(TUESDAY OCTOBER 29th 2002)
By Richard Lancaster
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are days when many are discouraged. In the 93 years of my
life, depressions have come and gone. Prosperity has always
returned and will again." - John D. Rockefeller on the
Depression in 1933
History would suggest that once every couple
of generations there is a “cleansing cycle” that occurs
within the financial markets, society, and even within humanity
as a whole. Financial institutions collapse, diseases rage,
locusts fly, hailstones fall, earthquakes increase, volcanoes
rumble, Sunspots explode out from our heat source, wars
breakout all over and despotism reins supreme. We appear
to be entering one of these historic cycles at this seminal
point in the maturation of the human race. Almost as if
the entire planet is vibrating out of control, has some
kind of harmonic resonance pushed us out of kilter, like
we are getting disconnected from our core and spiraling
out of control? Maybe it’s our collective lack of moral
backbone precipitating these events, as historically, such
perilous times tend to follow a period of wild excess. The
last time this happened was in the 1920’s, 30’s and 40’s.
It started with the Wall Street Crash of 1929, then it moved
through to the Great Depression and ended beyond World War
II. The question is: is it cyclically returning?
On Tuesday October 29th, 1929, Wall Street
witnessed a 13% decline in the Dow Jones, an episode that
became known in financial mythology as “Black Tuesday.”
It is generally recognized that Black Tuesday was
the beginning of the Great Depression. Between early September
and the end of October 1929 the market lost a total of 40%
in less than 8 weeks. In reality Black Tuesday was
just the end of the beginning of the crash on Wall Street.
As you can see from the graph above, the market continued
to fall for several years after Black Tuesday. By
the end of the slide some pundits conjectured that the market
might actually go to zero. From its high of 386.10 in September
’29 to its low of 40.60 on July 29, 1932, the market had
lost a total of 89%!
What happened on that
day is little understood and highly controversial. What
history suggests is that the mass of investors capitulated,
in essence said, “enough is enough,” and ran from the market,
most of them never to return. But there is another version
of events that needs to be understood.
Lets look at both versions, and then you decide
which you think is the more believable:
Version One, the Official History, goes something like this:
During the roaring 20’s there existed a climate
of “irrational exuberance” and speculative excess (does
this sound familiar to you?…Ed.). New fangled technology,
like the radio (RCA) and the car (Ford started mass production)
coupled with real estate speculation, especially in Florida
(like the Ponzi Scheme), created an economic
temperament of “get rich quick.” Jazz was all the rage and
clubs were starting up in the major cities. Life, in general,
was good in America, although poverty was very evident.
Stock prices were run up to excessively high levels, which
everyone knew (so we are told) were unsustainable. For the
first time in investing history the masses of investors
were allowed to borrow on the margin in order to buy stocks.
Industrial production was rising, and this fueled the speculation.
However, production and GDP were rising at a much slower
rate than the stock market.
Below, in order to add a little Hollywood spice to
this version of history is the voice-over from the opening
to a 1939 classic “The Roaring Twenties” starring Cagney,
Lane and Bogart: "(1929)
As the dizzy decade nears its end, the investors go stock
market crazy. The great and the humble, the rich man and
the workingman, the housewife and the shopgirl, all take
their daily flyer in the market. And no one seems to lose.
Then like a dark bombshell, fortune drops that never-to-be-forgotten
Black Tuesday, October 29th. Confusion
spreads through the canyons of New York City's financial
district and men stare wild-eyed at the spectacle of complete
ruin. More than sixteen and a half million shares change
hands in a single day of frenzied selling. The paper fortunes
built up over the past few years crumble into nothing in
this disaster, which touches every man, woman, and child
Another echoing of this version of history
comes from establishment economist John Kenneth Galbraith's
narrative on the time, The Great Crash: 1929.
“….the twenties in America were a very good
time. Production and employment were high and rising. Wages
were not going up much, but prices were stable. Although
many people were still very poor, more people were comfortably
well-off, well to do, or rich, than ever before. Finally,
American capitalism was undoubtedly in a lively phase. Between
1925 and 1929, the number of manufacturing establishments
increased from 183,9000 to 206,700; the value of their output
rose from $60.8 billions to $68.0 billions. The Federal
Reserve index of industrial production which had averaged
only 67 in 1921 (1923-25 = 100) had risen to 110 by July
1928, and it reached 126 in June 1929. In 1926, 4,301,000
automobiles were produced. Three years later, in 1929, production
increased by over a million to 5,358,000…” (Galbraith)
Then all of a sudden, on Black Tuesday, the
rug was pulled out from under the feet of the market. The
masses lost faith in the value of stocks and opted to sell
-- all at the same time! This caused a panic. Stocks started
to decline precipitously, leading to more selling. Investors
couldn’t pay the interest on their margin accounts causing
the banks that had loaned the money to go out of business.
