31th President of the United States, from 1929 to 1933
At the time of Herbert Hoover's election, America was prosperous and optimistic and Hoover deeply believed in the Efficiency Movement. The Efficiency Movement played a central role in the Progressive Era in the United States and he promoted partnerships between government and business under the rubric "economic modernization". The Wall Street Crash of 1929 struck less than eight months into his presidency and he publicly tried to fight the Great Depression with volunteer efforts from the American citizens which we know now was caused by the Federal Reserve banking system that was enacted 17 years earlier to milk the nations wealth.
Herbert Hoover was a proud member of the Skull and Bones society and the Bohemian Club of which every Republican President since Hoover has been a member. Hoover once called the Bohemian Grove "the greatest men's party on Earth." In his inaugural address, President Herbert Hoover called on the U.S. Senate to accept United States membership in the World Court and the Hoover administration accepted participation in the International Court in the Hague, reflecting a change in American Isolationist policy and the U.S. charge d'affairs in Geneva signed the protocol of adherence to the World Court.
Hoover was Also a Member of The Council on Foreign Relations
and chose CFR member Henry L. Stimson to be his Secretary of State. Herbert Hoover once said: "We shall have no more financial panics, panics are impossible, business men can now proceed in perfect confidence that they will no longer put their property in peril. Now the business man may work out his destiny without living in terror of panic and hard times. Panics in the future are unthinkable, never again can panic come to the American people" and in February of 1932 Hoover signed the Federal Reserve Act, Amendments also known as the Glass-Steagall Act.
Hoover cut spending but the Federal Reserve raised the rates and they controlled (milked) the economy and the American people through the hard times of the Great Depression. The Great Depression is often called a “defining moment” in the twentieth-century history of the United States. Its most lasting effect was a transformation of the role of the federal government in the economy and the controlled manipulation of the monetary system by The Federal Reserve Bank. On November 12, 1999, the Glass–Steagall Act of 1933 was repealed and this effectively removed the separation that previously existed between investment banking and commercial banks and also removed conflict of interest prohibitions.
Hindsight is 20/20 and We Can Clearly See the Central Banks Effects on America Today
as the cycle comes full circle and our Nations debt is approaching 17 Trillion dollars. The government made things worse by aggressively interfering with the market correction. Opening the way for the New Deal, President Herbert Hoover was defeated by Franklin D. Roosevelt in the Election of 1932. The New Deal legislation, in which the federal government assumed responsibility for the welfare of the nation in effect placed the nation on a strengthened path of corporatism and into deficit spending.
references: US History Library of Economics Federal Reserve Facts American Presidency Project
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