# Think Tank > Austrian Economics / Economic Theory >  Who has read "Creature From Jekyll Island" by G. Edward Griffin?

## FrankRep

Creature From Jekyll Island
by G. Edward Griffin



I'm more than half way through and I'm completely impressed by the insight of G. Edward Griffin. This is a must read book by Ron Paul revolutionaries and sound money supporters. 

It explains how the Federal Reserve was passed, how it works, and exactly why it is so dangerous to have a central bank like the Federal Reserve. It gets into the history of the bankers and how they've manipulated politics for hundreds of years and explains their future plans.

This books creates a solid logical foundation for the Globalist Conspiracy taking over the world.   


You can get the book here:
http://www.shopjbs.org/index.php/cre...ll-island.html

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## luke-gr

I bought it a few weeks back.  Just finished What Has Government Done to Our Money by Rothbard and now  working on End of America, A Letter of Warning to a Young Patriot by Wolf.  So much to read....so little time.

I must admit, I am a bit intimidated by the size of "The Creature"

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## FrankRep

> I bought it a few weeks back.  Just finished What Has Government Done to Our Money by Rothbard and now  working on End of America, A Letter of Warning to a Young Patriot by Wolf.  So much to read....so little time.
> 
> I must admit, I am a bit intimidated by the size of "The Creature"


G. Edward Griffin is an excellent writer so time flies by. Just tackle it chapter by chapter.

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## strapko

I finished this big book in about a week =D, while attending college.

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## Truth Warrior

http://realityzone.com/crfrjeiss.html

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## FrankRep

Presentation on the "Creature from Jekyll Island" by G Edward Griffin

71 Mins

Audio Recording
http://video.google.com/videoplay?do...11570371055528

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## nullvalu

The great thing about the Creature is it has summaries on a whole topic that is about 10-20 pages long. If you're more interested in it, you can read the rest of the topic that shows you how Griffin came to his conclusions.

It's a great book, also a good lender.. I've let like 3 people borrow it so far.

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## LittleLightShining

> I bought it a few weeks back.  Just finished What Has Government Done to Our Money by Rothbard and now  working on End of America, A Letter of Warning to a Young Patriot by Wolf.  So much to read....so little time.
> 
> I must admit, I am a bit intimidated by the size of "The Creature"


Every chapter has a "wrap-up" at the end that makes the main points but eliminates the details. My grandmother gave me the book and told me to read the condensed material at the end of the chapters if I felt daunted by the  book-- that's mostly what she did. I think you're better off reading the chapters and skipping the wrap-ups. Also there are tons of footnotes which take up lots of space. 

Having read Wolfe's book and Jekyll Island, I think you'll be much more satisfied and informed after reading Jekyll Island.

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## TruthisTreason

I'll start this weekend, it's the next book in by book meet up group!!!


Great video here.

http://video.google.com/videoplay?do...arch&plindex=0

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## freelance

Great book. He's a marvelous story teller, and I also love to hear him speak.

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## FrankRep

An Idea Whose Time Has Come 
- G. Edward Griffin

http://video.google.com/videoplay?do...91679758430958


Classic speech by G. Edward Griffin.

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## Natalie

My dad gave it to me to read, but I still haven't read it...

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## georgiaboy

I read it several years ago, and it's amazing how it reshapes your views of current events once you've read it.

The Creature is alive and well.

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## Acala

> I read it several years ago, and it's amazing how it reshapes your views of current events once you've read it.
> 
> The Creature is alive and well.


I am 3/4ths through and it has deeply changed my view of world events and politics.  And I am not an easy convert to any conspiracy theory.

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## FrankRep

> I am 3/4ths through and it has deeply changed my view of world events and politics.  And I am not an easy convert to any conspiracy theory.



Conspiracy theories are completely valid as long as they are backed up with solid facts and sound information. G. Edward Griffin creates a very solid case for his conclusions.

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## BuddyRey

I own the book and have read about a hundred pages, but I have a lot of trouble "committing" to books and remembering to finish them.  I wish G. Edward would make an audiobook version...then I would sail through it in no time!

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## shocker315

> I own the book and have read about a hundred pages, but I have a lot of trouble "committing" to books and remembering to finish them.  I wish G. Edward would make an audiobook version...then I would sail through it in no time!




Download this Griffin presentation onto your ipod..."The Reality of Money", its 4 hours and 30 min.  (courtesy of Torchbearer)

http://boomp3.com/listen/byxw5nq0b_u...ality-of-money 


The presentation essentially a summery many of the book's topics, though not necessarily in the same order...I highly recommend it.

