Did Nixon’s economic policies irk and scare the big-money interests and the Federal Reserve? Is this part of the reason why he was chased out of office?
I had never heard this particular argument before, until I began reading an interesting, semi-autobiographical book by R. Duane Willing, titled “The American Caliphate”. (A word on the book title: The meaning of this title becomes more clear if you juxtapose it with the title of his previous, more philosophical work: “Money: The 12th and Final Religion”.)
I will let Willing — a federal employee during the Nixon era — make the case:
The hidden secret since the beginning of modern capitalism is that money is created and managed by bank control over checking accounts in the loan-making process. This is the secret of how money is created from thin air.
President Nixon was preparing the Federal Home Loan Bank Board to change the traditional role of American savings and loan associations. They were to change from community-centered, mutually-owned deposit and savings associations to regular commercial banks that have money creation powers. The S&L system was designed to collect local savings in order to build local housing. Ownership of the S&L was indicated by the existence of the savings account. With the Nixon Plan, they would be able to issue equity shares and be listed on the stock exchanges just like regular commercial downtown banks. They would, for the first time, have accounts for both checking and savings. The converted savings and loan associations would have full banking powers to make loans and investments, providing a first full-service nationwide bank for Americans.
The Nixon White House had quietly drafted and sponsored before Congress the Federal Charter Bill. The passage of this bill would have changed U.S. financial history. The financial coven of Wall Street and Federal Reserve central banking was about to be challenged like never before.
It was obvious, from the view at my humble post at the FHLBB, that President “Tricky Dick” Nixon had really alarmed the powerful.
The “Watergate” saga was obviously just Senatorial theater. It was a ritual ceremony to conceal from public awareness the death march aimed at the president as punishment for his tampering with the S&L system that financed housing in America. The Wall Street Great Merchants as owners of the Senate were personified by the Senate appointment of Nelson Rockefeller as vice president. They were making certain that the money dreams of “Tricky Dick” and his vision for the Republic protected with a network of converted Savings and Loan associations was doomed.
[There had been] power skirmishes between the Fed and the Treasury…but the Fed prevailed. Then, out of the blue, in 1969…President Nixon was detected by Wall Street as surreptitiously planning a secret great challenge to the Federal Reserve system and Wall Street powers. In short order, Nixon became the target of bizarre allegations and calls for impeachment.
The careful construction of public outrage against President Nixon, led by The Washington Post and made national by television, was a masterpiece of propaganda. If done by a foreign country, the propaganda would be recognized as “active measures”. The term “active measures” is used by secret agents to describe such things as bribery and other high-level subversion techniques to include the hiring of agents of influence to control public opinion in the media.
All excerpts are from chapters One and Two of “The American Caliphate of BIZWOG: The Final World Order”. (Author’s website).
Elsewhere I briefly stated that Nixon was the final sympathizer with populistic-nationalism to occupy the White House. A far cry from the clownish figure that B.H.Obama strikes today.
The appearance of this Nixon character in the White House in 1969, a throwback to days long past even by then, really bothered certain groups.
There is some discussion in the comment section in the Nixon ancestry thread,as to reasons why Nixon was so hated. In that spirit, I am glad I came across this book. It may be another piece of the puzzle that I was unaware of. Populist economics would jibe with Nixon’s other populist/American-nationalist sympathies, for which I have always assumed he was hated.
As R. Duane Willing writes on his website:
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In Britain, the equivalent of S&Ls were “Building Societies” – mostly local, small, did most of the home mortgage lending and offered savings accounts.
In the late 80s – 90s, these were allowed to sell shares and to carry out normal banking. A lot of them merged or were taken over. Northern Rock was the first to go bust in the financial crisis. By now, all the demutualised building societies have been taken over by banks or by the government.
In all, if Watergate was a set-up, I think the motive must have been something else.
Though I’m rather far out of my depth talking economics, I’ll offer this:
Many times, it is perceptions that matter more than realities. Maybe the S&L scheme would have failed. But it is certainly possible, isn’t it, that this apparent move towards “populist economics” worried certain people, scared certain people, financial interests, and that they joined the mob in crucifying Nixon?
Nixon did have sympathies for populist economics and did pursue populist economic policies. For example, his temporary wage and price controls, which were viewed as successful in the short term and were popular with the public. He wasn’t an ideological “free market” type and framed his economics in terms of the national interest. Of course he’s attacked by libertarians and “conservatives” for his economic policies not being “conservative.”
I have heard libertarians bash Nixon for getting rid of the gold standard, but I have never known what to make of that.
fwiw, one of the many conspiracy theories connected to jfk’s assassination is that his executive order 11110 threatened the fed’s control over monetary policy.
(*hbd chick scratches head, shrugs shoulders*)
The author, Willing, alludes to this too.
He cites several examples of what he says were opponents of powerful private Banking interests: Lincoln (killed), Garfield (killed), Charles Lindbergh Sr. (discredited), Kennedy (killed), and of course Nixon (discredited, chased out of office on frivolous pretext, a more effective move than assassination perhaps).
From American Caliphate of BIZWOG, ch.1:
I love the overview on the back-cover of this book: In sharp wording it makes points made much more slowly, deliberately, and breezily in the book:
Such as this:
Since the Federal Reserve was established the dollar has lost 96% of its value. Since Nixon took the dollar of the gold standard the price of a gallon of gas has gone up 1,000%. With QE1 and QE2 the Fed has diluted the money supply to the point that hyperinflation is inevitable. The entire world is being held hostage by a handful of bankers who answer to no one. People are rioting in Europe and the rioting will spread to the US if the Fed isn’t dismantled and Bernanke, Paulson, Geithner arrested for high crimes against the people of the United States.
Nixon also pushed for a watered down version of a citizen’s dividend. This jibes with his populist nationalism and economic populism. It was called the Family Assistance Plan (FAP) and it would have been a guaranteed minimum income for every American. It was almost signed into law. I believe it passed the House. I suspect this was the major reason, or one of the major reasons, why he was removed from office. A citizen’s dividend, or anything close to it, is a serious threat to the rent-seeking Powers That Be. This would have been a direct attack on the public sector rent-seeking apparatus of welfare by directly disbursing funds to citizens and bypassing the welfare bureaucracies.
James Bowery at Majority Rights has written many times about citizen’s dividends and the dramatic effects they would have and how threatening they would be to the reigning power structure.
Here is one such post of his over there: http://majorityrights.com/weblog/comments/citizens_dividends_to_capture_parliamentary_governments/
It gives an idea of just how threatening Nixon may have been.
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