FRONTS FOR INTERNATIONAL BANKING CARTEL
“Synarchy...is ‘government by secret societies’,
or by a group of initiates who operate from behind the scenes.
It is an analogue of ‘theocracy’, or rule by a priesthood.”
~ Marquis Alexandre Saint-Yves d’Alveydre
THE FINANCIAL VAMPIRES
“We shall surround our government with a whole world of economists. That is the reason why economic sciences form the principal subject of the teaching given to the Jews. Around us again will be a whole constellation of bankers, industrialists, capitalists and – the main thing – millionaires, because in substance everything will be settled by the question of figures.” (Protocol 8.2)
GAYLORD FREEMAN OF FIRST CHICAGO BANK
THE EISENHOWER ADMINISTRATION
THE KENNEDY ADMINISTRATION
THE JOHNSON ADMINISTRATION
THE NIXON ADMINISTRATION
THE CARTER ADMINISTRATION / PAUL VOLCKER
“There is a new breed of creatures roving the land today; they no longer drain all of the lifeblood from their victims. They leave just enough for the host to remain alive and capable of producing more, until he eventually succumbs. The new breed does not seek out the blood that sustains physical life; instead, they desire the monetary and financial life of their victims – the insatiable lust for power, the excessive greed that wealth begets. They worship at the altar of Lucre – and he at the altar of another. The creatures drain away the life of their victims by extracting from them all of their private property, wealth, and well being – by taking the money power from them and using it against them. The money power resides with an elite group of collectivists who manage and control our monetary system, as well as the police power of the State that enforces its will. This unholy system transfers wealth from the people to those in control of the system: the elite moneychangers.” (“Vampires of the New World Order”)
GAYLORD FREEMAN (1910-1991) OF FIRST CHICAGO BANK
In his expose, Freemasonry and Judaism: The Secret Powers Behind Revolution, Leon de Poncins stated that the headquarters of B’nai B’rith is in Chicago, and that all of the U.S. Presidents must first be approved by B’nai B’rith.
“At the present time Jews and freemasons are working in collaboration throughout the whole world for the triumph of the universal revolution. The high masonic posts are for the most part held by Jews in various countries. There are lodges which are exclusively Jewish such as the notorious masonic order of Bnai Brith whose headquarters is in Chicago.” (Poncins, p. 100)
“The order of Bnai-Brith is an order of international Freemasonry reserved exclusively for Jews... It was founded in New York in 1813 but at present its headquarters are at Chicago. It divides the world into 11 districts of which 7 are in the United States. The number of its lodges is about 500 with nearly a hundred thousand adherents. The four members of its executive committee who do not live in the United States are respectively at Berlin, Vienna, Bucharest and Constantinople...
“Nobody has cast doubt on the importance of the Bnai-Brith. When in 1909 the United States Government denounced the Commercial Treaty with Russia, President Taft, putting the interests of his country before Jewish interests at first resolutely opposed this rupture, but without success for he was speedily vanquished. In order to show clearly that this sacrifice was mainly due to the Bnai-Brith the President presented it with the pen which had served to notify Russia of the denunciation of the treaty. There is moreover no candidate for the Presidency of the great American Republic who does not court the friendship of this order.
“According to well-informed sources, there is in the B’nai B’rith a super-position of secret societies ending in a single governing power. Above the B’nai B’rith are the B’nai Moshe, then the B’nai Zion, and finally the hidden center of supreme command. I can only mention it without proof.” (Poncins, pp. 215-216)
The “hidden center of supreme command” is the Prieuré de Sion in Paris. According to The Top 13 Illuminati Bloodlines,
“In 1963...Gaylord Freeman, helped by Antonio Merzagora and Pierre Plantard de Saint-Claire, governed the [Prieuré de Sion]. In 1981 Pierre Plantard took over as Grand Master.” (p. 81) [See Part I]
During this period of time, Gaylord Freeman was also Vice Chairman of the First National Bank of Chicago (1962-1969) and Chairman and Chief Executive of First Chicago Bank and its parent company, First Chicago Corporation (1969-81).
“First Chicago Corporation is a multi-bank holding company offering corporate and institutional banking, consumer banking and middle market banking through it’s United States offices and international facilities. The company also owns the stock of various non-bank companies involved in business relating to banking and finance including venture capital and leasing subsidiaries. The company's foreign operations are located in Canada, Europe, the Middle East, Africa and the Asia-Pacific Regions.” (Business.com)
The fact that a Grand Master of the Prieuré de Sion was also the CEO of a major banking cartel headquartered in the United States and an advisor to the U.S. government reveals that the Prieuré de Sion is no mere secret society in France. Its power and influence “extend...beyond France...into the world of international high finance.”
“Plantard’s two companions in the triumvirate named in Bonne Soiree—later confirmed to Baigent, Leigh, and Lincoln by Plantard himself—for the first time extended the story beyond France and also into the world of international high finance.
“Presumably Antonion Merzagora was the Italian banker, an associate of the eminent industrialist Agostino Rocca (1895-1978, who was credited with creating the Italian steel industry in the 1930s and was head of the nationalized steel industry during the Second World War). But the alleged involvement of Gaylord Freeman (1910-1991) implied that the Priory’s influence extended even further afield. An extremely important and influential American banker and financier, he was most notably associated with the First National Bank of Chicago, of which he was Chairman between 1969 and 1975... Freeman was also an advisor on the economy to the U.S. government, for example chairing a presidential task force on inflation during the Carter administration.” (Lynn Picknett and Clive Prince, The Sion Revelation, pp. 258-260)
Gaylord Freeman was also an influential spokesman for business on national and international monetary affairs. (Gaylord Freeman of First Chicago, p. 8)
“John Drick, A. Robert Abboud, and Gaylord Freeman were three members of the Prieuré de Sion that were associated with the First National Bank of Chicago... The Guardian Royal Exchange Assurance (the Guardian Assurance) in London where P.J. Freeman worked had shared a building with the First National Bank of Chicago which had Gaylord Freeman as chairman of the board of directors. In other words, the two businesses and the two Freemans all connected it seems to the Prieuré de Sion, and then by other inferences all connected back to the hierarchy.” (Top 13 Illuminati Bloodlines, p. 89)
PHOTO: “Robert Abboud, Chauncy E. Schmidt and Richard L. Thomas (from l.),
the ‘young tigers’ of The First National Bank of Chicago, 1974.”
