In 1913 President Woodrow Wilson signed the Federal Reserve Act into code, thereby making the Federal Reserve System we are familiar with today. The Act represented the most comprehensive overhaul of the American banking system since the Civil War. While officially touted as an act which “helped safeguard America’s financial institutions,” it was, in truth, a significant seizure of control by a small minority of wealthy individuals over the American human beings.
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April 8, 2011
The Purpose of the Federal Reserve System
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