The house of cards came tumbling down and we have no one
to blame but our own greediness and desire to be rich without
having to work for it.
It’s really that simple
or so we are told. Black Tuesday had such an impact
that the market did not recover from the lows of 1929 until
1954, long after WWII, 25 years later!
“A veritable bedlam
of activity reined in leading stock brokerage houses in
Seattle today as the greatest avalanche of security selling
known to history was launched on New York exchanges. Executives
and clerks, worn by almost constant application to duty
for days past, and with little respite gained by the Saturday
afternoon and Sunday intermission breasted the great tide
of buying and selling orders with philosophical resignation.
And the orders poured in from the floors of the board houses,
over teaming batteries of telephones, and by telegram …
Curiosity seemed to prompt attendance of the greater part
of the milling throngs in the board rooms” (The Seattle
Times, October 29, 1929).
In conclusion, version one depicts
a kind of orderly human crisis brought about by “the people”
– our greed and ignorance drove us to want something for
nothing and ultimately ended in disaster, the Great Depression.
"The nation is marching along a permanently high plateau of
Yale University economist Irving Fisher (5 days later Black Tuesday
the Unofficial History, goes something like this:
To understand this version of what happened on Black
Tuesday it is imperative to learn some of the history
of the Federal Reserve Bank system of the United States,
where it came from, the powers it possesses, and how it
uses them to affect the economy and markets. This is not
an easy subject. Fundamentally, the alternative history
suggests that banking manipulations caused the irrational
exuberance, thus the speculative excesses, the Crash of
1929 that followed, and therefore the Great Depression of
1933, which then ultimately lead to World War II.
In order to present this alternative view
it is necessary to quote from an expert source from the
era. There is no more respected and outspoken source on
banking in that period than Congressman Louis McFadden.
Here’s some background on Pennsylvania Congressman Louis
McFadden and his expert opinion on the Federal Reserve.
Louis McFadden’s brief biography:
Louis Thomas McFadden was born in Troy, Bradford
County, Pennsylvania on October 1, 1876. He attended public
schools and a commercial college. At sixteen he took a job
as office boy in the First National Bank in Canton, Pennsylvania,
a small town near his birthplace. Seven years later
he was a cashier, and in 1916 he became the president of
the bank. Meanwhile, in 1898 he had married Helen
Westgate of Canton, by whom he had three children, two sons
and one daughter. His political career began in 1914
when he was elected to Congress as Republican representative
from the 15th district. In 1920, he was appointed
chairman of the influential House committee on Banking and
Currency, a position he held until 1931. During his tenure
on the committee he learned first hand about the Federal
Reserve Bank system, its owners and operators, and subsequently
became quite passionate about the subject!
McFadden presented a long record of Congressional
speeches throughout the 1920’s and
1930’s. Here are extracts from some of them:
“In 1912 the National Monetary Association,
under the chairmanship of the late Senator Nelson W. Aldrich,
made a report and presented a vicious bill called the National
Reserve Association bill. This bill is usually spoken of
as the Aldrich bill. Senator Aldrich (Grandfather to the
Rockefeller brothers, Ed) did not write the Aldrich bill.
He was the tool, but not the accomplice, of the European-born
bankers who for nearly twenty years had been scheming to
set up a central bank in this country and who in 1912 had
spent and were continuing to spend vast sums of money to
accomplish their purpose.
