The Power Elites mission was to integrate central banking into the system, eliminate the gold standard, gain cheap credit and thereby earn money from the inflation. Although they were adversaries (JPMorgan, and John P. Rockefeller) they had a common mission (ultimate power) therefore they created a merger.
In 1896 J.P. Morgan and John P. Rockefeller merged (eventually to become JPMorgan Chase & Co) to expand their empires with the aid of government (they knew that through the government enforcing their cartels best interest would be of the greatest advantage) ;( Rothbard, 1984). They had a marketing campaign to sell the idea to the public, seeing the inflation from loans would finance their businesses. Their idea was to position the Federal Reserve System, because with the gold standard there was no way that they could manipulate the interest rate; ergo no interest rate, meaning no money for their initiatives.
Their promotional efforts received a development in 1907, due to the fractional reserve banks were ruined when people found out about their methods which created a bank run. Fractional reserve: a finance method where only a small percentage of bank deposits is supported by tangible available cash and are attainable for withdrawal) ;( Investopedia, 2011). Note: A business running via fractional reserves would be deemed fraudulent, because it is loaning out something that one does not have.
Working on the peoples fear Wall Street promoted a central banking system, otherwise deemed as credit available anytime in case a bank would have a run. Hans Hoppe the economist asks whether it would be desirable to have credit available anytime, without the banking institution being responsible for its own debts. Otherwise if a bank is irresponsible they should be able to pay the piper and the idea of a bank going bankrupt would keep it in line(Rothbard,1984).
By 1908 Nelson D. Rockefeller Jr. father-in-law Senator Aldrich (monetary commission) was positioned to promote a central bank. By 1910 6 of the most powerful CEOs gathered together on Jekyll Island:
(1) JP Morgan (railroads and banks), and two of his people.
(2) William Vanderbilt(railroads),
(3) George F. Baker(Bankers Trust Company),
(4) William Rockefeller & two family members(Standard Oil),
(5) Henry Hyde (Equity Life Assurance),
(6) Senator Aldrich, to brainstorm the Aldrich Act later to be known as The Federal Reserve (McDonnell, 2010);(Rothbard,1984). It took 3 years to finally go into action.
Not only was the Federal Reserve Act to take place in 1913, but also this was the very first year that taxes had to be paid through the 16th Amendment, of course the money going automatically to the Federal Reserve(Bailich,2011);(Charters of Freedom,2011);(Rothbard,1984);(Nimmo,2009).Only the rich would have tax loopholes through owning corporations.

The Federal Reserve that is a privately owned company controlled/controls the United States Economy the people that run it are 7 president appointed board of governors. Although there are 12 specific appointed banks Wall Street began to take control of the FED and the president of the New York Fed Morgan’s Benjamin Strong apprehended jurisdiction of the open market commission (Rothbard, 1984).

In order to inflate the economy it buys government securities and to bottom hyperinflation it sells the securities, all of this is done without government approval. When they create more money it is another preference to not raising taxes. However, the repercussions take from about six months to a year to affect our economy negatively (through an increase in prices) (Rothbard, 1984). It controls the interest rates loaned out to banks, of course the lower the interest the more loans they give to the financial institutions (like a sale) (Congressman Ron Paul 2007).

The Federal Reserve has monopolized our money, through creating so much it eroded the Gold Standard and erased our backing. Hans Hoppe the economist explains that there is only 10% real cash to back up a demand, and the other 90% is money created out of thin air. Example the FED has one hundred dollars it loans $1000 out to the financial institutions. Those same banks will loan out $10,000 creating an upside-down pyramid out of one hundred real dollars (Rothbard, 1984). These extra funds created inflate the prices of things (Mises Institute, 2008). During the 1920′s the FED pushed so much cash into the economy lulling the people into believing they were living the good life, until the repercussions took effect in 1929 crashing the market (Rothbard, 1984). During this period the only people who did not lose were the ones who had savings in gold. Roosevelt borrowed until turning blue, John F. Kennedy tried to strip the Federal Reserve of its Power via the Executive Order No. 1110, was killed right after(Cedric,2011). And the original merger still stands today stronger than ever.