federal reserve

5 myths debunked about the Federal Reserve

Myth 5: The Fed had President John F. Kennedy killed
Myth 5: The Fed had President John F. Kennedy killed © Charlie Hutton/Shutterstock.com

Fed experts suggest this myth might as well have come from outer space.

"That doesn't even deserve a serious response. It's just in the realm of Sasquatch and foreigners invading from other planets, coming to America," says SMU's professor Cox, who is based in Dallas, where the president was killed 50 years ago.

"People can believe anything they want, but that's crazy. That's really crazy," Cox says.

Columbia University's Calomiris agrees. "I just think that qualifies under the wacko category. You got to be kidding, right?" he says.

The JFK-related myth seems to date back to Executive Order 11110, an interim measure that allegedly gave the Treasury the authority to issue silver certificates against silver bullion, silver and silver dollars in the Treasury, according to the New York Daily News.

J. Bradley Jansen, director of the Center for Financial Privacy and Human Rights, told the Huffington Post that the theory is bunk. "Ironically, the purpose of the order and the legislation was to decrease the circulation of silver certificates, with Federal Reserve Notes taking their place," he says.

As Horwitz notes, this one might trump all the others because "it ties together two classic conspiracy stories: the Fed and JFK."

"It's nonsense," Horwitz says.

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