Thomas Jefferson On Banks

May 23, 2010 at 11:47 pm Leave a comment

Thomas Jefferson wrote “”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 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.”

The banks are dangerous institutions with their reckless ways. Either they should have been nationalized and broken up with the Sherman Anti-Trust act or let market forces to let them collapse. The forces of creative destruction would taken them out and new banks would rise in their place.

Obama was too cozy to the bankers. And we will pay again for this mistake sometime in the future

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