JUNE 10,1932 – QUOTE OF LOUIS MCFADDEN (R- PA), CHAIRMAN OF THE US HOUSE BANKING AND CURRENCY COMMITTEE

1932 – QUOTE OF LOUIS MCFADDEN (R- PA), CHAIRMAN OF THE US HOUSE BANKING AND CURRENCY COMMITTEE

"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.  Some people think the Federal Reserve Banks are U.S. government institutions.  They are private credit monopolies; domestic swindlers, rich and predatory money lenders which prey upon the people the United States for the benefit of themselves and their foreign customers.  The Federal Reserve banks are the agents of the foreign central banks.  The truth is the Federal Reserve Board has usurped the Government of the United States by the arrogant credit monopoly which operates the Federal Reserve Board."