The Aldrich bill was condemned in the platform upon
which Theodore Roosevelt was nominated in the year 1912,
and in that same year, when Woodrow Wilson was nominated,
the Democratic platform, as adopted at the Baltimore convention,
expressly stated: ' We are opposed to the Aldrich plan for
a central bank.' This was plain language. The men who ruled
the Democratic Party then promised the people that if they
were returned to power there would be no central bank established
here while they held the reins of government. Thirteen
months later that promise was broken, and the Wilson administration,
under the tutelage of those sinister Wall Street figures
who stood behind Colonel House (Author of "Philip Dru,
Administrator' Ed), established here in our free country
the worm-eaten monarchical institution of the 'king's bank'
to control us from the top downward, and to shackle us from
the cradle to the grave. "
"The Federal Reserve act destroyed our
old and characteristic way of doing business; it discriminated
against our one-name commercial paper, the finest in the
world; it set up the antiquated two-name paper, which is
the present curse of this country, and which wrecked every
country which has ever given it scope; it fastened down
upon this country the very tyranny from which the framers
of the Constitution sought to save us. "
"One of the greatest battles for the preservation of
this Republic was fought out here in Jackson's day, when
the Second Bank of the United States, which was founded
upon the same false principles as those which are here exemplified
in the Federal Reserve act, was hurled out of existence.
After the downfall of the Second Bank of the United States
in 1837, the country was warned against the dangers that
might ensue if the predatory interests, after being cast
out, should come back in disguise and unite themselves to
the Executive, and through him acquire control of the Government.
That is what the predatory interests did when they came
back in the livery of hypocrisy and under false pretenses
obtained the passage of the Federal Reserve act.”
"The danger that the country was warned against came
upon us and is shown in the long train of horrors attendant
upon the affairs of the traitorous and dishonest Federal
Reserve Board and the Federal Reserve banks are fully liable.
This is an era of financed crime and in the financing of
crime; the Federal Reserve Board does not play the part
of a disinterested spectator."
"It has been said that the draughtsman who was
employed to write the text of the Federal Reserve bill used
a text of the Aldrich bill for his purpose. It has been
said that the language of the Aldrich bill was used because
the Aldrich bill had been drawn up by expert lawyers and
seemed to be appropriate. It was indeed drawn up by lawyers.
The Aldrich bill was created by acceptance bankers of European
origin in New York City. It was a copy and in general a
translation of the statutes of the Reichbank and other European
"Half a million dollars was spent on part of the propaganda
organized by those same European bankers for the purpose
of misleading public opinion in regard to it. It also served
the purpose of giving Congress the impression that there
was an overwhelming popular demand for that kind of banking
legislation and the kind of currency that went with it.
It was; namely, an asset currency based on human debts and
obligations instead of an honest currency based on gold
and silver values. Dr. H. Parker Willis had been employed
by the Wall Street bankers and propagandists and when the
Aldrich measure came to naught and he obtained employment
with Carter Glass to assist in drawing a banking bill for
the Wilson administration, he appropriated the text of the
Aldrich bill for his purpose. There is no secret about it.
The text of the Federal Reserve act was tainted from the
Basically McFadden is saying that the creation
of the Fed was unconstitutional, that it handed the powers
of money/debt creation to a cabal of private bankers, effectively
took the US off the gold standard, and lead to excesses
that could/would be disastrous. Here are a few more excerpts
from various speeches he made regarding the Fed and the
“Meanwhile and on account of it, we ourselves are
in the midst of the greatest depression we have ever known.
From the Atlantic to the Pacific, our Country has been ravaged
and laid waste by the evil practices of the Fed and the
interests which control them. At no time in our history,
has the general welfare of the people been at a lower level
or the minds of the people so full of despair.”
"Every effort has been made by the Fed to conceal its
powers- but the truth is- the Fed has usurped the Government.
It controls everything here and it controls all of our foreign
relations. It makes and breaks governments at will.”
"No man and no body of men is more entrenched
in power than the arrogant credit monopoly which operate
the Fed. What National Government has permitted the Fed
to steal from the people should now be restored to the people.
The people have a valid claim against the Fed. If that claim
is enforced the Americans will not need to stand in the
bread line, or to suffer and die of starvation in the streets.
Women will be saved, families will be kept together, and
American children will not be dispersed and abandoned.
"The sack of these United States by the
Fed is the greatest crime in history.”
"Some people think that the
Federal Reserve Banks’ a United States Government institution.
They are private monopolies, which prey upon the people
of these United States for the benefit of themselves and
their foreign customers; foreign and domestic
speculators and swindlers; and rich and
predatory moneylenders. In that dark crew of financial pirates
there are those who would cut a man's throat to get a dollar
out of his pocket; there are those who send money into states
to buy votes to control our legislatures; there are those
who maintain International propaganda for the purpose of
deceiving us into granting of new concessions which will
permit them to cover up their past misdeeds and set again
in motion their gigantic train of crime."
