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Over 200 years ago, Thomas Jefferson warned,
“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 the corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.”
Today, of course, we have a private bank (the Federal Reserve) that does control the issue of our currency (fiat, paper & digital dollars). We are subject to inflation (mostly) but possibly deflation (soon). And our economy is teetering on the edge of calamity.
But the average American will nevertheless dismiss Jefferson’s warning as irrelevant or even hyperbolic. After all, although we have a central (private) bank that issues our currency, where’s the harm? We still have our homes and property, right? Our children have not awakened “homeless” on the continent our forefathers conquered, right? Right?
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