Louis T. McFadden (1876-1936): An American Hero

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This is an old article — it talks of Ron Paul running for president in 2008. Well here he is again in 2012.  But that’s not the story. 

The story is about a Republican congressman named Louis McFadden who kept screaming about the corrupt Federal Reserve Banking system. He kept demanding an investigation. They (unknown persons) tried to kill him – succeeded on the third try – shot at and missed and finally poisoned. That was back in 1936.

These days Ron Paul too is asking for an investigation of the Federal Reserve. I guess he had better be careful. These guys don’t play…

Atlantic Free Press:…Few recall, however, how controversial the Fed was when it was first proposed and then maneuvered through a recessing Congress just before Christmas 1913. Rep. Charles Lindbergh, Sr., R-MN and father of the future aviator, called the Federal Reserve Act “the worst legislative crime of the ages.”

But the strongest opposition came later, during the Great Depression. The source was Rep. Louis T. McFadden, a Republican representative from Pennsylvania who, as a former bank cashier and president, knew the financial system intimately.

McFadden was born in Granville Center, Bradford County, Pennsylvania, on July 25, 1876, just three weeks after the nation celebrated its centennial at the Philadelphia Exposition. He graduated from Warner’s Commercial College in Elmira, New York, and went to work at the First National Bank of Canton, PA, in 1892.

McFadden was elected to Congress in 1914 and served until 1934. Though a Republican, he moved to impeach President Herbert Hoover in 1932 and introduced a resolution to bring conspiracy charges against the Board of Governors of the Federal Reserve.

He also made a 25-minute speech on the House floor accusing the Federal Reserve of deliberately causing the Depression.

At the time, the chairman of the Federal Reserve Board was Eugene Meyer,who resigned after Franklin D. Roosevelt was inaugurated as president in 1933 and purchased the Washington Post at a bankruptcy auction.

Later, in 1933, McFadden introduced House Resolution No. 158, Articles of Impeachment for the Secretary of the Treasury, two assistant Secretaries of the Treasury, the Board of Governors of the Federal Reserve, and the officers and directors of its twelve regional banks.

This was McFadden’s political swan song. In the election of 1934, he lost his reelection bid to a Democrat by 561 votes.

Let’s fast forward to 2008. We are in the early stages of an economic collapse that Nouriel Roubini, professor of economics at the NYU Stern School of Business, calls “the worst financial crisis since the Great Depression.”… Read here: AtlanticFreePress

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