Are banking institutions more dangerous than standing armies?
Posted on September 10th, 2009 by admin
Banking
“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. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
Thomas Jefferson
“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. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
Thomas Jefferson
The Federal Reserve System was supposedly created to stabilize our economy and promote price stability. Since its inception, it has presided over the crashes of 1921 and 1929; the Great Depression of 1929-1939; recessions in 1953, 1957, 1969, 1975, and 1981, a stock market “Black Monday” in 1987; our current banking crisis; over 1000% inflation and 98% loss of the dollar’s purchasing power.
It is obvious the Federal Reserve has failed in its objectives and needs to be abolished. We need to follow the constitution and go back to a gold standard and honest banking.
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YES indeed.
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the federal reserve causes the crashes and wars to loan to gov. with interest. yea
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Yes they are. I suggest you watch Zeitgiest: Addenum which is all about where money comes from and how it works. It is actually a very interesting documentary. If you seen the first one on religion and enjoyed it, you will like this one aswell. You will probably like it even if you didnt like the frst actually because they are about two different things.
Here is the link to watch it. They creators put it up on google video because it conveys a powerfull message they believe all should hear.
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I could argue with you, but I don’t have a good argument.The Federal Reserve is like a stepchild that can do anything it want.
This is insane. We all want to believe the Chairman on of thr Fed is all-knowing and all-wise. History knows that belief is incorrect.
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Though Jefferson was suspicious of banks, that particular quote is considered to be a hoax (see )
However, your comments have some merit and questioning the effectiveness of our government institutions is important and necessary in a democracy.
I think it can be safely said that Federal Reseve V1.0 (From 1913 to 1935) fell far short of expectations. Among other mistakes, It originally took a non-intervention laissez-faire approach to the economy.
Federal Reserve V2.0 came out of the Bank Act of 1935 which changed the charter to look after the overall economy. And if you compare business cycles from 1935 to 2007, they were definitely less severe than the cycles from 1800-1900. Could it have done better? Absolutely!
However there are severe problems with the Gold Standard and definitely good reasons why every country abandon it in the 20th century.
“back to … honest banking” ??? There have always be profiteers and
hucksters. One of the governments most important functions is to ensure order and prevent things like fraud. And the government failed us big time on that one. So who was responsible ?
From the Treasury website: “The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises all national banks. It also supervises the federal branches and agencies of foreign banks.”
(http://www.occ.treas.gov/aboutocc.htm )
Yes, the responsibility and regulation of the banks falls squarely on the Treasury and thier lassez faire de-regulation.
So yes, hold the Federal Reserve responsible for their failings.
But don’t let hatred of the FR blind you from the failings of other institutions.