CREATURE FROM JEKYLL ISLAND - 1. WHAT CREATURE IS THIS: Unmasking The Beast of Banking - The Federal Reserve - G. Edward Griffin

(00:00:00) 0. Introduction
(00:13:02) 1. The Journey to Jekyll Island
(01:01:42) 2. The Name of the Game Is Bailout
(01:36:41) 3. Protectors of the Public
(02:36:30) 4. Home Sweet Loan
(03:18:09) 5. Nearer to the Heart’s Desire
(04:07:01) 6. Building the New World Order

The Creature from Jekyll Island: A Second Look at the Federal Reserve - G. Edward Griffin (1998)

Section One: WHAT CREATURE IS THIS? Unmasking the Beast of Banking!

G. Edward Griffin’s The Creature from Jekyll Island: A Second Look at the Federal Reserve is a provocative exploration of the origins, operations, and implications of the Federal Reserve System, the central banking system of the United States. In the first section, titled “WHAT CREATURE IS THIS?”, Griffin sets the stage for unraveling the enigma of the Federal Reserve, challenging common misconceptions and presenting it as a mysterious entity shrouded in secrecy and misdirection. He boldly asserts that the Federal Reserve is neither federal nor a reserve, and its banks are not truly banks. Rather than presenting a dry, chronological account, Griffin approaches the subject as a mystery to be solved, diving into the heart of the intrigue to captivate readers. This section, spanning six chapters, lays the foundation for understanding the Federal Reserve’s true nature, its historical roots, and its far-reaching impact on global economics and politics. Below is a detailed description of this section, including a short summary of each chapter.

Overview of Section One: WHAT CREATURE IS THIS? Griffin begins by framing the Federal Reserve as a deceptive institution, one that operates under a veneer of public service while concealing its true purpose and beneficiaries. He argues that the key to understanding this “creature” lies not in its official narrative but in the hidden events and motives that shaped its creation. The section is designed to pull readers into a detective-like investigation, starting with the secretive origins of the Federal Reserve and moving through its mechanisms, purported protectors, and ultimate goals. Griffin’s writing is engaging, blending historical analysis with a narrative style that emphasizes the stakes of the Federal Reserve’s influence. He suggests that the system is not a neutral financial institution but a tool wielded by powerful elites to consolidate wealth and control. Each chapter builds on this premise, exposing layers of the Federal Reserve’s structure and its role in shaping modern society.

Chapter 1: The Journey to Jekyll Island
This chapter recounts the clandestine 1910 meeting on Jekyll Island, Georgia, where a small group of influential bankers and politicians devised the blueprint for the Federal Reserve System. Griffin describes how these men, including representatives from major banking houses like J.P. Morgan and Rockefeller, traveled under secrecy to draft legislation that would create a central bank under the guise of public interest. Description: Griffin sets a dramatic tone, painting the Jekyll Island meeting as a pivotal moment in financial history. He details how key figures, such as Senator Nelson Aldrich and Paul Warburg, convened in a private retreat to craft a plan that would centralize control over the U.S. monetary system. The secrecy of the meeting, with participants using pseudonyms and traveling discreetly, underscores Griffin’s argument that the Federal Reserve was born out of covert maneuvering rather than transparent public policy. He explains how the resulting Aldrich Plan laid the groundwork for the Federal Reserve Act of 1913, presenting it as a victory for banking elites who sought to stabilize their interests while maintaining the appearance of reform. This chapter introduces the idea that the Federal Reserve was designed to serve private interests, setting the stage for the book’s broader critique.

Chapter 2: The Name of the Game Is Bailout
This chapter explores the Federal Reserve’s role in orchestrating financial bailouts, which Griffin argues are not designed to protect the public but to safeguard the profits of major banks and corporations. He examines historical examples of bailouts and their underlying mechanisms. Description: Griffin dives into the mechanics of how the Federal Reserve facilitates bailouts, portraying them as a deliberate strategy to transfer risk from private institutions to taxpayers. He argues that the Fed’s ability to create money out of nothing allows it to prop up failing banks and corporations, ensuring that the financial elite avoid losses while the public bears the cost. Griffin uses examples like the bailout of Penn Central Railroad and other financial crises to illustrate how the Fed’s interventions prioritize corporate welfare over economic stability. He introduces the concept of “moral hazard,” where banks take excessive risks knowing the Fed will rescue them. This chapter highlights the Fed’s power to manipulate the economy, reinforcing Griffin’s thesis that it serves as a tool for protecting the wealthy.

