I’ve been reading “The 5000 Year Leap,” a book about the principles the Founding Fathers espoused which inspired the formation of the Constitution. Coincidentally I had been reading the chapter about “Free Market Economics” when I was directed to the article I quote below—but in this chapter the author (Cleon Skousen) describes how it had been Thomas Jefferson’s desire to set up the United States so that Congress (not private banks) controlled the issuance of money. Sadly, his desire was never fully implemented in the U.S., and pretty much from day one, because of bad policy amidst an economic depression, the issuance of money was turned over to a private consortium of bankers, and later to the fed, another private bank.
Jefferson seems to be calling from the grave with disapproval:
“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will 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. “
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