New York City activist

November 1, 2007

Fractional reserve banking: A response to some of the hullabaloo

The banking system is certainly not above criticism. However, as I pointed out in a comment after my post on Chip Berlet and “conspiracism”, there are at least three reasons to be wary of some of the allegations about the Federal Reserve System that have been circulated widely in the 9/11 Truth movement:

  1. Many of the more inflammatory allegations originated in anti-Jewish propaganda. Although the people who repeat these allegations are not necessarily Jew-haters themselves, and although the anti-Jewish origin of a claim does not, in itself, prove the claim to be false, it is a good reason to be suspicious. At the very least, it’s a good reason to double-check the accuracy of the claim rather than repeat it uncritically. An example is the claim that the Federal Reserve System makes huge profits that go into the pockets of the owners of member banks, a claim I questioned in my post about Some of the rhetoric against the Federal Reserve System. I subsequently learned that one of the main sources for the more extreme claims about the Federal Reserve System is Eustace Mullins, a notorious Jew-hater.
  2. For more information, see:
    (more…)

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