In my thirty-five years as a practicing economist, one of my greatest difficulties has been convincing patriots that they must understand the problem of inflation—the Jewish disease—if they are to prevail against the depredations of the biological parasite. As the patriot Ezra Pound said to me some thirty years ago, “Inflation is robbery.” This is still the shortest and best definition of inflation. Pound explained to me that many centuries ago, rulers discovered that their regimes could he imperiled by any tampering with the value of the circulation medium of exchange, or money, and therefore they imposed the death penalty on anyone who committed this offence. At that time, “inflation” meant the depreciation of gold or silver coins by clipping them, trimming a minute amount of precious metal from the rims so that it could hardly be detected. In modern times, inflation means tampering with the value of the paper certificates which circulate and are accepted as money. A person with inside knowledge of such tampering could borrow one million dollars, knowing that inflation would allow him to increase the value of his borrowing to perhaps ten million dollars, and at the same time reduce his debt to about one hundred thousand dollars.
As I pointed out in The Federal Reserve Conspiracy, the Jews won this power to alter the value of the American dollar at their pleasure, first by consolidating the money and credit of the people of the United States into a central bank, the Federal Reserve Bank, and then by setting up the mechanism, the Open Market Committee, to raise or lower the purchasing power of the dollar whenever they wished. These mechanisms were worked out by Paul Warburg, partner of the international Jewish banking house of Kuhn, Loeb, Co., New York, and the American representative of the Rothschild interests, and were enacted into law by Congress in 1913, against the bitter protests of such American patriots as Congressman Charles Lindbergh. The Federal Reserve Act was engineered through Congress by Virginian Carter Glass and signed into law by Virginian Woodrow Wilson.