excerpts from the book
Wall Street and the Rise of Hitler
by Anthony C. Sutton
GSG Publishers, 2002, paperback
[The] build-up for European war [WWII] both before and after 1933
was in great part due to Wall Street financial assistance in the
1920s to create the German cartel system, and to technical assistance
from well-known American firms ... to build the German Wehrmach.
... The contribution made by American
capitalism to German war preparations before 1940 can only be
described as phenomenal.
[The] interplay of ideas and cooperation between Hjalmar Schacht
[Hitler's financial advisor] in Germany and, through Owen Young,
the J. P. Morgan interests in New York, was only one facet of
a vast and ambitious system of cooperation and international alliance
for world control. As described by Carroll Quigley, this system
was "... nothing less than to create a world system of financial
control, in private hands, able to dominate the political system
of each country and the economy of the world as a whole."
This feudal system worked in the 1920s,
as it works today, through the medium of the private central bankers
in each country who control the national money supply of individual
economies. In the 1920s and 1930s, the New York Federal Reserve
System, the Bank of England, the Reichsbank in Germany, and the
Banque de France also more or less influenced the political apparatus
of their respective countries indirectly through control of the
money supply and creation of the monetary environment. More direct
influence was realized by supplying political funds to, or withdrawing
support from, politicians and political parties in the United
States, for example, President Herbert Hoover blamed his 1932
defeat on withdrawal of support by Wall Street and the switch
of Wall Street finance and influence to Franklin D. Roosevelt.
Politicians amenable to the objectives
of financial capitalism, and academics prolific with ideas for
world control useful to the international bankers, are kept in
line with a system of rewards and penalties. In the early 1930s
the guiding vehicle for this international system of financial
and political control, called by Quigley the "apex of the
system," was the Bank for International Settlements [BIS]
in Basle, Switzerland. The B.I.S. apex continued its work during
World War II as the medium through which the bankers - who apparently
were not at war with each other - continued a mutually beneficial
exchange of ideas, information, and planning for the post-war
Two cartels, I. C. Farben and Vereinigte Stahlwerke, produced
95 percent of German explosives in 1937-38 on the eve of World
War II. This production was from capacity built by American loans
and to some extent by American technology.
The I. G. Farben-Standard Oil cooperation
for production of synthetic oil from coal gave the I. C. Farben
cartel a monopoly of German gasoline production during World War
II. Just under one half of German high octane gasoline in 1945
was produced directly by I. G. Farben and most of the balance
by its affiliated companies.
... American assistance to Nazi war efforts
extended into other areas. The two largest tank producers in Hitler's
Germany were Opel, a wholly owned subsidiary of General Motors
(controlled by the J. P. Morgan firm), and the Ford A. G. subsidiary
of the Ford Motor Company of Detroit. The Nazis granted tax-exempt
status to Opel in 1936, to enable General Motors to expand its
production facilities. General Motors obligingly reinvested the
resulting profits into German industry. Henry Ford was decorated
by the Nazis for his services to Naziism. Alcoa and Dow Chemical
worked closely with Nazi industry with numerous transfers of their
domestic U.S. technology. Bendix Aviation, in which the J. P.
Morgan-controlled General Motors firm had a major stock interest,
supplied Siemens & Halske A. G. in Germany with data on automatic
pilots and aircraft instruments. As late as 1940, in the "unofficial
war," Bendix Aviation supplied complete technical data to
Robert Bosch for aircraft and diesel engine starters and received
royalty payments in return.
In brief, American companies associated
with the Morgan-Rockefeller international investment bankers -
not, it should be noted, the vast bulk of independent American
industrialists - were intimately related to the growth of Nazi
industry... General Motors, Ford, General Electric, DuPont and
the handful of U.S. companies intimately involved with the development
of Nazi Germany were - except for the Ford Motor Company - controlled
by the Wall Street elite - the J. P. Morgan firm, the Rockefeller
Chase Bank and to a lesser extent the Warburg Manhattan bank.
Germany could not have gone to war in 1939 without I. G. Farben.
Between 1927 and the beginning of World War II, I.G. Farben doubled
in size, an expansion made possible in great part by American
technical assistance and by American bond issues, such as the
one for $30 million offered by National City Bank. By 1939 I.
