The post An Excerpt From The Satoshi Papers: The Banker Revolution appeared on BitcoinEthereumNews.com.

In the United States, the twentieth century began with a centralization of power that replaced key elements of the tradition of American liberty with a new interpretation of federal authority. Participants in the 1910 Jekyll Island Conference wrote the Federal Reserve Act, passed into law in 1913, which established the Federal Reserve, the US Central Bank. The Fed was given the dual mandate of keeping inflation low and employment high, and the main tools it had at its disposal were control over the money supply and control over the price of money via the federal funds rate. Before long, the Fed was put to the test when an unprecedented financial crisis in 1929 metastasized into the economic crisis we call the Great Depression. The Fed neither prevented nor ameliorated either crisis, but the conclusion many economists and political leaders drew from this was that the state needed to exert more control over American economic life. The subsequent authoritarian turn in the United States mirrored the trajectories of other countries: When US President Franklin Delano Roosevelt (FDR) issued Executive Order 6102 in 1933, which ordered everyone living in the United States to surrender their gold to the US Treasury and suspended the redeemability of dollars for gold, he was engaging in asset confiscations that mirrored those executed by other authoritarian leaders of the same era, including Winston Churchill, Joseph Stalin, Benito Mussolini, and Adolf Hitler., During the First and Second World Wars, countries allied with the United States purchased American-made weapons with gold. This led the US to amass the world’s largest gold stockpile. As the Second World War drew to a close, allied nations met in Bretton Woods, New Hampshire, to determine the outlines of a postwar international monetary order. They decided to establish the US dollar—once again redeemable for gold—as the global reserve currency. The same conference also resulted in the foundation…

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Filed under: News - @ April 14, 2025 5:25 pm