Golden Rule and its mechanics in Samland
by Brian Wright

It’s the old joke or phrase, I believe it was from the comic strip Pogo—but it may have been The Wizard of Id or Shoe (reader input welcome). One of the characters says in conversation about politics, “Just remember the Golden Rule.” “What do you mean?” “He who has the gold makes the rules.” This is so entirely apt when one discusses the central banking and money machinery of the United States: the Federal Reserve System (Fed).[1] For this week’s column I’m going to paraphrase Mr. G. Edward Griffin’s description, in The Creature from Jekyll Island, of how the Fed works, how it creates ‘money.’ Like turning lead into gold, the central bankers believe in magic… and would have us believe they’re Mandrake the Magician. Continue reading →