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Letters to the Editor

Money issues

July 27, 2010

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To the editor:

Kudos to Chad Lawhorn’s article (Journal-World, July 25) for exposing the fact that the Federal Reserve is a private bank, that money issued by this bank is fiat, and that a private bank is not part of the federal government; but I would like to go a step further.

Because it’s fiat, the money the Federal Reserve issues is created out of nothing. In other words, private banking families create money out of nothing and then lend it to the taxpayers at interest. Right now, the individual guarantor owes so much money that our grandchildren will still be paying off the loan when the real government could be issuing money without interest and without enslaving the citizens of this country.

Thomas Jefferson said: “If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.”

Comments

Orwell 4 years, 2 months ago

Except there's apparently no historical record that Jefferson ever said or wrote that. He was no great fan of banks, but it looks like someone in the 20th century made up a quote for him.

p>Snopes.com cites the Jefferson Encyclopedia in debunking this "quotation" at http://www.snopes.com/quotes/jefferson/banks.asp. There is evidently no record of the "quotation" prior to 1937 (more than a hundred years after Jefferson's death), and the "sources" most often cited do not contain these words.

Don't believe everything you read in an email. Or in an online comment, for that matter. Check it out for yourself.

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mom_of_three 4 years, 2 months ago

But it is true the founding fathers were at odds against a federal reserve. Hamilton wanted a national bank, and I believe Jefferson was against anything Hamilton wanted. I believe it was Jackson who really hated the national bank and pretty much got rid of it during his time. Hamilton and good ole George were for big government, basically for the rich, and Jefferson wanted the opposite, with yeoman farmers and craftsman and merchants.

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Orwell 4 years, 2 months ago

Right you are. Jackson put an end to (1) the potential and actual abuses of the National Bank, and (2) individual states' efforts to accept or reject federal law.

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Orwell 4 years, 2 months ago

– at least until 1861, when some states decided they could override federal law, resulting in 600,000 American deaths.

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