Timothy Geithner who was the President of the Federal Reserve Bank of New York from 2003 to 2009 during the Clinton administration, has been president and managing director of Warburg Pincus since 2014. Today, the New York Times is the forward operations center for the private intelligence networks operating on Wall Street for bankers that create and bend the news sucking you into a vortex of lies and confusion.
Let's go back in history a little bit to the LSD "counter-culture" and MK Ultra program when unsuspecting CIA agents were given small doses of LSD to determine the drug's affects. The LSD was manufactured by the Sandoz AG firm and this pharmaceutical company was owned by S.G. Warburg & Company located in London. At the time, it was James Paul Warburg, who was the son of Paul Warburg and nephew of Max Warburg, who set up the Institute of Policy Studies (think tank) established in 1963 to promote LSD (The Acid Farmers).
The result was these bankers set up the counter-culture of the 1960s that was financed by the CIA, despite several CIA agents dying from over doses of LSD, that funded this banker operation with $25 million. There you have it: the banking scion family the Warburg clan, involved in the manufacturing of LSD funding a think tank to manufacture dissent, that can be managed and then to create more favorable conditions for themselves, the MK Ultra program to bend minds to their satisfaction. If readers want to learn how the Warburg's can be traced back through history to Florence and before that through history, a read through Secret Society of Moses might be instructive.
Secret Society of Moses
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Source: Sacred Heart University
Paul M. Warburg: Founder of the United States Federal Reserve
By Richard A. Naclerio | May 13, 2013
Paul Moritz Warburg
The name Paul Moritz Warburg is synonymous with the founding of the Federal Reserve System. Warburg's impact on American banking is a parallel to his family's impact on European banking. The epic story of the Warburg family of European bankers can be traced back to the early 1500s when Simon von Cassel settled in the German Westphalia town of Warburg (originally founded by Charlemagne in 778 and was then known as Warburgum) and began the family's quest for money and financial power. Although the Warburgs excelled in many other occupations throughout Europe, it was this lineage that produced some of the most successful bankers in the world. Blessed with sharp minds and good business sense, the generations of the Warburg clan gained seemingly boundless money and power.1
In the 1700s the family splintered into two groups. Some went to Altona, Denmark, and others to Hamburg, Germany. Despite being relegated to Jewish ghettos and, by law, referred to as "moneylenders" and not bankers, in 1774 a Warburg established the merchant-banking firm of S.G. Warburg. It soon became W.S. Warburg as the family grew and sons and grandsons began to contribute to the family business. This Warburg firm remained independent and consistent throughout the 19th century, and in 1807 the Altona Warburgs sold out to the Hamburg Warburgs of M.M. Warburg and Company, founded by Moses and Gerson Warburg in 1798.2
When Napoleon invaded Germany, Hamburg was captured by the French army in 1804, as was Moses' brother Gerson. Napoleon himself held Gerson hostage and demanded a ransom from the entire Hamburg Jewish community for his release. However, Moses did not want to pay. It took immense pressure from the whole community until Moses finally put up the money, which was still a sum much lower than what was expected of him. But despite this proof of disloyalty, the two brothers signed a partnership in 1810, and expanded M.M. Warburg together.
The end of the war marked the beginning of economic rebuilding for Germany. When the French withdrew in 1814, Moses and Gerson saw the need for replenishment of the country's stock of silver currency to boost the German economy. So a letter by the brothers was written to a prodigious banking firm in England, requesting the opportunity to handle bills of exchange of silver stock on behalf of the London firm of N.M. Rothschild and Sons.3 To put the Rothschild's empire in perspective, the family's biographer, Fredric Morton explained that the Rothschild dynasty had, "...conquered the world more thoroughly, more cunningly, and much more lasting than all the Caesars before or all the Hitlers after them."4
Throughout the 1800s the firm of M.M. Warburg and Company maintained a slow but steady growth process. That century brought the Warburgs prosperity and new relationships with very important people.
