In this last part of my book report about “The Creature from Jekyll Island”, we begin with the battle between President Andrew Jackson and Nicholas Biddle, the director of the Second Bank of the United States. For a third time, an attempt at securing a central bank in this country was thwarted. It is an exciting tale, but the consequences of this clash still haunt us today.
The central bank may have been defeated, but banking was still very much alive. Before the Civil War began, there were many European money masters who were actively attempting to break up the United States and weaken her position on the global economic stage. President Lincoln’s primary goal was to preserve the Union, contrary to popular history. By printing Greenbacks, he in effect suspended the Constitution and placed the government into the business of banking. After the smoke had cleared from the battlefields, the U.S. suffered the bloodiest war in history, but the economic turmoil was just beginning.
50 years later, the Federal Reserve system was put into place and the world changed forever.