"These twelve private credit monopolies
(the Regional Fed Banks, Ed) were deceitfully and disloyally
foisted upon this Country by the bankers who came here from
Europe and repaid us our hospitality by undermining our
American institutions. Those bankers took money out of this
Country to finance Japan in a war against Russia. They created
a rein of terror in Russia with our money in order to help
that war along. They instigated the separate peace
between Germany and Russia, and thus drove a wedge between
the allies in World War I. They financed Trotsky's passage
from New York to Russia so that he might assist in the destruction
of the Russian Empire. They fomented and instigated the
Russian Revolution, and placed a large fund of American
dollars at Trotsky's disposal in one of their branch banks
in Sweden so that through him, Russian homes might be thoroughly
broken up and Russian children flung far and wide from their
natural protectors. They have since begun the breaking up
of American homes and the dispersal of American children.
' Mr. Chairman, there should be no partisanship in matters
concerning banking and currency affairs in this Country,
and I do not speak with any.' "
The most intriguing speech that McFadden delivered
to Congress was the following:
“In 1928 the member banks of the Federal Reserve
system borrowed $60,598,690,000 (that's billions, in 1928 US$...Ed) from the Federal Reserve
banks on their fifteen-day promissory notes. Think of it!
Sixty billion dollars payable upon demand in gold in the
course of one single year. The actual payment of such obligations
calls for six times as much monetary gold as there is in
the entire world. Such transactions represent a grant in
the course of one single year of about $7,000,000 to every
member bank of the Federal Reserve System. Is it any wonder
that there is a depression in this country? Is it any wonder
that American labor, which ultimately pays the cost of all
banking operations of this country, has at last proved unequal
to the task of supplying this huge total of cash and credit
for the benefit of the stock-market manipulators and foreign
This speech would appear to point to a “smoking
gun” regarding the mysterious financial events that led
to the Crash of ‘29. It finds a culprit in the Federal Reserve
that financially choked the American people in order to
line the pockets of its member banks. Could this be the
alternative reason for the Depression?
McFadden continued: “A few days ago, the President of the
United States, with a white face and shaking hands, went
before the Senate on behalf of the moneyed interests and
asked the Senate to levy a tax on the people so that foreigners
might know that the United States would pay its debt to
them. Most Americans thought it was the other way around.
What do the United States owe to foreigners? When and by
whom was the debt incurred? It was incurred by the Federal
Reserve Board and the Federal Reserve banks when they peddled
the signature of this Government to foreigners for a price.
It is what the United States Government has to pay to redeem
the obligations of the Federal Reserve Board and the Federal
Reserve banks. Are you going to let those thieves get off
scot-free? Is there one law for the looter who drives up
to the door of the United States Treasury in his limousine
and another for the United States veterans who are sleeping
on the floor of a dilapidated house on the outskirts of
McFadden contends that the crash and depression were
brought on by the actions of the Fed, that through its greed
(or some other unknown agenda) it usurped control of the
central banking authority of the United States government,
ran up huge debts to its international banking partners,
bankrupted the country and then subsequently forced the
American taxpayer, through the (technically) illegal income
tax system, to repay the debt over the following 20+ years!
On May 23, 1933, Congressman Louis T. McFadden
brought formal charges against the Board of Governors of
the Federal Reserve Bank system, The Comptroller of the
Currency and the Secretary of United States Treasury, for
numerous criminal acts, including but not limited to, CONSPIRACY,
FRAUD, UNLAWFUL CONVERSION, AND TREASON. The petition for
Articles of Impeachment has thereafter been referred to
the Judiciary Committee and has YET
TO BE ACTED ON.
Congressman Louis McFadden died a mysterious
death in 1936. The only reference I could find of it comes
from the excessively right wing rag of the time, “Pelley’s
Weekly,” that stated on Oct. 14th: “Now that
this sterling American patriot has made the Passing ……it
became known among his intimates that he had suffered two
attacks against his life. The first attack came in the form
of two revolver shots fired at him from ambush as he was
alighting from a cab in front of one of the Capital hotels.
Fortunately both shots missed him, the bullets burying themselves
in the structure of the cab. He became violently ill after
partaking of food at a political banquet at Washington.
His life was only saved from what was subsequently announced
as a poisoning by the presence of a physician friend at
the banquet, who at once procured a stomach pump and subjected
the Congressman to emergency treatment."
