The (((Fed))) Used America's Credit to Built the USSR
June 20, 2022
Hon. Louis T. McFadden (1876-1936) of Pennsylvania was Chair of the House Banking Committee 1920-1931.
Excerpt from: "Financial Interests Should Not Dictate Foreign Policy of United States Government." U.S. Congressional Record, Thursday, June 15, 1933 (legislative day of Wednesday, June 14)
Full Speech Here
The Soviet Government has been given United States Treasury funds by the Federal Reserve Board and the Federal Reserve banks acting through the Chase Bank and the Guaranty Trust Co. and other banks in New York City.
England, no less than Germany, has drawn money from us through the Federal Reserve banks and has re-lent it at high rates of interest to the Soviet Government or has used it to finance her sales to Soviet Russia and her engineering works within the Russian boundaries. The Dnieperstroy Dam was built with funds unlawfully taken from the United States Treasury by the corrupt and dishonest Federal Reserve Board and the Federal Reserve banks.
Mr. Speaker, our workingmen have been told that Russia is the best country in the world to-day for a workingman to live in. They have been made to regret that they cannot go to Russia to work on one of the great enterprises being carried on by the Soviet Government from which American workingmen are excluded.
Mr. Speaker, in my opinion the Russians have a right to set up any form of government that pleases them and suits their needs. But for some reason, whether due to some defect in the Soviet form of government or to some other cause, Russia has not been able to maintain its present form of government otherwise than at the expense of countries in which there is greater freedom from individuals and in which the property rights of citizens have been respected and preserved.
Open up the books of Amtorg, the trading organization of the Soviet Government in New York, and of Gostorg, the general office of the Soviet trade organization, and of the State Bank of the Union of Socialistic Soviet Republics, and you will be staggered to see how much American money has been taken from the United States Treasury for the benefit of Russia.
Find out what business has been transacted for the State bank of Soviet Russia by its correspondent, the Chase Bank of New York; by Lloyd's Bank of London; by Kleinwort Sons & Co. of London, whose correspondents are the principal New York banks; by Glyn Mills & Co. of London and their American agents - that is, the International Acceptance Banks of New York, the Guaranty Trust of New York, the Central Hanover Bank of New York, the Chemical Bank & Trust Co., H. Clews & Co., Kidder Peabody & Co., Winslow Lanier & Co., and Lee, Higginson & Co., the promoters of Swedish Match. Find out how much United States money has passed through the Bank for Russian Trade of London and through the Midland Bank, Ltd.
If the extent of these transactions were known to the American workingman and if he could see that the raw material, the United States dollars, in those transactions came out of his own pocket and the pockets of his fellow citizens, he would understand that Russia is not a good place for a workingman unless other workingmen in other countries are forced to pay tribute to its needs. Russia owes the United States a large sum of money.
If we had what Russia owes us today, the veterans of the United States would not need to fear the first of July 1933 when they are to be despoiled of their pension rights and privileges. Mr. Speaker, I am unalterably opposed to a reduction in the pensions that were lawfully conferred upon the United States veterans of all wars, their widows and dependents.
I am in favor of the immediate payment of the veterans' adjusted-compensation certificates. If the United States can carry Germany and Soviet Russia and John Bull on its back, it can pay its veterans. If it can lend $50,000,000 to Sovietized China and furnish material for the manufacture of high explosives, it can pay its veterans.
Mr. Speaker, an immense amount of United States money has been used abroad in preparations for war and in the acquisition and the manufacture of war supplies. Germany is said to be part owner of a large poison gas factory at Trotsk on Russian soil.
China is almost completely Sovietized and in the Asiatic interior huge stocks of munitions are said to be stored awaiting the day when the war lords of the United States will ship United States troops to Asia. Mr. Speaker, the United States should look before it leaps into another war, especially a war in Asia. It should decide whether it is worth while to join hands with Russia and China in a war against Japan.
For myself, I say and I have said it often that the United States should remember George Washington's advice. It should mind its own business and stay at home. It should not permit the Jewish international bankers to drive it into another war so that they and their Gentile fronts and sycophants by way of Louis McHenry Howe, the graft master, may reap rich profits on everything an army needs from toilet kits to airplanes, submarines, tanks, gas masks, poison gas, ammunition, bayonets, guns, and other paraphernalia and instruments of destruction."
Anthony Sutton on Wall Street sponsorship of both Nazism and Communism
a similar thing is going on now, with the "Panda Bonds" issued by Red China. British Columbia was the first non-communist country, to purchase Panda Bonds
in exchange for scraps of paper, funds gathered by taxation upon citizens here, go from the public accounts of British Columbia, laundered through banks in Singapore/ Hong Kong, then flow to Red China for building infrastructure in that country. Or? maybe much more sinister projects than the Great Belt way? How would we know?
is it that we don't have projects here, worth doing? ,,, how come we are not using our own wealth to benefit ourselves?
the official answer from the NDP govt. in the Legislature of BC, is "we get a higher rate of interest" ... ie, than other bonds in the world, are paying
BC's purchase of Panda Bonds explains why the Site C hydro dam is going ahead, in the face of very serious warnings from experts, that the thing is fatally flawed = at risk from seismic fault
the electricity expected to be generated at Site C is already dedicated to be used to compress BC's treasure trove of Natural Gas, in order for it to be exported to China
Red China treating British Columbia as a colony
yet not a peep about all this in the lamestream media