Transcript - The Creature from Jekyll Island

Author: G. Edward Griffin
Title: The Creature from Jekyll Island
Plot: An expose on the men who crafted the Federal Reserve in order to aggregate wealth into the hands of the few

Listen to "The Creature from Jekyll Island [27 Mins]" on Spreaker.


Due to the complex nature of his book, I have included a link to his website to enable you to followup with him yourself -> The Red Pill Expo Be advised, we are not affiliated in any way.

Full Transcript
Hey, welcome back!

Today I will be reviewing the Creature from Jekyl Island by G. Edward Griffin.
In a grand stroke of irony: this book is a monster! If for no other reason, you should buy it for self defense. Even if you don’t read the book, you can use it to club intruders. I assure you, one hit with this sucker would be a knockout punch!

The audience for this book is those interested in wealth creation, destruction, the federal reserve and financial self-defense.

If you haven’t heard my podcast entitled the Myth of a world without conspiracy, I suggest you check it out now. I created it as a primer for this study because this is so important.

Allow me to take just a moment to get your attention. If you're listening to this podcast, then you are probably familiar with the FDIC. The FDIC insures bank deposits of up to $100,000. Meaning that it gives savers confidence that even if the bank fails, the insurance fund guarantees they won’t lose their money.
Now if you think like a saver, this fills you with confidence. But lets think like a banker for a minute:

Banks make money on loans and investments and so this is like getting a cosigner for your gambling habit. As a banker, when you suddenly have the backing of the FDIC to guarantee your customer's deposits, this enables you to take riskier loans and investments. With less concern about remaining solvent. Because you know the government has your back.

And so while you might not believe in conspiracy theories, I would imagine you do believe in human nature.

There is some popular propaganda circulating today that any document labeled conspiracy theory is instantly wrong. And so I address that in the other podcast because it’s a complicated and long discussion full of proofs that reveal that conspiracies are actually a function of human nature. They will always exist so long as there is conflict. A conspiracy is one organization that agrees on method and approach with the aim of destroying or replacing another organization. 

Meaning our country gained it’s independence through a conspiracy. And there was a group of men and women called loyalists who formed another conspiracy dedicated to undermining that same independence. And since I can do this all day, I suggest you just check out that other podcast so that I can use this one to focus on the Creature from Jekyl Island.

Cover to cover: This is excellent writing! And so G. Edward Griffin has earned himself the coveted 6th Star!

So now let me tell you about the author:

He is a mythical creature with the head and wings of an eagle and the body of a lion. That was the definition of a Griffin.

G. Edward Griffin is an American author and filmmaker. He was born in Detroit, Michigan in November of 1931, and He earned his bachelor's degree from the University of Michigan in 1953. He was vice presidential running mate for George Wallace during his 1968 campaign.

Allow me to illustrate his good writing using the opening paragraph of the book this goes with section. I’ll read that to you now. Here we go:

What is the Federal Reserve System? He asks. The answer may surprise you. It is not federal and there are no reserves. Furthermore, the Federal Reserve Banks are not even banks. The key to this riddle is to be found, not at the beginning of the story, but in the middle. Since this is not a textbook, we are not confined to chronological structure. The subject matter is not a curriculum to be mastered, but a mystery to be solved. So let us start where the action is.

Now I love that introduction! It’s provocative, mysterious and when you’re staring into the jaws of a 600 page book, rather encouraging.

Chapter 1 opens with a secret meeting. The one held on Jekyll Island in Georgia and the inspiration for the book’s name. It was where the Federal Reserve was conceived. Not born, mind you, this is where we, the American public, were just screwed. The creature wouldn’t emerge for at least 9 more months. Those are my words not his, but I would like to think they reflect his message.

The purpose of this creature was to eliminate competition and transform a money cartel into a legitimate branch of government. Even though it’s not.

The story begins at the New Jersey railway station and G. Edward Griffin teases us with his most excellent writing. The writing is so good, it seems like it must be fiction. Because he even describes the bitter coldness of the night, the wind’s affect on the railcars. And how the cold, like evil, tends to infiltrate those places where it is least wanted.

He describes the sleeper cars: the chairs and mattresses being hard, the environment drab.

And then we come to the point. A luxury car loomed in the darkness; one that in every way was the opposite of all the others. Comfortable and cozy, beautiful and foreboding, the shades drawn, but the door open to anyone dressed like a wealthy banker. This car, this car without numbers had only one name inscribed on it: the name was Aldrich.

