“It was a carefully contrived occurrence. International bankers sought to bring about a condition of despair, so that they might emerge the rulers of us all.”
— Representative Louis Thomas McFadden of Pennsylvania’s 15th District, speaking of the 1929 Stock Market Crash.
EoV Notes: Sound familiar? It’s the art of the manufactured crisis.
Congressman McFadden made a lot of enemies by speaking out against the “power elite,” in particular the Federal Reserve. In a famous House chambers tirade on June 10, 1932, the patriot from Pennsylvania accused the Federal Reserve of intentionally causing the Great Depression, and moved to impeach Herbert Hoover. (The president had delivered a coup de grace to the struggling economy through a trade war.)
While he was at it, he also called out Wall Street banksters, claiming they had funded the Bolshevik Revolution, with the help of The Fed and the European Central Banks (None of this is farfetched if you know anything about history).
With FDR and the progressives coming to power in 1933, the gutsy McFadden went right back to work, introducing House Resolution 158 on May 23, which included articles of impeachment for the Secretary of the Treasury, two assistant Secretaries of the Treasury, the Board of Governors of the Federal Reserve, and the officers and directors of its twelve regional banks.
Elected to office as a member of both major parties, Congressman McFadden quickly became a pariah among his congressional peers on both sides of the aisle. He considered a run for the presidency in 1936, but failed to muster political support. (no kidding)
Later that year, Louis McFadden survived a pistol ambush in the nation’s capital, but was finally done in by “food poisoning” at a D.C. dinner party. The official cause of death was coronary thrombosis.
His legacy remains the McFadden Act of 1927 that had limited federal branch banks (read: influence) to the city in which the main branch operates, though a major provision was overturned in 1994 during the Clinton administration.
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