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Thomas Jefferson, John Adams on banks....

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February 09, 2009 – Comments (2)

 John Adams:

"All the perplexities, confusion and distress in America arise, not from defects of the Constitution or Confederation; not from any want of honor or virtue, as much as downright ignorance of the nature of coin, credit and circulation."

 

Thomas Jefferson:

"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 [the banks] 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."

 

I've always found these quotes very interesting and somewhat prescient. Let it never be said that our Founding Fathers didn't know what the heck they were talking about. 

2 Comments – Post Your Own

#1) On February 09, 2009 at 8:06 PM, SuperPicks (28.88) wrote:

They setup an amazing system, and our country won many wars against the establishment of a central bank who controls the people's currency...just not the last one setup in 1913.

And since that establishment, there have been too many who have ignored the 'amazing' system setup, when the constitution is ignored & the central bank has monopoly power over a currency, the people lose rights, become more indebted, and are subject to a government bent on an increased tax burden. 

Most of those in government mean well and are there to protect and serve the people, but as John Adams said above,,the downright ignorance of the money system would inevitably lead to greater and greater problems (despite good intentions).

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#2) On February 09, 2009 at 8:19 PM, Seano67 (70.06) wrote:

"They setup an amazing system, and our country won many wars against the establishment of a central bank who controls the people's currency...just not the last one setup in 1913."

Yeah. The establishment of the Federal Reserve in 1913 changed the game completely, and I believe is right along the lines of what Adams and Jefferson were fearful of when they wrote these things. 

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