Quote of the week

[Phil Spencer]

Quote of the Week
'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.'
Thomas Jefferson 1802

[Calm]

1802

Now thats forsight

[Wongo]

But he was wrong for 206 years.

[damian]

Actually they have done this before, 1890, 1928,.......

I'm not old enough to remember if they did it before 1890

[tea lady]

But don't you know?.......The market nows best.....not

[Wongo]

So he was right only 3 times in 206 years.

[Ruddigar]

So he was right only 3 times in 206 years.

He must be married....

[Gra]

actually they have done this before, 1890, 1928,.......

I'm not old enough to remember if they did it before 1890 :d

1987....

[damian]

If he was married he wouldn't be right that often.

I deliberately left out 87, 83, 74 etc They were a tad smaller and shorter than this one will be.

Sigh.

[The Bleeder]

If he was married he wouldn't be right that often.

I deliberately left out 87, 83, 74 etc They were a tad smaller and shorter than this one will be.

Sigh.

He was dead by 1826 so he couldn't be nagged when he was right.

Steve

[damian]

She was probably buried within earshot...

[cellist]

Quote of the Week
'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.'
Thomas Jefferson 1802

Do keep in mind that this was written only 13 years after the Constitution of the U.S. was signed. His statement was clearly a warning to the new country that it shouldn't become what it had shed so much blood to break away from. He was not an economist. This is a statement that acknowledges the fact that there are those who love money and power and who will do whatever they need to do to advance their own aims. There are those walking among us today (one of whom I watched on TV last night in his suit) who would stake claim to some sort of a "corporate conscience". Of course this is an oxymoron. Greed, profit, the bottom line is what drives big business.

Forgive the cynicism, what is touted as 'benevolence" and "corporate citizenship" is almost always a ploy for PR or a marketing advantage. Take away competitiion, and you will not see too many ads for banks on TV.

The conscience of the nation, here and abroad is reflected in its government, not its businesses. Money represents potential and power, and when it falls into the hands of the few, the many are at their mercy. Thom Jefferson was a pretty focused thinker. I believe that we should consider what he said carefully in these troubled times.

Michael