G. acquired a participation and managerial influence in some 380
other German firms and over 500 foreign firms. The Farben empire
owned its own coal mines, its own electric power plants, iron
and steel units, banks, research units, and numerous commercial
enterprises. There were over 2,000 cartel agreements between I.
G. and foreign firms - including Standard Oil of New Jersey, DuPont,
Alcoa, Dow Chemical, and others in the United States. The full
story of I.G. Farben and its world-wide activities before World
War II can never be known, as key German records were destroyed
in 1945 in anticipation of Allied victory. However, one post-war
investigation by the U.S. War Department concluded that:
Without I.G.'s immense productive facilities,
its intense research, and vast international affiliations, Germany's
prosecution of the war would have been unthinkable and impossible;
Farben not only directed its energies toward arming Germany, but
concentrated on weakening her intended victims, and this double-barreled
attempt to expand the German industrial potential for war and
to restrict that of the rest of the world was not conceived and
executed 'in the normal course of business." The proof is
overwhelming that I. G. Farben officials had full prior knowledge
of Germany's plan for world conquest and of each specific aggressive
act later undertaken ....
Directors of Farben firms (i.e., the "I.
G. Farben officials" referred to in the investigation) included
not only Germans but also prominent American financiers. This
1943 U.S. War Department report concluded that I.G.'s assignment
from Hitler in the prewar period was to make Germany self-sufficient
in rubber, gasoline, lubricating oils, magnesium, fibers, tanning
agents, fats, and explosives. To fulfill this critical assignment,
vast sums were spent by I.G. on processes to extract these war
materials from indigenous German raw materials - in particular
the plentiful German coal resources. Where these processes could
not be developed in Germany they were acquired from abroad under
cartel arrangements. example, the process for iso-octane, essential
for aviation fuels, was obtained from the United States ...
There were numerous Farben arrangements with American firms, including
cartel marketing arrangements, patent agreements, and technical
exchanges as exemplified in the Standard Oil-Ethyl technology
transfers mentioned above. These arrangements were used by I.G..
to advance Nazi policy abroad, to collect strategic information,
and to consolidate a world-wide chemical cartel.
One of the more horrifying aspects of I.G.. Farben's cartel was
the invention, production, and distribution of the Zyklon B gas,
used in Nazi concentration camps. Zyklon B was pure Prussic acid,
a lethal poison produced by I.G.. Farben Leverkusen and sold from
the Bayer sales office through Degesch, an independent license
holder. Sales of Zyklon B amounted to almost three-quarters of
Degesch business; enough gas to kill 200 million humans was produced
and sold by I.G.. Farben. The Kilgore Committee report of 1942
makes it clear that the I.G.. Farben directors had precise knowledge
of the Nazi concentration camps and the use of I.G.. chemicals.
I.G. Farben's cartel arrangements promoted Nazi economic warfare
- the outstanding example being the voluntary Standard Oil of
New Jersey restriction on development of synthetic rubber in the
United States at the behest of I. G. Farben. As the War Department
report puts it:
The story in short is that because of
Standard Oil's determination to maintain an absolute monopoly
of synthetic rubber developments in the United States, it fully
accomplished I.G.'s purpose of preventing United States production
by dissuading American rubber companies from undertaking independent
research in developing synthetic rubber processes.
In 1945 Dr. Oskar Loehr, deputy head of
the I.G. "Tea Buro," confirmed that I. G. Farben and
Standard Oil of New Jersey operated a "preconceived plan"
to suppress development of the synthetic rubber industry in the
United States, to the advantage of the German Wehrmacht and to
the disadvantage of the United States in World War II.
Wall Street establishment financiers ... directed the activities
of American I.G., the I.G. Farben affiliate in the United States
promoting Nazi propaganda.
