By OBBM Network Editorial Staff

Derived from an episode of Old Glory Bank Presents.

What if the nation’s central bank was designed not to safeguard the public’s savings but to protect a secretive circle of financiers?

The Jekyll Island Conspiracy: A Blueprint for Power

CEO Mike Ring opened his commentary by transporting listeners to Jekyll Island, Georgia, where, in November 1910, Senator Nelson Aldridge convened six of the world’s wealthiest bankers. Ring cited Edward Griffin’s book, The Creature from Jekyll Island, noting that the gathering produced a draft for a “central bank” modeled after European institutions. Among the attendees was Paul Warburg, described as a representative of the Rothschild banking dynasty and a brother to the head of a German‑Dutch banking consortium. Ring emphasized that these six men collectively owned roughly 25 % of global wealth at the time.

Because the American public remembered the failures of the First (1791) and Second (1816) Banks, the conspirators cloaked their plan in a new name: the Federal Reserve System. The inclusion of twelve regional banks, Ring argued, was a façade; the regions operated as a single cartel under federal oversight.

From Secret Blueprint to Law: The 1913 Federal Reserve Act

Within three years of the Jekyll Island meeting, Congress passed the Federal Reserve Act of 1913. Ring noted the Act granted the Fed authority to issue currency, regulate banks, and manage monetary policy – officially “to control inflation and stabilize the economy.” He challenged that claim, asserting the true intent was to protect the banking elite’s interests and to use taxpayers’ money for their benefit.

Ring also recounted the political maneuvering that paved the way for the Act. After the Aldridge Bill failed in 1912, the 1912 presidential election produced a Democratic victory for Woodrow Wilson. Ring claimed that J.P. Morgan, the largest donor to Theodore Roosevelt’s third‑party campaign, deliberately split the Republican vote to ensure Wilson’s win, thereby clearing the path for the Fed’s creation.

The Fed’s Ongoing Role in Protecting Big Banks

Ring highlighted three historic banks that existed before the Fed and continue to dominate today: Citigroup (originally National City Bank of New York), J.P. Morgan & Co., and First National Bank of Chicago (now JPMorgan Chase). He argued that the Federal Reserve has consistently rescued these institutions, effectively shielding the “bank cartel” while ordinary citizens bear the cost of inflation.

One vivid example Ring offered involved the 1978 Panama Canal transfer. He claimed that the banks, heavily invested in Panamanian loans, pressured the Carter administration—through a Senate majority led by Robert Byrd—to hand over the canal, thereby securing a lucrative revenue stream that now generates about $5 billion annually.

Inflation: A Congressional Problem Amplified by the Fed

Ring shifted the blame for inflation squarely onto Congress’s deficit spending, stating that the Federal Reserve merely creates fiat money to cover the shortfall. “The problem with our fiat is not that it isn’t backed by gold,” he said, “the problem is that Congress keeps deficit spending, which requires the Federal Reserve, the culprit, the creature, to create more fiat to keep up.” He argued that focusing political energy on curbing congressional deficits would be more effective than debating a gold standard.

While acknowledging the Fed’s corruption, Ring stressed that only Congress has the power to reform the system. He warned that without legislative action, the Fed will continue to “protect Wall Street, not Main Street.”

Old Glory Bank’s Vision: Liberty Over Cancellation

Throughout the discussion, Ring positioned Old Glory Bank as a counter‑weight to the Federal Reserve’s influence. He described the bank’s mission statement as “the Constitution,” promising that customers will not be “canceled for who you are, what you are, and what you believe.” Ring claimed the bank stands “between the regulators and America,” asserting that he is “the only bank executive who is not intimidated by the regulators.” The recurring acronym M‑D‑E‑I‑P‑S‑L (Privacy, Security, Liberty) encapsulated his vision for a financial institution that safeguards individual freedom.

Ring concluded by urging listeners to recognize the intertwined roles of Congress and the Fed in perpetuating inflation and to consider alternatives that prioritize personal liberty and sound monetary practices.

The full episode of Old Glory Bank Presents is available on OBBM Network TV.