Author Topic: 15 Quotes From Our Founding Fathers About Economics, Capitalism And Banking  (Read 656 times)

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Offline rangerrebew

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15 Quotes From Our Founding Fathers About Economics, Capitalism And Banking

Posted By Michael Snyder On June 10, 2014 @ 6:20 am In Economy and Finance,Editor's Choice,Featured,Perspectives | 3 Comments


George-Washington-At-The-Constitutional-Convention-1787-Public-Domain-300x300 [1]

Why have we turned our backs on the principles that this nation was founded upon?  Many of those that founded this nation bled and died so that we could experience “life, liberty and the pursuit of happiness”.  And yet we have tossed their ideals aside as if they were so much rubbish.  Our founders had experienced the tyranny of big government (the monarchy) and the tyranny of the big banks and feudal lords, and they wanted something very different for the citizens of the new republic that they were forming.

They wanted a country where private property was respected and hard work was rewarded.  They wanted a country where the individual was empowered, and where everyone could own land and start businesses.  They wanted a country where there were severe restrictions on all large collections of power (government, banks and corporations all included).  They wanted a country where freedom and liberty were maximized and where ordinary people had the power to pursue their dreams and build better lives for their families.  And you know what?  While no system is ever perfect, the experiment that our founders originally set up worked beyond their wildest dreams.  But now we are killing it.  Why in the world would we want to do that?

Most people are under the illusion that the United States has a “capitalist economy” today, but that simply is not accurate.  At best, we have a “mixed economy” that is becoming a little bit more socialist with each passing day.  We pay dozens of different types of taxes [2] each year, and some Americans actually end up giving more of their earnings to the government than they keep themselves.  But that is still not enough, and so our state governments have accumulated astounding amounts of debt, and our federal government has amassed the largest single debt that the world has ever seen.  If future generations of Americans get the chance, they will curse us for the chains of debt that we have placed upon their shoulders.

So what do our government officials do with all of this money?

Well, today approximately 70 percent [3] of all federal government activity involves taking money from some Americans and giving it to other Americans.

Despite this unprecedented wealth-redistribution program, poverty is absolutely exploding in this country and 49 million Americans [4]are dealing with food insecurity.

Meanwhile, the bankers have been getting fabulously wealthy from all of this debt.  The Federal Reserve system was designed to trap the U.S. government in an endless spiral of debt from which it could never possibly escape, and that mission has been accomplished.  In fact, the U.S. national debt is now more than 5000 times larger than [5] it was when the Federal Reserve was first created a little more than 100 years ago.

Most people like to think of big banks as “capitalist” institutions, but that is not really accurate.  In the end, giant corporate banks like we have in the United States are actually collectivist institutions.  They tend to greatly concentrate wealth and power, and socialists find those kinds of banks very useful.

In fact, Vladimir Lenin once said that “without big banks, socialism would be impossible.”

While there may be a bit of animosity between big government and big banks once in a while, the truth is that they are usually very closely tied to one another.  We saw this close relationship very clearly during the financial crisis of 2008, and it is no secret that there is a revolving door between the boardrooms of Wall Street and the halls of power in Washington.  The elite dominates both spheres, and it is not for the benefit of the rest of us.

In America today, government just keeps getting bigger and the banks just keep getting bigger [6].  Meanwhile, the percentage of self-employed Americans is at an all-time low [7] and the middle class is steadily dying [8].

What we are doing right now is clearly not working.

So why don’t we go back and do the things that we were doing when we were extremely successful as a nation?

In case you don’t know what those things were, here are some clues…

#1 “A wise and frugal government… shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government.” — Thomas Jefferson, First Inaugural Address, March 4, 1801

#2 “A people… who are possessed of the spirit of commerce, who see and who will pursue their advantages may achieve almost anything.” – George Washington

#3 “Government is instituted to protect property of every sort; as well that which lies in the various rights of individuals, as that which the term particularly expresses. This being the end of government, that alone is a just government which impartially secures to every man whatever is his own.” – James Madison, Essay on Property, 1792

#4 ”Banks have done more injury to the religion, morality, tranquility, prosperity, and even wealth of the nation than they can have done or ever will do good.” – John Adams

#5 “To take from one, because it is thought his own industry and that of his fathers has acquired too much, in order to spare to others, who, or whose fathers, have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, the guarantee to everyone the free exercise of his industry and the fruits acquired by it.” — Thomas Jefferson, letter to Joseph Milligan, April 6, 1816

#6 ”The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence. If ‘Thou shalt not covet’ and ‘Thou shalt not steal’ were not commandments of Heaven, they must be made inviolable precepts in every society before it can be civilized or made free.” — John Adams, A Defense of the Constitutions of Government of the United States of America, 1787

#7 ”I place economy among the first and most important virtues, and public debt as the greatest of dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt. If we run into such debts, we must be taxed in our meat and drink, in our necessities and in our comforts, in our labor and in our amusements.” – Thomas Jefferson

#8 “Beware the greedy hand of government thrusting itself into every corner and crevice of industry.” – Thomas Paine

