Since 1917, a cloud has hung over the financial structure of the Western democracies, threatening their jerrybuilt financial structure, the fear that some court somewhere, might eventually rule that the Czar's funds must be turned over to the rightful heirs. This would affect not only the ownership of the Federal Reserve Bank stock, but, with payment of interest, would mean the end of our ten largest financial institutions.
After the Revolution of 1905, the Czar had prudently prepared for further outbreaks by transferring some $400 million in cash to the New York banks, Chase, National City, Guaranty Trust, J.P. Morgan Co., and the Hanover Trust. In 1914, these same banks bought the controlling number of shares in the newly organized Federal Reserve Bank of New York York paying for the stock with the Czar's sequestered funds. Thus the Romanoff family actually owns the controlling interest in the Federal Reserve Banks today!