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24 October, 2015

October 24, 1929: The start of the disaster

The black celebration of capitalism and the big opportunity for the banksters and speculators to gather wealth and power for the first time in such a degree

Bought the most productive industry at that time, eliminated thousands of competitors. Unemployment soared, WWII came soon.

On October 24 ("Black Thursday"), the market lost 11 percent of its value at the opening bell on very heavy trading. Several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor. The meeting included Thomas W. Lamont, acting head of Morgan Bank; Albert Wiggin, head of the Chase National Bank; and Charles E. Mitchell, president of the National City Bank of New York. They chose Richard Whitney, vice president of the Exchange, to act on their behalf. With the bankers' financial resources behind him, Whitney placed a bid to purchase a large block of shares in U.S. Steel at a price well above the current market.”


On December 23, 1913, the then US President Woodrow Wilson puts the final signature for the so-called Federal Reserve Act. Big private banks take control of the US money supply. Since then and for 100 years until now, we live in the bankster-domination era. The only "break" of real peace and prosperity for the West since then, is perhaps the period after the WWII until the early 70s, though conflicts, dictatorships and wars were not absent.

The first big test of the new conditions was the 1929 crash. Banksters reduced the money supply to the market, eliminating competitors and leading to poverty millions of Americans. The same happened, more or less in the 2007-2008 financial crisis.

2 comments:

  1. Q: Who thinks they know what blackmail or other pressure-point was used to get Wilson to sign the Fed Res into law?

    Don't be shy. Speak-up. It had to be far more threatening than his quiet affair with a Princeton professor's wife. More like a chronic, progressively debilitating disease would make him unelectable if publicly known.

    Someone in Internetland probably knows something. Perhaps a hand-me-down relative of an interested medical party?

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  2. Nice, censorship. I'm pretty sure that qualifies as part of the 'unbalanced evolution'.

    ReplyDelete