A friend sent this quote to me today.

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.
Thomas Jefferson 1802

Now, I think this is a bit of a cheap shot. And it's unfair--I mean, in the 206 years since he said this, banks have contributed way more to US wealth than the bits of trouble they've caused. Jefferson wanted this to be an Agrarian nation. We now know that means a poor nation. I feel like I've always been on Hamilton's side of the Jefferson-Hamilton fights over the future of the US economy. Well, I think I am, I don't really know enough to make such a big statement.

But, hey, it's a great quote and perfect and I just couldn't resist.

categories: Understanding The Crisis

7:01 - November 25, 2008

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