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## BuddyRey

> Download this Griffin presentation onto your ipod..."The Reality of Money", its 4 hours and 30 min.  (courtesy of Torchbearer)
> 
> http://boomp3.com/listen/byxw5nq0b_u...ality-of-money 
> 
> 
> The presentation essentially a summery many of the books topics, though not necessarily in the same order...I highly recommend it.


WOW!!!  Thanks so much for sharing this!!!  (You too, Torchbearer!)

I've often admired Ed Griffin's video and audio presentations.  The man's a fantastic orator.  His video "An Idea Whose Time Has Come" is so good I must have watched it at least fifteen times.  

Thanks again!

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## Fox McCloud

Yup! I read it...probably one of the greatest books I've ever read--it's very easy to read, incredibly informative, and really shows the "meat and potatoes" of how/why the Fed works the way it does, and the implications it has on society.

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## FrankRep

bump

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## lucius

> Download this Griffin presentation onto your ipod..."The Reality of Money", its 4 hours and 30 min.  (courtesy of Torchbearer)
> 
> http://boomp3.com/listen/byxw5nq0b_u...ality-of-money 
> 
> 
> The presentation essentially a summery many of the book's topics, though not necessarily in the same order...I highly recommend it.


Very NICE...thanks all!

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## FindLiberty

Read it many years ago (early 90's).  Loved it! Passed around several copies, still have a couple new ones saved for my kids...

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## Gideon

So much impact from one book!

For those who have not yet read it:

Start at any chapter you find appealing- GEG designed it that way.

If you intend to sleep, do not read at night - very unsettling and at times downright scary.

Do not lend your only copy, as you most likely will never see it again.


The book's conclusion led me to the Liberty Dollar, and the rest is history.

Once you finish "The Creature," and understand money, then you should obtain "World Without Cancer," and then GEG will help you understand the medical/pharmaceutical cabal.

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## FrankRep

We need to start a project to send a copy of "Creature From Jekyll Island" to every Economics High school teacher and College professor. They can start educating their students.

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## DEforRP

If anyone hasn't read the book I can't think of a better time to read it than now. It's just so relevant to understanding what's happening right now.

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## FrankRep

> If anyone hasn't read the book I can't think of a better time to read it than now. It's just so relevant to understanding what's happening right now.


Yes. This book by far should be in everyone's library.

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## H Roark

I read the book and it opened my eyes to the mechanism behind this fraudulent monetary system.  I am baffled at how this book has not reached NY Times Best Seller status.  Its been in print for years and has been translated to many languages.  I have a feeling it has yet to reach its zenith in popularity.  

As trivial as it might sound, I think it needs a redesign of the cover which is totally horrendous with its stretched type and cheesy color scheme.  More importantly it needs to be more concise and accessible to ordinary Americans.

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## FrankRep

Bump...

Reason:
I want the Federal Reserve destroyed!

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## gonegolfin

> Creature From Jekyll Island
> by G. Edward Griffin
> 
> 
> 
> I'm more than half way through and I'm completely impressed by the insight of G. Edward Griffin. This is a must read book by Ron Paul revolutionaries and sound money supporters. 
> http://www.shopjbs.org/magento/index...ll-island.html


I read it about four years ago. It is one of the foundational pieces in my financial library ... along with Mises' "Theory of Money and Credit" and "Human Action".

Brian

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## FrankRep

bump

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## heavenlyboy34

I read an abridged version that I got for free.

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## Bruno

200 pages in, and a great read so far.  I sent one to my brother, who is a bank manager, and he is eating it up!

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## FrankRep

> 200 pages in, and a great read so far.  I sent one to my brother, who is a bank manager, and he is eating it up!


If you're in college, make sure to give your economics professor a copy of the book. I would love to see their reaction.

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## FrankRep

bump...

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## Melissa

I am reading it right now my meetup group choose it for our book read this month

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## fr33domfightr

I voted as having heard it, but didn't read it.  The truth is, I converted a youtube video with vixy.com, so I could listen on my mp3 player.  After listening 2x, I then watched another 12-part video presentation he did of the same story at another location.

It looks like there are multiple version on Youtube as well as Google Video.  I strongly urge anyone that hasn't read the book to just watch on the computer or download for your iPod.  It's important that you understand as soon as possible, even if you plan on buying the book.  I'm actually going to buy the book for my brother, but I really want it for myself.


