In a Facebook post, published on 4 February 2021, a fake Facebook account, Lasha Modebadze, claimed that the US Federal Reserve System was created at the initiative of a clan of bankers – Rockefellers, Rothschilds and Morgans, to control the US and global financial systems. The user went on to say that after three years of signing the Federal Reserve Act, even President Woodrow Wilson regretted his decision because after the Federal Reserve System was formed, the bankers took the power in their hands and dominated the nation. In support of this claim, Modebadze provides Woodrow Wilson’s quote of 1916.
Lasha Modebadze: “President Wilson regrets signing the Federal Reserve Act. He admits that the power was handed over to the bankers who now control and dominate the nation. ‘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’.”
The Facebook user shared this post on the following public Facebook groups: ადამიანთა გამოთაყვანების წინააღმდეგ ბრძოლის ალიანსი და კორონამაფია და საქართველო როგორც საექსპერიმენტო ქვეყანა.
The post shared by Lasha Modebadze is the fabrication of Woodrow Wilson’s words. A portion of the quote wase never said by Woodrow Wilson while other portions are taken from various chapters of the book published in 1913 and have nothing to do with the Federal Reserve System. The book had been published before Wilson signed the Federal Reserve Act.
The quote shared by Lasha Modebadze can be found on a number of English-language webpages promoting conspiracy theories. There can be found no open and reliable source for the first portion of the quote “I am a most unhappy man. I have unwittingly ruined my country.” The webpages attributing this quote to Woodrow Wilson, do not provide any particular source. Therefore, it is unknown when or in what context, or whether at all, Woodrow Wilson uttered those words.
As for the remaining portions of the quote, they can be found in the book “New Freedom” published in 1913, namely in Chapters 8 and 9 where Wilson spoke about monopolies and social justice. This book is a compilation of speeches publicly delivered by Wilson during his 1912 presidential campaign, whereas the Federal Reserve Act was signed by Wilson in December 1913. At the time of Wilson’s presidential campaign, Federal Reserve Act was not under consideration. Therefore, separate authentic portions of the posted quote (marked in yellow and green paint) did not concern the Federal Reserve System.
| Fabricated quote | Chapter 8 of Wilson’s book | Chapter 8 of Wilson’s book |
| “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.” | “The great monopoly in this country is the monopoly of big credits. So long as that exists, our old variety and freedom and individual energy of development are out of the question. A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men… ” | “We have, not one or two or three, but many, established and formidable monopolies in the United States. We have, not one or two, but many, fields of endeavor into which it is difficult, if not impossible, for the independent man to enter. We have restricted credit, we have restricted opportunity, we have controlled development, and 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 the duress of small groups of dominant men.” |
The Federal Reserve Act and in general, the issue of setting up a federal reserve system was part of the policy of combatting monopolies. After several years of debating the development of banking and monetary system, the US Congress adopted the very bill that was supported by Woodrow Wilson, thereby imposing a central government control over the banking system.
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