#9 ”If we can but prevent the government from wasting the labours of the people, under the pretence of taking care of them, they must become happy.” – Thomas Jefferson to Thomas Cooper, November 29, 1802

#10 “All the perplexities, confusion and distress in America arise not from defects in the Constitution or Confederation, not from a want of honor or virtue so much as from downright ignorance of the nature of coin, credit and circulation.” – John Adams, at the Constitutional Convention (1787)

#11 “The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.” – Thomas Jefferson

#12 “Liberty must at all hazards be supported. We have a right to it, derived from our Maker. But if we had not, our fathers have earned and bought it for us, at the expense of their ease, their estates, their pleasure, and their blood.” – John Adams, 1765

#13 “If ever again our nation stumbles upon unfunded paper, it shall surely be like death to our body politic. This country will crash.” – George Washington

#14 ”I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.” – Thomas Jefferson

#15 “When the people find that they can vote themselves money, that will herald the end of the republic.” — Benjamin Franklin

Delivered by The Daily Sheeple [9]


Contributed by Michael Snyder of The Economic Collapse [10].

Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream  [11], The Truth  [12]and Economic Collapse Blog. [10]


Article printed from The Daily Sheeple: http://www.thedailysheeple.com

URL to article: http://www.thedailysheeple.com/15-quotes-from-our-founding-fathers-about-economics-capitalism-and-banking_062014

URLs in this post:

[1] Image: http://www.thedailysheeple.com/15-quotes-from-our-founding-fathers-about-economics-capitalism-and-banking_062014/george-washington-at-the-constitutional-convention-1787-public-domain-300x300

[2] dozens of different types of taxes: http://theeconomiccollapseblog.com/archives/a-list-of-97-taxes-americans-pay-every-year

[3] approximately 70 percent: http://endoftheamericandream.com/archives/18-stats-that-prove-that-government-dependence-has-reached-epidemic-levels

[4] 49 million Americans: http://theeconomiccollapseblog.com/archives/epidemic-of-hunger-new-report-says-49-million-americans-are-dealing-with-food-insecurity

[5] more than 5000 times larger than: http://theeconomiccollapseblog.com/archives/on-the-100th-anniversary-of-the-federal-reserve-here-are-100-reasons-to-shut-it-down-forever

[6] just keep getting bigger: http://theeconomiccollapseblog.com/archives/we-are-in-far-worse-shape-than-we-were-just-prior-to-the-last-great-financial-crisis

[7] all-time low: http://theeconomiccollapseblog.com/archives/they-are-murdering-small-business-the-percentage-of-self-employed-americans-is-at-a-record-low

[8] the middle class is steadily dying: http://themostimportantnews.com/archives/half-the-country-makes-less-than-27520-a-year-and-15-other-signs-the-middle-class-is-dying

[9] The Daily Sheeple: http://www.TheDailySheeple.com/

[10] The Economic Collapse: http://theeconomiccollapseblog.com/

[11] The American Dream : http://endoftheamericandream.com/

[12] The Truth : http://thetruthwins.com/
Abraham Lincoln:

There is no grievance that is a fit object of redress by mob law.
--January 27, 1838 Lyceum Address

Don't interfere with anything in the Constitution. That must be maintained, for it is the only safeguard of our liberties. And not to Democrats alone do I make this appeal, but to all who love these
great and true principles.
--August 27, 1856 Speech at Kalamazoo, Michigan

Let us then turn this government back into the channel in which the framers of the Constitution originally placed it.
--July 10, 1858 Speech at Chicago

Offline Oceander

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If the average person - and the average politician - weren't so stupid, greedy, and irrationally willing to pawn the future for the sake of a little extra coin today, the bankers this article reviles wouldn't be nearly so rich as they might be.

Bankers don't force people to borrow - just as guns don't force people to murder - people allow themselves to borrow.  That goes for private banks as well as for the federal reserve, which was not created to bury the federal government in debt.  The problem with central banks like the federal reserve and fiat money, such as the US dollar, is that the politicians - that is, the individuals that "We the People" have elected to represent us and do our bidding in Congress - find it all too easy to create "free" money in an ultimately futile attempt to paper over the other disasters-in-waiting they've created - at our behest.
« Last Edit: June 11, 2014, 10:14:27 AM by Oceander »

Offline GourmetDan

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"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

Note that the Federal Reserve is just such a 'private bank'...


"The heart of the wise inclines to the right, but the heart of the fool to the left." - Ecclesiastes 10:2

"April Fools Day is the one day of the year that people critically evaluate news articles before accepting them as true." - Unknown

Offline GourmetDan

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That goes for private banks as well as for the federal reserve, which was not created to bury the federal government in debt.


The Federal Reserve is a private bank and the design is such that it's primary purpose is to bury the federal government in debt.

IOW, the current federal debt situation was the inevitable outcome of the creation of the Federal Reserve...

« Last Edit: June 11, 2014, 10:40:11 AM by GourmetDan »
"The heart of the wise inclines to the right, but the heart of the fool to the left." - Ecclesiastes 10:2

"April Fools Day is the one day of the year that people critically evaluate news articles before accepting them as true." - Unknown

Offline Oceander

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The Federal Reserve is a private bank and the design is such that it's primary purpose is to bury the federal government in debt.

