Many thanks to Marcy and the folks at VERSUS for sharing this with us!
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“If the American people ever allow private banks to control the issue of our currency, first by inflation, then by deflation, the banks and the corporations that will grow up will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.”
Thomas Jefferson
Sorting Through the Rubble in Post-Bubble America
http://counterpunch.com/whitney03082008.html
The song pretty well sums it up!!
I really wish that people would stop with the fake Jefferson quote. “inflation” and “deflation” were not words in use at that time.
I’ll admit, that Jefferson quote sounds suspect… typically Jefferson spoke about ‘monied incorporations’ … odd Enlightenment era language like that. Pre central banks. Lots of banks were still issuing currency back then. But, I’m too tired tonight to look it up.
I still have to correct people when they quote Adam Smith… people nowadays Smith meant for people to be rich and careless.
Oh well.
I’m too tired to deal with it either. I picked it off the article I linked to. I figured someone here would know. Guys back then did speak in more of a prose fashion. Modern jargon is always a giveaway. But if this is not a TJ quote it seems to be Jeffersonian. Perhaps the meaning is his but some liberties have been taken along the way. Whatever I thought it was very appropriate to our situation today. If it’s not TJ I stand corrected.
See if this seems accurate:
“We’re bloody f*cked” – unnamed 7th Cavalry trooper at the Little Bighorn.
Hoover gets a bad rap. He didn’t approve or allow 5% equity/95% margin on stock purchases, nor did he write the terms of the Versailles Treaty.
Here’s a better quote….
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.”
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by Woodrow Wilson, after signing the Federal Reserve into existence
I’m sure everyone is on board with this thought, but if you have funds that include American financials.. I just dumped my vanguard 500 fund because it is 1/5 financials.
Agnostic-
You are right, Hoover inherited some horrible problems. I’m assuming our next president, whoever he/she is will end up being one of the most villified presidents of our times for the same reason.
Given the crop of candidates we have though, the animosity will not be entirely unearned.
Igor says “immoral”. I don’t know if I’d go that far, but certainly “inept”.
Gonna have to go a long way to be more despised than Bush.
Then again, he was right on with those tax cuts for the rich (cough)
Agnostic-
I’m sure something like that was shouted out more than once near the end of the Battle of the Little Bighorn. The F word has been in english usage since at least then. I do wonder how many englishmen were in Custer’s command. I thought most were irish. Is bloody a common expression in Gaelic as well? Whatever, you’re point is well made and much more succinct.
According to Wikipedia:
“About 20 percent of the troopers had been enlisted in the prior seven months (139 of an enlisted roll of 718), were only marginally trained, and had no combat or frontier experience. A sizable number of these recruits were immigrants from Ireland, England and Prussia, just as many of the veteran troopers had been before their enlistments.”
Igor sez the troops had “nomoney”. Agnostic sez they had Adjustable Rate Mortgages at Fort Abraham Lincoln.
toysarefun:
Do yourself a favor and buy SKF, the short-financials ETF.
Cheers.
agnostic-
Are you Misean? You don’t have to answer that.
Cheers