Federal Reserve

Andrew Jackson Abolishes The Central Bank


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One hundred and fourscore years ago this month, President Andrew Jackson gave the following speech stipulating why he was closing the United States Bank. BANK OF THE UNITED STATES is in many respects convenient for the Government and useful to the people. Entertaining this opinion, and deeply impressed with the belief that some of the powers and privileges possessed by the existing Bank are unauthorized by the Constitution, subversive of the rights of the States, and dangerous to the liberties of the people, I felt it my duty, at an early period of my administration, to call the attention of...

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UR ESTEEMED ALAN GREENSPAN, appointed by Ronald Reagan was the Chairman of the Federal Reserve for more than 18 years before retiring two years ago. In recent testimony given to the House Government Oversight and Reform Committee, it was no surprise that he voiced shock over recent financial events and called conditions deplorable, saying that he and others who believed lending institutions would do a good job of protecting their shareholders are in a “state of shocked disbelief”. Blatant phoniness is the lynchpin of worldly success. Can you say, how now brown cow? Never one to miss a symphonic beat,...