(Gaylord Freeman of First Chicago, p. 255)
First Chicago Corporation/The First National Bank of Chicago
Board of Directors
October 6, 1975
A. Robert AbboudDeputy Chairman of the Board(...)Thomas G. AyersChairman and President Commonwealth Edison Company(...)John E. DrickChairman of the Executive Committee(...)Gaylord FreemanChairman of the Board(…)Source: Gaylord Freeman of First Chicago, 1975, p. 11.
John Drick who was Chairman of the Executive Committee of First National Bank of Chicago also served as Grand Master of the Prieuré de Sion circa 1969. “...from the most recently published version of the Priory’s succession of Grand Masters, it seems Drick filled the gap between Cocteau and Plantard.” (The Sion Revelation, p. 267)
Vaincre No. 3, September 1989, page 22
The Grand Masters of the PRIORY OF SION:
Although relatively unknown, the First National Bank of Chicago is one of the powerful banks behind the Trilateral Commission. Rockefeller’s Chase Manhattan Bank holds a controlling interest in First Chicago:
“…Chase Manhattan, Continental Illinois, and First Chicago, the power houses behind Trilateralism, all pay far lower [tax] rates. In fact, Chase Manhattan Bank paid no U.S. taxes at all in 1976.” (Antony Sutton, Tri Laterals Over America (1995)
“Well, a listing of controlling ownership in these major oil and gas companies by banks – by Trilateral Commissioners – is listed as Manufacturer’s Hanover, Chase Bank, Wells Fargo Bank, First National Bank of Chicago, and First Continental of Illinois. And these all supposedly are of Trilateral representation…
“Sutton: No, what about the First Bank of Chicago? [First Chicago Corp.]… [Ed: Robert Stephen Ingersoll before joining the Washington ‘revolving door’ was a director of the First National Bank of Chicago, a subsidiary of First Chicago Corp. The largest single shareholder in First Chicago is David Rockefeller’s Chase Manhattan Bank.” (Sutton, How to Understand Globalization)
Wall Street Journal, July 6, 1981: “The prime rate was raised to 21½ % from 20 % by Chase Manhattan and First National Bank of Chicago. The main reason was said to be ‘upward pressure’ on short term rates.”
Clearly, First National Bank of Chicago was not your average local bank. First Chicago shared offices with the Guardian Royal Exchange Assurance located in London’s financial center, which is the banking center of the world.
“In January (the seventeenth, of course) 1984, the Priory circulated a mise en garde—warning—to its (supposed) membership, informing them about the Grand Master’s action against Chaumeil and warning them against any dealings with the latter… Clearly this originated with Plantard… It was signed not just by Pierre Plantard (curiously not de Saint-Clair) but by three others: Gaylord Freeman, John E. Drick, and A. Robert Abboud. Freeman we already know, and from the most recently published version of the Priory’s succession of Grand Masters, it seems Drick filled the gap between Cocteau and Plantard. Alfred Robert Abboud (born in Boston of a Lebonese immigrant father) followed Freeman as Chief Executive of the First National Bank of Chicago, and John Edward Drick was one of its executives for over forty years, until his retirement in 1977. Yet again, why their names were circulated on ‘official’ Priory documents that would inevitably be published and would prompt researchers such as Baigent, Leigh, and Lincoln to contact the men, is a mystery… And as Freeman and Abboud were alive when the mise en garde was circulated—and Abboud still is—what on earth convinced Plantard that he could use their names with impunity? (Just for good measure, until early 1983, when all this material started to circulate, the First National Bank of Chicago and Guardian Royal Exchange Assurance shared the same London offices.)” (The Sion Revelation, p. 267)
“The Royal Exchange in the City of London was founded in 1565 by Sir Thomas Gresham to act as a centre of commerce for the city.” (Wikipedia)
“London is the banking centre of the world and Europe’s main business centre. The headquarters of more than 100 of Europe’s 500 largest companies are in London. A quarter of the of the world’s largest financial companies have their European headquarters in London too. The London foreign exchange market is the largest in the world, with an average daily turnover of $504 billion, more than the New York and Tokyo combined.” (London.gov.uk)
First National Bank of Chicago and its parent, First Chicago Corp. also collaborated with British Intelligence, MI6, via First Chicago Bank’s liaison with Guardian Royal Exchange Assurance. The latter was bought by the largest insurance company in the world, AXA, which is located in Paris.
“Britain’s Secret Service Bureau was officially designated Military Intelligence (Department 6)...