Senator Aldrich to be exact. Father-in-law to John D Rockefeller. Grandfather to Nelson Aldrich Rockefeller, who was Vice President of the United States.

The man, this senator, called a meeting, a secret one, and he gave its members special instructions. Use first names only; in public pretend you don’t know each other, avoid news reporters, keep your heads down and board the special car without being seen.

As a result even the porters and servants serving the special car did not know their real identities. And only after the train car’s passengers had boarded and taken their seats was it hitched to the rest of the train.

And in the instant that car was connected, the net worth of the train itself skyrocketed. Because the seven men on that one car represented one fourth the wealth of the entire world.

While I value my ability to take boring things and make them interesting. When I read writing like his, on a topic that would normally qualify as mind-numbing, I cannot help but be humbled by his skills. This man is a writer! A talented one! And it’s a shame he hasn’t written more. He’s also a researcher; an excellent one. And I’m in awe at how many documents he poured through to produce this book.

I would tell you I checked all of his references. But the truth is, there were so many, that instead I will comment that every reference that I did check was as described. I found his work to be objective, thoughtful, insightful and informative. I could use more adjectives, but you get the idea.

In the history of research and writing I have never seen a finer essay. I will let you know if I ever stumble across one, but G. Edward Griffin has set the bar high.

Chapter 1 begins with the artistically worded tale of the journey to Jekyl Island and it’s purpose. And G. Edward Griffin wastes no time in revealing the disparate sources that made that telling possible. And so our suspicion that this might be fiction was immediately dispelled because it quickly becomes clear:  G. Edward Griffin is a connector of dots. It would seem that each of the men involved in the secret meeting could not contain themselves, and so therefore the aggregate total of all their writings when combined together could rightly be  titled: the Creature from Jekyl Island.


The men themselves did not hesitate to use the word conspiracy. Frank Vanderlip commented that if the sum total of the names of all seven member conspirators were to be taken together and published. The Federal Reserve system that they devised would immediately be killed by Congress.

G. Edward Griffin then explains that a cartel is a shared monopoly. Since all the players are big they have two choices: fight or join forces. If they fight they could wipe themselves out, but if they were to join forces, they can name their own price and get it. And so these men, these seven men entered into a contract that they convinced congress to pass, and it would be used to not only police each other, but also to leverage the power of government to destroy their would-be competition free of charge.

And then G. Edward Griffin does something magical. He gives us context. He explains the reason that these seven bankers came together:

In 1910 the number of banks in the US had doubled to over 20,000 in just a ten year span of time. The banking industry was booming. And like car dealerships, these suckers were springing up everywhere. And that created competition. How would you feel if ten years ago you owned an entire industry and then ten years later, you only owned half of it? These are my words not his, but it puts it in perspective. And this part should really surprise you: those banks, all of them, were authorized to issue their own currencies. And they were. Can you imagine the nerve? It was their constitutional right to issue bank notes and they were doing it? The hubris of these business owners! Something had to be done. Or these men who had a combined total of 25% of the world’s money now, might only have a 10% in ten years. So they asked themselves the question: how can we stop our share from shrinking? And make it grow? And how can we avoid footing the bill for this? Can we lay the cost at the foot of the people? Particularly if we place bad bets we need them to cover?

But the problem was even worse than that. Businesses were becoming their own bankers. Meaning these men, these seven important men, were becoming less significant. Even the government was throwing off the shackles of debt and becoming profitable. Like drug dealers, bankers don't actually want to be repaid, they want permanent customers. They didn’t want to kill the goose that lays golden eggs, they want that goose cranking out the eggs. They just wanted to ensure that goose works for them.

This business of not needing bankers, particularly these seven men, was unacceptable. They needed to change the mindset from saving to borrowing. They wanted to make it unprofitable and undesirable to save. Because the product that they sell is debt. And sales were deteriorating. That was a trend that just had to be stopped. And so, in their minds, this relationship between gold and money had to be destroyed. Because using gold for money made other people rich.

And then he explains vital concepts like how a run on the banks can happen, and just what is a currency drain?

The way banks make money is through interest and the way it collects interest is through loans. And so the product that banks are sell is loans.

