The Power Elites mission was to integrate central banking into the system, eliminate the gold standard, gain cheap credit and thereby earn money from the inflation. Although they were adversaries (JPMorgan, and John P. Rockefeller) they had a common mission (ultimate power) therefore they created a merger. In 1896 JP Morgan and John P. Rockefeller merged (eventually to become JPMorgan Chase & Co) to expand their empires with the aid of government (they knew that through the government enforcing their cartels best interest would be of the greatest advantage) ;( Rothbard, 1984). They had a marketing campaign to sell the idea to the public, seeing the inflation from loans would finance their businesses. Their idea was to position the Federal Reserve System, because with the gold standard there was no way that they could manipulate the interest rate; ergo no interest rate, meaning no money for their initiatives. Their promotional efforts received a development in 1907, due to the fractional reserve banks were ruined when people found out about their methods which created a bank run. Fractional reserve: a finance method where only a small percentage of bank deposits is supported by tangible available cash and are attainable for withdrawal) ;( Investopedia, 2011). Note: A business running via fractional reserves would be deemed fraudulent, because it is loaning out something that one does not have. Working on the peoples fear Wall Street promoted a central banking system ...
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