IOW, the current federal debt situation was the inevitable outcome of the creation of the Federal Reserve...




No, it isn't a private bank

No, it wasn't designed to drown the federal government in debt


other than the vague assertions of conspiracy theory whackos, you have no support for either proposition

Offline katzenjammer

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The Federal Reserve is a private bank and the design is such that it's primary purpose is to bury the federal government in debt.

IOW, the current federal debt situation was the inevitable outcome of the creation of the Federal Reserve...

In a word, yes.

Offline Oceander

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Offline GourmetDan

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No, it isn't a private bank

No, it wasn't designed to drown the federal government in debt

other than the vague assertions of conspiracy theory whackos, you have no support for either proposition

Yes, it is a private bank and yes it was designed to drown the federal government in debt.

If it were not, it would not be so...

"The heart of the wise inclines to the right, but the heart of the fool to the left." - Ecclesiastes 10:2

"April Fools Day is the one day of the year that people critically evaluate news articles before accepting them as true." - Unknown

Offline Oceander

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Yes, it is a private bank and yes it was designed to drown the federal government in debt.

If it were not, it would not be so...




prove it.  your assertions are false unless you can provide proof for them.

Offline GourmetDan

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« Last Edit: June 11, 2014, 10:51:11 AM by GourmetDan »
"The heart of the wise inclines to the right, but the heart of the fool to the left." - Ecclesiastes 10:2

"April Fools Day is the one day of the year that people critically evaluate news articles before accepting them as true." - Unknown


Offline Oceander

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Although ownership of the fed is admittedly private in a restricted way ...

Moron...





wow!  "moron"!  that is definitive proof.  that is a stunning rejoinder. 

Let's try this little hypothetical:  you - and just about everyone else on this forum - get your frilly little panties into all sorts of twists because the federal government forces you to purchase a certain kind of health insurance.  What are the primary objections to that?  That it's involuntary; that people aren't being allowed to make their own choices; that it's nationalized health care in disguise.

So why is it government-controlled when it comes to mandating the purchase - and therefore the ownership - of government-approved health insurance policies - but it's strictly private ownership when it's government-mandated holding of restricted equity interests in the government-controlled federal reserve system?


This time, try something other than "moron" - that's so unimaginative; there are so many much more creative insults you could use.

Offline GourmetDan

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wow!  "moron"!  that is definitive proof.  that is a stunning rejoinder. 

Let's try this little hypothetical:  you - and just about everyone else on this forum - get your frilly little panties into all sorts of twists because the federal government forces you to purchase a certain kind of health insurance.  What are the primary objections to that?  That it's involuntary; that people aren't being allowed to make their own choices; that it's nationalized health care in disguise.

So why is it government-controlled when it comes to mandating the purchase - and therefore the ownership - of government-approved health insurance policies - but it's strictly private ownership when it's government-mandated holding of restricted equity interests in the government-controlled federal reserve system?

This time, try something other than "moron" - that's so unimaginative; there are so many much more creative insults you could use.

Ah, 'frilly little panties'.  How imaginative; there are so many much more creative insults you could use.  Hypocrisy thy handle is Oceander.

You were proved wrong, just as you requested.  The Federal Reserve is a private bank, just as I said.

Moron - " A person of mild mental retardation having a mental age of from 7 to 12 years and generally having communication and social skills enabling some degree of academic or vocational education."

A moron is actually educable; you (otoh) just try to change the subject...

"The heart of the wise inclines to the right, but the heart of the fool to the left." - Ecclesiastes 10:2

"April Fools Day is the one day of the year that people critically evaluate news articles before accepting them as true." - Unknown

Offline GourmetDan

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Quote

Therefore most Americans would be surprised to learn that almost all of what we use for money is not issued by our government, but by private banks.


Readers Digest version, what this means is that the privately-owned Federal Reserve creates all 'money' with an accounting entry and uses that 'money' to buy U.S. debt (or other approved) instruments.

The Fed buys U.S. debt that cannot be sold to the Chinese, et al on the open market.  The Fed 'monetizes' U.S. debt by creating 'dollars' to 'buy' U.S. debt, thereby injecting those 'dollars' into the U.S. economy with taxpayers on the hook for debt repayment (not likely) and interest.

If the Fed was designed to 'help the taxpayer', it would buy all outstanding U.S. debt and return all of the 'excess profits' on the interest on that debt to the U.S. Treasury.  Were that to happen, the only 'cost' of borrowing would be the cost of running the Federal Reserve.  This would also be functionally equivalent to government-issued, interest-free money creation.

Don't see that happening?

Ever ask yourself why not?

Could it be that the 'private owners' of the Federal Reserve are profiting from the current configuration?

« Last Edit: June 11, 2014, 11:51:18 AM by GourmetDan »
"The heart of the wise inclines to the right, but the heart of the fool to the left." - Ecclesiastes 10:2

"April Fools Day is the one day of the year that people critically evaluate news articles before accepting them as true." - Unknown


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