FF

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## FrankRep

> I am reading it right now my meetup group choose it for our book read this month


Awesome! My meetup group just started up a book club as well. It's a great way to read and connect with like minded people.

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## Conza88

Bought, but not read... 

I'm pretty sure I already understand it... but I know I'll learn more.

I've got other stuff to read, but I'll get to it eventually!

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## FrankRep

> Bought, but not read... 
> 
> I'm pretty sure I already understand it... but I know I'll learn more.
> 
> I've got other stuff to read, but I'll get to it eventually!


I just love to amount of detail he puts into the subject. He lays a solid foundation for the problems we face today.

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## sidster

I actually just placed an order for one  so I'm not voting 'til
I read it then i'll come back and vote

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## youngbuck

I own it in .pdf format, but I just don't want to read a book that big on my comp.  I certainly want to read it, just in physical format.  That will transpire, eventually.

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## Conza88

> I own it in .pdf format, but I just don't want to read a book that big on my comp.  I certainly want to read it, just in physical format.  That will transpire, eventually.


Can I get that pdf off you? 

I back all my books up with a pdf if I can.. also has use for online times. Referring people to section etc.

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## sidster

> I own it in .pdf format, but I just don't want to read a book that big on my comp.  I certainly want to read it, just in physical format.  That will transpire, eventually.


I know what you mean. I have a couple of pdf books that I intend to
get to eventually. I typically print them in chapters and read them
that way.

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## Bruno

> Bought, but not read... 
> 
> I'm pretty sure I already understand it... but I know I'll learn more.
> 
> I've got other stuff to read, but I'll get to it eventually!



If you just crack open the first page, you will be hooked.  It reads like a detective story, and sucks you right in.   I'm sure you will appreciate all the events in history and how they were affected and guided by central bankers.  

What seems like it might be a dry read due to the subject matter is instead fascinating and enlightening.  I sent this book to two of my brothers (with the forewarning it would change their world-view) who were both immediately hooked.

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## sidster

> Can I get that pdf off you? 
> 
> I back all my books up with a pdf if I can.. also has use for online times. Referring people to section etc.


I thought about asking him the same question 

....but didn't think it was "kosher" to do so.

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## sidster

> If you just crack open the first page, you will be hooked.  It reads like a detective story, and sucks you right in.   I'm sure you will appreciate all the events in history and how they were affected and guided by central bankers.  
> 
> What seems like it might be a dry read due to the subject matter is instead fascinating and enlightening.  I sent this book to two of my brothers (with the forewarning it would change their world-view) who were both immediately hooked.


G. Edward Griffin is a very good writer and presenter. So I don't
doubt what you claim. My dad and I don't agree on everything,
so I was surprised when he made a comment the other day after
I had handed him a copy of "A Grand Deception" by Griffin. He
seems to "get" what Griffin is teaching!

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## Conza88

> I thought about asking him the same question 
> 
> ....but didn't think it was "kosher" to do so.


Putting pdf's off the book online, exponentially increase real book sales.

Mises Institution knows this... they put online book versions out before they are even able to be bought as real books. They are considered insane in the publishing world... 

They are complimentary though. It is blatantly evident. 

No-one likes reading off a screen for long. People buy the books, if it meets their subjective value.

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## TheBMT

Im a little over halfway through this book.  It is so easy to understand what is going on in the economic world relative to the Federal Reserve and the Bailouts (Chapter 2).  I was hooked and can wait to read more.

I talk about it all the time at work, telling people how the FED actually does work.

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## Rock Sexton

I'm listening to the audio.............wow..........so far some great excerpts..............

"It was like the Fox building the hen house and setting up the security system."

And then the point made about how these bankers were butting heads for years, bloodied on the battle field, and now they wanted to work together?

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## Rock Sexton

So let me get this straight.............  according to the fractional reserve banking system created by the Fed - the Fed makes interest off of literally *NOTHING*.  Banks are required to keep 10% of their deposits on hand.  So if a $100 is deposited by Joe Smith, they can actually turn around and call that $100 the 10% which would've made it $1,000 and go and lend $900 of it which is created by the Fed and their magic check book errrr printing press.  

Common sense would tell you that eventually that would crash and burn because you're flooding the market with your own dollars, causing major inflation and price hikes.  I'm thinking that in order to deter this, that is why we have become such a power player in the "global economy" because we could send some of this printed money overseas, keeping it out of our markets.

Am I understanding this correctly?

