Thomas Jefferson Warned The Nation To Beware The Power Of The Banks

Before there was John Kenneth Galbraith or Joe Stiglitz or Nouriel Roubini, or Simon Johnson or Niall Ferguson or Occupy Wall Street– there was one of the Founding Fathers, Thomas Jefferson giving an advance warning of 2008 some 200 years ago. An awesome foreboding it was, too.

“I believe that banking institutions are more dangerous to our liberties than standing armies,” Jefferson wrote. ” 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(these banks) will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.”

“ The issuing power of currency shall be taken from the banks and restored to the people, to whom it properly belongs.”

We should all meditate on that amazing prediction of things to come that are not necessarily beneficial to the 99%– but only to the 1%.