“In 1922, MI6 severed itself from the Secret Service Bureau and became an autonomous entity in its own right. ...the agency was renamed SIS (Secret Intelligence Service). At this time SIS became divided and sub-divided into any number of compartmentalized departments. In 1940, for example, the Special Operations Executive (SOE) was formed largely out of SIS department ‘D’. It, too, soon became an intelligence agency in its own right. Indeed, during the Second World War, SOE quickly evolved into a new species of intelligence agency entirely – a species more concerned with the ‘international agenda’ than the national one; more the ‘corporate agenda’ than the democratic one. Its highest ranking members, for example, were drawn not so much from the military as the corporate and financial world, in particular from the boards of well-known banking, shipping, publishing and insurance companies – most notably Guardian Assurance (later Guardian Royal Exchange Group, and more recently bought by the French insurance group AXA) with specific connections to the First National Bank of Chicago and its parent company, the First Chicago Corporation. Plus a host of other major-league companies and corporations.” (Princess Diana: The Hidden Evidence, Foreward by HRH Prince Michael of Albany, p. 95)
“AXA (Euronext: CS, NYSE: AXA) is a French global insurance companies group headquartered in Paris. AXA is not the name of a single company but a group of companies independently organized and operated according to the regulations of many different countries.” (Wikipedia)
The goal of MI6 operations was to establish a European Union controlled by multinational corporations, which would naturally involve the infiltration and takeover of the governments of the sovereign nations of Europe. To accomplish this, the MI6 collaborated with banking and financial institutions, such as Gaylord Freeman’s First Chicago Bank and Guardian Royal Exchange Assurance, along with other intelligence operations such as the CIA.
“At the same time its ambitions included the formation of a corporately controlled United States of Europe... To add to this, high-ranking SOE members would, together with other interested parties, in particular the CIA, coordinate the setting up of various pro-European lobby groups following the end of WWII. Via their personal connections in the world of banking and corporate finance, untold funds would be generated in support of these groups.” (Princess Diana: The Hidden Evidence, Foreward by HRH Prince Michael of Albany, p. 95)
“In fact, the idea of a United States of Europe recurs repeatedly in the pages of Vaincre [a resistance journal of the secret society Alpha Galates published between 1941-43 by Pierre Plantard, future head of the Prieuré de Sion]. Along with the idea of a new European chivalry, it is one of the journal’s most dominant themes. In the first issue, for example, there is an illustration of a knight on horseback riding down a road towards a rising sun on the horizon. The ribbon of the road is labeled ‘United States of the West’. The beginning of the road is demarcated by the year 1937. The rising sun at the end of the road is inscribed with the year 1946. One side of the road is labeled Brittany [France], the other Bavaria [Germany].” (Vaincre, 21 Sept. 1942, Issue #1, p. 3)
First National Bank of Chicago is also a member bank of the Bank for International Settlements in Basel, Switzerland. The all-powerful BIS directs the central banks of member nations. Within the BIS, First National Bank of Chicago, along with J.P. Morgan and First Bank of New York (now Citicorp) exercises the voting rights of a central bank.
are, though, that you’ve never even heard of what is arguably the most powerful
financial institution on earth, the Bank for International Settlements (BIS)...
The founders were the central banks of Belgium, France, Germany, Italy, Japan
and the U.K., all of which got an identical number of shares. The U.S. Federal
Reserve was not an original shareholder; however, three American banks (J. P.
Morgan, First Bank of New York, First Bank of Chicago) each got the same
number, giving the U.S. three times the voting power from the outset.” (“The
Most Powerful Bank You Have Never Heard Of”)
Gaylord Freeman of First Chicago is a collection of Freeman’s speeches and letters, published in 1975. In a 1975 speech given at the International Conference on World Economic Stabilization, Gaylord Freeman identified several international banking and finance luminaries of Chicago.
“...Chicago boasts a large group of thoroughly professional students of international finance... I cannot close without mentioning a few other notables. Important as is our port, Professors Milton Friedman, George Stigler and Harry Johnson have proved to have had even more significant influence on international trade and finance. You all remember David Kennedy and later George Shultz as Chicago’s contributions to the Treasury. Kenneth Dam, another Chicagoan who is a participant in this conference, served in The White House as deputy economic counselor to the President. Bob Ingersoll, another citizen of whom we are proud, currently serves as deputy Secretary of State, and Don Rumsfeld is President Ford’s right arm.” (Gaylord Freeman of First Chicago, pp. 326-327)
In her book, Trilateralism: the Trilateral Commission and Elite Planning for World Management, Holly Sklar identified other officers of the First National Bank of Chicago and their roles in planning the New World Order. Lee Morgan, a director of First National Bank of Chicago and First Chicago Corp., was also a member of the Council on Foreign Relations and the Trilateral Commission. Peter G. Peterson, a director of First National Bank of Chicago/First Chicago Corp., was/is a Trilateral Commissioner, Chairman of the CFR and was Chairman of the Federal Reserve of New York from 2000 to 2004. Peterson would later recruit Timothy F. Geithner as President of the NY Fed. The abovementioned Robert Ingersoll was also a director of the First National Bank of Chicago/First Chicago Corp., a member of the TR and CFR and deputy Secretary of State under Gerald Ford. (Trilateralism, Who’s Who?, p. 99)
THE EISENHOWER ADMINISTRATION
“It has often been said if you want to know who really runs things, look at a man’s advisors. Now check this out, Gaylord Freeman never ran for any major political office—and the voting process is supposedly to get men who know what they are doing into office, and yet if you read the N.Y. Times biography you will read ‘Mr. Freeman...was frequently called on by Washington for advice and assistance.’ Yes, Presidents and Congressman called Gaylord Freeman for advice (instructions might be a better term), and yet most of us haven’t even heard of the man!” (Top 13 Illuminati Bloodlines: The Freeman Bloodline)
Gaylord Freeman was active in several U.S. administrations and committees appointed by Congress to revamp the U.S. monetary and financial system and international trade as well as the housing and health industries. In the Eisenhower administration, Gaylord Freeman was assistant to the Secretary of the Treasury:
“Over the years, Mr. Freeman served on Presidential commissions on matters of housing, health, manpower, international trade, investment policy, productivity and the quality of life. In 1957 he was appointed an assistant to the Secretary of the Treasury and for two decades after that he served on various Treasury committees.” (New York Times, March 8, 1991)
In 1948, a business-led public policy organization, the Committee for Economic Development, recommended “a thorough and objective study of the U.S. monetary and financial system... Two years later, in 1950, the Douglas subcommittee of the Joint Committee on the Economic Report recommended a ‘thorough and complete study of the monetary and credit system and policies of the United States.’ In 1955, Allan Sproul, then the president of the Federal Reserve Bank of New York, suggested ‘a renaissance in the study of money and banking in general and of central banking in particular.’” (Gaylord Freeman of First Chicago, pp. 335-36)
Under President Dwight D. Eisenhower, Gaylord Freeman and the banking cartel wielded power at the highest levels of the U.S. government. In the following excerpt from Gaylord Freeman of First Chicago, Mr. Freeman described how the U.S. banking establishment inserted the central bankers into the Congressional decision-making and legislative process, prevailing against the better judgment of many Congressmen.
