“If the American people ever allow the banks to control the issuance of their currency,” Thomas Jefferson once warned, “first by inflation and then by deflation, the banks and 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 occupied … I sincerely believe the banking institutions having the issuing power of money are more dangerous to liberty than standing armies.”
In “Jefferson’s Warnings About Money and Banks”, adjunct faculty member, economist, and contributing scholar with The Center for Vision & Values at Grove City College—Dr. Mark W. Hendrickson—recalls the austere admonitions of our third president: “Regarding money, Jefferson commented, ‘Paper is poverty … it is only the ghost of money, and not money itself.’ We should remember this when we contemplate the loss of 95 percent of the purchasing power of the paper currency called ‘Federal Reserve notes’ in less than a century. As Ben Bernanke and the Fed create trillions of new paper ‘dollars,’ we, the richest country in history, face the possibility of a hyperinflationary collapse and accompanying impoverishment.”
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