The board of American I.G. had three directors from the Federal
Reserve Bank of New York, the most influential of the various
Federal Reserve Banks. American I.G. also had interlocks with
Standard Oil of New Jersey, Ford Motor Company, Bank of Manhattan
(later to become the Chase Manhattan), and A.E.G. (German General
Electric). Second, three members of the board of this American
I.G. were found guilty at Nuremburg War Crimes Trials. These were
the German, not the American, members. Among these Germans was
Max Ligner, director of the I.G. Farben N. W. 7 office in Berlin,
i.e., the Nazi pre-war intelligence office. If the directors of
a corporation are collectively responsible for the activities
of the corporation, then the American directors should also have
been placed on trial at Nuremburg, along with the German directors
- that is, if the purpose of the trials was to determine war guilt.
Of course, if the purpose of the trials had been to divert attention
away from the U.S. involvement in Hitler's rise to power, they
succeeded very well in such an objective.
The multi-national giant General Electric has an unparalleled
role in twentieth-century history. The General Electric Company
electrified the Soviet Union in the 1920s and 1930s, and fulfilled
for the Soviets Lenin's dictum that "Socialism = electrification."
The Swope Plan, created by General Electric's one-time president
Gerard Swope, became Franklin D. Roosevelt's New Deal ...
The tap root of modern corporate socialism runs deep into the
management of two affiliated multi-national corporations: General
Electric Company in the United States and its foreign associates
including German General Electric (A.E.G.), and Osram in Germany.
I.G. Farben was the most important of the domestic financial backers
of Hitler ... I.G. Farben controlled American I.G. Moreover, several
directors of A.E.G. were also on the board of I.G. Farben...
Almost all of the German directors or German General Electric
were financial supporters of Hitler and associated not only with
A.E.G. but with other companies financing Hitler.
German General Electric contributed substantial sums Hitler's
political fund. There were four American directors of A.E.G. (Baldwin,
Swope, Minor, and Clark), which was 30 percent owned by International
General Electric. Further, I.G.E. and the four American directors
were the largest single interest and consequently had the greatest
single influence in A.E.G. actions and policies. Even further,
almost all other directors of A.E.G. were connected with firms
(I. G. Farben, Accumulatoren Fabrik, etc.) which contributed directly
- as firms - to Hitler's political fund. However, only the German
directors of A.E.G. were placed on trial in Nuremburg in 1945.
By 1939 the German electrical industry had become closely affiliated
with two U.S. firms: International General Electric and International
Telephone and Telegraph.
... In 1939 the German electrical equipment
industry was concentrated into a few major corporations linked
in an international cartel and by stock ownership to two major
U.S. corporations. This industrial complex was never a prime target
for bombing in World War II. The A.E.G. and I.T.T. plants were
hit only incidentally in area raids and then but rarely. The electrical
equipment plants bombed as targets were not those affiliated with
U. S. firms. It was Brown Boveri at Mannheim and Siemensstadt
in Berlin - which were not connected with the U.S. - who were
bombed. As a result, German production of electrical war equipment
rose steadily throughout World War II, peaking as late as 1944.
According to the U.S. Strategic Bombing Survey reports, "In
the opinion of Speers' assistants and plant officials, the war
effort in Germany was never hindered in any important manner by
any shortage of electrical equipment."
General Electric was prominent in financing Hitler, it profited
handsomely from war production - and yet it managed to evade bombing
in World War II.
The Standard Oil group of companies, in which the Rockefeller
family owned a one-quarter (and controlling) interest,' was of
critical assistance in helping Nazi Germany prepare for World
War II. This assistance in military preparation came about because
Germany's relatively insignificant supplies of crude petroleum
were quite insufficient for modern mechanized warfare; in 1934
for instance about 85 percent of German finished petroleum products
were imported. The solution adopted by Nazi Germany was to manufacture
synthetic gasoline from its plentiful domestic coal supplies.
It was the hydrogenation process of producing synthetic gasoline
and iso-octane properties in gasoline that enabled Germany to
go to war in 1940-and this hydrogenation process was developed
and financed by the Standard Oil laboratories in the United States
in partnership with I.G. Farben.
Evidence presented to the Truman, Bone,
and Kilgore Committees after World War II confirmed that Standard
Oil had at the same time seriously imperiled the war preparations
of the United States." Documentary evidence was presented
to all three Congressional committees that before World War II
Standard Oil had agreed with I.G. Farben, in the so-called Jasco
agreement, that synthetic rubber was within Farben's sphere of
influence, while Standard Oil was to have an absolute monopoly
in the U.S. only if and when Farben allowed development of synthetic
rubber to take place in the U.S.:
Senate Kilgore Committee
Standard [Oil] fully accomplished I.
