Chapter X Some Examples Of Pyramiding Of Profits

from $33,360,000,000 to $108,500,000,000. This huge outpouring of dollars is the basic cause of the rise of prices in this period. There is more than three times as much money as before bidding for existing American goods. We, too in short, have debauched our currency. But government officials, instead of recognizing this inflation as the result of (Congress) their own (stupidity) policies (in turning over to private banks the power to create and control money), blame the businessmen. They start monopoly investigations and prosecutions which are thinly disguised attempts to put the blame for prices on business," (and keep the people from laying the blame on the bankers where it belongs). Parenthetic words are mine. The Author. Why don't all educated men bring their combined mental powers to the task of smoking the bankers out? Why didn't Hazlitt once mention the banker's sole responsibility for "debauching our money"? Why did the SEC, controlled by Morgan, fight so hard to keep Giannini's banks from reopening after all closed in 1933, only to have FDR and his new Deal advisers to give him the green light? Were Roosevelt and all of his many advisors wholly unaware of the banks' blame for the 1929 Panic and the complete breakdown of our economy? If they knew, why did FDR not recommend to Congress that it outlaw private banking, restore to itself the creation and control of money, and deny all banks permission to reopen? My son, Mark Adams, who was in Washington employed by the Government from 1935 until he volunteered in 1942 for Navy service, says they erred in this as in every other instance, in feeling they could outsmart the old regimers playing ,their own game, but the Morgan-Rockefeller-Giannini-duPont cabal, the riders of the four horses of the Apocalypse, War, Famine, Pestilence and Death, made monkeys of FDR and all his Don Quixotes. Mark relates this incident: "It was in the late thirties when best elements of the New Deal were already fighting a desperate battle against well-heeled attackers from the corporation fold. I attended a dinner over a little restaurant a few blocks from the capitol, where the Young Turks in Congress met once a week to talk over current