“What I believe was the first modern suggestion for a thorough and objective study of the U.S. monetary and financial system was that made, almost 13 years ago, in 1948, by the Committee for Economic Development (C.E.D.). Two years later, in 1950, the Douglas Committee of the Joint Committee on the Economic Report recommended a ‘thorough and complete study of the monetary and credit system and policies of the United States.’ ...There was no immediate result of these suggestions, but in December of 1955, Allan Sproul, then the president of the Federal Reserve Bank of New York, suggested, ‘a renaissance in the study of money and banking in general and of central banking in particular.’...
“The Administration at the time was Republican, but both the Senate and the House were Democratic, and the Democrats were concerned that if the President were allowed to appoint a commission, he would choose men of his own philosophy—even including bankers. Representative Spence, the chairman of the House Banking and Currency Committee, said this would be most inappropriate as ‘those who have a direct interest in the result (bankers) should not be permitted to sit on the investigative committee.’ Representative Wright Patman went further when he stated...that ‘We reject the view that the highest and best judgment in this field is that of the experts. On a matter which affects the welfare of every citizen—affects the whole economy of the United States—I say the highest and best judgment is the congressional judgment, rather than expert judgment. It is representative of, and similar to, public judgment...
“...it looked as though the investigation would be given to a subcommittee of the House Committee on Banking and Currency... chaired by Congressman Patman. This would so clearly have been ‘a war of nerves against the financial world’, as one congressman said, that 38 Democrats...joined with Republicans to defeat the proposal.
“In the resulting confusion Senator Harry Byrd stepped in and announced the Senate Finance Committee had unanimously determined that it would assume responsibility for an investigation and make a complete study of the financial condition of the United States, including ‘(1) the revenues, bonded indebtedness, and interest rates on all public obligations, including contingent liabilities, (2) policies and procedures employed in the management of the public debt and the effect thereof upon credit, interest rates, and the nation’s economy and welfare and (3) factors which influence the availability and distribution of credit and the interest rates thereon as they may apply to public and private debt.’ It was my good fortune to participate in this study during the summer of 1957 as a consultant to Secretary of the Treasury George Humphrey...
“Even during the Senate Finance Committee’s ‘study’, the White House quietly expressed the hope that after the Senate had finished, some independent nonpolitical group would assume responsibility for a serious investigation. The C.E.D. responded and on November 21, 1957, announced plans for the creation of a committee to be selected from a wide sector of the society and on the basis of the members’ reputation for competence and objectivity...
“...In May of 1958, the C.E.D. announced the creation of the Commission on Money and Credit... This distinguished commission was composed of the following members: ...David Rockefeller, vice chairman, board of directors, Chase Manhattan Bank; Beardsley Ruml, New York, New York;...
“[In] 1960... Beardsley Ruml passed away and I was appointed to succeed him... ” (Gaylord Freeman of First Chicago, pp. 335-39)
THE KENNEDY ADMINISTRATION
Gaylord Freeman’s powerful influence in the economic policy and decision-making process continued in the Kennedy Administration:
“...After the Kennedy Administration was installed...
“An advisory committee of ‘social scientists’ was designated to work with the commission and was composed of the following: Lester V. Chandler, professor of economics, Princeton University, Gerhard Colm, director of research, National Planning Association; Gaylord Freeman, president, The First National Bank of Chicago, Neil Jacoby, dean, School of Business Administration, University of California, Richard A. Musgrave, professor of economics, University of Michigan; Richard Newstadt, professor of political science, Columbia University; Paul A Samuelson, professor of economics, M.I.T.; Edward S. Shaw, professor of economics, Stanford University; Sumner H. Schlicter, Lamont Professor, Harvard University. Alan H. Temple, vice chairman, The First National City Bank of New York, and Jacob Viner, professor of economics, Princeton University. Of these, Sumner Schlichter has passed away and I have gone from the board to the commission.” (Gaylord Freeman of First Chicago, pp. 339-340)
PHOTO: President Kennedy & Gaylord Freeman 1962
“Gaylord Freeman, left, attending a White House meeting of business leaders, 1962”
Source: Gaylord Freeman of First Chicago, p. 345
In a November 1961 address to the 15th Annual Conference of Bank Correspondents in Chicago, Gaylord Freeman delineated the Commission on Economic Development’s recommendations to Congress. Note that government control of the Federal Reserve Board was a key issue, which Gaylord Freeman argued against because it would subject the Fed to “political pressure;” i.e., accountability.
