Wall Street and World War 1

On pages 134 and 144-145 of America’s Sixty Families by Ferdinand Lundberg, we read:

“By no accident all the strategic government posts, notably those concerned with buying, were reserved for the Wall St. patriots. On the most vital appointments, Wilson consulted with Dodge [President of Rockerfeller’s National City Bank], who…. recommended the hitherto unknown [Bernard] Baruch, speculator in copper stocks, as chairman of the all-powerful War Industries Board….

As head of the War Industries Board, Baruch spent government funds at the rate of $10,000,000,000 annually…. Baruch packed the War Industries Board and its committees with past and future Wall Street manipulators, industrialists, financiers, and their agents…. who fixed prices on a cost-plus basis and, as subsequent investigations revealed, saw to it that costs were grossly padded so as to yield hidden profits….

The American soldiers fighting in the trenches, the people working at home, the entire nation under arms, were fighting, not only to subdue Germany, but to subdue themselves. That there is nothing metaphysical about this interpretation becomes clear when we observe that the total wartime expenditure of the United States government from April 6, 1917, to October 31, 1919, when the last contingent of troops returned from Europe, was $35,413,000,000. Net corporation profits for the period January 1, 1916, to July, 1921, when wartime activity was finally liquidated, were $38,000,000,000, or approximately the amount of the war expenditures. More that two-thirds of these corporation profits were taken by precisely those enterprises which the Pujo Comittee had found to be under the control of the ‘Money Trust.'”

This quote was found on page 259 of The Creature from Jekyll Island, A Second Look at the Federal Reserve, by G. Edward Griffin.

War is a racket.


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