The Creature from Jekyll Island is complete crap.
See this debunking article that examines the claims made in that book and destroys them.
I'll post some excerpts here... but go to the article and for each myth there is a well written article that complete debunks it.
- Myth #1: The Federal Reserve Act of 1913 was crafted by Wall Street bankers and a few senators in a secret meeting.
"...Conspiracy theorists have long viewed the Federal Reserve Act as a means of giving control of the banking system to the money trusts, when in reality the intent and effect was to wrestle control away from them. History clearly demonstrates that in the decades prior to the Federal Reserve Act the decisions of a few large New York banks had, at times, enormous repercussions for banks throughout the country and the economy in general. Following the return to central banking, at least some measure of control was removed from them and placed with the Federal Reserve. "
- Myth #2: The Federal Reserve Act never actually passed Congress. The Senate voted on the bill without a quorum, so the Act is null and void.
"...Nevertheless, the myth has no basis in fact. The House passed the bill 298-60 on the evening of Dec. 22, 1913.3 The Senate began debate the following day at 10am, and passed it 43-25 at 2:30pm.4"
- Myth# 3: The Federal Reserve Act and paper money are unconstitutional.
Interesting discussion on the constitutional debates on this matter. To in depth to excerpt.
- Myth# 4: The Federal Reserve is a privately owned bank.
...Conclusion The regional Federal Reserve Banks are private owned, but they are controlled by the Board of Governors -- a federal agency whose members are appointed by the President and confirmed by the Senate. The Board sets monetary policy and the Federal Reserve Banks execute it. In addition, the Fed does not use any taxpayer money to fund its operations. While the Fed does collect interest on government bonds, the Treasury would have had to make such payment even if they Fed did not hold any bonds. Moreover, the Fed rebates a significant share of its net income to the Treasury each year, revenues the government would not have at all if the Fed owned no government bonds.
- Myth #5: The Federal Reserve is owned and controlled by foreigners.
...Conclusion The allegation that an international banking cartel controls the Federal Reserve is wrong. Contrary to Kah’s claim, foreigners do not own any stock in the New York Federal Reserve Bank. Neither do they currently own any significant shares of the domestic banks that actually do own shares in the N.Y. Fed. Moreover, the central assumption that control of the New York Federal Reserve is the same as control of the whole System is badly mistaken. Also, the profits of the Federal Reserve System, again contrary to the conspiracy theorists, are funneled almost entirely back to the federal government, not to an international banking elite. If the U.S. central bank is in the grip of an international conspiracy, then Mullins, Kah, et al have certainly not uncovered it.
- Myth #6: The Federal Reserve has never been audited
I've personally have posted the links to the audits by Deloitte and Touche of the FED as well as the Federal Reserve banks many times in the past. - Myth #7: The Federal Reserve charges interest on the currency we use.
- Myth #8: If it were not for the Federal Reserve charging the government interest, the budget would be balanced and we would have no national debt.
- Myth #9: President Kennedy was assassinated because he tried to usurp the Federal Reserve's power. Executive Order 11,110 proves it.
- Myth #10. The Legendary Tirade of Louis T. McFadden