I first heard about the book a couple of years ago but I put it off and didn't create time to read it. However, a few weeks ago, I stumbled upon a YouTube video title End Of The Road: How money became worthless.
The title was intriguing to me so I clicked on it and found Edward Griffin(the author of the book) as one of the narrators. The documentary was really interesting and depicts how money (fiat) became worthless ever since it was taken off the gold standard.
I didn't decide to put it off this time so I read this long educative and entertaining book. Below are some of the impression I've received from it.
The book opens with an exploration of why the US has a Federal Reserve. It follows the story of a group of bankers and financiers who met on Jekyll Island in Georgia in 1910 to discuss legislation that would eventually become the Federal Reserve Act.
The author does a great job of weaving together the historical details and explaining how they came together to form this momentous event.
It Reads Like A Mystery Novel
As you read The Creature From Jekyll Island, it reads like a mystery novel. You will not be able to stop reading it once you get the gist of it. I read it for hours on the edge of my seat trying to figure out what will happen next.But it's actually a historical look at the creation of the Federal Reserve System and the people who attended its secret meeting on Jekyll Island in Georgia more than a century ago.
The book goes on to tell us that this event is the reason the US have a Federal Reserve today. So while it seems like a mystery novel at first, it's actually going to teach you something about one of America's most important institutions.
Fiction Or Non-Fiction?
I think it's both, leaning more into the non-fiction. The book is a non-fiction account of the creation of the Federal Reserve System, and it leaves no doubt as to who should be 'credited' with its creation and why it was created.While I was expecting an insubstantial conspiracy theory, it turned out to be far more than that. To my understanding, the book is not political and does not attempt to claim any particular ideology or agenda.
Rather, it has been written simply as an interesting historical account of how the Federal Reserve System came into being.
One thing that surprised me about this book was how much I enjoyed reading about events from 100 years ago from the author's perspective. It's fascinating to see how history repeats itself over time (whether intentionally or unintentionally) in politics and business alike.
A Lot Of The Book Is Backstory
I think it's an important part of the book. Without the backstory you wouldn't sufficiently appreciate the main story. One of the interesting back stories is about what money is and the basics of banking and currency. Another one is about how central banks function.
One of the ways 'money' comes into existence is when a bank loans out your savings account or any other type of deposit, thereby creating new "loaned-out" currency that can be spent by anyone who borrows from that same bank at any time during their lifetime.
The whole system looks like a ponzi scheme and it's quite suprising that the system is still functioning. However, the crack in 2008 nearly broke the system.
While many perceive the Federal Reserve as a central bank. It is actually a private bank that is funded by tax dollars (i.e., the working population) and it has more power than any other entity in the government.
In the author's own words, The federal reserve is not federal and has no reserves. What is it then? Well.... you'll have to read the book to find out.
Thanks For Reading!
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