I was once explained why the FRS name was chosen at Jekyl Island.
1. Federal implies that it is actually a part of the federal government.
2. Reserve makes people believe that their worthless Monopoly™ money is actually backed by something (like gold, for instance).
3. System is an excelent way of avoiding the word bank. After the James Pierpont Morgan created crisis of 1905 designed to pave the way for what happened on Christmas Eve, 1913, everyone in the US was very sceptical (to say the least) regarding banks in general, and a central bank in particular.
There were three ardent opponents of the creation of a new central bank in the United States aboard the S/S Titanic, as if that ship didn't reek of conspiracy already.
At the inception of the "Federal" Reserve, of course our paper money WAS backed by gold and/or silver.
The other thing is that 3 of the conspirators...ooops, sorry, I meant founders, were on board the Titanic. I believe that to be just chance. Wealthy people traveled that way in those days and hubris is the ideal ingredient for disaster.
Another "coincidence" is that James Pierpont Morgan had a reservation on the Titanic's maiden voiage. Perhaps he even invited the three opponents of what was agreed upon on Jekyl Island in 1910 to try to get them to see it his way. Anyway, J.P.Morgan canceled his ticket at the last moment.
I was once explained why the FRS name was chosen at Jekyl Island.
1. Federal implies that it is actually a part of the federal government.
2. Reserve makes people believe that their worthless Monopoly™ money is actually backed by something (like gold, for instance).
3. System is an excelent way of avoiding the word bank. After the James Pierpont Morgan created crisis of 1905 designed to pave the way for what happened on Christmas Eve, 1913, everyone in the US was very sceptical (to say the least) regarding banks in general, and a central bank in particular.
There were three ardent opponents of the creation of a new central bank in the United States aboard the S/S Titanic, as if that ship didn't reek of conspiracy already.
Well something to think about all right.
At the inception of the "Federal" Reserve, of course our paper money WAS backed by gold and/or silver.
The other thing is that 3 of the conspirators...ooops, sorry, I meant founders, were on board the Titanic. I believe that to be just chance. Wealthy people traveled that way in those days and hubris is the ideal ingredient for disaster.
Another "coincidence" is that James Pierpont Morgan had a reservation on the Titanic's maiden voiage. Perhaps he even invited the three opponents of what was agreed upon on Jekyl Island in 1910 to try to get them to see it his way. Anyway, J.P.Morgan canceled his ticket at the last moment.
....., but it's probably just a coincidence.
Not three of the founders. Three ardent opponents. One of them was Gloria van der Bilt's paternal grandfather.
I am not a coincidence theorist.