Fr. Coughlin explains the Federal Reserve, 1940: This privately owned corporation ‘thrives on misery’ and is ‘leading this country into chaos’
By Martin Hill
November 10, 2013
“Who makes the profits from the operation of the Federal Reserve bank?” asks Catholic priest.
On April 7, 1940, Father Charles E. Coughlin of Royal Oak Michigan gave a detailed explanation and condemnation of the the Federal Reserve Banking System in his weekly radio address. Many people are familiar with the fiery youtube video clip in which an angry Fr. Coughlin rails against the Federal Reserve and shouts “They’re not even Americans, these Democrats and Republicans!” However, the clip featured here today is an hour long explanation of the system by Fr. Coughlin, in which he presents documentation from U.S. Senate testimony and other official sources. He also offered this information in printed copy to his listeners for no charge. The good priest was trying to explain to his millions of listeners that the Federal Reserve system had to go, that it took advantage of Americans, harmed honest hard-working Americans, and would inevitably lead to chaos and destruction for the nation.
It is precisely this type broadcast, in addition to Fr. Coughlin’s principled anti-war, anti interventionist and pro-liberty stances, which prompted FDR’s eventual threats to put Coughlin into prison and shut down his broadcast. This is the 5th installment of the LibertyFight.com Fr. Coughlin Archives and we will feature more profiles of interest in the future. But for this month, with the 100th anniversary of the Federal Reserve approaching, this lecture from Fr. Coughlin on the ‘Federal Reserve’ and bonds is most appropriate.
Fr. Coughlin begins “On December 23, 1913- 27 years ago- a Federal Reserve Act was approved by the Congress of the United States. This Act permitted bankers to establish a bankers’ bank- or, to be more precise, 12 bankers banks situated one in each regional division of the United States of America… In other words, the Federal Reserve Banking System is a privately owned corporation. It is not a Government owned corporation as some persons believe.
“…It is both amusing and alarming to learn that not only some factory workers but also some professional and business men labor under the impression that the Federal Reserve banking system is a Government owned corporation.”
Coughlin then goes on to make three points: who owns the banks, the fact that they are tax exempt, and explains the so-called ‘Federal Reserve Board’, the supposed ‘watchdog’ of the banks.