If the bank doesn’t sell loans, it can’t safeguard the money and pay its employees. Meaning that every customer of the bank costs them money unless they’re servicing a loan.

And so if you’re a saver and not a borrower. If your account does nothing but grow in size, they hate you. Because to them your just an expense. You’re like the guy who goes to a sale and eats the free donuts and drinks the free coffee and leaves without buying anything.

This new federal reserve creature wasn’t exclusively bad. For example, it would reduce runs on the banks. Meaning that with 20,000 independent banks. If one played fast and loose with the cash and a depositor was unable to withdraw money for any reason, then word would spread. And everyone with money in banks would rush to withdraw anything they could from the bank (any and all banks). And since this would effect all banks, not just the bad one, it was disruptive. And when everyone wants their money back, it’s impossible to comply because they a bunch of that money away.

Therefore, with a federal reserve system, none of the member banks can collapse because, by being a member they effectively joined and pay dues to the cartel. Meaning the entire system either sinks or swims together. No one bank collapses, but if a collapse were to occur, it would be the entire system. And if that were to happen, they’d just blame the economy. It wasn't our fault. It was factors beyond our control.

By standing together, whatever explanation they decide to give, will be believed by the masses. So the explanation could be a currency collapse, a bad economy, y2k, whatever they agree on, because the decision and the communication comes down from the top.

And the stop gap for this system, if it were to collapse would be to bail out the banks using taxpayer money. Since it was a bad economy, and we need our banks, we are forced to bail them out. Such is life! Or so we’re told. Even though the problem isn’t the economy, it’s with how they run their business.

If I open a bank today and tomorrow I have one customer who deposits one hundred bucks it would be perfectly legitimate and even normal for me to loan out $900 in funny money. Meaning the money doesn’t exist. I am using the $100 deposit hoping and praying my customer doesn’t come to collect. I know that sounds crazy, but that is how the system works. It’s a legal pyramid scheme. The thinking is that if I have 10,000 accounts I will always have sufficient deposits to cover withdrawals. And if I don’t and I’m a member of the FDIC, I just return the deposit on credit and borrow the money from the fed to cover my losses.

Ah, meaning that the seven rich men who started the system who make money through loans are now making money, by loaning it to banks. Making them the banker of banks.

If you are a regular listener, then you know I often quote the Bible. And based on what you’ve heard so far, it should be no surprise for you to hear that God frowns on usury, which means the practice of loaning money at interest. He has no shortage of admonitions for those who do it, meaning our banking system is based on a foundation that God himself opposes. What could possibly go wrong?

One year after the Federal Reserve Bank was established and the damage was done, Aldrich himself was quoted having said, “Before the passage of this act, the new york bankers could only dominate the reserves of new York. Now we are able to dominate the bank reserves of the entire country.”

Ladies and Gentlemen this is only chapter one of G. Edward Griffin’s book. And I have yet to state the most damming argument that he makes in this chapter. He comments that any institution incapable of achieving its stated objectives should not be preserved. And yet the taxpayers continue to preserve the Federal Reserve after catastrophic and horrific failures to meet its stated objective. These include but are not limited to the crashes of 1921, 1929, the ensuing Great depression, the crash of 39 and the recessions of 53, 57, 69, 75 and 81. the crashes of 87 and 2000. And the over 1000% currency loss since the institution was created. In 1910 you could buy a soda for one penny and now they cost $1.50. And now I'll state in my words that’s not my definition of success that’s my definition of sucking ass.

And so G. Edward Griffin comes to the point. He says the reason the Federal Reserve has never met its stated objectives it's because they never were its objectives.

And so here I’ll quote him, because I couldn't possibly say it any better:

“There is no doubt that those who run the fed are motivated to maintain full employment, high productivity, low inflation, and a generally sound economy. They are not interested in killing the goose that lays such beautiful golden eggs. But, when there is a conflict between the public interest and the private needs of the cartel — a conflict that arises almost daily — the public will be sacrificed. That is the nature of the beast. It is foolish to expect that a cartel would act in any other way.”

For those of you who thought chapter 1 was good, chapter 2 is great. It's particularly practical for those who want to borrow money and later go in over their head. It explains how and why the bank will work with you explaining even the order of the solutions they will suggest.

And so while the executives raid the treasury, the company gets in serious trouble. What happens next?

