Friday, March 1, 2013

A Failure in the Content of the B.A. in Economics

I majored in Economics at a prestigious east coast university, and even in my Financial Economics class, we spent maybe a day hearing from the prof about WHAT the fed does--not really WHY it does what it was, and never at all about how it was created.

For instance, you would think that the crash of 1907 (instigated in part by JP Morgan, himself with ties to and apparently a proxy for the powerful Rothschild banking dynasty in Europe) to create the perceived necessity of creating a central bank through banking and currency reform might have been worth noting. Or perhaps the fact that Senate Republican leader Nelson Aldrich (wrote the Aldrich Plan--which was defeated but later the basis for the Federal Reserve Act of 1913) had close ties to Morgan and his daughter was married to John D. Rockefeller (moral hazard much?).

And that's before you even get started into the shenanigans of Jekyll Island (TL;DR Aldrich met with executives representing the banks of the aforementioned JP Morgan and Rockefeller, as well as Kuhn, Loeb, & Co. on an island off the coast of Georgia, using false identities, to work together to draft the bill in absolute secrecy).

The Aldrich Plan was at first defeated, but it reared its head again a couple of years later, and a series of political machinations brought it into law. If you look at all into the discussions surrounding the passage of the bill, you'll see that some of the members of congress were clear-headed enough then to recognize the coup Wall Street had enlisted them to loose upon themselves. As Representative Lindbergh said on the day it passed in the House (Dec. 22, 1913):

“This is the Aldrich bill in disguise, the difference being that by this bill the Government issues the money, whereas by the Aldrich bill the issue was controlled by the banks...Wall Street will control the money as easily through this bill as they have heretofore.”

I wrote this post for a few reasons.  One is to point out the epic failure of institutional education systems symptomatic of the fact that as an Economics major at a top university, my college career consisted of approximately one (count ‘em, one!) lecture about the Fed, and included essentially nothing of its history.

Why is this important?  Well, for one thing, glossing over this semi-secret history of financial control in the process of allegedly educating those who are specifically studying the economy is to ignore a fundamental truth about our economic system: that financial intermediaries gathered so much wealth towards the end of the nineteenth and the beginning of the twentieth centuries that, to an unprecedented degree, they had the means to use their economic dominance to decide who would make the laws; to put into office those who would pass legislation favorable to their corporations, and to remove those politicians who stood in the way of passing the laws they desired, by way of financial contributions to opponents and smear campaigns against the aforementioned holdouts through the many media outlets they often controlled or had stake in.

When students of the economy are not taught about the background of their monetary system and the history of their currency and central bank (and, when that history is a particularly corrupt one) the system of control perpetuates.  Whether by pure negligence or malfeasance in the shaping of educational curricula (and I believe the case here to be the latter), it leaves in darkness a corruption and injustice that must be brought to light if people are ever going to realize the extent to which they are being played by the masters of finance.

But only teaching economics students about the Federal Reserve’s inception is not enough.  Every high school American History class should include at least one day dedicated to learning about the history of the Federal Reserve—a central bank created by the most powerful bankers that is a government-sanctioned private banking conglomerate with little (and always merely token) congressional oversight.  There are upwards of 180 school days in a year.  If that topic can’t be fit into the high school curriculum, so that every student is at least vaguely aware of the fact that the banks have taken over both the economy and government, then somebody’s priorities are seriously fucked.