Chapter 3: Protectors of the Public
Griffin challenges the notion that the Federal Reserve acts as a guardian of the public’s financial well-being, revealing how its policies often harm the average citizen while benefiting the banking elite. Description: In this chapter, Griffin dismantles the Federal Reserve’s public image as a benevolent institution. He argues that its policies, such as manipulating interest rates and controlling the money supply, lead to inflation, devalued currency, and economic instability that disproportionately affect ordinary people. Griffin contends that the Fed’s stated mission of stabilizing the economy is a facade, as its actions consistently favor banks and large corporations. He provides historical context, showing how the Fed’s interventions have exacerbated economic cycles rather than mitigated them. By exposing the disconnect between the Fed’s rhetoric and its outcomes, Griffin invites readers to question the institution’s true purpose and who it ultimately serves.

Chapter 4: Home Sweet Loan
This chapter examines the Federal Reserve’s influence on the housing market, particularly through its role in creating and sustaining the mortgage industry and the boom-and-bust cycles that follow. Description: Griffin explores how the Federal Reserve’s monetary policies fuel speculative bubbles in real estate, leading to artificial booms followed by devastating crashes. He explains how the Fed’s control over interest rates and credit availability encourages excessive borrowing and lending, creating unsustainable housing markets. Griffin points to the savings and loan crisis of the 1980s as an example of how Fed policies contributed to financial instability. He argues that the Fed’s interventions distort market signals, leading to malinvestment and economic hardship for homeowners and taxpayers. This chapter connects the Fed’s actions to tangible consequences in everyday life, reinforcing the book’s central theme of systemic manipulation.

Chapter 5: Nearer to the Heart’s Desire
Griffin delves into the ideological and philosophical underpinnings of the Federal Reserve, suggesting that its creators were driven by a desire for centralized control and power rather than economic stability. Description: This chapter takes a broader view, exploring the motivations behind the Federal Reserve’s establishment. Griffin argues that the banking elite sought to create a system that would consolidate their influence over the global economy. He introduces the concept of collectivism, suggesting that the Fed’s creators were aligned with broader movements toward centralized governance and control. Griffin connects the Fed to historical figures and ideologies that favored elite domination over individual liberty, framing it as a step toward a more controlled society. This chapter adds a philosophical dimension to the book, encouraging readers to consider the deeper implications of the Fed’s existence.

Chapter 6: Building the New World Order
The final chapter of the section ties the Federal Reserve to a larger agenda of global financial control, arguing that it is a key component in a plan to establish a centralized, global economic system. Description: Griffin expands his critique to a global scale, asserting that the Federal Reserve is part of a broader effort to create a “New World Order” dominated by financial and political elites. He traces connections between the Fed and international organizations, suggesting that its policies align with goals of global governance. Griffin argues that the Fed’s ability to influence global markets through the U.S. dollar’s status as the world’s reserve currency gives it unparalleled power. He warns that this power threatens national sovereignty and individual freedom, framing the Fed as a tool for advancing a collectivist agenda. This chapter concludes the section with a call to action, urging readers to recognize the stakes of the Federal Reserve’s influence.

Conclusion
In “WHAT CREATURE IS THIS?”, G. Edward Griffin crafts a compelling narrative that challenges readers to rethink their understanding of the Federal Reserve. Through six meticulously researched chapters, he exposes the institution’s secretive origins, deceptive practices, and far-reaching consequences. By framing the Federal Reserve as a “creature” born of intrigue and designed to serve elite interests, Griffin sets the stage for the rest of the book, which delves deeper into its mechanisms and implications. This section is both an introduction and a call to action, urging readers to question the narratives surrounding one of the most powerful institutions in the wor