“The commission’s recommendations propose both structural changes that will improve the functioning of the economy and broad guides for policy… The commissioners’ report…contains about 85 definite recommendations…
“The suggestion that has caused the most criticism is the recommendation that the chairman and vice chairman of the Federal Reserve Board should be appointed by the President from among the board’s membership to serve a four-year term coterminous with the President’s.
“I strongly oppose this, first on the ground that it tends to increase the power of the President who, as an elected office holder, is subject to great political pressure in the direction of expansionary or inflationary policy, and because it diminishes the independence of the chairman of the Federal Reserve, whose removal from electoral control permits him to take a little more detached attitude. Second, emotionally we resist this because we have great confidence in [Fed] Chairman Martin’s determination to maintain the soundness of the dollar and are not certain as to how much of other goals President Kennedy would be willing to sacrifice to achieve the same end…
“Related to this recommendation are the suggestions that the Board be reduced from seven to five members, that their terms be reduced from 14 years to 10 years, and that they be eligible for reappointment... however, if a President serves for eight years, he would have the opportunity to designate four out of the five members, including the chairman and vice chairman. Which can be considered as an increased opportunity to interfere with the ‘independence’ of the Federal Reserve Board...
“Perhaps the third most objected-to feature is the provision that the gold reserve requirement should be eliminated. It is argued that this will destroy confidence in the dollar. On the other hand, those who advocate this, point out that foreigners have more short-term bills, bonds and deposits in this country than the total amount of gold, and that unless our entire gold supply is made available to meet their withdrawals, they may lose confidence in their ability to get gold and commence withdrawals immediately. This would greatly aggravate our balance of payments problem. I opposed this recommendation, but I must admit that the loss of the gold backing domestically probably would be of relatively little significance... Certainly, the gold requirement has not prevented either instability or inflation in the past...
“Perhaps the fourth most objectionable provision is that the central responsibility for organization and coordination of economic policies be lodged in the President, who should be required to report to Congress quarterly as to the conditions of the economy...” (Gaylord Freeman of First Chicago, pp. 351-354)
Other recommendations of the commission were:
“The ceiling on the federal debt should be abandoned. . .
“The 24 percent gold reserve requirement should be eliminated. . .
“The present price of gold should be maintained at $35 an ounce . . .
“The Federal Reserve should remain independent...” (Gaylord Freeman of First Chicago, pp. 352-361)
THE JOHNSON ADMINISTRATION
On February 4, 1965, Charles de Gaulle held a press conference in which he proposed a return to the principles of the gold standard. The proposal was seen as a calculated move toward creation of a new international reserve currency — the basket of currencies (including gold) which would be the future IMF Special Drawing Rights (SDR). On February 12, 1965, Time Magazine reported:
“Perhaps never before had a chief of state launched such an open assault on the monetary power of a friendly nation. Nor had anyone of such stature made so sweeping a criticism of the international monetary system since its founding in 1944. There was Charles de Gaulle last week proclaiming that the primacy of the dollar in international dealings was finished, calling for an eventual return to the gold standard — which the world's nations scrapped 50 years ago — and practically inviting other countries to follow France's lead and cash in their dollars for gold...
“De Gaulle probably does not really believe that the world will return to the gold standard. He has been much influenced by Jacques Rueff, his economic mentor and probably the world's foremost proponent of a return to gold; Rueff greeted De Gaulle's blast last week as 'an invitation to a common enterprise that will deliver the West from an absurd monetary system.' But De Gaulle, however much he may admire the theory, is an artist of the possible, and he is probably using the threat of a gold standard in hopes of pressuring the U.S. and Britain into accepting lesser changes in the monetary system favorable to France. For the past six months he has been urging the creation of a new international reserve currency called the 'cru' (for collective reserve unit), which would give greater weight to gold and more financial power to nations with heavy gold supplies. The U.S. has opposed it, but De Gaulle's attack on the dollar may force Washington to reconsider.
“High officials of the Federal Reserve Board believe that De Gaulle, aided by Spain's Franco, is trying to form a new European axis designed to embarrass and weaken the U.S. by attacking the dollar...
“...De Gaulle's bombshell may have convinced the President [Johnson] that tougher action is needed. In any case, official Washington agrees with De Gaulle on at least one point: some changes should be made in a world monetary system that puts the U.S. under such strain.” (Time Magazine)
The Nixon Administration
One financial analyst
a sense, the
Prior to his resignation in 1973, President Nixon had decoupled the U.S. dollar from the gold standard:
“During most of the 1800s the United States was had a bimetallic system of money, however it was essentially on a gold standard as very little silver was traded. A true gold standard came to fruition in 1900 with the passage of the Gold Standard Act. The gold standard effectively came to an end in 1933 when President Franklin D. Roosevelt outlawed private gold ownership (except for the purposes of jewelry). The Bretton Woods System, enacted in 1946 created a system of fixed exchange rates that allowed governments to sell their gold to the United States treasury at the price of $35/ounce. ‘The Bretton Woods system ended on August 15, 1971, when President Richard Nixon ended trading of gold at the fixed price of $35/ounce. At that point for the first time in history, formal links between the major world currencies and real commodities were severed’. The gold standard has not been used in any major economy since that time.” (“What Was the Gold Standard?”)
Charles de Gaulle had made an arbitrage run on gold, and Nixon had no choice but
to let the price float, gold not having backed the dollar domestically for
nearly 40 years at that time.
1900 — Gold Standard Act
1913 — Federal Reserve Act / Federal Reserve Notes/FRNs / fiat currency
1933 — FDR Gold Confiscation Act / private ownership of gold illegal / gold confiscated, revalued @ $35/oz.
1946 — Bretton Woods Agreement / other countries to sell gold to US @ $35/oz.
