Most Americans have never heard of former U.S. Congressman Louis Thomas McFadden. This is unfortunate, because McFadden was one of the most courageous and honorable congressmen in American history. This article documents McFadden’s efforts to expose the unconstitutional and corrupt nature of the U.S. Federal Reserve System. McFadden realized that under the Federal Reserve System, the American dollar is created out of nothing and is based on debt. The nation’s entire money supply would vanish if all debts were repaid. Charging interest on pretended loans is usury, and this practice became institutionalized under the Federal Reserve System. To further understand why McFadden was convinced the Federal Reserve was inimical to the interests of the American people, it is necessary to examine how the Federal Reserve was created.
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