If Thomas Jefferson were around today I don’t believe he would be surprised to see how the big banks in the U.S. have been operating. In fact, he would probably say that he saw it coming years ago and warned the American people. A combination of the lack of strong regulation and some very bad legislation passed by Congress has allowed the big banks to get away with a great deal and in the process they have run roughshod over many of their customers. The fact that the banks were greedy and politically powerful also played a role in this. Let’s take a look at a few things said by Mr. Jefferson and then consider how accurate his opinions have turned out to be.
I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set the government at defiance. The issuing power (of money) should be taken from the banks, and restored to the people to whom it belongs.
Thomas Jefferson, 1802
If the American people ever allow private banks to control the issue 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 property until their children will wake up homeless on the continent their fathers conquered. I hope we shall crush in its birth the aristocracy of the moneyed corporations, which dare already to challenge our Government to trial of strength and bid defiance to the laws of our country.
The big banks must be reined in and we must quit treating them like they are “too big to fail.” That sort of thinking by the federal government was a major factor in our economy taking such a beating over the past decade. Strong regulation of the big banks is an absolute necessity.
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