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The Emergency Banking Relief Act

March 9, 2011 by  

The very first act in President Franklin Delano Roosevelt’s “New Deal” was passed on March 9, 1933, four days after Roosevelt had declared a nationwide bank holiday. The measure was called the Emergency Banking Relief Act, and it allowed the President to seize insolvent banks, direct the Federal Reserve to make unsecured loans to them and reopen when he decided. Sound familiar?

Because of panic over bank failures that were sweeping across the country, the measure was introduced to a joint session of the brand-new Congress. More than 100 new legislators had been elected the previous November, all of them Democrats.

And let me quote from a history of the time: “The sense of urgency was such that the act was passed with only a single copy available on the floor and most legislators voted on it without reading it.”

The more things change, the more they stay the same.

–Chip Wood

Chip Wood

is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.

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