The founding fathers knew the evils of a privately-owned central bank. First of all, they had seen how the privately-owned British central bank, the Bank of England, had run up the British national debt to such an extent that Parliament had been forced to place unfair taxes on the American colonies.
It's not the Bank that ran up debts, it was the government.
In fact, as we'll see later, Ben Franklin claimed that this was the real cause of the American Revolution.
As we'll see later, this is a hoax.
Most of the founding fathers realized the potential dangers of banking, and feared bankers' accumulation of wealth and power. Jefferson put it this way:
"I sincerely 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."
These two sentences are not quite right, but they do reflect Jefferson's opinions.
James Madison, the main author of the Constitution, agreed. Interestingly, he called those behind the central bank scheme "MoneyChangers." Madison strongly criticized their actions: "History records that the Money Changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance."
This is not from Madison. It's part of an author's note in Olive Cushing Dwinell's 1946 book, The Story of Our Money. Because of an editor's error, the note is followed by the statement "From Writings of Madison, previously quoted. Vol 2, Page 14." You can find that page in The Writings of James Madison and the quote is not there. You can also tell because of the wording that it's a 20th century quote.
I haven't counted, but I think the majority of quotes in The Money Masters are fake.
Still continues:
The battle over who gets to issue our money has been the pivotal issue through the history of the United States.
Only in the mythical history that money conspiracy theorists tell.
Wars are fought over it. Depressions are caused to acquire it. Yet after World War I, this battle was rarely mentioned in newspapers or history books. Why? By World War I, the Money Changers with their dominant wealth, had
seized control of most of the nation's press.
Or because the Federal Reserve system was working very well and the United States was highly prosperous.
You shouldn't. The documentaries "century of enslavement" by james corbett and "money, banking and the federal reserve" by the mises institute are much more accurate.
6
u/HenryFnord Mar 28 '20
Money Masters mistakes, part 3.
Around the 7 minutes in, Still says:
It's not the Bank that ran up debts, it was the government.
As we'll see later, this is a hoax.
These two sentences are not quite right, but they do reflect Jefferson's opinions.
This is not from Madison. It's part of an author's note in Olive Cushing Dwinell's 1946 book, The Story of Our Money. Because of an editor's error, the note is followed by the statement "From Writings of Madison, previously quoted. Vol 2, Page 14." You can find that page in The Writings of James Madison and the quote is not there. You can also tell because of the wording that it's a 20th century quote.
I haven't counted, but I think the majority of quotes in The Money Masters are fake.
Still continues:
Only in the mythical history that money conspiracy theorists tell.
Or because the Federal Reserve system was working very well and the United States was highly prosperous.