Amtrak Bride of the Federal Reserve
Mandeville, LA – Exclusive Transcript – “Folks, Congress doesn’t have any money. The only money they have is what they can take from us, they can tax from us or get through duties, tariffs, and imposts. They don’t have any money. Just because the Fed prints it doesn’t mean it’s money. It’s paper. Yet the deceit continues. We just witnessed a bailout, didn’t we, of the medical industry? No one could possibly pay what is being asked of them for medical care. This was made possible by what? Government hijacking the medical services industry. They created the crisis, Obamacare swoops in and nationalizes the medical services industry, just like they did the railroads, all made possible by the Fed.” Check out today’s transcript for the rest…
Begin Mike Church Show Transcript
Mike: I want to really stretch the envelope here on the subject of the Federal Reserve. Don’t forget, Ron Paul is with us in the final hour of the program today. A book was written in the 1990s by a gentleman by the name of G. Edward Griffin — many of you have it and know it — called “The Creature from Jekyll Island.” I know as soon as I mention this, the Alex Jonesers come out of the woodwork and I get bombarded with either hate mail or all sorts of things that I need to read. I will do my own reading, thank you very much. I have the book. I’ve read a substantial portion of it. I read a lot in the past two days in preparation for this show. This one particular passage struck me. I said: I’m going to put Mr. Griffin to the test. I’m an historian and a damn good one. I’m going to take this summary he has at the end of chapter two and I’m going to see if I can reverse engineer it and prove it, and I did. I want to read this to you because I was actually able to reverse engineer and prove this. Listen to this. He wrote this before the big bailouts, before the Tea Party got animated by the bailouts. The Fed has been bailing people out since 1913, ladies and gentlemen. That’s the fact.
Second Reason To Abolish The Federal Reserve
The game called bailout is not a whimsical figment of the imagination, it is for real. Here are some of the big games of the season and their final scores. [Mike: Folks, this story just fascinated me. I spent about an hour researching it, and I’ll share the research with you in just a moment.]
In 1970, Penn Central railroad became bankrupt. The banks that lent money to it had taken over its board of directors and put it further into the hole, all the while extending bigger loans to cover the losses. Directors concealed reality from stockholders and made additional loans so the company could pay dividends to keep up a false front. Directors and their banks unloaded their stock at unrealistically high prices. When the truth became public, the stockholders were left holding the empty bag. When Congress was told that the collapse of Penn Central would be devastating to the public interest, it responded by granting $125 million in loan guarantees so that banks would not be at risk. The railroad failed anyway, but the banks were covered. Penn Central was nationalized into AMTRAK and continues to operate at a loss.
Mike: Is that true? Let us look at the historical record. I will bring you now to www.AmtrakHistoricalSociety.org. Here’s what we’re going to find, press releases from the entity that becomes Amtrak, from the year 1971. This just blew me away. As I’m reading this I’m just thinking to myself: MY goodness, why aren’t there documentaries made about this? Maybe I should make one. You go to the Amtrak Historical Society website. Eric, Amtrak is all over the East Coast and where you live Joey Biden famously rides it to work every day. Have you ever wondered how it got created? You just talked about the Federal Reserve and how it got created. Have you ever wondered how Amtrak came about?
Mike Church Interviews Ron Paul on the eve of the Fed’s latest chairman, Janet Yellen, taking office. Pt I is here, Pt II is here
Eric: No idea.
Mike: Let’s find out. National Railroad Passenger Corporation, chartered by the United States Congress in response to Penn Central going under. This is from a press release “Fact Sheet – National Railroad Passenger Corporation (AMTRAK).”
The Rail Passenger Service Act signed October 30, 1970 by President Nixon authorized the National Railroad Passenger Corporation to manage the basic national rail network . . .
Mike: Ladies and gentlemen, what happened was there used to be, and I think there still is some small instances of this, but it used to be that you could travel on the Penn Central line and other lines. You could buy a ticket, just like in the movies. You could buy a ticket on the Orient Express. You could travel on one of these American train lines. You buy a ticket just like you would an airplane ticket and you would get on a train. What Congress did was they nationalized it. [mocking] “We’re just going to do away with it. We can’t have these banks losing money that bought all these railroads. We’ll just take it over.” Amtrak loses money every year, folks, every single year. We can look at the chain of events that happened and you can point your finger directly at the Fed. It was the Federal Reserve Act that made this possible.
The corporation was incorporated by eight Presidential appointees: David W. Kendall, chairman; General Frank S. Besson, Jr., vice chairman; David E. Bradshaw; John J. Gilhooley; Arthur D. Lewis; Charles Luna; Catherine May Bedell; and John P. Olsson.
On April 21, 1971, the President nominated eight people to serve on the corporation’s Board of Directors.
Mike: Why is the President of the United States nominating people to serve on a board that’s going to run the train tracks, that is going to run commercial train transportation, passenger train transportation, why? Because they took it over. They nationalized it. [mocking] “But we’re not socialists in this country.” Oh, yes, we are. We’re damn good at it, too.
The Presidential appointments, subject to Senate confirmation, include six of the original incorporators. [Mike: Follow the money here.] Mr. Gilhooley, chairman and president of Urban Industries, Inc., was nominated for a four-year term. Nominated for three-year terms were General Besson, former chairman of the Pentagon’s Joint Logistics Review Board; Mr. Bradshaw, a Chicago attorney, and Mr. Luna, president of the United Transportation Union. Mrs. Bedell, former Representative (R., Wash.), and Mr. Kendall, chairman of AMTRAK’s incorporators, were the President’s choices for two-year terms.
The two remaining Presidential nominations will be new to the corporation.
Mike: Next press release, May 19, 1971:
Louis W. Menk, Chairman of the Burlington Northern Railroad, William H. Moore, President of Penn Central and William J. Quinn, Chairman of Milwaukee Road are the three railroad members of the Board of Directors of the National Railroad Passenger Corporation, AMTRAK President Roger Lewis announced today.
Mike: So Griffin’s story is correct. You can prove it. There are tens of thousands of instances of this that have happened since the Federal Reserve Act. What does it do then? It makes it possible for Congress to do what it did — here, I’ll give you a more recent example. We are now at least partially divested of this one but it did happen in your lifetime, very recently. They’re gonna get a bailout, aren’t they, General Motors and Chrysler Corporation, the United Auto Workers? Why? Why were we told we had to do that? Because the nation will be in peril if we can’t have General Motors cars to buy anymore. In other words, they invented a crisis. General Motors was reckless in its operation. They allowed the United Auto Workers, they made promises to the UAW they could not possibly keep. When they were about to go under, should have gone under, should have been liquidated, should have gone through bankruptcy, what happened? The Federal Reserve made it possible for Congress to bail them out. AIG Insurance, same scenario. Insert your bailout recipient here.
Folks, Congress doesn’t have any money. The only money they have is what they can take from us, they can tax from us or get through duties, tariffs, and imposts. They don’t have any money. Just because the Fed prints it doesn’t mean it’s money. It’s paper. Yet the deceit continues. We just witnessed a bailout, didn’t we, of the medical industry? No one could possibly pay what is being asked of them for medical care. You can’t, you can’t afford it. You can’t even afford the insurance. This was made possible by what? Government hijacking the medical services industry. They created the crisis, Obamacare comes in, swoops in and nationalizes, basically, the medical services industry, just like they did the railroads, all made possible by the Federal Reserve and the ability of the private entity to create money out of thin air.
End Mike Church Show Transcript