Who has read "Creature From Jekyll Island" by G. Edward Griffin?

Who has read "Creature From Jekyll Island" by G. Edward Griffin?

  • Yes, I have read it!

    Votes: 62 41.6%

  • I've heard of the book, but haven't read it.

    Votes: 77 51.7%

  • I own the book, but haven't read it.

    Votes: 10 6.7%

  • Never heard of it.

    Votes: 0 0.0%
  • Total voters
    149
danberkeley said:
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 said:
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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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?
 
icon124 said:
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?
Click to expand...

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.
 
icon124 said:
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.
Click to expand...
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
 
danberkeley said:
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.
Click to expand...
Dan, this is one of those cases where the book is wrong. Unfortunately, several internet videos used this information in their videos.

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

Brian
Click to expand...

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?
 
danberkeley said:
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?
Click to expand...
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
 
danberkeley said:
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.
Click to expand...

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
 
icon124 said:
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
Click to expand...

"Yeah. I just found the sentence, 'He probably got that information from a movie or a book.', to be odd." -- Me
 
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.
 
I voted "I own the book but haven't read it" because I'm about 2/3 of the way through :) It's wonderful.
 
gonegolfin said:
Dan, this is one of those cases where the book is wrong. Unfortunately, several internet videos used this information in their videos.

Brian
Click to expand...


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
 
FrankRep said:
Creature From Jekyll Island
by G. Edward Griffin

B0332.jpg
Click to expand...

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.
 
Last edited:
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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