For those who might not be familiar, Andrew Jackson abolished the Second Bank of the United States, which was the second incarnation of a central bank in the U.S. Note his statement when addressing the parasites and it's application to the destruction of the middle class going on today.
"Gentleman, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out."
An additional piece of information for your consideration. There was an assassination attempt on the life of President Jackson. You might be surprised to read a little bit about the U.S. Presidents who have been assassinated who opposed the idea of central banking. Surely just a coincidence.
Surely it's also a coincidence that Ben Bernanke is a republican appointed by a republican president who now is being supported by more democrats than republicans in his renonomination attempt.
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Nice history lesson. We certainly need a better grasp of our ancestor's mistakes and their victories. I don't understand what Jackson means by "charged the bank". Is that withdrawing funds from investments? Anyway, Jackson sounds like a solid man. We could use one of those these days in the presidency.
ReplyDelete"Charging the bank" involved socializing the losses among the citizenry of America, just as is being done today. The way we think of this being done is via taxation, however the stealth mechanism used by central banks the world over is via inflation. Losses would simply be papered over by printing more money to replace the money lost via speculation, thereby robbing the citizens of purchasing power via inflation. In all the arguments that are bantered about from both sides of the political spectrum you never hear about the stealth tax of inflation as the central bank controls the political machine, not the other way around.
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