Short history of banking

Greetings, loyal minions. Your Maximum Leader always enjoys the Wall Street Journal opinion pages. They have thoughtful commentary and are almost always educational.

To wit: today’s piece by John Steele Gordon entitled “A Short Banking History of the United States.” In the piece Gordon lays the blame for the current financial crisis squarely at the feet of the responsible party… Here is the quotation:

How could the richest and most productive economy the world has ever known have a financial system so prone to periodic and catastrophic break down? One answer is the baleful influence of Thomas Jefferson.

Read the whole piece.

Although your Maximum Leader doubts that either John McCain or Barack Obama will start casting aspersions at TJ, your Maximum Leader will.

(Shakes fist at sky) “Damn your eyes Thomas Jefferson for our current banking crisis!”

There you go…

Carry on.

Fear and Loathing in Georgetown said:

I assure you that TJ got that from Aristotle:
“There are two sorts of wealth-getting, as I have said; one is a part of household management, the other is retail trade: the former necessary and honorable, while that which consists in exchange is justly censured; for it is unnatural, and a mode by which men gain from one another. The most hated sort, and with the greatest reason, is usury, which makes a gain out of money itself, and not from the natural object of it. For money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money because the offspring resembles the parent. Wherefore of an modes of getting wealth this is the most unnatural.”

Fear and Loathing in Georgetown said:

Oh, and you are still trying to infect the FLG Supercomputer.

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