Rep. Louis T. McFadden (R-PA) rose from office boy to become cashier, and then, president of the First National Bank of Canton, Ohio. For 12 years, he served as Chairman of the Committee on Banking and Currency, making him one of the foremost, financial authorities in America. He fought continually for fiscal integrity and a return to Constitutional government. (Reference 1).
The following are portions of Rep. McFadden's speech, quoted from the Congressional Record, pages 12595-12003.
"The Federal Reserve Board, a government board, has cheated the Government of the United States, and the people of the United States, out of enough money to pay the national debt. The depredations and the iniquities of the Federal Reserve Board, and the Federal Reserve banks, acting together, have cost this country enough money to pay the national debt several times over."
About the Federal Reserve banks, Rep. McFadden said, "They are private credit monopolies, which prey upon the people of the United States, for the benefit of themselves and their foreign customers, foreign and domestic speculators and swindlers; and rich and predatory money lenders. This is an era of economic misery, and for the conditions that caused that misery, the Federal Reserve Board and the Federal Reserve banks are fully liable." {Fron the Depression Years-1930's}
On the subject of media control, he stated, "Half a million dollars was spent, on one part of the propaganda, organized by those same European bankers, for the purpose of misleading public opinion, in regard to it.
Rep. McFadden continued, "Every effort has been made by the Federal Reserve Board to conceal its power, but the truth is, the Federal Reserve Board has usurped the Government of the United States. It controls everything, here, and it controls all 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 operates the Federal Reserve Board and the Federal Reserve banks. These evil-doers have robbed this country, of, more than enough, money to pay the national debt. What the Government has permitted the Federal Reserve Board to steal from the people should now be restored to the people.
"Our peoples money to the extent of $1,200,000,000 has, within the last few months, been shipped abroad, to redeem Federal Reserve Notes, and to pay other gambling debts, of the traitorous Federal Reserve Board and the Federal Reserve banks. The greater part of our monetary stock has been shipped to foreigners. Why should we promise to pay the debts of foreigners to foreigners? Why should our government be put into the position of supplying money to foreigners? Why should American farmers and wage earners add millions of foreigners to the number of their dependents? Why should the Federal Reserve Board and the Federal Reserve banks be permitted to finance our competitors in all parts of the world?" Rep. McFadden asked.
The Federal Reserve Act should be repealed ,and the Federal Reserve banks having violated their charters, should be liquidated immediately. Faithless government officers, who have violated their oaths, should be impeached and brought to trial", Rep. McFadden concluded (Reference 1, contains an entire chapter on Rep. McFadden speech).
If the media is unbiased, independent and completely thorough, why haven't they discussed the FED. Currently, half the States have at least a grass roots movement in action, to abolish the FED, but there's no press coverage. In July 1968, the House Banking Subcommittee reported that Rockefeller, through Chase Manhattan Bank, controlled 5.9 % of the stock in CBS.