Bankers

samhill wrote:The trouble was if they went under the country goes under, there is no economy without a functioning banking system. They were allowed to get too big to the point that they were mostly reliant upon one another. The smaller banks even if large in number were totally dependant upon them. It would have just caused another run on banks & this time because of a global economy it would also be a global depression. Don`t forget this recession included most of the industrialized world, we all have to pull ourselves out.

cokehead wrote:Prophetic words

Black_And_Blue wrote:"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."

-TJ

Between 1775 and 1779, the central government expanded the total money supply from just $12 million to a whopping $425 -million. That’s an increase of more than 3,500%. In addition, the individual states were busy doing the same thing. It’s been estimated, in just five years, the total expansion reached 5,000%.

“The first exhilarating effect of this flood of new money was the flush of apparent prosperity, but that was quickly followed by inflation as the self-destruct mechanism began to operate. In 1775, paper Continentals were traded for one dollar in gold. In 1777, they were exchanged for twenty-five cents. By 1779, just four years from their issue, they were worth less than a penny…it was in that year George Washington wrote, “A wagon load of money will scarcely purchase a wagon load of provisions.”