Now let us take a look at a more recent indictment
of the Fed. Congressman Dr. Ron Paul could rightly be this
new century's version of Louis McFadden in his interpretation
of the present Fed's activities. He is a representative
from Texas. First, I offer a short biography (for his full
Ron Paul was born and raised in Pittsburgh,
Pennsylvania. He graduated from Gettysburg College and the
Duke University School of Medicine, before proudly serving
as a flight surgeon in the U.S. Air Force during the 1960s.
He and his wife Carol moved to Texas in 1968, where he began
his medical practice in Brazoria County. As a specialist
in obstetrics/gynecology, Dr. Paul has delivered more than
4,000 babies! He and Carol, who reside in Surfside Beach,
Texas, are the proud parents of five children and have sixteen
grandchildren. In the words of former Treasury Secretary
William Simon, Dr. Paul is the "one exception to the
Gang of 535" on Capitol Hill. He has served on the
House Banking committee, where he was a strong advocate
for sound monetary policy and an outspoken critic of the
Federal Reserve's inflationary measures. He also was a key
member of the Gold Commission, advocating a return to a
gold standard for our currency. He currently serves on
the House of Representatives Financial Services Committee,
and the International Relations committee.
Dr. Ron Paul is well known in Congress for his running battle
with Fed Chairman Alan Greenspan. In 1966, Greenspan, personal
friend of Ayn Rand at the time, penned a famous essay on
the gold standard entitled “Gold
and Economic Freedom." Interestingly, in it he
stated opinions and views of the Crash of ‘29. " When
business in the United States underwent a mild contraction
in 1927, the Federal Reserve created more paper reserves
in the hope of forestalling any possible bank reserve shortage.
More disastrous, however, was the Federal Reserve's attempt
to assist Great Britain who had been losing gold to us because
the Bank of England refused to allow interest rates to rise
when market forces dictated (it was politically unpalatable).
The reasoning of the authorities involved was as follows:
if the Federal Reserve pumped excessive paper reserves into
American banks, interest rates in the United States would
fall to a level comparable with those in Great Britain;
this would act to stop Britain's gold loss and avoid the
political embarrassment of having to raise interest rates.
The "Fed" succeeded; it stopped the gold loss,
but it nearly destroyed the economies of the world, in the
The excess credit which the Fed pumped into
the economy spilled over into the stock market triggering
a fantastic speculative boom. Belatedly, Federal Reserve
officials attempted to sop up the excess reserves and finally
succeeded in breaking the boom. But it was too late: by
1929 the speculative imbalances had become so overwhelming
that the attempt precipitated a sharp retrenching and a
consequent demoralizing of business confidence. As a result,
the American economy collapsed. Great Britain fared even
worse, and rather than absorb the full consequences of her
previous folly, she abandoned the gold standard completely
in 1931, tearing asunder what remained of the fabric of
confidence and inducing a world-wide series of bank failures.
The world economies plunged into the Great Depression of
So here we have the current Federal Reserve
Chairman admitting in a 1966 essay, prior to his involvement
with the government and the Fed, that “excess credit” pumped
by the Fed into the economy caused a speculative boom that
resulted in a crash and then a depression!
Most recently, Ron Paul took the Fed Chairman
to task and asked him if he stood by what he had written
in 1966, to which Sir Alan Greenspan answered he “ wouldn't
change a single word.”
Ron Paul said in a recent interview with Donald
Luskin of Capitalist
Magazine, when asked what he would do about the current
system, “What would we do for money?" Paul says, "Get
the government out of money. Let the market determine it.
Let American Express extend credit and decide what they
want to back it with. But that's sort of idealism… so if
the government is going to be involved, then government
should just maintain the integrity of the monetary unit.
Government should define the dollar as a weight in gold
and maintain it. If I'm the Secretary of Treasury, I shouldn't
issue the currency unless I've got the gold."
Finally, lets turn to Professor Murray N. Rothbard
(1926-1995), a proponent of the Austrian School of Economics.
He illustrates how this system works:
"So now we see, at last, that the business
cycle is brought about, not by any mysterious failings of
the free market economy, but quite the opposite: by systematic
intervention by government (Fed) in the market process.
Government intervention brings about bank expansion and
inflation, and, when the inflation comes to an end, the
subsequent depression-adjustment comes into play".
OK, that ends Version Two, the Unofficial
History. I know it was long and hard reading, but if it
were easy it would probably be the Official History!!
O SON OF BEING! Busy not thyself with this world, for with fire
We test the gold, and with gold We test Our servants."
