Thomas Jefferson on the Economy

2 Oct

“Paper is poverty… it is only the ghost of money, and not money itself.”
Thomas Jefferson

“I sincerely believe the banking institutions having the issuing power of money, are more dangerous to liberty than standing armies.”
Thomas Jefferson

“The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.”
Thomas Jefferson

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8 Responses to “Thomas Jefferson on the Economy”

  1. son_of_ottie October 2, 2008 at 2:15 pm #

    WOW.

  2. dazz October 2, 2008 at 4:40 pm #

    “Our earth is degenerate in these latter days; bribery and corruption are common; children no longer obey their parents; the end of the world is evidently approaching.”
    -Assyrian clay tablet, 2800 BC

    • bboyneko October 2, 2008 at 4:44 pm #

      call me chicken little all you want, i don’t think the world will literally explode, just that the entire US economy, the capitalist system of doing things, is collapsing around us.
      You think they just throw several trillion dollars out the window every day? Do you think it’s a tiny problem if they need trillions?

      • dazz October 2, 2008 at 5:01 pm #

        Economies have collapsed before, and they will again. Japan’s did in the 90’s, and you may have noticed the lack of armageddon in that country when it did. I’m not saying people won’t have to grit their teeth and bear it, and kids may even have to, oh god, wait for it – wear hand-me-downs, but I’m not really worried about armed insurrection on the streets of Wichita because someone couldn’t get a loan.
        They need trillions so the rich fuckers who made a fortune by being idiots at their jobs don’t have to have some of their houses and hummers repossessed. Money doesn’t evaporate, it all goes somewhere, and what goes around comes around.
        I mean, I walk down the street here and I see signs for commies socialist meetings with the heading “Is this the end of capitalism at last?”. Fuckin’ bullshit. There’s no such thing as an end to capitalism because there’s no such thing as an end to greed. Capitalism is the logical result of human nature, and it’ll no longer vanish than crime, sex or war.

      • bboyneko October 2, 2008 at 5:24 pm #

        Money DOES evaporate. It’s called inflation. it’s called hyperinflation. your dollar is a wrinkly piece of paper. A number in a bank account. Tomorrow your $100 could buy a single meal. Or nothing at all.
        What does NOT evaporate is actual wealth. Wealth is goods. Food, cars, homes, clothes, medicine etc. THAT is wealth.
        As for you not being worried about armed insurrection, you may not be worried but your government is:

        “Beginning Oct. 1 for 12 months, the 1st BCT will be under the day-to-day control of U.S. Army North, the Army service component of Northern Command, as an on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks.
        It is not the first time an active-duty unit has been tapped to help at home. In August 2005, for example, when Hurricane Katrina unleashed hell in Mississippi and Louisiana, several active-duty units were pulled from various posts and mobilized to those areas.
        But this new mission marks the first time an active unit has been given a dedicated assignment to NorthCom, a joint command established in 2002 to provide command and control for federal homeland defense efforts and coordinate defense support of civil authorities.”

        ( http://www.examiner.com/x-536-Civil-Liberties-Examiner~y2008m9d24-Army-to-station-activeduty-unit-in-the-US )
        I don’t think you understand the magnitude of this problem. This will not be a tiny little recession, or even a depression. We are talking worldwide collapse. A disaster of a scale never before witnessed by humankind. The result of out of control greed.
        Your dollar is backed by nothing. People will lose faith in it, the collapse of the dollar is occurring as we speak. they will see how worthless it is as it buys less and less fuel, food and goods. This bailout is going to be accompanied by a rate cut probably tomorrow, this will just accelerate the hyperinflation. The treasury prints money out of thin air.

      • dazz October 2, 2008 at 5:43 pm #

        Yeah, I saw that last week. Apparently, Bush was going to suspend the elections and declare himself president for life, and would use his loyal stormtroopers to keep the population subdued, blah blah blah.
        Other countries deploy troops on their own soil all the damn time. This move has been on the cards for ages now, ever since everyone and his dog figured the National Guard don’t exactly cut the mustard in an emergency, what with having less training than most cinema ushers.
        But if this plan hadn’t been implemented, who’d be the first to start bitching about poor relief efforts next hurricane?
        I think you overestimate the magnitude of this “problem”. You’re wanting real life to be like the movies, it’s not. Everyone’s been waiting on a “disaster of a scale never witnessed by humankind” ever since it failed to show up in 1999 or after 9/11. I mean, take your pic; nuclear terrorism, an overnight second ice age, bird flu, polar shift, the Large Hadron Collider opening a portal to Hell, none of it happens, but that still doesn’t stop people who indignantly and egotistically insist that “their time” is the most significant in the history of the species.
        It’s a credit crunch. Not armageddon. At least not this week. But I’m sure something else will inevitably crop up to be the next media-saturated reason to be miserable flavor of the month. My money’s on another bird flu or SARS global brainfart, we haven’t had one of those in a while.

      • Anonymous February 8, 2009 at 12:33 pm #

        Late Reply
        Sorry for replying months later, but do not blame anything of the past 70 years in America on Capitalism. Private industry has gotten their hands on our money supply (Federal Reserve Act of 1913). Since then they have created money out of thin air, given us the Great Depression, Stagflation, Savings & Loan Scandal and our current Recession/Depression – and at the same time MORE regulation, government interference and less freedom.
        The Federal Reserve must be ended, but to think neo-Cons like Bush represent Capitalism is completely false. Capitalists don’t believe in giant gov’t spending and corporate welfare to keep businesses afloat, quite the opposite.
        Take a look at Ron Paul – a real capitalist politician who doesn’t even take part of the Congressional Pension Fund. http://www.RonPaul.com
        For more information on capitalism, go to: http://www.mises.org

  3. Anonymous October 12, 2008 at 6:06 pm #

    Thomas Jefferson on the Economy
    It is tempting to look forward to imminent collapse and feel that the true end is near. Although the devastation of collapse might be great, it rarely results in extinction. A New Equilibrium is the normal outcome of the calamity of economic breakdown. The Principle of Imminent Collapse assures us that everything in our experience is on the verge of collapse and all it takes is a nudge to make it fail.
    The new equilibrium that forms after a major collapse in not the warm and fuzzy experience that its name suggests. Not all of the 6 billion or so of us will be around when the collapse events settle down. Even as humans are complicit in how and when the PIC actually manifests, we are also capable of anticipating it and implementing conditions that make its pain less acute.
    While laissez-faire economics makes for an efficient market [sic] it also makes for an efficient collapse when the music stops. The market performance measure is profits for investors, not the sustainability of our modification of the environment, the ability of institutions to provide for the common good, etc.
    Someone who is not profit motivated needs to have a greater say in how we transact our business so that such massive collapses do nor harm so many people as collateral damage.

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