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1802 Quote about Banks from Jefferson

A mate of mine sent me this quote from Thomas Jefferson, written in1802:

"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 them will deprive the people of all property until their children wake
up homeless on the continent their Fathers conquered…I believe that banking
institutions are more dangerous to our liberties than standing armies… The
issuing power should be taken from the banks and restored to the people, to whom
it properly belongs."

Great quote and how prophetic was this?

Unfortunately however, Jefferson did not write it in 1802. 

Instead, it was written in 1937, just after the Great Depression, from an amalgamation of lots of other writings. 

Even so, it makes me wonder whether we really are in that stormy cycle folks last experienced seventy years ago?

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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