1965 — Prime Minister Charles de Gaulle demanded a return to the gold standard
1969-74 — Paul Volcker served as Undersecretary of the Treasury
1971 — Nixon canceled Bretton Woods system and abandoned gold standard
1977-81 — Carter elected / inflation/recession/oil crisis / advised by Gaylord Freeman
During the Nixon and Ford administrations, from 1969 to 1974, the future Chairman of the Federal Reserve Board, Paul Volcker, “served as under-secretary of the Treasury for international monetary affairs. Volcker played an important role in the decisions surrounding the U.S. decision to suspend gold convertibility in 1971, which resulted in the collapse of the Bretton Woods system.” (“Paul Volcker”)
On August 15, 1971, Pres. Richard Nixon canceled the Bretton Woods system and abandoned the gold standard. Grand Master of the Prieuré de Sion, Gaylord Freeman, defended Nixon’s decision in a speech to a 1973 World Trade Conference in Chicago:
“By 1970 President Nixon, though primarily concerned with Viet Nam, became uncomfortably aware that we had some kind of economic problem. He sought some relaxation in the barriers to our exports—some upward revaluation of foreign currencies. The Germans, to their credit, allowed the mark to float upward in May of 1971, but other nations, delighted with their prosperity, were unwilling to voluntarily reduce their profitable exports or open their domestic market to us. They were not concerned with any possible problems of the rich and powerful United States.
“The President attempted to at least gain their attention by his August 15, 1971 declaration (itself a violation of GATT) of a ten percent import surcharge; and end to our settlement in gold; and wage and price controls at home. Secretary Connally followed this by asserting that we didn’t have any dollar problem—the rest of the world did…
“…We suggested further upward revaluations of the deutschmark and yen. There was no cooperative response—only demands that we make the dollar convertible into gold. We would love to make it convertible, but we can’t. The dollars held abroad have risen precipitously and, as some have been presented for gold, our supply has gone down. We have only about $11 billion of gold and over $82 billion of foreign-held dollar claims. So we obviously cannot offer gold convertibility today. There were also demands that the dollar be replaced as a reserve asset and as the intervention currency. But there was no discernible cooperation…
“To serve as the principle international currency the dollar doesn’t have to maintain a fixed relationship to gold—or to even maintain its original domestic purchasing power. All currencies will gradually lose some of their purchasing power. Why? Because all nations will almost continuously choose the immediate benefits of ‘bread and circuses’ (increases in wages and benefits in excess of increases of productivity) with the inescapable consequence of lowered purchasing power of their currency. We included.
“We do not have to keep the dollar a rock. Indeed it would not be expected that we do so as all others will depreciate. We don’t even need to keep the dollar the strongest currency. It should, however, be one of the strongest. Those which are weak can devalue. The one or two which are stronger should revalue upward—which is the concept President Nixon and Secretary Schultz have been trying to sell abroad. This proposal meets with resistance… Yet no one has come up with a better solution. And at a recent meeting of the [IMF] Committee of Twenty they voted down a proposal to make gold a more significant currency by a vote of 18 to 2.
“…I believe we should immediately and aggressively step in to defend the dollar and seek to develop extensive cooperation in that effort… We should sell gold for dollars.” (Gaylord Freeman of First Chicago, pp. 539-548)
As President, Richard Nixon appointed Gaylord Freeman and other prominent bankers, business executives, and globalists in various fields to make policy recommendations on international trade and investments. According to the Washington Post, “The panel advocated free-trade policies over protectionism.”
“On May 21, 1970, President Nixon appointed a Commission on International Trade and Investment Policy to study the principal problems faced by the United States in this field, assess present U.S. policy, and produce a set of policy recommendations for the 1970’s which would take account of the changes that have taken place on the world economic scene since the end of World War II. Twenty-seven members from business, labor, agriculture and the universities (a substantial majority from business) were appointed, under the chairmanship of Albert L. Williams, Chairman of the Finance Committee of International Business Machines. The Williams Commission rendered its report in July, 1971: “United States International Economic Policy in an Interdependent World.” (The Williams Commission Report, American Journal of International Law, Vol. 66, No. 3 [Jul., 1972], pp. 537-559)
The Nixon Archives contain the minutes of Richard Nixon’s meeting with the Williams Commission. This particular meeting occurred one month after the President decoupled the U.S. currency from the gold standard. The minutes show that the Williams Commission included Gaylord Freeman. Nearly all present were CFR members and there were several Chicago business leaders: Secretary of Commerce Maurice Stans, Secretary of State William P. Rogers (CFR) who graduated from the University of Chicago, and Peter G. Peterson (TR/CFR), a director of First Chicago Bank and later Chairman of the New York Federal Reserve, who would also recruit Timothy Geithner for his present job. Discussed at the meeting was President Nixon’s Gold Standard speech of August 15, 1971 as well as the events and monetary policy leading up to August 15, 1971.