G. 's purpose of preventing United States production by dissuading
American rubber companies from undertaking independent research
in developing synthetic rubber processes.
Regrettably, the Congressional committees did not explore an even
more ominous aspect of this Standard Oil-I.G. Farben collusion:
that at this time directors of Standard Oil of New Jersey had
not only strategic warfare affiliations to I.G. Farben, but had
other links with Hitler's Germany to the extent of contributing,
through German subsidiary companies, to Heinrich Himmier's personal
fund and with membership in Himmler's Circle of Friends as late
During World War II Standard Oil of New
Jersey was accused of treason for this pre-war alliance with Farben,
even while its continuing wartime activities within Himmler's
Circle of Friends were unknown. The accusations of treason were
vehemently denied by Standard Oil.
The transfer of ethyl technology for the Nazi war machine was
repeated in the case of synthetic rubber. There is no question
that the ability of the German Wehrmacht to fight World War II
depended on synthetic rubber - as well as on synthetic petroleum
- because Germany has no natural rubber, and war would have been
impossible without Farben's synthetic rubber production.
Standard Oil of New jersey was intimately associated with I.G.
Farben's synthetic rubber. A series of joint cartel agreements
were made in the late 1920s aimed at a joint world monopoly of
The multi-national giant international Telephone and Telegraph
(I.T.T.)' was founded in 1920 by Virgin Islands-born entrepreneur
Sosthenes Behn. During his lifetime Behn was the epitome of the
politicized businessman, earning his profits and building the
I.T.T. empire through political maneuverings rather than in the
competitive market place.
There is no record that I.T.T. made direct payments to Hitler
before the Nazi grab for power in 1933. On the other hand, numerous
payments were made to Heinrich Himmler in the late 1930s and in
World War II itself through I.T.T. German subsidiaries.
Nazi Baron Kurt von Schröder became the guardian of I.T.T.
interests in Germany. Schröder acted as the conduit for I.T.T.
money funneled to Heinrich Himmler's S. S. organization in 1944,
while World War II was in progress, and the United states was
at war with Germany.
Through Kurt Schröder, Behn and his
I.T.T. gained access to the profitable German armaments industry
and bought substantial interest in German armaments firms, including
Focke-Wolfe aircraft. These armaments operations made handsome
profits, which could have been repatriated to the United States
parent company. But they were reinvested in German rearmament.
This reinvestment of profits in German armament firms suggests
that Wall Street claims it was innocent of wrongdoing in German
rearmament - and indeed did not even know of Hitler's intentions
- are fraudulent. Specifically, I.T.T. purchase of a substantial
interest in Focke-Wolfe meant,(as Anthony Sampson has pointed
out) that I.T.T. was producing German planes used to kill Americans
and their allies - and it made excellent profits out of the enterprise.
Henry Ford, 1938 New York Times interview
If somebody would focus the spotlight
on twenty-five persons who handle the nation's finances, the world's
real warmakers would be brought into bold relief.
... if these financiers had their way
we'd be in a war now. They want war because they make money out
of such conflict - out of the human misery that wars bring.
It was Henry Ford who in the 1930s built the Soviet Union's first
modern automobile plant ... and which in the 50s and 60s produced
the trucks used by the North Vietnamese to carry weapons and munitions
for use against Americans. At about the same time, Henry Ford
was also the most famous of Hitler's foreign backers, and he was
rewarded in the 1930s for this long-lasting support with the highest
Nazi decoration for foreigners.
This Nazi favor aroused a storm of controversy
in the United States and ultimately degenerated into an exchange
of diplomatic notes between the German Government and the State
Department. While Ford publicly protested that he did not like
totalitarian governments, we find in practice that Ford knowingly
profited from both sides of World War II from French and German
plants producing vehicles at a profit for the Wehrmacht, and from
U. S. plants building vehicles at a profit for the U. S. Army.
Henry Ford's protestations of innocence
suggest that he did not approve of Jewish financiers profiting
from war ... but if anti-Semitic Morgan and Ford profited from
that was acceptable, moral and "constructive."
