Woodrow Wilson Says Sorry For Creating The Federal Reserve System

Despite many warnings, Woodrow Wilson signed the 1913 Federal Reserve Act.

A few years later he wrote: I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.

One huge irony is that the creation of the Federal Reserve System was prompted by fears that banks who lent more than their reserves could be vulnerable to collapse by a run of depositors withdrawing their funds.

With so many Presidents starkly aware of their limited powers once in office it is amazing that we go through this charade every 4 years... and people take it seriously.