once again I faced the
problem of financing research for the book.
My original book had traced and named the shadowy
figures in the United States who planned the Federal Reserve Act. I now
discovered that the men whom I exposed in 1952 as the shadowy figures
behind the operation of the Federal Reserve System were themselves
shadows, the American fronts for the unknown figures who became known as
the "London Connection." I found that notwithstanding our successes in
the Wars of Independence of 1812 against England, we remained an
economic and financial colony of Great Britain. For the first time, we
located the original stockholders of the Federal Reserve Banks and
traced their parent companies to the London Connection.
This research is substantiated by citations and
documentation from hundreds of newspapers, periodicals and books and
charts showing blood, marriage, and business relationships. More than a
thousand issues of The New York Times on microfilm have been checked not
only for original information, but verification of statements from other
sources.
It is a truism of the writing profession that a writer
has only one book within him. This seems applicable in my case, because
I am now in the fifth decade of continuous writing on a single subject,
the inside story of the Federal Reserve System. This book was from its
inception commissioned and guided by Ezra Pound. Four of his protégés
have previously been awarded the Nobel Prize for Literature, William
Butler Yeats for his later poetry, James Joyce for "Ulysses", Ernest
Hemingway for "The Sun Also Rises", and T.S. Elliot for "The Waste
Land". Pound played a major role in the inspiration and in the editing
of these works--which leads us to believe that this present work, also
inspired by Pound, represents an ongoing literary tradition.
Although this book in its inception was expected to be
a tortuous work on economic and monetary techniques, it soon developed
into a story of such universal and dramatic appeal that from the outset,
Ezra Pound urged me to write it as a detective story, a genre which was
invented by my fellow Virginian, Edgar Allan Poe. I believe that the
continuous circulation of this book during the past forty years has not
only exonerated Ezra Pound for his much condemned political and monetary
statements, but also that it has been, and will continue to be, the
ultimate weapon against the powerful conspirators who compelled him to
serve thirteen and a half years without trial, as a political prisoner
held in an insane asylum a la KGB. His earliest vindication came when
the government agents who represented the conspirators refused to allow
him to testify in his own defense; the second vindication came in 1958
when these same agents dropped all charges against him, and he walked
out of St. Elizabeth's Hospital, a free man once more. His third and
final vindication is this work, which documents every aspect of his
exposure of the ruthless international financiers to whom Ezra Pound
became but one more victim, doomed to serve years as the Man in the Iron
Mask, because he had dared to alert his fellow-Americans to their
furtive acts of treason against all people of the United States.
In my lectures throughout this nation, and in my
appearances on many radio and television programs, I have sounded the
toxin that the Federal Reserve System is not Federal; it has no
reserves; and it is not a system at all, but rather, a criminal
syndicate. From November, 1910, when the conspirators met on Jekyll
Island, Georgia, to the present time, the machinations of the Federal
Reserve bankers have been shrouded in secrecy. Today, that secrecy has
cost the American people a three trillion dollar debt, with annual
interest payments to these bankers amounting to some three hundred
billion dollars per year, sums which stagger the imagination, and which
in themselves are ultimately unpayable. Officials of the Federal Reserve
System routinely issue remonstrances to the public, much as the Hindu
fakir pipes an insistent tune to the dazed cobra which sways its head
before him, not to resolve the situation, but to prevent it from
striking him. Such was the soothing letter written by Donald J. Winn,
Assistant to the Board of Governors in response to an inquiry by a
Congressman, the Honorable Norman D. Shumway, on March 10, 1983. Mr.
Winn states that "The Federal Reserve System was established by an act
of Congress in 1913 and is not a 'private corporation'." On the next
page, Mr. Winn continues, "The stock of the Federal Reserve Banks is
held entirely by commercial banks that are members of the Federal
Reserve System." He offers no explanation as to why the government has
never owned a single share of stock in any Federal Reserve Bank, or why
the Federal Reserve System is not a "private corporation" when all of
its stock is owned by "private corporations".
American history in the twentieth century has recorded
the amazing achievements of the Federal Reserve bankers. First, the
outbreak of World War I, which was made possible by the funds available
from the new central bank of the United States. Second, the Agricultural
Depression of 1920. Third, the Black Friday Crash on Wall Street of
October, 1929 and the ensuing Great Depression. Fourth, World War II.
Fifth, the conversion of the assets of the United States and its
citizens from real property to paper assets from 1945 to the present,
transforming a victorious America and foremost world power in 1945 to
the world's largest debtor nation in 1990. Today, this nation lies in
economic ruins, devastated and destitute, in much the same dire straits
in which Germany and Japan found themselves in 1945. Will Americans act
to rebuild our nation, as Germany and Japan have done when they faced
the identical conditions which we now face--or will we continue to be
enslaved by the Babylonian debt money system which was set up by the
Federal Reserve Act in 1913 to complete our total destruction? This is
the only question which we have to answer, and we do not have much time
left to answer it.
Because of the depth and the importance of the
information which I had developed at the Library of Congress under the
tutelage of Ezra Pound, this work became the happy hunting ground for
many other would-be historians, who were unable to research this
material for themselves. Over the past four decades, I have become
accustomed to seeing this material appear in many other books,
invariably attributed to other writers, with my name never mentioned. To
add insult to injury, not only my material, but even my title has been
appropriated, in a massive, if obtuse, work called "Secrets of the
Temple--the Federal Reserve". This heavily advertised book received
reviews ranging from incredulous to hilarious. Forbes Magazine advised
its readers to read their review and save their money, pointing out that
"a reader will discover no secrets" and that "This is one of those books
whose fanfares far exceed their merit." This was not accidental, as this
overblown whitewash of the Federal Reserve bankers was published by the
most famous nonbook publisher in the world.
After my initial shock at discovering that the most
influential literary personality of the twentieth century, Ezra Pound,
was imprisoned in "the Hellhole" in Washington, I immediately wrote for
assistance to a Wall Street financier at whose estate I had frequently
been a guest. I reminded him that as a patron of the arts, he could not
afford to allow Pound to remain in such inhuman captivity. His reply
shocked me even more. He wrote back that "your friend can well stay
where he is." It was some years before I was able to understand that,
for this investment banker and his colleagues, Ezra Pound would always
be "the enemy".
Eustace Mullins
Jackson Hole, Wyoming 1991
something
momentous. One cannot fathom men's motives and this pair probably
believed in what they were up to. What they did not believe in was
representative government. They believed in government by an
uncontrolled oligarchy whose acts would only become apparent after an
interval so long that the electorate would be forever incapable of doing
anything efficient to remedy depredations.
EZRA POUND
(St. Elizabeth's Hospital,
Washington, D.C. 1950)
(AUTHOR'S NOTE: Dr. Pound wrote this introduction for the earliest
version of this book, published by Kasper and Horton, New York, 1952.
Because he was being held as a political prisoner without trial by the
Federal Government, he could not afford to allow his name to appear on
the book because of additional reprisals against him. Neither could he
allow the book to be dedicated to him, although he had commissioned its
writing. The author is gratified to be able to remedy these necessary
omissions, thirty-three years after the events.)
The world gets crazier and crazier everyday, doesn't it? The world that many
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