Friday, October 23, 2015
The First Fed Money and Interest Rate Manipulators
Charles Hamlin was the first chairman of the Federal Reserve Board of Governors.
Murray Rothbard noted that Hamlin was a "wealthy Boston lawyer and assistant secretary of the treasury, who had long been in the Morgan ambit, and whose wife was a member of the Pruyn family, longtime investors in two Morgan-dominated concerns: the New York Central Railroad and the Mutual Life Insurance Company of New York."
W.G. McAdoo was a leader of the Progressive movement who played a major role in the two presidential administrations of Woodrow Wilson. He was Wilson's campaign manager in 1912; he married Wilson's daughter, and served as his secretary of the Treasury. He arranged for the closing of the New York Stock Exchange for an unprecedented four months in 1914 to prevent Europeans from selling American securities and exchanging the proceeds for dollars, and then gold.
Frederic Delano was president of the Wabash Railroad Company (Rockefeller-controlled) and the chairman of the influential National Capital Park and Planning Commission and helped approve and oversee the building of the Pentagon. He was also the uncle of U.S. President Franklin Delano Roosevelt.
Paul M. Warburg was a partner in the banking firm Kuhn Loeb and a strong early advocate of the Federal Reserve.
John Skelton Williams organized the Seaboard Air Line Railway into a single company, and served as its president from 1900 to 1903.
He was Comptroller of the Currency throughout World War I. Under his leadership, the agency worked closely with the War Finance Corporation, which was established in 1918 to provide credit to businesses, including banks, to promote the war effort.
William P.G. Harding was the president of First National Bank of Birmingham and president of the Alabama State Banker's Association. He was appointed to the Federal Reserve Board in 1914 and was the second Chairman of the Federal Reserve, serving from 1916 to
Adolph C. Miller was appointed by President Wilson to the Board in 1914, and President Coolidge reappointed him in 1924. Under Miller’s influence, the Federal Reserve Board in early 1929 unleashed an evangelical crusade against stock market speculation. Miller was also strongly opposed to a 1932 inflationsit bill. Rothbard wrote that Miller "cogently charged that a reflation attempt could only aggravate the depression."
at 7:31:00 AM