Date: September 13, 1971
Time: Unknown after 2:58 pm until 3:45 pm
Location: Cabinet Room
John B. Connally met with Maurice H. Stans, William P. Rogers (CFR), Peter M. Flanigan (CFR), Peter G. Peterson (TR/CFR), Richard V. (Dick) Allen (CFR), Albert L. Williams (CFR), Dr. Isaiah Frank (CFR), James H. Binger (CFR), Fred J. Borch, Dr. Courtney C. Brown, Gaylord Freeman, Richard N. Gardner (CFR), Dr. Antonie T. Knoppers (CFR), Dr. Stewart M. Lee, Edmund W. Littlefield, Charles F. Myers, Jr., Dr. Max Myers, Kenneth N. Naden, Alfred C. Neal, William R. Pearce, Dr. Dan Throop Smith, Leroy D. Stinebower, and George A. Stinson
The President entered at 3:07 pm
Williams Commission members
-C. F. Myers
-Williams Commission on International Trade and Investment Policy
-Freeze on wages
-Release of report
-Timing of report
-The President’s 1969 speech
-World economic interdependence
-Interdependence of factors
-Timing of study
-August 15, 1971 speech by the President
-Support for the President
-Representation of majority
-Events between May and August 15, 1971
-Moderation of inflation
-Exchange rates, monetary barriers, US inflation
-Japanese yen, German mark, European currencies
-Inflationary spiral in the US
THE CARTER ADMINISTRATION
From 1963 to 1981, Gaylord Freeman was Grand Master of the Prieuré de Sion. From 1969 to 1975, Grand Master Freeman was also chairman of the First National Bank of Chicago. Gaylord Freeman’s friend, Milton Friedman, was the leader of the “Chicago School” of economics based at the Rockefeller-funded University of Chicago, and also the winner of the 1997 Nobel Prize in Economics. Of Milton Friedman, Gaylord Freeman wrote, “no one has exerted greater influence on economic thinking in the United States than has he.” (p. 324) Friedman advocated laissez faire economics (“let them [corporations] do as they will”), i.e., unregulated by government.
led a counter-revolution against Keynesian economics which advocated for fiscal
policy by the public sector to regulate the private sector.
central government could not micromanage the economy because people would
realize what the government was doing and shift their behavior to neutralize the
impact of policies.”...
“His views of monetary policy, taxation, privatization and deregulation formed
the policy of governments around the globe, most notably the administrations of
Margaret Thatcher in the United Kingdom, Ronald Reagan in the United States and
Augusto Pinochet in Chile.” (“Milton
Friedman”; See also: “The Mont Pelerin Society”)
Contemporaries in the Chicago banking and academic community, Gaylord Freeman and Milton Friedman left their respective jobs in 1977 for other key positions.
Gaylord Freeman - 1910-1991 / First Nat. Bank of Chicago
1st National Bank of Chicago (1969-1975)
Advisor to Jimmy Carter (1977-1981) / Washington, D.C.
Milton Freeman - 1912-2006 / University of Chicago
University of Chicago (1946–77)
Hoover Institution (1977–2006) / Stanford University
An abbreviated timeline shows the powerful influence the Prieuré de Sion and their Learned Elders of Sion on U.S. Presidents from 1953 to 1989, the administrations of Dwight D Eisenhower through Ronald Reagan.
Gaylord Freeman, Senate Finance Committee study of U.S. financial system as assistant to Secretary of Treasury; member, Commission on Money and Credit
C. Douglas Dillon, Undersecretary of State
|1957||Mont Pelerin Society founded by Friedrich von Hayek|
|1962-69||Gaylord Freeman, Vice Chairman of the First National Bank of Chicago|
C. Douglas Dillon, Secretary of Treasury
André Malraux, JFK meetings with DeGaulle; friendship with Jackie Kennedy
Gaylord Freeman, advisory committee of ‘social scientists’, Commission on Money and Credit
Gaylord Freeman, Grand Master of the Prieuré of Sion with Pierre Plantard
C. Douglas Dillon, Secretary of Treasury
Gaylord Freeman, Chairman and CEO, First National Bank of Chicago & First Chicago Corp.
Gaylord Freeman, Williams Commission on International Trade and Investment Policy
William E. Simon, Secretary of Treasury
Henry Kissinger, Secretary of State
Howard Phillips, Director, U.S. Office of Economic Opportunity & Executive Office of the President
|1970-72||Milton Friedman, University of Chicago, President of the Mont Pelerin Society|
Nelson, Rockefeller, Vice President
William E. Simon, Secretary of Treasury
Henry Kissinger, Secretary of State
Donald Rumsfeld, Secretary of Defense
Gaylord Freeman, Advisor to Jimmy Carter
Paul Volcker, Chairman of Federal Reserve Board
Howard Phillips, Founder, Board of Governors, Council for National Policy
William E. Simon, Council on Foreign Relations; Founder, Council for National Policy
|Milton Friedman, Advisor|
PAUL VOLCKER / THE FEDERAL RESERVE
The Chairman of President Obama’s Economic Recovery Advisory Board is Paul Volcker who served as Chairman of the Federal Reserve Board during the Carter and Reagan administrations. In his book, The Secrets of the Temple: How the Federal Reserve Runs the Country, “William Greider...offers a wealth of background on the history and workings of America’s central bank, plus a detailed log of Volker’s eight-year tenure as chairman of the Board of Governors. His main agenda, though, is challenging the FRB’s immunity to political and other pressures. In recounting the institution’s 1913 creation, for example, he asserts its independent status ‘effectively defined the limits of American democracy.’ By taming inflation, he subsequently concludes, the Volcker Fed gained de facto control of the US Government ‘with influence...superior to that of Congress and of the President...’” (Book review, The Secrets of the Temple)
“...When the Federal Reserve was created in 1913, purposely insulated from the hot breath of politics, the new institution effectively defined the permanent limits of American democracy...
“Without the gold standard, money was on its own... Rather...money’s value in the long run depended on one essential variable—the money-supply management by the Federal Reserve... Congress allowed the Fed to adapt to the changing circumstances and, in effect, to discover step by step how it should manage money. This accidental evolution of the Fed’s powers was a crucial element contributing to the institution’s privileged political status, exempt from intensive oversight, for it allowed the central bank to expand its de facto authority gradually, without first submitting it to the test of congressional approval... The mystical assurances of gold were gone at last. A new secular temple, run by mortals, was entrusted with the secrets.
