America 1919

Chapter 1589 581: The Interests of the Federal Reserve Are Unshakable (2)

There's also a saying that the servants cut out Franklin Roosevelt's photo from the newspaper that Jack read in the morning, so the master wouldn't get high blood pressure.

At the time when Morgan was either lobbying for or opposing Roosevelt's New Deal policies.

The White House also began to take its own actions.

Charles Coughlin, while being a Godfather, was also a host at ABC, so people called him the Radio Priest.

This person was quite influential, and also a staunch supporter of Franklin Roosevelt's New Deal.

Today, at the "Little Flower Shrine" near Detroit, he used some legends to incite audiences nationwide.

These legends spoke of a bank that turned the United States into a slave of the gold standard, colluding with the British royal family for a long time, and imposing debts and deflation on farmers: the same bank also cheered for the complete decoupling of the gold standard between the U.K. and the U.S.

In a subsequent broadcast titled "As the Battle Should Be," Coughlin again pulled out an old myth about the Morgan Consortium: "Who has ever accused Morgan of loving this country in the name of God?

Does anyone not know they've long played the British game, paying taxes to England while not a penny to the United States?

Then he brought out a dozen politicians, all of whom were Morgan's accomplices, who plunged the United States into the Great Depression:

By the roadside sat Pierpont Morgan—the sub-army employed by England, a master of tax evasion, a strategist setting financial barriers.

For two generations Morgan was powerful, the elder Morgan sold guns that couldn't fire to soldiers of the Civil War, and Junior Morgan raised funds to manufacture more such guns, the kind that couldn't hit anything in the last war.

...

So which side are you on?

Make a choice between Franklin Roosevelt and Morgan!

Make a choice between those Wall Street swindlers... and the "New Deal"!

Father Coughlin also asked his audience to send checks... and later it was found he used part of the remittances to engage in silver futures trading through a private account at Payne Weber.

Under the sneering attacks of Coughlin, Hearst Newspapers and other isolationists, a strong argument formed—that both World War I and the Great Depression were incited by the same group of Wall Street bankers.

The argument was that bankers dragged the United States into war to protect loans to the Allied Powers, and the war-induced debts and reparations led to the Great Depression.

Therefore, Morgan and other international bankers should be condemned for bringing the U.S. into the war and into the Great Depression.

For the populists who hated England, this was a valid equation.

They could express their dissatisfaction with Wall Street by opposing closer ties with England, and they could leverage isolationist sentiment to apply pressure, compelling stricter control over banks.

The Morgan Consortium naturally became the target of such attacks.

While confronting those Wall Street bankers, Franklin Roosevelt would occasionally give these bankers some anticipation.

For example, this weekend, Franklin Roosevelt invited George Harrison, the successor of the New York Federal Reserve Bank, to spend the weekend on his yacht, the Sequoia.

Speaking of the New Deal, Franklin Roosevelt even grudgingly said: They oppose anything I do, even those things that are helpful to them!

Franklin Roosevelt achieved his goal—George Harrison thought maybe Franklin Roosevelt's New Deal wasn't so invincible.

Now all that was needed was an opportunity for both sides to sit down and talk about this matter.

So George Harrison arranged for Franklin Roosevelt to speak at the American Bankers Association meeting in Washington, where Tom Lamont and Parker Gilbert attended, marking the first time Morgan partners visited the American Bankers Association meeting.

The result of the mediation efforts only made things worse, as Jackson Reynolds from the First National Bank of New York made an important speech praising Roosevelt.

It started well enough, but when it was pointed out at the scene that Franklin Roosevelt himself had reviewed the speech draft, those bankers felt deceived.

Thus, the truce between the New Deal and the bankers officially ended, with both sides again relentless, facing off against each other.

In this situation, countless bankers found it seemed Morgan could no longer stop the implementation of Franklin Roosevelt's New Deal.

At this time, they urgently needed a new leader to stand up.

A person to stand against Franklin Roosevelt's New Deal and safeguard the interests of these bankers.

Such a candidate wasn't hard to find; they set their sights on Atlantic City!

"This is a crucial decision-making moment concerning the future of America, the future of the banking industry.

Right now, I cannot foresee what this decision will ultimately bring to America's future.

At this moment, God tells me, when I cannot foresee the future, I should not participate in this debate!"

Donnie brought up God and, in God's name, refused these bankers' request.

Donnie wanted to place Venus Bank in an aloof position.

A position that could overlook other banks.

Therefore, Venus Bank couldn't easily enter the field, if it failed, it would affect the reputation of Venus Bank.

Knowing that Franklin Roosevelt would not give up the New Deal nor an alliance with him.

The New Deal must be implemented!

So Venus Bank naturally would not enter the field!

Originally, Donnie was prepared to watch from a distance like a wise observer.

But at this moment, a reckless young man appeared!

A young banker from Utah named Marriner Eccles proposed to the Franklin Roosevelt government to amend the Federal Reserve Act.

Marriner Eccles hoped to weaken the New York Federal Reserve Bank, transferring power to the Federal Reserve Board in Washington.

Thus removing the influence of Wall Street bankers from this system.

Marriner Eccles desired to use this to weaken Wall Street banks.

But actually, his idea was fundamentally to prepare for a central bank to curb the strength of the Federal Reserve!

As a major shareholder of the Federal Reserve, Donnie naturally couldn't allow such a thing to happen.

So Café Jackson voiced out representing Donnie.

"This is an extremely foolish decision, America's economic development benefited from its freedom, inclusiveness; if the Federal Reserve's power is handed over, it means the government has the right to directly intervene in financial development.

By then, who would still believe in American freedom, inclusiveness?

For such individuals, I suggest thoroughly scrutinizing their living conditions; I seriously suspect this person is a spy sent from Europe, with the aim to destroy America's free economic system!"

In the confrontation between Franklin Roosevelt's New Deal and Wall Street bankers.

Venus Bank had always maintained an aloof position, unexpectedly now Venus Bank suddenly entered the field, making the situation instantly become more enigmatic.

The Wall Street bankers couldn't help but cheer, they thought Venus Bank finally entered the fray!

Franklin Roosevelt, however, became alert to this matter.

He personally dialed Donnie's office.

"Block, what is going on with Café Jackson's speech?"

Donnie calmly responded: "Mr. President Roosevelt, I have no objection to you targeting those Wall Street bankers.

This is also stipulated in our covenant; I have strictly adhered to our covenant, making no sound in this matter.

But now I cannot accept someone extending their reach to the Federal Reserve!

The interests of the Federal Reserve are inviolable!"

The current Federal Reserve wasn't yet the behemoth it would later become, but in Donnie's eyes, it would inevitably become a giant in time!

Franklin Roosevelt exclaimed loudly: "You know, this is just a policy to attack those people on Wall Street!"

Donnie shook his head and said: "I know, but I can't accept it, Mr. President Roosevelt, if you must continue with this trivial plan, then Venus Bank can only enter the field!"