And then Chapter 3 explains a series of scenarios so ridiculous, that it reveals that the incentive is to misbehave. Allow me to illustrate using the real-life scenario that he described. Meaning this actually happened when COMRAIL got in trouble and Amtrak was spun off as a result. And so though I describe a real scenario, I will do it in generic way, because this has happened repeatedly. It's a model a template. Here we go. Now remember I'm not quoting, I'm restating in my own words:

The incentive is for companies to rise to prominence in such a way that they serve the American public and especially for that service to become viewed as indispensable, to the country at large, like railroads for example. And of course the incentive to arrive at that status is obvious: there's a lot of people in America. A growing company means growing income and so we naturally go after that. But after it plateaus, an appetite has developed for expensive tastes and greed. Inevitably the company's executives realize they have something more valuable than money: leverage. Meaning that now being viewed as indispensable, it unofficially has government backing. So that if the managers of that company decide to stop working hard, and to instead reap and even ravage the company to their own benefit, they have every incentive to do so. Because whether they meant to arrive in this position or not, upon getting there, they recognize that terrible misbehavior won’t result in bankruptcy, it will result in bailouts. But really this is just the beginning of the shmorgasbord extravaganza. The executives give themselves big salaries, big bonuses, throw extravagant parties, celebrate and they borrow money they have little intention of ever repaying or using for real growth. And so while the executives raid the treasury, the company gets in serious trouble. What happens next?

When the company can no longer repay the banks the bankers get involved. And because it now needs oversight to ensure it can repay its loans, they join the board of directors and start managing the company. But they’re bankers and the way banks get paid is through loans. And so in the name of saving the company they grant massive loans to it with little or no scrutiny because of that leverage I mentioned earlier. They're bankers, they better than anyone, understand leverage. They know if the problem becomes serious enough and given that the company provides a vital public service, congress will step in and guarantee the loans with taxpayer money. So the incentive isn’t to fix the problem it’s to get rich while they turn this railroad company into a train wreck. Thereby ensuring that these dangerous loans with high interest rates for ridiculous sums of money will get repaid to the bank by the taxpayers. Meaning the incentive for the board directors is to misbehave, because actually saving the company won’t be nearly as profitable and it will be much harder work. But really the bankers get three benefits from this arrangement. First was lots of loans with massive payments. But if they’re smart, they’ll use the money to drive the stock price up under the pretext that they're saving the company. Meaning they buy stock for themselves, declare a dividend to go to stockholders, give the company massive loans which will drive the stock price up, and then when the American public sees signs of health in the stock price and the dividends, they’ll start buying the stock. Transferring, the company’s terrible balance sheet from the bankers to the people. And then being privy to inside information because they’re on the board, they sell the stock for as much as they can get while Americans are snapping it up.

This becomes a numbers game. Transferring borrowed money from one account to another to make the company look healthy and give the employees and investors the perception that all is well and even improving.

While the excitement and exuberance prevails the bankers unload their shares at inflated prices thus transferring the companies’ debt to the Americans, to the shareholders.

Creditors always get repaid before investors and so the loans are guaranteed, the board members are rich, no real improvement in infrastructure or health ever acutally occurred. And so now with massive loans and a declining stock price, congress gets involved. Because remember, this company has become a vital part of America’s infrastructure. We can’t let it die! We have to save it! Furthermore people might be fired or laid off and so we have the citizens to consider. So the Fed opens the discount window to the banks and the banks are encouraged to give the company more loans. But they won’t, not without the guarantee that if the company fails, the taxpayer meaning the government has cosigned the loan and will repay the banks every cent.

Eventually the government steps in declaring this company’s future is guaranteed by the full faith and credit of the American government. Which is the signal to the bankers to write as many loans as they like because they’re gauranteed to be repaid by the people.

Chapter 3 is full of examples of companies that were bailed out in the face of these shenanigans. Now you might ask where is the public outrage? Well part of the problem is the public doesn’t know where their tax money goes. And so they don't realize how much of their own money they could keep, if they weren’t paying people to misbehave.

