The pre-New Deal (1930 – 1932) continues: Republican (fascist/socialist) President Hoover—without a constitutional amendment—signs the Glass-Steagall Banking Act of 1932, restricting the lending authority of the nation’s commercial banks; but also permitting the Federal Reserve (central bank) System to use Federal obligations (debt) as collateral for the issuance of its notes (Bills of Credit). This exacerbates the Great Depression by further reducing the nation’s money supply.
[restored 7/2/2022]
Subsequent Events:
Authority:
“Law of the Jungle”
ccc-2point0.com/preface
References:
Federal Reserve Act of 1932, 47 Public Statutes at Large 56 (1932).
Robert Higgs, Crisis and Leviathan: Critical Episodes in the Growth of American Government, (Oakland, California: The Independent Institute, 1987), 164.
Murray N. Rothbard, America’s Great Depression, fifth edition, (1963; Auburn, Alabama: Ludwig von Mises Institute, 2000), 266.
Glass – Steagall Act – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Glass-Steagall_Act
Articles About The Fed, The Treasury, And The Destruction Of The Dollar
www.marketskeptics.com/2015/10/carter-glasss-influence-on-twentieth.html
The Federal Reserve and you
endthefednc.wordpress.com/
U.S. Banking Timeline
www.libertyforlife.com/banking/currency-us-timeline.html
Current U.s. National Debt:
