2009 reprint of the 1952 edition. In A Study of the Federal Reserve (1952), Mullins highlighted a purported conspiracy among Paul Warburg, Edward Mandell House, Woodrow Wilson, J.P. Morgan, Charles Norris, Benjamin Strong, Otto Kahn, the Rockefeller family, the Rothschild family, and other European and American bankers which resulted in the founding of a privately owned, US central bank. He argues that the Federal Reserve Act of 1913 defies Article 1, Section 8, Paragraph 5 of the US Constitution by creating a "central bank of issue" for the United States. Mullins goes on to claim that World War I, the Agricultural Depression of 1920, the Great Depression of 1929, and Adolf Hitler's rise to power were brought about by international banking interests in order to profit from conflict and economic instability. Mullins also cites Thomas Jefferson's staunch opposition to the establishment of a central bank in the United States.

"In the fall of 1949 I went to the Library of Congress to get material for a newspaper article about the Federal Reserve Board of Governors. What I expected to be a week's labor turned into a lengthy research job of nineteen months, for I discovered, in my initial inquiry, that there existed not one narrative account of the origins and activities of this powerful organization. "The standard works on the Federal Reserve System, almost entirely abstruse and technical works on economics, I found of little practical value. Even in the matter of acceptances, the usual textbooks contained no information upon such an important item in America's economic history as the changeover from the open-book system of credit to the acceptance system, which has wrought such vast changes in our practice of commerce, and for this information I found only one source, a few pamphlets published by the American Acceptance Council from 1915 to 1928. It is, then, little wonder that the student with a Master's Degree in Economics from one of the better universities will see here for the first time material which should have been before him in his elementary courses." Eustace Clarence Mullins, Jr was a populist American political writer and biographer. His most famous and influential work is The Secrets of The Federal Reserve, described by congressman Wright Patman as 'a very fine book which] has been very useful to me'. He is generally regarded as one of the most influential authors in the genre of conspiracism.

This books explains how the Federal Reserve works, points out that it is not a U.S. Government Bank and that its agenda and policies are designed to profit private citizens and not the American People. It also explains how vehemently opposed to such a system Thomas Jefferson was. "If Congress actually had retained its sovereignty and refused to let Woodrow Wilson and Carter Glass hand over the sovereign right of coinage and the issue of our money to private bankers in 1913, the American people today would not stand on the brink of slavery. The Federal Reserve System has been the death of our Constitution, and the end of our liberties. The Federal Reserve Board of Governors, chosen by and working for the powerful international bankers, have inflicted catastrophe after catastrophe upon our people." -Eustace Clarence Mullins

2009 reprint of the 1952 edition. In A Study of the Federal Reserve (1952), Mullins highlighted a purported conspiracy among Paul Warburg, Edward Mandell House, Woodrow Wilson, J.P. Morgan, Charles Norris, Benjamin Strong, Otto Kahn, the Rockefeller family, the Rothschild family, and other European and American bankers which resulted in the founding of a privately owned, US central bank. He argues that the Federal Reserve Act of 1913 defies Article 1, Section 8, Paragraph 5 of the US Constitution by creating a "central bank of issue" for the United States. Mullins goes on to claim that World War I, the Agricultural Depression of 1920, the Great Depression of 1929, and Adolf Hitler's rise to power were brought about by international banking interests in order to profit from conflict and economic instability. Mullins also cites Thomas Jefferson's staunch opposition to the establishment of a central bank in the United States.