Thomas Jefferson knew the dangers of which he speaks.

[GALTGULCH8]

<<<"

Thomas Jefferson said in 1802:

"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."

">>>

[kiaer.ts]

What is the source of this quote?

No private bank can cause real inflation (i.e., without an actual increase in the gold supply) without debasing currency or issuing bad notes, each of which would be a crime. Only governments can do such things.

[Selene]

Hold the presses:

This may not be a Jefferson quote:

http://www.snopes.com/quotes/jefferson/banks.asp

[kiaer.ts]

Hold the presses:

This may not be a Jefferson quote:

http://www.snopes.co...erson/banks.asp

Yes, Jefferson was not the best authority on economics, to wit, the Embargo, and his death in penury, and he was also ahead of his time, but that he coined the word deflation (apparently a century before its first use) seemed a bit fishy.

I am curious why the spurious attack on powerless private banks.

[Alfonso Jones]

<<<"

Thomas Jefferson said in 1802:

"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."

">>>

Did Jefferson really say "allow PRIVATE banks to control..." as you say above?

That seems very strange, in the context of the rest of the quote. I wonder if the quote may be spurious.

Bill Parr

[kiaer.ts]

<<<"

Thomas Jefferson said in 1802:

"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."

">>>

Did Jefferson really say "allow PRIVATE banks to control..." as you say above?

That seems very strange, in the context of the rest of the quote. I wonder if the quote may be spurious.

Well, that question has already been addressed.

The relevant question now is, who forged the "quote"—a populist, a socialist, or an anarchist?

[sjw]

Dang, I've used one of those bogus quotes. Here is more:

http://wiki.monticello.org/mediawiki/index.php/Private_Banks_(Quotation)

When it is used I've seen it used in connection with the Federal Reserve and fiat money -- so the idea is to discredit forcibly (legal tender laws) making Americans use a money system controlled by a private banking cartel (the Federal Reserve). I don't know what loony idea Ted has in mind, sounds like he likes the toilet paper money.

Shayne

[Selene]

Gentlemen:

It is imperative that we all do as much fact checking in this "instant information" environment as possible. I got taken in by the Mars is closest to Earth e-mail last year.

Now I check everything before passing it on as best I can, especially if it is part of a chain e-mail.

Learn and live, we all make mistakes.

Adam