Noted author alleges conspiracy

John McManus, president of the John Birch Society, spoke about the principles behind his new book Financial Terrorism at 4:30 p.m. in Stiteler Hall yesterday. In explanation of part of his book, he told the audience why he thinks the Federal Reserve Bank should be abolished. "We have a controlled market system?led by a private entity," he said. "[Our] economic leaders are leading us to the brink of bankruptcy." McManus said he and the Society are opposed to all extra-constitutional institutions. He listed the Fed as one such organization. "Congress assumed power it didn't have and gave it to the Fed," he said. "[We must] limit the power of government to its assigned functions." He also said the U.S. government is leading the country into what he called "The New World Order." "What we are facing is the New World Order," he said. "The phrase New World Order is [a] conspiracy." He said the Order -- characterized by socialism and world government -- is a plot to set up a world entity controlled by a small oligarchy. "Socialism is economic control of people?[and] is Big-Brother government," he said. He also theorized that "financial terrorism" is caused by the national debt and the deterioration of the dollar. And he said he favors a return to the gold standard as a way to correct the country's economic instability. "The depreciation of the dollar and [our] monstrous debt are both halves of the hijacking of America," he said. He added, "[The reinstatement of the gold standard] would be one huge step towards stability." Many students who attended the speech had mixed reactions to the speaker's ideas. Wharton senior Christopher Stevo said he was skeptical of McManus' views. "I have a little trouble swallowing the idea of a worldwide conspiracy," Stevo said. "The world economic system will lead to more stability." Wharton senior Asheesh Advani echoed his sentiments. "I think he's a modern-day McCarthy," Advani said. "The spirit of what he's trying to say is totally unjust." But Wharton sophomore Mitesh Lakhani said he supported McManus' ideas. "I agreed with what [McManus] said," he said. "I agree that there is a government behind a government." Lakhani said he is also in favor of McManus' gold-standard idea. "[There would] be a more stable system of government induced by the reestablishment of the gold standard."