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About this quote

What does it mean?
Paper currency systems double war costs through debt and interest.
In plain terms
Banking systems make wars more expensive.
What can you take from it?
Avoid debt-based financing to reduce war burdens.

Where it applies

  • national budgeting
  • military spending
  • economic policy

Putting it to work

  • reduce war debt
  • audit military costs

Questions to consider

  • How does debt affect war decisions?

Another view

Modern economies rely on credit systems.

More from Thomas Jefferson

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  2. The art and mystery of banks... is established on the principle that 'private debts are a public blessing.' That the evidences of those private debts, called b…

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  3. If treasury bills are emitted on a tax appropriated for their redemption in fifteen years, and (to insure preference in the first moments of competition) beari…

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