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## gonegolfin

> So let me get this straight.............  according to the fractional reserve banking system created by the Fed - the Fed makes interest off of literally *NOTHING*.  Banks are required to keep 10% of their deposits on hand.  So if a $100 is deposited by Joe Smith, they can actually turn around and call that $100 the 10% which would've made it $1,000 and go and lend $900 of it which is created by the Fed and their magic check book errrr printing press.  
> 
> Common sense would tell you that eventually that would crash and burn because you're flooding the market with your own dollars, causing major inflation and price hikes.  I'm thinking that in order to deter this, that is why we have become such a power player in the "global economy" because we could send some of this printed money overseas, keeping it out of our markets.
> 
> Am I understanding this correctly?


No, this is not correct. Here is an example ...

Assumptions: 
1) 10% reserve requirement (and no borrowed reserves)
2) Bank A has a $100 monetary base in the form of reserves (the reserves can be a combination of federal reserve reserve balances and/or vault cash)
3) Bank A has no loans and has a single deposit account of $100 (a cash (FRN) deposit made by the depositor upon the creation of the deposit account)
4) Bank B has no loans, no reserves, and a single deposit account that has been opened without a balance.

- Bank A can loan $90 of their $100 in reserves (not $900) and does lend that $90 to a borrower.
- Bank B accepts the $90 deposit from the above borrower. Bank B now has $90 in reserves and is eligible to lend $81 of this $90.

At this point, we have the following in the system ...
- Total Deposits of $190
- Total Reserves of $100

Obviously the lending process can continue. But note that the total $ of reserves in the system does not change. Reserves in aggregate (total) only change when the Federal Reserve creates or extinguishes reserves. Lately, the Fed has been creating reserves. However, simply creating reserves does not increase the amount of money supply. 

Brian

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## sidster

> Originally Posted by Rock Sexton
> 
> 
> So let me get this straight.............  according to the fractional reserve banking system created by the Fed - the Fed makes interest off of literally *NOTHING*.  Banks are required to keep 10% of their deposits on hand.  So if a $100 is deposited by Joe Smith, they can actually turn around and call that $100 the 10% which would've made it $1,000 and go and lend $900 of it which is created by the Fed and their magic check book errrr printing press.
> 
> 
> No, this is not correct. Here is an example ...
> 
> Assumptions: 
> ...


I think Rock Sexton was correct. The Modern Money Mechanics
(published by Federal Reserve Bank of Chicago) explains it as
such on page 6 section *How the Multiple Expansion Process
Works*:




> If business is active, the banks with excess reserves
> probably will have opportunities to loan the $9,000. Of
> course, they *do not* really pay out loans from the money
> they receive as deposits. If they did this, no additional
> money would be created. What they do when they make
> loans is to accept promissory notes in exchange for credits
> to the borrowers' transaction accounts. Loans (assets)
> and deposits (liabilities) both rise by $9,000. Reserves are
> unchanged by the loan transactions. But the deposit cred-
> ...


This is talking about from an initial reserve of $10,000.
So the new loans banks give out, they are not using the
90% remainder of their initial deposits. They create new
money in the amount of the 90%!

This is subtle but greatly different from what one assume
is happening!

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## gonegolfin

> I think Rock Sexton was correct. The Modern Money Mechanics
> (published by Federal Reserve Bank of Chicago) explains it as
> such on page 6 section *How the Multiple Expansion Process
> Works*:
> 
> 
> 
> This is talking about from an initial reserve of $10,000.
> So the new loans banks give out, they are not using the
> ...


No. You are either misinterpreting what I stated above or are misinterpreting the "Modern Money Mechanics/Bank Deposits" paper by the Federal Reserve Bank of Chicago. They outline the same scenario I do above.

From the article ...
"All they need to retain, under a 10 percent reserve requirement, is $1000. *The remaining $9000 is "excess reserves". This amount can be loaned or invested.*"
Note that at this stage, only the $9000 in excess reserves (from the original $10,000 deposit) can be loaned. Not $90,000.

My example used figures of a $100 original cash deposit, resulting in $100 of reserves. 10% of this, or $10, must be retained as reserves. The remaining $90 is excess reserves and can be loaned or invested. $900 cannot be loaned by Bank A as this would be 900% of reserves, not 90%.

