How Insightful was Thomas Jefferson
In 1802 United States President Thomas Jefferson penned these words.
“I believe that banking institutions are more dangerous 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.”
His words came to haunt us with the collapse of Lehman Brothers that kick started the Global Financial Crisis (GFC) and now we have the spectacle of Greece’s default.