In 1857, 150 banks went under in the United States and the virus began to spread to Germany. Banks were overleveraged and the need for no less than10 million marks was imperative for the survival of German, particularly Hamburg, banks. When Prussian bankers refused to aid them, an attempt was made to sway the director of Austria's largest bank, the Kreditanstalt, who happened to be married to a Warburg daughter. Paul Schiff applied pressure to the Austrian Minister of Finance. Soon, the Emperor Franz Joseph loaded a train with silver ingots and sent it to Hamburg. In six months it was returned to Vienna, plus interest.5
The second half of the 19th century marked true progress for the Warburgs. After the Franco-Prussian War of 1870-71, Otto von Bismarck imposed reparations on the French in the form of merchandise, precious metals, commercial and financial bills, and myriad investments. M.M. Warburg and Company once again joined the Rothschilds in loaning the French government the capital to pay the reparations. This act of association, and many others over the years, with the largest banking family in the world marked the arrival of the Warburg family in the global banking field, and their slow assent gave way to their amassing significant wealth and reputation.6
Moritz Warburg was born in 1838 and as a young man was an apprentice for the Rothschilds in Paris and Italy. He was a practicing orthodox Jew and he married Charlotte, a member of the Frankfurt diamond merchant family of Oppenheims, and she too was notably devout in her Jewish faith. The two had five sons; Aby, Max, Paul, Felix, and Fritz. They were so famed for their success, rebellion, and progressive attitudes among their descendants, that future Warburgs referred to the brothers as the "Famous Five."7
Aby, being the eldest son, was in line to head the bank. However, his passion was Art History, so he sold his birthright to his brothers, Max and Paul. Max and Paul ran M.M. Warburg, respectively, and in 1894 another Schiff entered the lives of the Warburg family in the form of, arguably, "the most famous Jew in New York", one of the richest men in America, and a man who J.P. Morgan admitted was his only equal, Jacob Schiff.8
As a young man Jacob ventured to America and met Abraham Kuhn. After writing a cogent letter to Kuhn's partner Solomon Loeb, he convinced the two men to bring him in to join the firm of Kuhn, Loeb and Company in 1873. By 1875 he was a full partner and in 1894 he married Solomon Loeb's eldest daughter.
Jacob's daughter Frieda married Felix Warburg in New York and when Paul went to America to be the best man at their wedding, he met Frieda's very young aunt, and maid of honor, Nina Loeb – Jacob's sister. The two Warburg brothers settled in New York to work for Jacob Schiff, and thus began the borderline-incestuous familial interweaving of the banking firm of Kuhn, Loeb and Company.9 The Kuhn and Loeb genealogy is as follows:
...with [Abraham] Kuhn and [Solomon] Loeb (who were brothers-in-law) both related to Abraham Wolff, another K-L partner whose daughter married yet another partner, Otto Kahn. A Loeb son married a Kuhn daughter, and another Loeb daughter married another partner, Paul Warburg, while Jacob Schiff's daughter Frieda married Paul Warburg’s brother Felix (a partner too). This turned an aunt and her niece into sisters-in-law, and made Paul his brother's uncle.10The young Paul M. Warburg was a charmer, a playboy, a ladies-man, and a terrible student. The future professor at Harvard University failed most of his high school exams back in Germany and never went to college. He divorced his first two wives and not until the 1920s did he, as his family put it, "begin to settle down." In the summer, he and his brother Felix would retreat from the city and retire to their 200 acre property in The Woodlands in White Plains, New York.11
Despite his many struggles in school, Paul was arguably the most brilliant of all the Warburgs. His versatility and need for challenge was reflected in the fact that he was really a half-partner at Kuhn and Loeb. He spent six months a year in New York, and the other six months back in Germany to help run the Warburg family bank. He acted as a "financial liaison" between Germany and America, all the while, frustrated with what he felt was the primitive, disorganized, and decentralized U.S. banking system.12 Thus, his efforts began to change the system he thought so little of, and in doing so, he changed the system, the country and the banking world, forever. In the May, 1915 issue of Century Magazine, an article was written describing Warburg and his emancipation of the U.S. banking system:
Paul M. Warburg is probably the mildest-mannered man that ever personally conducted a revolution... He stepped forth simply armed with an idea. And he conquered. That is the amazing thing. A shy, sensitive man, he imposed his idea on a nation of a hundred million people.13Warburg was not an innovator by any means. He merely imported the central banking systems he was accustomed to from many European counties he dealt with through M.M. Warburg. The reforms were adeptly advertised as simple adjustments to insure help to banks in times of emergency. Warburg wanted a central bank that could: 1.) issue currency backed by gold. 2.) Institute a discount policy, and 3.) Dismantle stock and call loans as bank collateral.14
The theory was that the issuance of currency would make currency itself more "elastic." In times of crisis, banks would hoard their reserves and money became very scarce and tight. A central banking system would enable money to circulate more freely, even in tumultuous economic times.