Brian

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## icon124

> No. You are either misinterpreting what I stated above or are misinterpreting the "Modern Money Mechanics/Bank Deposits" paper by the Federal Reserve Bank of Chicago. They outline the same scenario I do above.
> 
> From the article ...
> "All they need to retain, under a 10 percent reserve requirement, is $1000. *The remaining $9000 is "excess reserves". This amount can be loaned or invested.*"
> Note that at this stage, only the $9000 in excess reserves (from the original $10,000 deposit) can be loaned. Not $90,000.
> 
> My example used figures of a $100 original cash deposit, resulting in $100 of reserves. 10% of this, or $10, must be retained as reserves. The remaining $90 is excess reserves and can be loaned or invested. $900 cannot be loaned by Bank A as this would be 900% of reserves, not 90%.
> 
> Brian



Listen to this man, so much knowledge here.  

Also, most of the time the money multiplier is no where near what the books and movies make it out to be.  Theorectically they can (assuming 10% required reserve ratio) loan out about 9 times the amount they originally receive, but that usually is NOT the case.  I think the average right now is a little over 2 ...not sure exactly I would have to look it up...but my point is that the money multiplier in action is never as big (or rarely) as what the theory tells you.

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## sidster

> No. You are either misinterpreting what I stated above or are misinterpreting the "Modern Money Mechanics/Bank Deposits" paper by the Federal Reserve Bank of Chicago. They outline the same scenario I do above.
> 
> From the article ...
> "All they need to retain, under a 10 percent reserve requirement, is $1000. *The remaining $9000 is "excess reserves". This amount can be loaned or invested.*"
> Note that at this stage, only the $9000 in excess reserves (from the original $10,000 deposit) can be loaned. Not $90,000.
> 
> My example used figures of a $100 original cash deposit, resulting in $100 of reserves. 10% of this, or $10, must be retained as reserves. The remaining $90 is excess reserves and can be loaned or invested. $900 cannot be loaned by Bank A as this would be 900% of reserves, not 90%.
> 
> Brian


I'll grant you that I may be misunderstanding you, modern money
mechanics or both. But I quoted you a direct paragraphs from the
booklet. Here it is again, read it carefully and if need be read it
a few more times:




> If business is active, the banks with excess reserves
> probably will have opportunities to loan the $9,000. Of
> course, *they do not really pay out loans from the money
> they receive as deposits*.


They do not use the deposits to make loans to new borrowers!




> *If they did this, no additional money would be created*.


Because, that would not create new debt!




> What they do when they make loans is to accept
> promissory notes in exchange for credits to the borrowers'
> transaction accounts.


See?  I'll continue to quote you what follows ...





> This is the beginning of the deposit expansion process.
> In the first stage of the process, *total loans and deposits of
> the banks rise by an amount equal to the excess reserves
> existing before any loans were made* (90 percent of the
> initial deposit increase). At the end of Stage 1, deposits
> have risen a *total of $19,000* (the _initial $10,000_ provided
> by the Federal Reserve's action _plus the $9,000 in deposits
> created_ by Stage 1banks). See illustration 4. However,



So the initial $10,000 provides the $9,000 which can be used
to create NEW debt! The $9,000 isn't loaned out at all, BUT
instead, a new $9,000 is *created out of thin air* to make the
total deposits $19,000 (the initial 10K + the new 9K).

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## gonegolfin

> So the initial $10,000 provides the $9,000 which can be used
> to create NEW debt! The $9,000 isn't loaned out at all, BUT
> instead, a new $9,000 is *created out of thin air* to make the
> total deposits $19,000 (the initial 10K + the new 9K).


I am not disagreeing with any of the above (or what was in your last post). This is exactly what I provided in my example, except my figures were of smaller scale. With an initial $100, a maximum of $90 can be loaned. If the $90 is loaned, this creates the following (pulled exactly from my example) ...

- Total Deposits of $190
- Total Reserves of $100

The process then continues with the $90 deposit ...

This is not what the original poster (Rock) was citing/asking, which is why I provided the correction. In his scenario, he had $900 being lent from Bank A from the $100 deposit to Bank A. This is not correct.

Brian

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## ToyBoat

> You can get the book here:
> http://www.shopjbs.org/magento/index...ll-island.html


Save a buck and use your tax paid local libraries.

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## sidster

> I am not disagreeing with any of the above (or what was in your last post). This is exactly what I provided in my example, except my figures were of smaller scale. With an initial $100, a maximum of $90 can be loaned. If the $90 is loaned, this creates the following (pulled exactly from my example) ...
> 
> - Total Deposits of $190
> - Total Reserves of $100
> 
> The process then continues with the $90 deposit ...
> 
> This is not what the original poster (Rock) was citing/asking, which is why I provided the correction. In his scenario, he had $900 being lent from Bank A from the $100 deposit to Bank A. This is not correct.
> 
> Brian


OK, I misunderstood something along the way

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## danberkeley

As I understand it, if $100 are deposited, the bank can lend out $900 of it. That means that there are $1000 in the system while $900 are lent out and $100 (or 10%) remain at the bank as the reserve requirement.

