What does the Federal Reserve have to do with the Holocaust?

On Holocaust Remembrance Day, I reflected on the chain of cause-and-effect events leading up to it:

1911: U.S.

A secret meeting is held on Jekyll Island between the world’s richest bankers, representing an estimated 25 percent of the world’s wealth, and Senator Nelson Aldrich.
A plan is formed to create a privately owned centralized banking system with the purpose of transferring the wealth of common U.S. citizens to a small circle of the wealthy and powerful.

1913: U.S.

The Federal Reserve Act is signed into law.


1919: Germany


The “German Workers’ Party” is formed by Anton Drexler, a Munich locksmith. Adolf Hitler joins the party (later renamed the National Socialist German Workers Party, NSDAP, or Nazi Party).

1920: U.S.


After the 19th century, a period in which ordinary people in the U.S. experienced the most massive increase in standard of living in human history, the Federal Reserve takes control of the U.S. economy, and begins the process of channeling wealth to a small circle of the richest families.

1921: Germany


Hitler proves to be an emotional, charismatic speaker who delivers vague promises of a greater Germany. He becomes leader of the tiny, powerless Nazi Party.

1923: Germany


Hitler attempts a coup d’état, known as the Beer Hall Putsch, at the Bürgerbräukeller beer hall in Munich. The failed coup results in Hitler’s imprisonment. At this point Hitler has little chance of becoming the leader of anything.

1924: Germany


Inflation is brought under control and the economy is improving. The German people are gradually gaining new faith in their democratic system and finding the extremist solutions proposed by people such as Hitler unattractive.

1928: Germany

The Nazi Party, though able to recruit extremists, gets less than 3% of the popular vote.

The Nazi Party is the "NSDAP"

The Nazi Party is the “NSDAP”

1929: U.S.


In the decade of the “roaring” 20’s, the Federal Reserve floods the market with fiat money, creating an artificial economic boom to benefit the rich. By 1929, the Fed has successfully transferred 40 percent of the nation’s wealth to the richest 1 percent, while the bottom 93 percent experience a drop in real disposable per-capita income. By 1929, more than half of all Americans are living below a minimum subsistence level.

The artificial bubble created by the Federal Reserve inevitably collapses, leading to a disastrous worldwide economic meltdown. In particular, the: U.S. suddenly stops lending money to Germany, causing considerable economic damage.

1929: Germany


A rapid rise in German unemployment in 1929–30 provided millions of jobless and dissatisfied voters whom the Nazi Party exploits to its advantage. From 1929 to 1932 the party vastly increases its membership and voting strength; its vote in elections to the Reichstag (the German Parliament) increased from 800,000 votes in 1928 to about 14,000,000 votes in July 1932, and it thus emerges as the largest voting bloc in the Reichstag, with 230 members (38 percent of the total vote).

Germany continues to raise taxes, fueling dissatisfaction and increasing Nazi recruitment.

1930: Germany


National elections result in a huge surge in Nazi Party power.

1930: U.S.


The Smoot-Hawley Tariff passes, halting international trade and severely weakening Germany’s already faltering economy, as well as the control of the Weimar Republic over the German government.

1932: Germany

  • The effect of the recession
Year Number of unemployed
1920 1,862,000
1929 2,850,000
1930 3,217,000
1931 4,886,000
1932 6,042,000


40% of industrial workers are now unemployed. The Nazi Party offers unemployed workers shelter and food, promising “Work, Freedom and Bread.”

1933: Germany

hitler-named-chancellor-article-2Hitler becomes Chancellor of Germany.

National Socialists gain 43.9% of the votes. Nazis round up and arrest their political opponents.

Dachau, the first Nazi concentration camp, is completed.

The Reichstag passes the Enabling Act, making Adolf Hitler dictator of Germany.

The Gestapo is established. The Nazi Party introduces a law to legalise eugenic sterilisation.

All non-Nazi parties are forbidden in Germany.

1934: Germany

Hitler uses the SS to assassinate the leaders of the SA, who had become a threat to his plans; there are also a number of other well-known victims. President von Hindenburg dies, and Hitler assumes the Presidency as well as the Chancellorship.

1935: Germany


The Nuremberg Laws deprive Jews of citizenship rights.

1938: Germany


Kristallnacht (“night of broken glass”): Nazis burn synagogues, destroy Jewish property, and beat and arrest thousands of Jews.

1940: Germany


The Jews of Warsaw are herded together into the Warsaw Ghetto.

1941 – 1945: Germany


The Holocaust: The Einsatzgruppen begin operating, rounding up and killing various undesirables, principally Jews, by the millions. Chelmno, considered the first of the death camps, goes into operation, followed within months by Belzec, Sobibor, Majdanek, Treblinka, and Auschwitz-Birkenau.

The lesson learned:

The Holocaust was colossal, resulting in the murder of half the Jews in existence. But Hitler would not have been able to gain power and recruit were it not for the severe unemployment and tragic economic conditions in Germany.

Germany’s depression was a direct result of the Great Depression in the U.S., which was caused by the Federal Reserve’s centralized and unprecedented power over the U.S. economy, along with a series of huge, disastrous, arrogant blunders by the U.S. Federal Government.

“Regarding the Great Depression. You’re right, we did it. We’re very sorry.” – Ben Bernanke, Federal Reserve Chairman, 2006 -2014

Nothing as big and tragic as the Holocaust, or World Wars, can be caused by individuals. It can only be caused by governments who rule by force, taking colossal action.

The Federal Reserve’s control over the U.S. economy caused not only massive suffering and hardship all over the world, but indirectly, the deaths of tens of millions of innocent people.

Such is the price of the arrogance and greed of centralized economic control.

“Eternal vigilance is the price of liberty.” – Wendell Phillips


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