Secrets of the Federal Reserve

In 1949, while I was visiting Ezra Pound who was a political prisoner at St. Elizabeth’s Hospital,
Washington, D.C. (a Federal institution for the insane), Dr. Pound asked me if I had ever heard of
the Federal Reserve System. I replied that I had not, as of the age of 25. He then showed me a ten
dollar bill marked “Federal Reserve Note” and asked me if I would do some research at the
Library of Congress on the Federal Reserve System which had issued this bill. Pound was unable
to go to the Library himself, as he was being held without trial as a political prisoner by the
United States government.

Franklin D. Roosevelt had personally ordered Pound’s indictment, spurred by the demands of
his three personal assistants, Harry Dexter White, Lauchlin Currie, and Alger Hiss, all of whom
were subsequently identified as being connected with Communist espionage.

I had no interest in money or banking as a subject, because I was working on a novel. Pound
offered to supplement my income by ten dollars a week for a few weeks. My initial research
revealed evidence of an international banking group which had secretly planned the writing of the
Federal Reserve Act and Congress’ enactment of the plan into law. These findings confirmed
what Pound had long suspected. He said, “You must work on it as a detective story.” I was
fortunate in having my research at the Library of Congress directed by a prominent scholar,
George Stimpson, founder of the National Press Club, who was described by The New York
Times of September 28, 1952: “Beloved by Washington newspapermen as ‘our walking Library
of Congress’, Mr. Stimpson was a highly regarded reference source in the Capitol. Government
officials, Congressmen and reporters went to him for information on any subject.”
I did research four hours each day at the Library of Congress, and went to St. Elizabeth’s Hospital
in the afternoon. Pound and I went over the previous day’s notes.  Read book

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