“...In the course of fighting inflation, the Federal Reserve had gained the high ground and was in control of events. Its influence was superior to that of Congress and of the President, and, like any political institution that has seized control, the Federal Reserve and its chairman were not eager to yield.” (Secrets of the Temple, pp. 267, 283, 494)
The Sion Revelation reinforces the fact that the Prieuré de Sion is simply a religious front for the Learned Elders of Sion, i.e., the international Jewish banking cartel. And the Chicago banker, Gaylord Freeman, was their point man in the U.S., along with John Drick, A. Robert Abboud, and another Freeman.
“A curious article on the Priory of Sion appeared in the Belgian weekly Bonne Soiree on August 14, 1980; it was a translation of an article by Jania Macgillavray written a year or so earlier but doctored to include several items of information not then publicly known about the Priory... This said that, since Cocteau’s death in 1963, leadership of the Priory had resided with a triumvirate of Plantard, Gaylord Freeman, and Antonio Merzagora...
“Plantard’s two companions in the triumvirate named in Bonne Soiree—later confirmed to Baigent, Leigh, and Lincoln by Plantard himself—for the first time extended the story beyond France and also into the world of international high finance.
“Presumably Antonion Merzagora was the Italian banker, an associate of the eminent industrialist Agostino Rocca (1895-1978, who was credited with creating the Italian steel industry in the 1930s and was head of the nationalized steel industry during the Second World War). But the alleged involvement of Gaylord Freeman (1910-1991) implied that the Priory’s influence extended even further afield. An extremely important and influential American banker and financier, he was most notably associated with the First National Bank of Chicago, of which he was Chairman between 1969 and 1975 (also playing a key role in establishing its famed art collection). Freeman was also an advisor on the economy to the U.S. government, for example chairing a presidential task force on inflation during the Carter administration...
“The ‘official’ line changed again in 1989, when Vaincre stated that the Grand Master between 1963 and 1981 had been John E. Drick (1911-1982)—another prominent U.S. banker associated the First National Bank of Chicago.” (The Sion Revelation, pp. 258-260)
When Gaylord Freeman was an advisor to the Carter administration, even chairing a presidential task force, he was also Grand Master of the Prieuré de Sion with Pierre Plantard de Saint-Clair. In other words, Jimmy Carter was receiving his instructions from the Prieuré de Sion. Paul Volcker was chairman of the Federal Reserve Board under Carter and was given credit for solving Carter’s inflation problem. However, according to The Sion Revelation, Gaylord Freeman chaired the presidential task force on inflation. Clearly, Paul Volcker was also receiving instructions from the Prieuré de Sion.
William Greider wrote in Secrets of the Temple of Volker’s capitulation to an important Chicago bank, Continental Illinois Bank.
“For two and a half years, oblivious to critics, Paul Volcker imposed his will on American economic life. He had stared down senators and presidential advisers. yet he could not stare down the directors of an important Chicago bank. When they said no and rejected his advice, the Federal Reserve chairman withdrew and allowed them to have their way.
“There was a final, galling insult added to the Fed’s failure to prevail over Continental’s management. In 1983, with the annual rotation of membership, Roger Anderson, chairman of Continental Illinois, would join the Federal Advisory Council, the select group of twelve commercial bankers who met privately each quarter with the Federal Reserve Board. Volcker had tried to get him fired and failed. Roger Anderson would serve as one of Volker’s advisers.” (Secrets of the Temple, p. 537)
Greider suggests that the Fed chairman, Paul Volcker, and Continental Illinois Bank were adversaries. However, Continental Illinois, like the First National Bank of Chicago, was a Federal Reserve ‘dealer bank’ which charged interest on tax monies withdrawn by the U.S. Treasury:
“The direct line which leads from the participants in the Jekyll Island Conference of 1910 to the present day is illustrated by a passage from ‘A Primer on Money’, Committee on Banking and Currency, U.S. House of Representatives, 88th Congress, 2d session, August 5, 1964, p. 75:
“‘The practical effect of requiring all purchases to be made through the open market is to take money from the taxpayer and give it to the dealers. It forces the Government to pay a toll for borrowing money. There are six ‘bank’ dealers: First National City Bank of New York; Chemical Crop. Exchange Bank, New York, Morgan Guaranty Trust Co., New York, Bankers Trust of New York, First National Bank of Chicago, and Continental Illinois Bank of Chicago.”
“Thus the banks which receive a ‘toll’ on all money borrowed by the Government of the United States are the same banks which planned the Federal Reserve Act of 1913. There is ample evidence demonstrating the present preeminence of the same banks which set up the Federal Reserve System in 1914. For instance, Warren Brookes writes on the editorial page of The Washington Post, June 6, 1983:
“‘Citicorp (National City Bank and First National Bank of New York, merged in 1955) just recorded an 18.6% return on equity, J.P. Morgan, 17%, Chemical Bank and Bankers Trust, nearly 16%, an exceptional rate of return.’
“These are the banks which bought the first issue of Federal Reserve Bank stock in 1914, and which owned the controlling interest in the Federal Reserve Bank of New York, which sets the interest rate and is the bank for all open market operations.” (Secrets of the Federal Reserve, Chapter 14: Congressional Expose, Eustace Mullins)
During the Carter Administration, the U.S. experienced rampant inflation, a severe recession, the Iranian hostage crisis and an oil crisis. As economic adviser to Jimmy Carter, did Gaylord Freeman, Grand Master of the Prieuré of Sion, steer the country into deep recession to prepare the way for the “Conservative Revolution”? And was Paul Volcker a Learned Elder of Sion, strategically placed to transition the United States from Jimmy Carter to Ronald Reagan?
Before proceeding to answer this question, however, another crucial development occurred on President Carter’s watch which must not be overlooked.
THOMAS G. AYERS & BARACK OBAMA