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## gonegolfin

> As I understand it, if $100 are deposited, the bank can lend out $900 of it. That means that there are $1000 in the system while $900 are lent out and $100 (or 10%) remain at the bank as the reserve requirement.


No. Under a 10% reserve requirement, the bank can lend $90 of a $100 deposit. Once that $90 is lent and deposited somewhere (even the same bank), there will then be $190 in deposits (up from $100) and still $100 in total reserves.

Brian

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## icon124

> As I understand it, if $100 are deposited, the bank can lend out $900 of it. That means that there are $1000 in the system while $900 are lent out and $100 (or 10%) remain at the bank as the reserve requirement.






> No. Under a 10% reserve requirement, the bank can lend $90 of a $100 deposit. Once that $90 is lent and deposited somewhere (even the same bank), there will then be $190 in deposits (up from $100) and still $100 in total reserves.
> 
> Brian


Brian,

He probably got that information from a movie or a book.  It is played out more dramatically when you watch a movie or read a book about banking.  They assume a money multiplier of somewhere near 9, and tell their audiences to simply multiply the starting amount (in this case $100) by 9 to get the total amount of money (or credit) floating in the economy from that original $100.

The catch is (and what MOST movies and books don't stress) is so many other things go into calculating the money multiplier and it is rarely at 9 (if ever).  Depending on the objective of the source they may not go over this information.  If the source wants money to seem like debt and modern day slavery, then why wouldn't they make it seem worse than it is?

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## danberkeley

> Brian,
> 
> He probably got that information from a movie or a book.  It is played out more dramatically when you watch a movie or read a book about banking.  They assume a money multiplier of somewhere near 9, and tell their audiences to simply multiply the starting amount (in this case $100) by 9 to get the total amount of money (or credit) floating in the economy from that original $100.
> 
> The catch is (and what MOST movies and books don't stress) is so many other things go into calculating the money multiplier and it is rarely at 9 (if ever).  Depending on the objective of the source they may not go over this information.  If the source wants money to seem like debt and modern day slavery, then why wouldn't they make it seem worse than it is?


I usually read a book to get information. I find songs, GQ magazine, word of mouth, and AMC Theatre 16 not as realible as books.

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## gonegolfin

> Brian,
> 
> He probably got that information from a movie or a book.  It is played out more dramatically when you watch a movie or read a book about banking.  They assume a money multiplier of somewhere near 9, and tell their audiences to simply multiply the starting amount (in this case $100) by 9 to get the total amount of money (or credit) floating in the economy from that original $100.


There is a difference between the above (which is possible in the extreme case) and what Dan was stating. Dan was stating that if a Bank receives a deposit of $100, then $900 can be immediately lent by the Bank due to that $100 ... which is not true. Only $90 can be lent. If that $90 is lent, then there are $190 of deposits in the system and $100 in reserves. Of course, $81 can then be potentially lent from that $90 deposit.

Brian

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## gonegolfin

> I usually read a book to get information. I find songs, GQ magazine, word of mouth, and AMC Theatre 16 not as realible as books.


Dan, this is one of those cases where the book is wrong. Unfortunately, several internet videos used this information in their videos.

Brian

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## danberkeley

> Dan, this is one of those cases where the book is wrong. Unfortunately, several internet videos used this information in their videos.
> 
> Brian


Yeah. I just found the sentence, "He probably got that information from a movie or a book.", to be odd. Anyway, what are the primary sources that state correctly state/explain how fractional reserve banking works. I.e. is there a link on the Fed's website?

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## gonegolfin

> Yeah. I just found the sentence, "He probably got that information from a movie or a book.", to be odd. Anyway, what are the primary sources that state correctly state/explain how fractional reserve banking works. I.e. is there a link on the Fed's website?


Probably the "Modern Money Mechanics" publication by the Federal Reserve Bank of Chicago is as good as any. This is what sidster referred to earlier.

In the context of our discussion, you will want to proceed directly to the "Bank Deposits - How They Expand or Contract" section ... and in particular, the following quote.

