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Book Report: The Creature from Jekyll Island
Old 05-16-2005, 04:45 PM   #1
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Book Report: The Creature from Jekyll Island

Ready for a conspiracy theory? The book has some interesting viewpoints on the creation of the Fed, the IMF, and the World Bank. Basically he states that we are all being hit with a hidden tax-inflation-which subsidizes the free money machine of the Fed for the powerbrokers of the country. I'm not sure I buy into the idea that the powerful bankers conspired to turn their banking cartel into a government agency, but it's a good read. But inflation has only been a real, long term problem since we went off the gold standard. Is inflation a purposeful hidden tax? 4 pillars of investing has shown that bonds have suffered mightily under the fiat money system, and even recommends only buying short term bills. Anyone else read this book or heard this veiwpoint? I should warn I've heard the author is a spokesperson for the John Birch society, so take that how you will.....
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Re: Book Report: The Creature from Jekyll Island
Old 05-16-2005, 05:03 PM   #2
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Re: Book Report: The Creature from Jekyll Island

I read the book some time ago, so some of the details are not as clear as they used to be. I found quite a bit of Economics 101 refresher material, centered around a pessemistic view of our current money system (e.g., the fact that what we now use as "money" is based upon debt). Money is no longer something of intrinsic value, but rather is created at the whim of government or the Federal Reserve (which is neither a part of the Federal Government nor holds true reserves). I took most of the conspiracy stuff with a grain of salt, but I agree that it is an intersting read.
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Re: Book Report: The Creature from Jekyll Island
Old 05-16-2005, 06:55 PM   #3
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Re: Book Report: The Creature from Jekyll Island

Quote:
Is inflation a purposeful hidden tax?
It is, but only on savers. It has destroyed fixed income as an asset class, and enabled a slow default on fixed pensions. People not tempermentally suited to risk taking (e.g., equity) switched to saving by building up equity in their homes. This explains the low official US savings rate. If you punish people for an action (saving), they will stop.

Quote:
I'm not sure I buy into the idea that the powerful bankers conspired to turn their banking cartel into a government agency
The government wanted the fed. Before the fed, they had to borrow money mostly from private individuals, which gave them power over the politicians. Now the fed will "buy" any excess treasury bills by simply printing more money. This effectively transfers money from fixed income savers to the government, but in a hidden way that most will never figure out.
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Re: Book Report: The Creature from Jekyll Island
Old 05-16-2005, 08:29 PM   #4
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Re: Book Report: The Creature from Jekyll Island

Haven't seen the book and don't have much opinion on the topic -- but we toured Jekyll Island when we were anchored nearby a few years ago. It used to be sort of a residential country club for a small handful (like 5-6) of the richest families in the world -- they used it as a getaway when the season warranted, and maintained it year round through hired club manager and staff. Their "vacation homes" were mansions.

It's now a Georgia State Park. In the tour, they told us a couple of facts that lingered in my CRS mind... when all 5-6 principals were in residence, about 25% of the entire world's wealth was owned by the residents of this dinky little barrier island. And, the world's first trans-atlantic phone call (and probably the next several as well) were made from there, and through those phone calls, the international monetary system was ironed out.

At least that's the way the docents of the State of Georgia present it.
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Re: Book Report: The Creature from Jekyll Island
Old 05-17-2005, 12:24 PM   #5
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Re: Book Report: The Creature from Jekyll Island

I read this book a while ago and thought it was fascinating.

With regard to your question: "Is inflation a purposeful hidden tax?" In my opinion, yes, that's exactly what it is. When the government can print fiat money at will, every existing dollar is worth less than it was before. It is a hidden, unseen confiscation of wealth.

The book covers a large amount of ground and breaks down some complicated subjects into interesting, understandable reading.

As Mountain_Mike said, take the later, more conspiratorial parts of the book with a grain of salt, but overall, an excellent, informative read.

John
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Re: Book Report: The Creature from Jekyll Island
Old 05-17-2005, 12:36 PM   #6
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Re: Book Report: The Creature from Jekyll Island

Lipper Analytical - 1/2 or more of money into equity mutual funds this year has gone into foreign funds - another reflection of the world currency gyrations.

Some gold cycles like bond cycles last twenty years or more - I bet the wrong side the last one - Homestake and Vanguard PM.

Plan to stay out this time around. If I was 40 again and had some mad money??
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