[quote=jpinpb]I just think the Constitution back in 1789 was not considering the Federal Reserve intervening and/or taking control of monetary policy. I don’t think all that is factored into the Constitution. It’s a game changer, imo.[/quote]
I think you’re right JP. The Founders were very well aware of the dangers of giving banks the power to control the issue of a currency. Here’s the famous quote about banks by Thomas Jefferson:
“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.” http://wiki.monticello.org/mediawiki/index.php/Private_Banks_%28Quotation%29
I think that’s exactly what we’re seeing today. First inflation, then deflation – aka the business cycle. With each cycle the banks and corporations that have grown up around them tighten their grip, like a boa constrictor. This isn’t a perfect analogy, but you get the point. Don’t get me wrong, I love capitalism, just not crony capitalism.
