JFK Federal Reserve

[Bernice Moore]

Thanks to Len Osanic for this obscure article, which may have been overshadowed by the events of that week. Since the JFK Library is in possession of the James Saxon Files, researchers interested in persuing JFKs attempts to replace the Federal Reserve should send a very polite letter to:


Stephen Plotkin
Reference Archivist
John F. Kennedy Presidential Library
JOHN F. KENNEDY PRESIDENTIAL LIBRARY AND MUSEUM
Columbia Point, Boston MA 02125 (617) 514-1600

James Saxon Personal Papers1961-1976
Papers 1961-1976 (#204). Lawyer, government official. Comptroller of the Currency (1961-1966). Personal and professional papers relating to banks and banking. Permission required. Status: Closed

Abstract: Papers 1961-1976 (#204). Lawyer, government official. Comptroller of the Currency (1961-1966). Personal and professional papers relating to banks and banking. Permission required. Extent: 10 feet. Status: Closed.







We brought this up last week on Black Op Radio and a listener

posted the article. pass this on to those interested.



Len

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Interview with James Saxon

http://ia700604.us.archive.org/15/items/...roller.pdf

[Jim DiEugenio]

This Saxon interview is pretty interesting.

First of all, he was Kennedy's appointee in 1961.

Second, Saxon was trying to encourage banks to lend more, and different types of loans, like farm loans. Good quote: "Banks ought to be out working with all sorts of businesses, with industry with farmers, finding ways to be helpful. Many haven't been doing it."

"..it comes down to who is going to allocate the credit of the country."

"I just say that is the past, this office has been excessive in its regulation of banking. So has the Federal Reserve Board."

"I think there's a basic difference in the philosophy of government here. The Federal Reserve Board is more control minded than we are. I think their controls are far too tight."

Here is a real interesting exchange:

Q: Were you surprised when the Federal Reserve Board came out vigorously in opposition to the bills you proposed to Congress for releasing some of the rules on banking?

A: No I wasn't. I'll tell you why. THe Federal Reserve Board is the principal regulatory spokesman and champion of the State banks. THese include some of the country's big State banks, like the Chas Manhattan of New York, which are plainly apprehensive of the growth in competetive capacity of the national bankign system.

Q: Do you think the Federal Reserve System as it now exists ought to be updated, or overhauled?

A: Yes, that is exactly what I think. Membership in the System ought to be voluntary for national banks. as it is for state banks.

Towards the end, he is asked about the support he is getting from the White Hose in his reform efforts. He says he is satisfied with the support he has gotten.

All in all, this gives us one of the best views we have had as to JFK and the Federal Reserve. Not only did Kennedy issue the edict to print money from the Treasury directly, but in Saxon he was trying to loosen the grip the Fed had over individual banks, and a guy who actually wanted to make membership in the Fed voluntary instead of mandatory. Which would further weaken the power of the Fed System.

Really glad someone found this. Now we have to find the writings of Nossiter on this subject.

[Seamus Coogan]

This Saxon interview is pretty interesting.

First of all, he was Kennedy's appointee in 1961.

Second, Saxon was trying to encourage banks to lend more, and different types of loans, like farm loans. Good quote: "Banks ought to be out working with all sorts of businesses, with industry with farmers, finding ways to be helpful. Many haven't been doing it."

"..it comes down to who is going to allocate the credit of the country."

"I just say that is the past, this office has been excessive in its regulation of banking. So has the Federal Reserve Board."

"I think there's a basic difference in the philosophy of government here. The Federal Reserve Board is more control minded than we are. I think their controls are far too tight."

Here is a real interesting exchange:

Q: Were you surprised when the Federal Reserve Board came out vigorously in opposition to the bills you proposed to Congress for releasing some of the rules on banking?

A: No I wasn't. I'll tell you why. THe Federal Reserve Board is the principal regulatory spokesman and champion of the State banks. THese include some of the country's big State banks, like the Chas Manhattan of New York, which are plainly apprehensive of the growth in competetive capacity of the national bankign system.

Q: Do you think the Federal Reserve System as it now exists ought to be updated, or overhauled?

A: Yes, that is exactly what I think. Membership in the System ought to be voluntary for national banks. as it is for state banks.

Towards the end, he is asked about the support he is getting from the White Hose in his reform efforts. He says he is satisfied with the support he has gotten.

All in all, this gives us one of the best views we have had as to JFK and the Federal Reserve. Not only did Kennedy issue the edict to print money from the Treasury directly, but in Saxon he was trying to loosen the grip the Fed had over individual banks, and a guy who actually wanted to make membership in the Fed voluntary instead of mandatory. Which would further weaken the power of the Fed System.