"It does not really matter where this money is at any given time. The important fact is that these deposits do not disappear. They are in some deposit accounts at all times. All banks together have $10,000 of deposits and reserves that they did not have before. However, they are not required to keep $10,000 of reserves against the $10,000 of deposits. All they need to retain, under a 10 percent reserve requirement, is $1000. The remaining $9,000 is "excess reserves." This amount can be loaned or invested. See illustration 2."

Here is one of many links ... http://landru.i-link-2.net/monques/mmm2.html

Brian

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## icon124

> I usually read a book to get information. I find songs, GQ magazine, word of mouth, and AMC Theatre 16 not as realible as books.


You are correct, and your point?

You got it wrong...simply following what others say...you assumed the multiplier was 9.  My point stands...go out and do the real world research yourself.  That message is for anyone who reads books or watches the videos on money and banking and how evil it is haha

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## danberkeley

> You are correct, and your point?
> 
> You got it wrong...simply following what others say...you assumed the multiplier was 9.  My point stands...go out and do the real world research yourself.  That message is for anyone who reads books or watches the videos on money and banking and how evil it is haha


"Yeah. I just found the sentence, 'He probably got that information from a movie or a book.', to be odd." -- Me

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## FrankRep

I wonder if those 65 people who "I've heard of the book, but haven't read it" picked up the book yet.

I hope so. Trust me, the book isn't boring! You'll find it hard to put down.

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## FrankRep

> I'll start this weekend, it's the next book in by book meet up group!!!
> 
> 
> Great video here.
> 
> http://video.google.com/videoplay?do...arch&plindex=0


How's it going?

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## humanic

> Presentation on the "Creature from Jekyll Island" by G Edward Griffin
> 
> 71 Mins
> 
> Audio Recording
> http://video.google.com/videoplay?do...11570371055528


This is the one to listen to for anyone who has not yet heard it.  Even better than the video presentation by the same name.

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## kathy88

I voted "I own the book but haven't read it" because I'm about 2/3 of the way through  It's wonderful.

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## Conza88

Reading Human Action atm...

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## fr33domfightr

> Dan, this is one of those cases where the book is wrong. Unfortunately, several internet videos used this information in their videos.
> 
> Brian



I think Griffin stated things the way he did to simplify the process, for new readers.  The *essence* of what CAN occur over multiple iterations of deposits and loans is 9x more money has been created out-of-thin-air.  Not that 9x is automatically loaned out after the first deposit.


FF

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## BuddyRey

Is anybody else having trouble seeing a file on this page?  I don't see a "download" button, and I keep thinking that maybe there's some Java plugin or something that I'm missing.

http://boomp3.com/listen/byxw5nq0b_u...ality-of-money

Had the presentation on my old computer, but now I'm trying to get it on a new one and forgot how I got the old one!

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## FrankRep

*G. Edward Griffin delivers opening statement at Jekyll Island Project*

Jekyll Island Project: G. Edward Griffin on Vimeo


Freedom Force International
http://www.Freedom-Force.org/

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## emazur

Just watched it myself yesterday.  Vids from the other speakers are here:
Jekyll Island Project: Intro by Bob Schulz on Vimeo

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## Brassmouth

> Creature From Jekyll Island
> by G. Edward Griffin


This is a legitimate curiosity: 

Why should I read this book when Rothbard's treatments of the same subject have been done in far fewer words? 

CfJI: 608 pages

The Case Against the Fed: 158 pages

He also discusses the history of central banking and its ramifications as subsections of other works. 

If there's a good reason, I'll gladly put the book on my reading list...

Also of interest is why the Mises Institute has never plugged this book (that I've seen)? Surely if it was such a great treatise they would have featured it.

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## wgadget

You should get the book because it's EXCELLENT and you can get it with a FREE MORGAN DOLLAR!

Go to this link.  I called them last week and the offer's still on.  $26 covers shipping, the book, and a free silver dollar.

