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Iinteresting Quote….

I am no social conspiracy theorist, but I thought this was interesting quote. It was sent to me by an email, so I am not sure about it’s veracity. Nonetheless, it made me think about our current economic plight, which has ravaged my business over the last year.

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



2 Responses

  1. Quoted from another website:

    This is a fake. No one has been able to say where Jefferson wrote this. It’s been spreading around the internet and has even made it in a few books (unsourced). This book points out that the quote is “spurious:” (The term “deflation” cannot even be traced back further than 1920, and the term “inflation” 1864 – long after Jefferson died).

    Also, this quote disagrees with …who says that the best thing would be to allow the private market to create money (which is the standard position among Austrian economists). … would not be opposed to private banks creating money. He is for privately produced money rather than government money. What he is opposed to is a single bank (the Fed) being granted a monopoly by the government to print legal tender, and the legal tender law which enforces the use of that money. Private banks, with no government granted monopoly, printing money, including commodity-backed money, is not a problem. That’s what a free market in money would be. So not only the quote fraudulent but it doesn’t align with the free market philosophy. It’s more like something a socialist would say to justify nationalization. Jefferson was not a socialist.

    Finally, note that though the Constitution allows the government to coin money, it doesn’t forbid the people AND THE BANKS THEY OWN from coining and printing money. The Constitution restricts the government, not the people and their private businesses.

  2. Interesting thoughts. Thanx.

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