However, there is another trick and even more misbehaving that goes on. In the case of Lockheed Martin who received such a bailout, being the national defense contractor they are, the government did two things: after guaranteeing loans, they awarded all their contracts to Lockheed Martin at the expense of companies who had not misbehaved. I shouldn't say all, but most. And after sending all the business to Lockheed, they then increased defense spending so that Lockheed could repay the loans, and this enabled the government to extend a loan through the Fed, which means the fed printed money and created inflation, which costs us money. And then they took taxpayer money to then buy things from the dying company that they loaned the money to. Presumably this explains the mystery of $400 hammers and $1,000 toilet seats. And so if you’re paying attention that's a triple. First the company misbehaves and gets to keep the money they wasted only to be rewarded with loans. The loans are extravagant and guaranteed by the taxpayer, who then after guaranteeing the loan, is forced to buy products from the company at inflated prices through the government, so the company can repay the loan. If the company misbehaves further, wasting larger sums of money, this process continues. And so instead of offering a product or service, the company makes money through corruption and extortion.

This is a win-win scenario where every shady person gets rewarded for being shady. The executives can drive the company into the dirt. The bankers can swoop into save it by writing ridiculous loans; they can artificially inflate the stock price and then dump the shares on the citizens; the stock can then tank the company gets in trouble, the government swoops into save it by printing money and then awarding them contracts. And when the money is repaid and the company looks viable, the politicians and the bankers can high five each other and declare victory all without changing the conditions in the company whatsoever. In fact, in the case of Unity Bank — a bank that was bailed out. An audit revealed that there were two people for every position and neither of them had received training for their job.

Everybody got rich, the company remained a dog, the American people took a bath in the stock market and got a tax hike they can’t explain or understand. The workers kept their mouth shut because they kept their jobs. Victory was declared and no one had to do any real work. That’s a helluva thing!

While it’s true that a company must work to get to this size. After it arrives there, it eventually learns it can do no wrong. A savior will come along to bail it out despite the level of corruption that ensues. Issuing blank checks to those who know how the game is played.

All of this corruption is a bi-product of a system that was conceived and established in the dark on a secret island by the richest men in the world.

G. Edward Griffin leaves no stone unturned in his book. Explaining the inexplicable. Things like why America would make massive loans to foreign countries with terrible credit. Countries who could never repay these loans.

In the 80’s I remember staring at the TV in disbelief wondering why bankers who graduated from college made worse financial decisions than I did when I was working at McDonald’s and failing high school Geometry.

He explained the mortgage boom that happened where banks were loaning people more money than homes were worth. Giving them home repair budgets that could be used without oversight or restriction.

He even describes the world’s first electronic currency run that you never heard about. Where customers walked calmly and peacefully throughout their insolvent bank depositing and withdrawing money and requesting loans, while bank tellers were huddled around a computer screen watching their companies wealth plummet right before their very eyes in the backroom.

It would seem that our country has perfected a method for acquiring and divesting insolvent banks without our knowledge. Today your bank is called Secure Financial Bank & Trust and tomorrow it’s called Very Secure Financial Bank & Trust and what you don’t know is that it was acquired by another bank to save your deposits.

While we can be grateful our deposits weren’t lost, what we fail to notice is that the federal reserve system that was implemented in the early 1900s is doing exactly what it was created to do: it’s causing large banks to swallow small ones, destroying competition, strengthening the cartel money monopoly and amassing outrageous profits at our expense by placing massive bets that decimate banks and aggregate prophets in the hands of the top seven bankers in the world. And all of this is guaranteed by the taxpayer.

Now G. Edward Griffin is a much smarter man than I am. I did my best to restate what I think I learned from his book and in only just the first three chapters, by the way. But I must confess I fear I got some details wrong. So find the book, buy the book, read and re-read and re-read again the book and pray for understanding. Because this is a lot of information to take in. But it is outstanding work. All of the references I checked were correct. They were as described. And his attention to detail is mind numbing.

G. Edward Griffin runs a Red Pill Expo twice yearly, where you can find him and ask him to explain his book himself. If you should need to. So for your convenience, I’ve placed a link in the details of this podcast so that you can find his website and take it from there yourself.

As Always, thank you for listening...


Have a brilliant week! And y'all come back now! Ya hear?



Podcasts mentioned in this episode


Author: The Book Matrix
Title: The Myth of a World Without Conspiracy
Plot: A proof that conspiracies are so natural they may occur without conscious intention. So long as conflict exists, there will always be conspiracy. Meaning that the popular link between conspiracy and crazy is illegitimate.

Listen to "The Myth of a World Without Conspiracy [15 Mins]" on Spreaker.


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