On December 20, 1922 the New York Times reported that automobile
manufacturer Henry Ford was financing Adolph Hitler's nationalist
and anti-Semitic movements in Munich.
December 20, 1922 the New York Times
The wall behind his desk in Hitler's private
office is decorated with a large picture of Henry Ford. In the
antechamber there is a large table covered with books, nearly
all of which are a translation of a book written and published
by Henry Ford.
[Henry] Ford funds were used by Hitler to foment the Bavarian
rebellion. The rebellion failed, and Hitler was captured and subsequently
brought to trial. In February 1923 at the trial, vice president
Auer of the Bavarian Diet testified:
The Bavarian Diet has long had the information
that the Hitler movement was partly financed by an American anti-Semitic
chief, who is Henry Ford.
... Herr Hitler openly boasts of Mr. Ford's
support and praises Mr. Ford as a great individualist and a great
anti-Semite. A photograph of Mr. Ford hangs in Herr Hitler's quarters,
which is the center of monarchist movement.
Hitler received a mild and comfortable prison sentence for his
Bavarian revolutionary activities. The rest from more active pursuits
enabled him to write Mein Kampf. Henry Ford's book, The International
Jew, earlier circulated by the Nazis, was translated by them into
a dozen languages, and Hitler utilized sections of the book verbatim
in writing Mein Kampf.'
A post-war Congressional subcommittee investigating American support
for the Nazi military effort described the manner in which the
Nazis succeeded in obtaining U.S. technical and financial assistance
as "quite fantastic." Among other evidence the Committee
was shown a memorandum prepared in the offices of Ford-Werke A.G.
on November 25, 1941, written by Dr. H. F. Albert to R. H. Schmidt,
then president of the board of Ford- Werke AG. The memo cited
the advantages of having a majority of the German firm held by
Ford Motor Company in Detroit. German Ford had been able to exchange
Ford parts for rubber and critical war materials needed in 1938
and 1939 "and they would not have been able to do that if
Ford had not been owned by the United States." Further, with
a majority American interest German Ford would "more easily
be able to step in and dominate the Ford holdings throughout Europe."
It was even reported to the Committee that two top German Ford
officials had been in a bitter personal feud about who was to
control Ford of England, such that one of them finally got up
and left the room in disgust."
According to evidence presented to the
Committee, Ford-Werke A.G. was technically transformed in the
late 1930s into a German company. All vehicles and their parts
were produced in Germany, by German workers using German materials
under German direction and exported to European and overseas territories
of the United States and Great Britain. Any needed foreign raw
materials, rubber and nonferrous metals, were obtained through
the American Ford Company.
In July 1942 word filtered back to Washington from Ford of France
about Ford's activities on behalf of the German war effort in
Europe. The incriminating information was promptly buried and
even today only part of the known documentation can be traced
There is documentary evidence that Ford Motor Company worked on
both sides of World War II. If the Nazi industrialists brought
to trial at Nuremburg were guilty of crimes against mankind, then
so must be their fellow collaborators in the Ford family, Henry
Behind the battle fronts in World War II, through intermediaries
in Switzerland and North Africa, the New York financial elite
collaborated with the Nazi regime. Captured files after the war
yielded a mass of evidence demonstrating that for some elements
of Big Business, the period 1941-5 was "business as usual."
For instance, correspondence between U.S. firms and their French
subsidiaries reveals the aid given to the Axis military machine
- while the United States was at war with Germany and Italy. Letters
between Ford of France and Ford of the U.S. between 1940 and July
1942 were analyzed by the Foreign Funds Control section of the
Treasury Department. Their initial report concluded that until
(1) the business of the Ford subsidiaries
in France substantially increased; (2) their production was solely
for the benefit of the Germans and the countries under its occupation;
(3) the Germans have "shown clearly their wish to protect
the Ford interests" because of the attitude of strict neutrality
maintained by Henry Ford and the late Edsel Ford; and (4) the
increased activity of the French Ford subsidiaries on behalf of
the Germans received the commendation of the Ford family in America.'
