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.