Men Who Will Not Learn From The Past Are Condemned To Repeat Their Mistakes!
Guest Post by Dennis Miller at Miller On The Money
Quote Investigator credits Barry Goldwater for the above statement.
The never-ending struggle….
President #3, Thomas Jefferson’s (1743-1826) early warning:
“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks…will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
President #7 Andrew Jackson (1767-1845), screaming:
“Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. …. You are a den of vipers and thieves.”
Continuing on, Lord Acton, a nineteenth-century historian, chimes in:
“The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.” — Lord Acton 1834-1902
Bill Bonner explains the struggle continues:
“The big bankers wanted to be able to make big bets, but without the risk of going broke. They solved that problem by creating the Fed in 1913. Now, when business is good, they keep the profits. When their bets go bad, they get bailed out by the Fed, generously sharing their losses with the public.”
Uneducated Mistakes??
It’s no longer “uneducated mistakes.” For centuries, gambling bankers have charged horrendous losses to the taxpayers. Irresponsible politicos ignore the behavior and consequences, while enhancing their personal wealth, blaming their political opponents for all that goes wrong.
The battle between the people and politically connected banks is looming.
A recent GATA headline blares:
“Financial Times discovers that the Federal Reserve serves only the banking industry.”
Quoting the Financial Times (FT) (behind paywall):
“(A FT study found) U.S. banks made a $1 trillion windfall from the Federal Reserve’s 2 1/2-year era of high interest rates….”
| “We’ve been very, very clear that we will not allow inflation to rise above two percent or less.” — Fed Chairman Ben Bernanke |
The Fed pretends to be committed to bring inflation down to its 2% target. With inflation spiraling out of control, they finally raised interest rates to around 5%. The casino banks screamed; they want free gambling money – while pocketing the $1 trillion windfall the FT writes about.
With inflation well above 2%, and an election looming, Fed Chair Jerome Powell announced a rate cut….
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