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=== The New York Fed === | === The New York Fed === | ||
Real power in the system resides with the New York Fed, which conducts Open Market Operations, implements monetary policy, and deals with all international relations. Over time this concentration of influence has diffused, but only slightly. At the first board meeting, Benjamin Strong, a Morgan man and Jekyll Island attendee, was elected governor. He would spend the next fourteen years working tirelessly alongside '''Montagu Norman''', Governor of the Bank of England from 1920 to 1944, to reinstate an international gold standard. Montagu Norman | Real power in the system resides with the New York Fed, which conducts Open Market Operations, implements monetary policy, and deals with all international relations. Over time this concentration of influence has diffused, but only slightly. At the first board meeting, Benjamin Strong, a Morgan man and Jekyll Island attendee, was elected governor. He would spend the next fourteen years working tirelessly alongside '''Montagu Norman''', Governor of the Bank of England from 1920 to 1944, to reinstate an international gold standard. Montagu Norman - like the Morgans - was a Nazi collaborator and member of the anglo-german fellowship. He funded the rearmament of Germany with loans, transferred gold from Czech to Nazi bankaccounts,<ref>Blaazer, David (2005). "Finance and the End of Appeasement: The Bank of England, the National Government and the Czech Gold". ''Journal of Contemporary History''. '''40''' (1): 25–39.</ref> and was a close personal friend of nazi centralbank leader, Hjalmar Schact.<ref>Forbes, Neil (2000), "Doing Business with the Nazis"</ref> | ||
=== Monetary Operations === | === Monetary Operations === | ||