Really glad someone found this. Now we have to find the writings of Nossiter on this subject.

What I'm relieved about is that it isn't pie in the sky kookery but good solid stuff. I think its fascinating how Saxon's approach was very Adam Smith and it provides a nice contrast here because these cretins champion de-regulation of everything bar their own money pot. It remains to be seen however if Kennedy could have accomplished this with a second term considering the power these chaps had in Congress and their ability to symie anything but yeah. Thats my take do you think he could have done it or at least set the ground work for it to be done.

I like the way you broke it down there as well. It can get very complex very quickly.

[Phil Dragoo]

http://ead.dartmouth.edu/html/ms807.html

The Papers of Bernard D. Nossiter in the Dartmouth College Library

[Jim DiEugenio]

Well I don't really need someone to go through all his papers.

I just need someone to look through his writings in 1963 at the Post.

[Magda Hassan]

http://ia700604.us.archive.org/15/items/...roller.pdf

This is via Nathaniel who got it from Jim DiEugenio and Black Op radio.

Not sure where I stand either on the JFK and Federal Reserve issue but this is an interesting read.

[Phil Dragoo]

Eliot Janeway economic advisor to Johnson and the latter's charter supporter for president did not adapt easily to the Kennedy victory in 1960 according to the New York Times review of Michael Janeway's work in 2004, The Fall of the House of Roosevelt:


http://www.nytimes.com/2004/04/28/books/...tml?src=pm



The party split between those who made peace with the Kennedy ascendancy (like Douglas and the Democratic party presidential adviser Clark Clifford) and those who could not, like Janeway. He became the most bilious of Kennedy haters, speaking of him as ''that degenerate little cripple in the White House.'' By the time Kennedy was assassinated, Eliot Janeway had burned his bridges to the party's new center.






Our friend the retired investment banker from Boston and New York houses related a story he forwarded to Caro for use in later biographical work on the 36th president. In the summer of 1963 Eliot Janeway paid a visit to our friend's Boston house whereupon the former delivered a rehearsed warning of "what a dangerous man this Kennedy is" in a voice our friend described as a hiss, positing the speech was repeated in the other houses in Boston and New York.


James J. Saxon goaded a formidable enemy in David Rockefeller with the former's easing of banking restrictions which cost the latter money:


No Friend at Chase Manhattan. Last week the annual meeting of the American Bankers Association in Washington heard the strongest anti-Saxon attack ever made by a big, prestigious banker. Said David Rockefeller, president of Manhattan's state-chartered Chase Manhattan Bank: "I believe the Comptroller would be well advised to show greater restraint in exercising the immense power he now possesses. It would be a dubious honor for him to go down in history as the man who undermined the dual banking system."


http://www.time.com/time/magazine/articl...87,00.html

[Ed Jewett]

I'm still a newbie in this game, but I am "rowing" at an accelerated pace in an attempt to catch up.

In Douglass' "JFK and the Unspeakable", he speaks of Merton's idea of multiple encounters (Bay of Pigs moments) in presidencies, on page 18 of Merton's letter to Clare Booth Luce, of the US Steel crisis (page 137ff), and of the unsigned editorial in Fortune (page 140). That same page also notes some of the financial interests represented on the executive committee of US Steel's board of directors; a correlation of this list with the story and membership list of Skull and Bones, and some understanding of the historical involvement of certain centers of massed wealth in the creation and policies of "the Fed", turns the focus ring on the JFK kaleidoscope. [Those page references are to the Orbis edition.]

An examination of the chronology found in JFKU and elsewhere of events places the date of the relevant Executive Order just six days prior to his American University commencement address.

Then, there is the sixth essay in Evica's "A Certain Arrogance" which details the close relationship of C.D. Jackson with the Luce media world.

It may be difficult to tease out the threads and cords of this Gordian knot to discern what it was specifically that was the impetus or reason for the order to be given to execute the man.



I am still only knee deep (well, maybe waist deep) in my examination of secret societies and sinister forces; there are too many side passages in that labyrinth, but there is a Minotaur-like Moloch-appearing beast at the center of it. I have a clew.

On the very, very last page of JFKU in the Simon & Schuster/Touchstone edition [with study guide], Douglass answers the question "Is there anything you left uncovered...?" and he answers, in part, "...there is far more than this below the surface.... I believe what is written here about the assassination is only a tiny, visible piece of a systemic evil that continues to reach into the depths of our world....."