Thomas Jefferson's Warning To America

[dogday]

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

* Letter to the Secretary of the Treasury Albert Gallatin (1802) and later published in The Debate Over The Recharter Of The Bank Bill (1809)


No Truer Words Were Spoken

[TexasLawyer]

1. WOW

I hadn't seen this before. Thanks.

[whistle]

2. We have Richard Nixon to thank for giving that total power.....

...to control the issue of our currency, first by inflation, then by deflation.

[On the Road]

3. The Banks No Longer Do That

unless you count the Federal Reserve as being an arm of the banks. The Fed was incredibly destructive during the Depression. But for the most part, the Fed has acted pretty responsibly over the last fifty years.

But Bush's reckless fiscal policy is making monetary problems inevitable. It could be inflation or deflation, but it will always come with a lower standard of living.

[dogday]

4. You could replace the word Corporations instead of Banks

that works just as well.......

[Cleita]

5. I personally think it was a mistake to deregulate the banks.

Back in the sixties, when it seems we had fiscally responsible government, for the most part, banks were only allowed to operate statewide and the fees they could collect were determined by law. There were yearly inspections by the state to make sure there wasn't any cooking of the books. Savings and Loans and Commercial Banks were strictly separated.

Look what happened with deregulation. It wasn't even a decade before we had the savings and loan scandals. Also, have you noticed you are charged for every fiddle faddle by the bank and they are using your money to make money?

Now we have the deregulation of credit cards, backed by the banks, and the bankruptcy bill that will only make it easier for them to cheat and steal.

:shrug: