Monday, October 06, 2008

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

Old TJ wasn't specifically talking about our current situation in his warning about banks... not exactly, anyways. The Federal Reserve still controls "the issue of their currency"; but regardless, the banks are involved enough that the children of property owners are waking up homeless on this continent, which our forefathers conquered.

Or, am I overstating the case with regards to the current mortgage catastrophe? Is all of this just a natural part of a healthy market cycle?

1 comment:

Blogger said...

eToro is the ultimate forex broker for rookie and pro traders.