He misunderstood finance. Finance prints money and no one has to pay. Even when they screw up so bad the Fed has to bail them out, still no taxpayer money is needed.
Thomas Jefferson: "banking establishments are more dangerous than standing armies" [May 28, 1816]in quotes
[–]+0 -0 points 6 months ago
I'm sure he mean privatized banking institutions. You can still have a benevolent bank that prints money in the interest of the country it serves. Often by pegging it to something measurable or tangible.
The point is that finance is not "swindling futurity" because ppl make the rules and debt is often forgiven. Jefferson himself died in debt. Hamilton understood finance and said the national debt is a blessing on the ppl. Jefferson was a cad and did not understand money.
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