— Bahá'u'lláh, from The Hidden Words
I do realize that I have presented here
far more evidence for the “Unofficial History” of the Crash of ‘29 and subsequent Great Depression – however it is worth noting that history, in general, has grossly underestimated the cause of both – and our children’s text books bare witness to this fact. As I write, we are in the midst of a record breaking Dead Cat Bounce: all of the markets globally are in their fourth day of a massive bear market rally that is pumping confidence and the desire to re-invest; and not “miss” the expected economic recovery. Today (Oct 15th 2002) the DOW finished up 378.28 points or 4.8% - one of the biggest bear market rallies of all time. In the
past 4 trading days the markets have recovered approximately 10% of their value (see chart below).
I have included the stock price of J P Morgan
Chase Bank in this chart, as they have been very instrumental
over time in plunge-protecting the markets. During the Crash
of ’29 here is what happened: On Thursday October 24th
1929 at 1:30 p.m., during panic selling on the trading floor,"
Richard Whitney, vice-president of the New York Stock Exchange
and floor broker of J.P. Morgan and Company, walked onto
the stock exchange floor. Silence descended over the crowd.
Everyone expected Vice-President Whitney to announce an
early closing for the market; instead, as representative
of the House of Morgan, he asked for the latest bid on U.S.
Steel. "195," someone shouted. Whitney promptly announced
he was buying 10,000 shares at 205."
With JPM shares off nearly 50% so far this
year, due to various scandals surrounding the Derivative Mountain
they sit on top of, amongst others, it appears very doubtful
that they will have the clout to bale out the market this
It does seem highly unlikely that we are in
the midst of a recovery at all, the fundamental economic
metrics all point to a continuing decline into the 2nd
Great Depression. History shows us that excessive loose
monetary policy, which we have experienced throughout the
1990’s and early 2000’s, leads to a correction of equal
proportions, or even worse! Is the cycle repeating? Given
the extent of the easy money pumped into the US and world
economies, it is a pretty safe bet that this market rally
will be short-lived. None of us want to believe this, or
indeed see this come to pass – however, through educating
ourselves we can at least mitigate for some of the suffering
these kinds of conditions invariably bring to pass.
Could it be that we will even see a second
Black Tuesday, October 29th – but this
time in 2002 – 73 years later to the very day?
Clearly, there is a mountain of
information out there that can be accessed about these difficult
and often “dismal” topics. However, it is imperative that
we, as citizens of the “free” world, use our God-given powers
to independently investigate the truth for ourselves. This
requires commitment, time, diligence, passion, and desire.
We are all born with these qualities, let's use them!
One author, Paul Rogat Loeb, is optimistically
committed to making a difference today in his new book,
“Soul of A Citizen.” The Philadelphia Inquirer recently
said about his navigational guide: “Brims with stirring
stories of everyday heroes who saw something wrong, heeded
the voice of their conscience, gathered support and, acting
in concert with others, changed things and made a difference."
We would all benefit from his inspirational insights for
"these [seem to be] the times that try men's souls."
I am convinced that ONLY a spiritual solution
can fix these seemingly insurmountable human problems. No
amount of political will or secular kindness is now going
to be enough to remedy a situation that is spanning the
entirety of humanity and threatens the peace and security
of all peoples.
The good news in all of this is that after
the storm there is a lull. The forces of evil (in our definition
“man’s inhumanity to man”) run their course. Belief and
Faith in One God, One People, reinvigorates the people.
The innate goodness (nay greatness) of our species takes
back the reins. Great things can be accomplished in the
world and massive progress made across the spectrum of human
activity. Black Tuesdays are just precursors to White Wednesdays!
They are as necessary as winter storms, forest fires and
market capitulation. Never fear for the future; stay focused
on the present; learn from the past and have faith that
everything happens for a reason!
Resources used for this article,
thanks to all contributors:
Ayn Rand: Capitalism: The Unknown Ideal
Paul Rogat Loeb: Soul of a Citizen
John Kenneth Galbraith: The Great Crash
G. Edward Griffin: The Creature From Jekyll Island
Eustace Mullins: Secrets of the Federal Reserve
Colonel Mandell House: Philip Dru, Administrator
Samuel P. Huntingdon: The Clash of Civilizations
The Ludwig von Mises Institute
ETS LT Systems
I would love to hear your comments on this
article, you can contact me at: Richard.Lancaster@attbi.com
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