Franklin Delano Roosevelt: Profiled People in Economics and Banking

ByPrimary Researcher

Executive Summary

  • FDR had a number of progressive legislations, but he was also highly controlled by the Rockefeller financial interests.

Introduction

FDR introduced New Deal legislation, however, he was not instrumental, as is often thought, in the Banking Act of 1933. His view of the banking interests that controlled the US government is expressed in the following quotation.

“If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless situation is almost incredible – but there it is.” ~ Robert W. Hemphill/AZ Quotes

How FDR fought against Wall Street and banking interests is covered in the following quotation.

“Roosevelt’s first major infrastructure battle was over Muscle Shoals in Alabama, the great hydroelectric resource. The Morgan interests and the electric utility magnates wanted that resource privatized for their use. Roosevelt said no, and had the government directly build the Tennessee Valley Authority, a publicly owned and operated electric utility for much of Appalachia. TVA was part of a package of reforms to constrain and control Wall Street, to end what FDR called the ‘informal economic government of the United States.’

Over the rest of the New Deal, FDR transformed the physical plant of the country, and spent a lot of money on infrastructure. But Roosevelt first made sure Wall Street had little say over how public money or public resources were spent. Public institutions got bigger and more competent, and the financiers and monopolists lost power. One key result is that the government could do big things. During World War II, military procurement officers had immense capacity and power, imposing tight control over contractors, and ensuring that there were at least a dozen competitors for each major weapon system. They could peer into the books of contractors, and even claw back excessive profits.” – Matt Stoller

Source: Matt Stoller

https://mattstoller.substack.com/p/keep-mckinsey-away-from-bidens-infrastructure