Similarly, the Rockefeller Chase Bank
was accused of collaborating with the Nazis in World War II France,
while Nelson Rockefeller had a soft job in Washington D.C.:
Substantially the same pattern of behavior
was pursued by the Paris office of the Chase Bank during German
occupation. An examination of the correspondence between Chase,
New York, and Chase, France, from the date of the fall of France
to May, 1942 discloses that: (1) the manager of the Parts office
appeased and collaborated with the Germans to place the Chase
banks in a 'privileged position;" (2) the Germans held the
Chase Bank in a very special esteem - owing to the international
activities of our (Chase) head office and the pleasant relations
which the Paris branch has been maintaining with many of their
(German) banks and their (German) local organizations and higher
officers; (3) the Paris manager was "very vigorous in enforcing
restrictions against Jewish property, even going so far as to
refuse to release funds belonging to Jews in anticipation that
a decree with retroactive provisions prohibiting such release
might be published in the near future by the occupying authorities;"
(4) the New York office despite the above information took no
direct steps to remove the undesirable manager from the Paris
office since it "might react against our (Chase) interests
as we are dealing, not with a theory but with a situation."
An official report to then-Secretary of
the Treasury Morgenthau concluded that:
These two situations [i.e., Ford and
Chase Bank] convince us that it is imperative to investigate immediately
on the spot the activities of subsidiaries of at least some of
the larger American firms which were operating in France during
German occupation . . .
Treasury officials urged that an investigation
be started with the French subsidiaries of several American banks
- that is, Chase, Morgan, National City, Guaranty, Bankers Trust,
and American Express. Although Chase and Morgan were the only
two banks to maintain French offices throughout the Nazi occupation,
in September 1944 all the major New York banks were pressing the
U.S. Government for permission to re-open pre-war branches, Subsequent
Treasury investigation produced documentary evidence of collaboration
between both Chase Bank and JR Morgan with the Nazis in World
The directives prepared by the U.S. Control Council in Germany
for the arrest and detention of war criminals refers to "Nazis"
and "Nazi sympathizers":
a. You will search out, arrest, and hold,
pending receipt by you of further instructions as to their disposition,
Adolph Hitler, his chief Nazi associates, other war criminals
and all persons who have participated in planning or carrying
out Nazi enterprises involving or resulting in atrocities or war
Then follows a list of the categories
of persons to be arrested, including:
(8) Nazis and Nazi sympathizers holding
important and key positions in (a) National and Gau Civic and
economic organizations; (b) corporations and other organizations
in which the government has a major financial interest; (c) industry,
commerce, agriculture, and finance; (d) education; (e) the judiciary;
and (f) the press, publishing houses and other agencies disseminating
news and propaganda.
Top American industrialists and financiers
are covered by the categories listed above. Henry Ford and Edsel
Ford respectively contributed money to Hitler and profited from
German wartime production. Standard Oil of New Jersey, General
Electric, General Motors, and I.T.T ... made financial or technical
contributions which comprise prima facie evidence of "participating
in planning or carrying out Nazi enterprises."
The U.S. Senate Kilgore Committee in 1946, investigating Nazi
war crimes, stated:
The top I. C. Farben people and others
... were inclined at times to be very indignant. Their general
attitude and expectation was that the war was over and we ought
now to be assisting them in helping to get I. C. Farben and German
industry back on its feet... Their friends [in the U.S. and England],
so they said, would put a stop to activities such as these investigations
and would see that they got the treatment which they regarded
as proper and that assistance would be given to them to help reestablish
* WaIl Street financed the German cartels in the mid-1920s which
in turn proceeded to bring Hitler to power.
* The financing for Hitler and his S.
S. street thugs came in part from affiliates or subsidiaries of
U.S. firms, including Henry Ford in 1922, payments by I. G. Farben
and General Electric in 1933, followed by the Standard Oil of
New Jersey and I.T.T. subsidiary payments to Heinrich Himmler
up to 1944.
* U.S. multi-nationals under the control
of Wall Street profited handsomely from Hitler's military construction
program in the 1930s and at least until 1942.
