Chapter 49 3. Who is Franklin?Delano.Roosevelt

As you and I both know, the reality is that the financial power at the heart of the huge (power) from Andrew.President Jackson took control of the government from the start, and this country is about to repeat the Jackson era struggle with the banks, only on a much larger and broader basis.November 21, 1933 Roosevelt Roosevelt's confession of true feelings is somewhat similar to that of Wilson back then. If it is true that Wilson was born as a scholar and not familiar with the techniques of bankers, then it is somewhat artificial to make such a high-level statement based on Roosevelt's experience.Taking the ambiguous relationship between the incumbent president and Wall Street as a breakthrough point of attack will always be a tried and tested magic weapon for the challenger in the presidential elections over the years.In his campaign speech in Ohio on August 20, 1932, Roosevelt said eloquently:

We find that two-thirds of American industry is concentrated in the hands of a few hundred corporations, which are actually controlled by no more than five people.We found that the securities dealers of the thirty or so banks and commercial banks determine the flow of capital in the United States.In other words, we find a highly concentrated economic power in the hands of a very small number of people, which is the opposite of what Mr. President (Hoover) said about individualism. Roosevelt tried his best to make himself feel more like: President Jackson, who is loved by the American people and is at odds with bankers, a brave president who is willing to challenge financial giants for small people. There are only a lot more entanglements than President Hoover.

Roosevelt's great-grandfather James.Roosevelt founded the Bank of New York in 1784, one of the oldest banking families in the United States. It was the bank that was accused of manipulating the price of national debt in the 2006 US Treasury auction market.The bank was run by his cousin George until Roosevelt ran for president.Roosevelt's father, also named James, was a tycoon in the American industry. He graduated from Harvard Law School and owned many huge industries such as coal mines and railways. He was also the founder of the Southern Railroad Securities Company. A securities holding company mainly engaged in mergers and acquisitions of the railway industry.Roosevelt himself is also a Harvard graduate and a lawyer. His main clients include Morgan & Co.With the support of a strong banking background, Roosevelt, who was only 34 years old, became the Assistant Secretary of the US Navy in 1916. He was Morgan's senior partner and often beat President Hoover's Ramon to Roosevelt in Washington Arranged new home.

Roosevelt also had an uncle who had been president, Leonardo.Roosevelt.Another cousin of theirs, George.Emron.Roosevelt is also a well-known figure on Wall Street. He reorganized at least 14 railway companies in the era of the great railway merger. At the same time, he served as a director of Guaranty Trust and Investment Company under Morgan, Hanwa Bank, New York Savings Bank, and other companies he held A list of directors can be printed in a booklet. Roosevelt's mother, the Delano family, is also a family of hairpins, and a total of nine presidents are related to their family. In modern American history, no president has more powerful political and banking resources than Roosevelt.

In 1921, Roosevelt transferred from the government office to Wall Street and became a director or vice president of many financial institutions. He used his extensive contacts in the political and banking circles to obtain huge benefits for his company.In the process of soliciting government bond business for a financial company, Roosevelt wrote bluntly to his old friend Congressman Meher: I hope I can use our long-term friendship to ask for your help. The big bosses of the company have won some bond contracts.A lot of bonds have to do with municipal works, I hope my friends will remember me.I can't bother them at this time, but since my friends are also your friends, it would be a great help to me if you could have a tendency.I will always remember your help.

In a letter to a friend who had received a large deal from the Navy Department, Roosevelt mentioned: My friend in the Navy Department and I happened to chat about a contract for your company's eight-inch gun. It was a pleasure working with us as Assistant Secretary of the Ministry.I was wondering if you could have my firm underwrite some of your bonds.I would very much like to have my sales representative give you a call. In some highly profitable businesses, Roosevelt once blatantly stated that purely personal friendship is not enough.When reading the correspondence within these companies, a more vivid Roosevelt appeared on the paper.

In 1922, Roosevelt participated in the establishment of the United European Investment Corporation and served as its president.The company's directors and consultants include the former German Prime Minister Welch Muller who created the German hyperinflation in 1923.Kuno and Max.Warburg, Max's younger brother Paul was the chief architect and vice chairman of the Federal Reserve.Of the 60,000 preferred shares issued by the company, Roosevelt was the largest individual shareholder.The company is mainly engaged in various speculative businesses in Germany. When the German people were looted impoverished by hyperinflation, Roosevelt's United European Investment Corporation was in full swing to make national wealth.

Hyperinflation has always been a super wealth harvester, and a large-scale wealth transfer occurred during the dramatic devaluation of the country's currency.The worst moral collapse of inflation occurred in Germany in 1923.Anyone with some dollars or pounds on hand can live like a king in Germany.A few dollars can make a person live like a millionaire.Foreigners flocked here and there, snapping up (German) family wealth, real estate, jewelry and art at unbelievably cheap prices. Just like what happened in the hyperinflation of the former Soviet Union in the early 1990s, huge social wealth was looted wildly, the middle class went bankrupt, and the purchasing power of the dollar or pound was magnified by tens of thousands of times, and the wealth between these currencies During the plunge and skyrocketing process, it quietly changed hands.Just as Keynes said, this method (hyperinflation) can arbitrarily deprive the people of wealth, and in the process of impoverishing the majority, it makes a few people rich︱This process potentially accumulates destructive factors in various economic laws , not one person in a million can see the root of the problem.

When Roosevelt sternly criticized Hoover's Wall Street background, he advertised himself as a clean and honest savior of ordinary people. I'm afraid his experience and background were far from the truth.