A Study of The Federal Reserve and Its Secrets by Eustace Clarence Mullins

Author:Eustace Clarence Mullins
Language: eng
Format: epub
Publisher: Start Publishing LLC
Published: 2014-03-03T05:00:00+00:00

During the 1920s, the Federal Reserve System functioned as a central bank mechanism which provided the facilities for domestic credit expansion and for foreign loans. Much of the increased potential of American heavy industry had been used up in the First World War. With the coming of peace, however, our economy faced the twin problems of overproduction and distribution. The insufficient quantity of integer of account (monetary unit) in the United States prevented its citizens from receiving the benefits of the increased production, and on many items the manufacturers were faced with the problems of market satiation. American bankers during this period found it more profitable to finance foreign markets than to finance consumption at home.

At the House Hearings on Senate Bill 2472 on September 19, 1919, Edmund Piatt, Chairman of the House Banking and Currency Committee, said:

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