* International bankers used political
influence in the U. S. to cover up their wartime collaboration.
We find persistent recurrence of the same names Owen Young, Gerard
Swope, Hjalmar Schacht, Bernard Baruch, etc.; the same international
banks: J. P. Morgan, Guaranty Trust, Chase Bank...
This group of international bankers backed
the Bolshevik Revolution and subsequently profited from the establishment
of a Soviet Russia. This group backed Roosevelt and profited from
New Deal socialism. This group also backed Hitler and certainly
profited from German armament in the 1930s.
The financial elite knowingly and with premeditation assisted
the Bolshevik Revolution of 1917 in concert with German bankers.
After profiting handsomely from the German hyper-inflationary
distress of 1923, and planning to place the German reparations
burden onto the backs of American investors, Wall Street found
it had brought about the 1929 financial crisis.
Within the last decade or so, certainly since the 1960s, a steady
flow of literature has presented a thesis that the United States
is ruled by a self-perpetuating and unelected power elite. Even
further, most of these books aver that this elite controls, or
at the least heavily influences, all foreign and domestic policy
decisions, and that no idea becomes respectable or is published
in the United States without the tacit approval, or perhaps lack
of disapproval, of this elitist circle.
Carroll Quigley, Tragedy and Hope
The powers of financial capitalism had
another far-reaching aim, nothing less than to create a world
system of financial control in private hands able to dominate
the political system of each country and the economy of the world
as a whole.
The United States has, in spite of the Constitution and its supposed
constraints, become a quasi-totalitarian state. While we do not
(yet) have the overt trappings of dictatorship, the concentration
camps and the knock on the door at midnight, we most certainly
do have threats and actions aimed at the survival of non-Establishment
critics, use of the Internal Revenue Service to bring dissidents
in line, and manipulation of the Constitution by a court system
that is politically subservient to the Establishment.
It is in the pecuniary interests of the
international bankers to centralize political power - and this
centralization can best be achieved within a collectivist society,
such as socialist Russia, national socialist Germany, or a Fabian
socialist United States.
There can be no full understanding and
appreciation of twentieth-century American politics and foreign
policy without the realization that this financial elite effectively
monopolizes Washington policy.
For most of the twentieth century the Federal Reserve System,
particularly the Federal Reserve Bank of New York (which is outside
the control of Congress, unaudited and uncontrolled, with the
power to print money and create credit at will), has exercised
a virtual monopoly over the direction of the American economy.
In foreign affairs the Council on Foreign Relations, superficially
an innocent forum for academics, businessmen, and politicians,
contains within its shell, perhaps unknown to many of its members,
a power center that unilaterally determines U.S. foreign policy.
The major objective of this submerged - and obviously subversive
- foreign policy is the acquisition of markets and economic power
(profits, if you will), for a small group of giant multi-nationals
under the virtual control of a few banking investment houses and
Through foundations controlled by this
elite, research by compliant and spineless academics, "conservatives"
as well as "liberals," has been directed into channels
useful for the objectives of the elite essentially to maintain
this subversive and unconstitutional power apparatus.
Through publishing houses controlled by
this same financial elite unwelcome books have been squashed and
useful books promoted; fortunately publishing has few barriers
to entry and is almost atomistically competitive. Through control
of a dozen or so major newspapers, run by editors who think alike,
public information can be almost orchestrated at will. Yesterday,
the space program; today, an energy crisis or a campaign for ecology;
tomorrow, a war in the Middle East or some other manufactured
The total result of this manipulation
of society by the Establishment elite has been four major wars
in sixty years, a crippling national debt, abandonment of the
Constitution, suppression of freedom and opportunity, and creation
of a vast credibility gulf between the man in the street and Washington,
D.C. While the transparent device of two major parties trumpeting
artificial differences, circus-like conventions, and the cliché
of "bipartisan foreign policy" no longer carries credibility,
and the financial elite itself recognizes that its policies lack
public acceptance, it is obviously prepared to go it alone without
even nominal public support.
In brief, we now have to consider and
debate whether this New York-based elitist Establishment is a
subversive force operating with deliberation and knowledge to
suppress the Constitution and a free society.