The Federal Reserve

Cass Sunstein’s Conspiracy Theory: The Federal Reserve

The major push for a central bank began with a speech by Jacob Schiff, head of Kuhn, Loeb, and Company in 1906, where he stated that the "country needed money to prevent the next crisis." Working with his partner Paul Warburg, and Rockefeller-owned National City Bank of New York's Frank Vanderlip, they created a commission and delivered a report to the New York Chamber of Commerce calling for a "central bank of issue under government control."