Section I. What Creature Is This? Chapter 1 The Journey to Jekyll Island Summary and Analysis

Summary

The primary idea given is that the Federal Reserve System has not worked as advertised. This system was roughed out in a secret meeting at Jekyll Island off the southern Atlantic coast in 1910. Since that time, more information about that meeting has come out, and now it is known that Paul Moritz Warburg was the mastermind behind the Federal Reserve System.

The banking system before the Federal Reserve System allowed banks to lend out more money than they held in deposits, up to ninety-nine percent loaned out with only one percent in deposits. This inevitably led to massive bank failures from two pressures. They were public runs on the banks and currency drains from other banks demanding payments...