Wickliffe B. Vennard’s The Federal Reserve Hoax (1959) presents a critical account of the origins and operations of the U.S. Federal Reserve System. Written in a polemical style, the book argues that the Federal Reserve is not a government institution but a privately controlled entity with significant influence over national monetary policy. Vennard traces its formation to early 20th-century banking interests and contends that its mechanisms—such as control over interest rates and currency issuance—serve the interests of financial elites rather than the public. The narrative outlines historical developments leading to the Federal Reserve Act of 1913, emphasizing secrecy and alleged manipulation in its passage. Vennard describes how monetary policy decisions, including inflation and deflation cycles, can impact national debt and economic stability. He also critiques the relationship between the Federal Reserve and elected officials, suggesting a lack of transparency and accountability. Throughout the book, Vennard calls for reform, advocating for a return to asset-backed currency and greater public oversight of monetary systems. While the tone is strongly critical, the work reflects broader mid-20th-century skepticism toward centralized banking and offers insight into populist economic critiques of the era.