Congressman Louis T. McFadden said the following
during a speech before Congress on June 10, 1932:
"Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known.
I refer to the Federal Reserve Board and the Federal Reserve banks.
The Federal Reserve Board, a government board, has cheated the Government of the United States and the people of the United States out of enough money to pay the national debt.
The depredations and the iniquities of the Federal Reserve Board and the Federal Reserve banks acting together have cost this country enough money to pay the national debt several times over.
This evil institution has impoverished and ruined the people of the United States; has bankrupted itself, and has practically bankrupted our government.
It has done this through the defects of the law under which it operates, through the maladministration of that law by the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it.
Some people think the Federal Reserve banks are United States Government institutions.
They are not government institutions.
They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign swindlers; and rich and predatory money lenders.
In that dark crew of financial pirates there are those who would cut a man's throat to get a dollar out of his pocket; there are those who send money into states to buy votes to control our legislation; and there are those who maintain an international propaganda for the purpose of deceiving us and wheedling us into the granting of new concessions which will permit them to cover up their past misdeeds and set again in motion their gigantic train of crime."
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