This elastic currency that Warburg was trying to create could not exist under the constrictions of the existing monetary system that depended on gold and government bonds. His system could expand and contract (elasticity) to accommodate fluctuations of the needs for the marketplace. For this to happen, Warburg had to convince the United States banking community, the politicians, and the public, to adopt a currency based on "commercial paper," which is banker-speak for corporate IOUs.15
The discount policy would enable banks to receive liquid assets from the central bank through the rediscounting of commercial paper. Corporate loans were always frozen. Money lent to corporations could not be resold as liquid assets. The central bank could rediscount those loans as assets so banks could pay depositors in times of need.16 In other words, if a bank over-leveraged itself, that is, lent out more money than it had, the central bank would give that bank money on the basis that the banks' loans, themselves, were assets and therefore collateral.
This would enable Warburg's third adjustment to take place. Since the central bank would be overseeing all banking bailouts, then banks no longer needed to back their deposits with call loans and stock exchange collateral, as they had been. Warburg insisted that this system would ensure no more panics and stock market crashes.17 That claim would quickly prove to be outrageously untrue.
Warburg explained, "Banks issuing unsecured notes which are to pass as the people's money should be restricted to buying paper that is endorsed by other banks or banking firms... They should be restricted also as to the kinds of loans to be made by them." He favored a central bank to oversee all of this. Warburg's worry was that these unsecured notes, mostly through short-term loans, would become viewed as fixed capital investments.
Warburg wanted to separate the loans from the capital by instituting a central bank to redefine acceptable bank assets so as to eliminate small business entrepreneurs to undertake what he called "unproductive enterprises." Some bankers and economists took a different perspective and believed this was an illegal filtration process to weed out undesirable bankers and businesses from the capitalist marketplace.
Others thought that this "Big Brother-like" monitoring of banking practices dismantled the financial foundations of the entrepreneurial, individualistic system of production and distribution that the American industrial revolution of the late eighteenth century was founded upon. Still, others believed it was purely and simply unconstitutional.18
He began by, simply running the idea by his boss at Kuhn, Loeb and Company, Jacob Schiff. Then the idea seeped into Wall Street, and by the Panic of 1907, the banking kings of Wall Street were clamoring for a change in banking regime. The New York Times asked Warburg to write an article about his banking reform ideas. Oddly, while barely being able to speak English, no less read and write it, "Defects and Needs of Our Banking System" by Paul M. Warburg was published in the November 12, 1907 issue of the New York Times.19 In December of 1907, Warburg met the man who could, and did, make his plan a reality: Senator Nelson W. Aldrich of Rhode Island. Author, Ron Chernow describes Aldrich as, "The Czar of the Republican party and the maestro of the smoke-filled rooms."20
The two men met when Aldrich visited Jacob Schiff at the Kuhn, Loeb offices, inquiring about the activities of the German Reichsbank. There, Schiff referred him to Warburg and the two formed an unlikely but powerful alliance. On New Year's Eve, 1907, Warburg sent Aldrich his proposal on uniform currency and a central banking system. Throughout 1908, Warburg gave speeches on reform, testified at hearings set up by Senator Aldrich at the Metropolitan Club in New York City, and by May of 1908 the Aldrich-Vreeland Emergency Currency Act was passed. Very soon after that Warburg, upon the advice of Aldrich, applied for United States citizenship, and became one of Senator Aldrich's closest advisors.21
More speeches and writing ensued, on Warburg's part, and by December of 1910, the clandestine meeting between Senator Aldrich, his secretary, Paul Warburg, Benjamin Strong, and the four other banking moguls on Jekyll Island took place, the Aldrich Bill was drafted, and Warburg was on his way to becoming the "Father of the Federal Reserve." The New York Times agreed with that distinction when they wrote about Warburg, "In actual fact, he [Warburg] had a more legitimate distinction to that title ['Father of the Federal Reserve'] than any other American citizen."22
Warburg spoke and wrote extensively on central banking and expressed his views on the troubles concerning the existing banking system the United States upheld. He was a co-founder of the Economic Club of New York, in 1907, and used it, along with many other vehicles, to spread his word about the need for a central bank in America. Warburg's writings were extensive. In the beginning, he mocked the obsolescence of the current system: "The United States is in fact at about the same point that had been reached by Europe at the time of the Medicis, and by Asia, in all likelihood, at the time of Hammurabi."23
Please go to Sacred Heart University to read the entire essay on Paul Warburg.
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See how the central banks are behind this global COVID operation? Ron Paul stated on a recent podcast the IMF (International Monetary Fund) would not give Belarius their usual loan unless the Belarius government stopped following Sweden's open COVID-19 model and started following Italy's closed COVID-19 model: complete lockdown, masks, curfews, etc. Italy was the early origin of central banking.
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Warburg's continue creating stories to fit their present oligarchic designs.
Tragic loss and monumental legacy: Warburg on epidemics
Hammurabi canceled debts four or five times during his reign. He did this because either the harvest failed or there was a war and people couldn't pay.
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