Can't beat that with a stick.

http://www.chrismartenson.com/forum/...l-island/13043

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## emazur

I've read both books, Griffin's is much, much better.  Changed my life, actually.  Griffin's book uses many more quotations than Rothbard, and there are some absolute gems in there.  Griffin also takes on the IMF and World Bank, which Rothbard does not.  Griffin does a better job of explaining who benefited from Fed policies that led up to the Great Depression, and how these people managed to dodge the effects of the fallout.  Griffin focuses a great deal more on key figures and architects of the Federal Reserve Act.  Much heavier bailout coverage too.
Griffin also strongly covers history (Nicholas Biddle's quotes on the 2nd Bank of the U.S. are astounding) and the "New World Order" conspiracy and how the Fed is involved in that.  I did not believe in the NWO prior to reading Jekyll Island.  I do now.  I had no idea of the existence of Carrol Quigley, the CFR, Fabian Society, or Trilateral Commission.  The Fed's role in fueling the military industrial complex is covered here, which I don't think Rothbard covered.  
Griffin's book is also more up to date than Rothbard's book.  Really, I can't recommend it enough.  Cheapest I've seen it is at Border - I bought mine for $19.50 there in December, most places want $24.95.
I dunno about the Mises Institute, but Tom Woods is a member of that and he recently plugged a new anti-New Deal book:
http://www.ronpaulforums.com/showthread.php?t=195576
and the author of that book used Creature from Jekyll Island as one of his key sources.  Creature from Jekyll Island is also in Ron Paul's reading list in the back of The Revolution: A Manifesto, and Ron Paul's blurb is on the back cover: "A superb analysis.  Be prepared for one heck of a journey through time and mind".  That sums it up pretty well

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## Conza88

> I've read both books, Griffin's is much, much better.  Changed my life, actually.  Griffin's book uses many more quotations than Rothbard, and there are some absolute gems in there.  Griffin also takes on the IMF and World Bank, which Rothbard does not.  Griffin does a better job of explaining who benefited from Fed policies that led up to the Great Depression, and how these people managed to dodge the effects of the fallout.  Griffin focuses a great deal more on key figures and architects of the Federal Reserve Act.  Much heavier bailout coverage too.


You've read both books, good work.  But have you read Rothbard's others? I.e that cover banking, fed, gold, money, inflation, history, united states? 

*A HISTORY OF MONEY AND BANKING IN THE UNITED STATES: THE COLONIAL ERA TO WORLD WAR II by Murray N. Rothbard?* 

PART 1
The History of Money and Banking
Before the Twentieth Century . . . . . . . . . . . . . . . . . . . . . . . 45
PART 2
The Origins of the Federal Reserve . . . . . . . . . . . . . . . . . . . . . 179
PART 3
From Hoover to Roosevelt:
The Federal Reserve and the Financial Elites . . . . . . . . . . 259
PART 4
The Gold-Exchange Standard
in the Interwar Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347
PART 5
The New Deal and the
International Money System . . . . . . . . . . . . . . . . . . . . . . . . 431


Or *Wallstreet, Banks and American Foreign Policy?*

As Rothbard always did. He named, names.




> Griffin also strongly covers history (Nicholas Biddle's quotes on the 2nd Bank of the U.S. are astounding) and the "New World Order" conspiracy and how the Fed is involved in that.  I did not believe in the NWO prior to reading Jekyll Island.  I do now.  I had no idea of the existence of Carrol Quigley, the CFR, Fabian Society, or Trilateral Commission.  The Fed's role in fueling the military industrial complex is covered here, which I don't think Rothbard covered.


Rothbard would go into this less.. naturally.




> Griffin's book is also more up to date than Rothbard's book.  Really, I can't recommend it enough.  Cheapest I've seen it is at Border - I bought mine for $19.50 there in December, most places want $24.95.


The above Rothbard book - 2002. Create - 1994.. Not that means anything.




> I dunno about the Mises Institute, but Tom Woods is a member of that and he recently plugged a new anti-New Deal book:
> http://www.ronpaulforums.com/showthread.php?t=195576
> and the author of that book used Creature from Jekyll Island as one of his key sources.  Creature from Jekyll Island is also in Ron Paul's reading list in the back of The Revolution: A Manifesto, and Ron Paul's blurb is on the back cover: "A superb analysis.  Be prepared for one heck of a journey through time and mind".  That sums it up pretty well


Cus LvMI hasn't got copyright of it and since LvMI is a scholarly institution.

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## Brassmouth

Thanks, everybody. I'm not too sure about this one. I won't give it priority, but if I ever run out of other things to read I'll look into it.




> Cus LvMI hasn't got copyright of it and since LvMI is a scholarly institution.


They sell Ron Paul's books and the PIG books on their site. I don't think they have copyright of those. Obviously, I could be wrong, though.

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## Conza88

> They sell Ron Paul's books and the PIG books on their site. I don't think they have copyright of those. Obviously, I could be wrong, though.


Because Ron Paul and Woods, Murphy etc are linked to LvMI.

G. Edward Griffin ain't.

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