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Woodrow Wilson was Morgan's man in the White House with an administration full of his cronies. The Federal Reserve Act was a major coup, giving them what they long wanted and finally got, control over the nation's money and unlimited power with it. According to Brown:
Private bankers got "the exclusive right to 'monetize' the government's debt (that is, print their own money and exchange it for government securities or IOUs)." The obscure language hid the scheme's real aim "to create money out of nothing, lend it to the government at interest, and control the national money supply, expanding or contracting it at will."
Wilson signed the act, then later said:
"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activites are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government of free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men" running everything today more than Wilson ever could have imagined.
Ron Paul: "The Federal Reserve Isn't Federal and Has No Reserves" - It's Privately Owned by a Powerful Banking Cartel that Runs America
Dominant member banks own it in each of the 12 Federal Reserve districts. The amount of stock each holds is proportional to its size. As mother bank, the New York Fed is most dominant, owning 53% of all shares because the nation's largest commercial banks are on Wall Street, including JP Morgan Chase, Goldman Sachs, Citigroup, and Morgan Stanley. Bank of America was founded in California, remains heavily concentrated in Western and Southwestern states, yet operates globally like the other giants. The same is true for Wells Fargo.
The largest banks are financial superpowers with interests in commercial and investment banking, insurance, real estate, home mortgages, credit cards, and virtually everything related to finance, insurance and real estate globally (the so-called FIRE sector).
The Fed is composed of a Board of Governors in Washington (its headquarters) and the 12 regional Districts/Banks in New York, Boston, Philadelphia, Richmond, Atlanta, Cleveland, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.
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