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Austrian Prince Metternich's secretary wrote of the Rothschilds, Money is the god of our times, and Rothschild is his prophet. as early as 1818, that: James built his fabulous mansion, called Ferriéres, 19 miles ...they are the richest people in Europe. northeast of Paris. Wilhelm I, on first seeing it, exclaimed: By cooperating within the family, using fractional reserve bank- Kings couldn't afford this. It could only belong toa ing techniques, the Rothschilds' banks soon grew unbelievably Rothschild! wealthy. By the mid-1800s, they dominated all European banking Another 19th century French commentator put it this way: and were certainly the wealthiest family in the world. A large There is but one power in Europe, and that is Rothschild. part of the profligate nobility of Europe became deeply indebted There is no evidence that the Rothschilds' predominant standing to them. in European or world finance has changed. To the contrary, as By virtue of their presence in five nations as bankers, the their wealth has increased, they have simply increased their 'pas- Rothschilds were effectively autonomous, an entity independent sion for anonymity’. Their vast holdings rarely bear their name. from the nations in which they operated. If one nation's policies Author Frederic Morton wrote that the Rothschilds had: were displeasing to them or their interests, they could simply do ..conquered the world more thoroughly, more cunningly, and no further lending there, or lend to those nations or groups much more lastingly than all the Caesars before... opposed to such policies. Only they knew where their gold and other reserves were located, thus they were shielded from govern- 8. THE AMERICAN REVOLUTION ment seizure, penalty, pressure or taxation, effectively making Now let's take a look at the results the Bank of England pro- any national investigation or audit meaningless. Only they knew duced on the British economy and how, later, this was the root the extent (or paucity) of their fractional reserves, scattered in five cause of the American Revolution. nations—a tremendous advantage over purely national banks By the mid-1700s, the British Empire was approaching its engaging in fractional reserve banking. height of power around the world. Britain had fought four wars in It was precisely their international character that gave the Europe since the creation of its privately owned central bank, the Rothschild banks unique advantages over national banks and gov- Bank of England. The cost had been high. To finance these wars ernments, and that was precisely what rulers and national parlia- the British Parliament, rather than issuing its own debt-free cur- ments should have prohibited, but did not. This remains true of _ rency, had borrowed heavily from the bank. international or multinational banks By the mid-1700s, the British to this very day, and is the driving Government's debt amounted to force of globalisation—the push for £140,000,000—a staggering sum for one-world government. those days. Consequently, the gov- The Rothschilds provided huge . ernment embarked on a program of loans to establish monopolies in vari- By the mid-1 800s, they trying to raise revenues from its ous industries, thereby guaranteeing . . American colonies in order to make the borrowers’ ability to repay the dominated all European banking the interest payments to the bank. oans by raising prices without fear and were certainly the But in America it was a different of price competition, while increas- . “WD story. The scourge of a privately ing the Rothschilds' economic and wealthiest family in the world. owned central bank had not yet land- litical power. They financed Cecil ed in America, though the Bank of Rhodes, making it possible for him to England exerted its baneful influence establish a monopoly over the gold- over the American colonies after fields of South Africa and DeBeers 1694. Four years earlier, in 1690, the diamonds. In America, they finance: Massachusetts Bay colony had print- the monopolisation of railroads. ed its own paper money—the first in America—and was followed The National City Bank of Cleveland, which was identified in in 1703 by South Carolina and then by other colonies. congressional hearings as one of three Rothschild banks in the In the mid-1700s, pre-revolutionary America was still relatively United States, provided John D. Rockefeller with the money to poor. There was a severe shortage of precious metal coins to begin his monopolisation of the oil refinery business, resulting in trade for goods, so the early colonists were increasingly forced to the formation of Standard Oil. experiment with printing their own home-grown paper money. Jacob Schiff, who had been born in the Rothschild Green Shield Some of these experiments were successful. Tobacco was used as house in Frankfurt and who was then the principal Rothschild money in some colonies, with success. agent in the US, advised Rockefeller and developed the infamous In 1720, every colonial Royal Governor was instructed to cur- rebate deal which Rockefeller secretly demanded from railroads tail the issue of colonial money, but this was largely unsuccessful. shipping competitors’ oil. These same railroads were already In 1742, the British Resumption Act required that taxes and other monopolised by Rothschild control through agents and allies J. P. debts be paid in gold. This caused a depression in the colonies, Morgan and Kuhn, Loeb & Company (Schiff was on the Board) and property was seized on foreclosure by the rich for one-tenth which, together, controlled 95 per cent of all US railroad mileage. its value. By 1850, James Rothschild, the heir of the French branch of the Benjamin Franklin was a big supporter of the colonies printing family, was said to be worth 600 million French francs—150 mil- their own money. In 1757, Franklin was sent to London to fight lion more than all the other bankers in France put together. James for colonial paper money. He ended up staying for the next 18 had been established in Paris by Mayer Amschel in 1812, with years—nearly until the start of the American Revolution. capital of $200,000. At the time of his death in 1868, fifty-six During this period, more American colonies ignored Parliament years later, his annual income was $40,000,000. No fortune in and began to issue their own money, called ‘colonial scrip’. The America at that time equalled even one year of James' income. endeavour was successful, with notable exceptions. Colonial Referring to James Rothschild, the poet Heinrich Heine said: scrip provided a reliable medium of exchange and it also helped Money is the god of our times, and Rothschild is his prophet. James built his fabulous mansion, called Ferriéres, 19 miles northeast of Paris. Wilhelm I, on first seeing it, exclaimed: Kings couldn't afford this. It could only belong toa Rothschild! Another 19th century French commentator put it this way: There is but one power in Europe, and that is Rothschild. There is no evidence that the Rothschilds' predominant standing in European or world finance has changed. To the contrary, as their wealth has increased, they have simply increased their 'pas- sion for anonymity’. Their vast holdings rarely bear their name. Author Frederic Morton wrote that the Rothschilds had: ..conquered the world more thoroughly, more cunningly, and much more lastingly than all the Caesars before... 12 - NEXUS FEBRUARY — MARCH 1999