Part 7/13:
Throughout the meeting and afterward, key figures like Aldrich and Warburg advocated for a system that perpetuated their dominance. Aldrich, who managed to entrench New York’s financial supremacy, openly boasted in 1914 that the Federal Reserve enabled him to dominate the reserves of the entire country, not just New York.
The architects of the Federal Reserve system aimed to:
Reduce the influence of small and regional banks,
Control the money supply's elasticity,
Prevent banking panics through a "cooperative" central banking cartel,
And shift the risk of economic downturns onto taxpayers and the public.