Yes, James Paul Warburg was the son of Paul Moritz Warburg (1868-1932) who was integral in the establishing of the Fed. He was its first Chairman, I believe as well as Chairman of the Council on Foreign Relations, 1921-1932. James Paul Warburg was also the nephew of Felix Warburg and of Jacob Schiff, both of Kuhn, Loeb & Co. which poured millions into the Russian Revolution through James' brother Max, banker to the German government.

Three years after signing, President Woodrow Wilson remarked about the bill, "I am a most unhappy man. I have unwittingly ruined my country." He was re-elected shortly thereafter, and the new money trust went right to work funding World War I to "make the world safe for democracy."

Andrew Jackson finally killed the 2nd attempt at central banking in the US -- Jefferson killed the 1st one. The National Bank Act was the beginning of a mixture of scripts and fractional reserve banking that followed the Civil War. But Woodrow Wilson ratified the 3rd central bank -- the Federal Reserve System. It is not Federal and there are no Reserves. Time to get rid of this one, too!!

Just in case some of you folks didn't get it -- the banks do not 'lend' money -- they issue 'credit' -- BIG difference. When we go to the bank to borrow $100,000, the $100,000 springs into existence as soon as we promise to pay it back. And when it is paid back it disappears into the void from which it came. The problem is that interest is charged -- a LOT of interest, sometimes double or triple the original 'credit'. But if ALL money is created this way, then there is no way for everyone to pay back their debts -- because the interest comes out of the principal. The only way to pay back is to borrow more! (and more, and more, and more) Whoever gets stuck, loses their property -- and bankruptcies are guaranteed. It is done over and over and over and over. Just think of how many homes and businesses are mortgaged? MOST! It is a stinking business, and a crime against humanity.

A fiat currency is inflationary, but it can be issued interest free (known as Social Credit). If people had both hard currencies and credit currencies to choose from and were not forced to accept credit in lieu of cash, then the only tax needed to pay for any services would be paid through inflation of the currency itself. Then everyone holding the credit currency pays the same percentage tax on their money -- no forms to file, no payments, no loop holes, no diverting of the debt burden to the middle class. And make the charging of compounded interest a felony! No more unpayable debt and rising taxes. The time has come for us to make the distinction between an IOU and real money. Both will always be necessary in business, but we are supposed to have a choice to accept an IOU or not. Federal Reserve Notes are not dollars -- they are promissary notes to the Federal Reserve Bank. Every 'dollar' we have today is a dollar owed to the Fed -- and we owe even more, believe it or not, due to interest! Milton Friedman would agree.

Few people understand the way a fiat currency works -- that's why it works so well (for the banks). It destroys the independence of a people and a nation. The comments above from Fredericksburg and Birmingham certainly show their lack of knowledge of history and they do not have a clue as to how it works -- they probably think the bank actually has the money it is 'loaning' (they don't -- it is created the moment it is 'borrowed'). Do your homework and make an argument if you think Aristotle is wrong. Charging compounded interest on nothing is indeed a sin against humanity. It has conquered more kings and kingdoms than Alexander the Great.

The government of the United States of America has been bankrupt since 1934 and is in receivership to the Federal Reserve Bank, a private corporation, that is above the law, that has never been (and never will be) audited. It is the lynchpin of the overthrow of the government. We now elect our representatives based on how much money the politicians promise us -- even if they have to take everything we've got to do it. Wake up, people: Freedom means Responsibility -- that's why most men dread it. (Shaw)

The First National Bank of the USA was founded a few years after the Constitution was ratified. When Jefferson became president, he promptly refused to renew their charter seeing how the system was sucking the wealth from the citizens. Look folks, Jefferson is no fool, and neither are the bankers. The truth is that the government could issue its own currency interest free! And 2 presidents did -- right before they were shot dead -- Lincoln and Kennedy. All the notes issued by Lincoln and Kennedy were promptly recalled shortly thereafter. No president has dared to try it again...