1940: Fr. Charles Coughlin Reveals "The Federal Reserve Banking System is a privately owned corporation. It is not a Government owned corporation as some persons believe." | WHAT REALLY HAPPENED

1940: Fr. Charles Coughlin Reveals "The Federal Reserve Banking System is a privately owned corporation. It is not a Government owned corporation as some persons believe."

In the late 1930s, Catholic Priest Fr. Charles E. Coughlin of Michigan had one of the most popular weekly radio shows in the country. On April 7, 1940, Coughlin gave a scathing rebuke of the Federal Reserve, explaining how it 'thrives on misery' and is 'leading this country into chaos.' He 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. "Who makes the profits from the operations of the Federal Reserve Banks?" he asks.

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