The Creature from Jekyll Island: A Second Look at the Federal Reserve by G. Edward Griffin Summary In the early 20th century, a clandestine meeting took place on Jekyll Island, a small resort island off the coast of Georgia, that would forever change the financial landscape of the United States. This meeting, shrouded in secrecy and mystery, brought together some of the most powerful bankers and financial minds of the time. It was here that the blueprint for the Federal Reserve System was drawn up, a pivotal moment that author G. Edward Griffin explores in The Creature from Jekyll Island: A Second Look at the Federal Reserve. This book delves into the origins, purposes, and implications of the Federal Reserve, offering a critical examination of its role in the American economy. Griffin begins by setting the historical context for the establishment of the Federal Reserve. In the late 19th and early 20th centuries, the United States was experiencing significant economic upheaval. Bank runs, financial panics, and recessions were not uncommon, creating a climate of uncertainty and fear. The Panic of 1907 was particularly severe, exposing the vulnerabilities of the existing banking system and prompting calls for reform. It was against this backdrop that the secret meeting on Jekyll Island took place, spearheaded by Senator Nelson Aldrich, a key figure in financial reform, and attended by representatives from major banking institutions such as J.P. Morgan, Rockefeller, and Kuhn, Loeb & Co. The purpose of the meeting was to draft a plan for a central banking system that would stabilize the economy and prevent future financial crises. However, Griffin argues that the motivations behind the Federal Reserve's creation were not purely altruistic. Instead, he suggests that it was designed to serve the interests of the banking elite, consolidating their power and influence over the nation's financial system. By examining the personalities and interests involved, Griffin paints a picture of a system engineered to benefit a select few at the expense of the broader public.
