Choose a different title name

[ThatHawaiiGuy]

Reminder:

Members of the Federal Reserve Board call themselves "Governors". Governor Eccles was Chairman of the Federal Reserve Board at the time of these hearings.

Congressman Patman: "How did you get the money to buy those two billion dollars worth of Government securities in 1933?"

Governor Eccles: "Out of the right to issue credit money."

Patman: "And there is nothing behind it, is there, except our Government’s credit?"

Eccles: "That is what our money system is. If there were no debts in our money system, there wouldn’t be any money."

Congressman Fletcher: "Chairman Eccles, when do you think there is a possibility of returning to a free and open market, instead of this pegged and artificially controlled financial market we now have?"

Governor Eccles: "Never, not in your lifetime or mine."


Look it up it's in the library of Congress for Pete's sake. Them both dead now...might be time...