“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 them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered…I believe that banking institutions are more dangerous to our liberties than standing armies… The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”. Thomas Jefferson
Mr. Jefferson wrote many truths about Liberty, but none truer than those in the quote above.
Atricle I, Section 8 gives Congress (and Congress alone) the power to regulate the value of money. In the “Progressive Era” Congress “outsourced” this power to the Federal Reserve. The key function of the Fed is to provide “adequate liquidity” to the banking system. In the first major test of its efficacy, the bank failures of the early 1930’s, it failed miserably and the Great Depression was the result. And now we have the present mess wherein the Fed is enabling the profiglacy of deficit spending by “monetizing” the an unsustainable debt that is accumulating at $4,000,000,000.00 A DAY! The last time we saw such insanity in an industrialized economy Adolph Hitler was the result. To quote Oliver Hardy: “This is some fine mess you’ve gotten us in“.