The Creature from Jekyll Island
The Creature from Jekyll Island is a book that provides an in-depth look at the Federal Reserve and the history of central banking in the United States. The book by G. Edward Griffin argues that the Federal Reserve is a private institution not accountable to the government or taxpayers. It also claims that the Federal Reserve has caused inflation, manipulated interest rates, and been used to fund wars and other government activities.
The book begins by telling the story of six mysterious figures who met at Jekyll Island in 1910. These figures represented 25% of the world’s wealth and were under strict orders to use only their first names. They were there to discuss creating a central bank controlled by the bankers rather than the government. This meeting eventually led to the creation of the Federal Reserve.
Griffin then explains how the Federal Reserve has been used to manipulate the economy. He argues that the Federal Reserve has caused inflation by printing too much money, leading to a decrease in the dollar's value. He also argues that the Federal Reserve has been used to fund wars and other government activities, leading to the increased national debt.
Griffin points out that the Federal Reserve has been used to control the money supply and manipulate interest rates. He argues that this has led to economic instability and concentrated wealth in a few's hands. He also claims that the Federal Reserve is not accountable to the government or taxpayers and operates in secrecy.
Finally, Griffin argues that the Federal Reserve should be abolished and replaced with a system that is more accountable to the people. He believes this would lead to more economic stability and reduce the concentration of wealth. He suggests returning to the gold standard would be an excellent way to achieve this goal.
In conclusion, The Creature from Jekyll Island is an important book that provides a detailed look at the Federal Reserve and its economic effects. While some may disagree with Griffin's conclusions, the book is nonetheless a thought-provoking read that will challenge readers to think critically about the role of central banking in the United States.
- Griffin, G. Edward. The Creature from Jekyll Island: A Second Look at the Federal Reserve. American Media, 2010.
- Rothbard, Murray N. The Case Against the Fed. Ludwig von Mises Institute, 2011.
- Federal Reserve Bank of St. Louis. “Inflation, Consumer Prices for the United States.” FRED Economic Data. Accessed March 18, 2021. https://fred.stlouisfed.org/series/CPALTT01USM657NUPN.
- Federal Reserve Bank of St. Louis. “Interest Rates, Discount Rate for the United States.” FRED Economic Data. Accessed March 18, 2021. https://fred.stlouisfed.org/series/DISCOUNT.
- Sherman, Alex. “Who Owns the Federal Reserve?” Forbes, July 16, 2011. https://www.forbes.com/sites/alexshermandc/2011/07/16/who-owns-the-federal-reserve/?sh=5f317e3a3c4c.