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About this quote

What does it mean?
Banking systems corrupt constitutions and ruin citizens' morals and fortunes.
In plain terms
Banks destroy the nation and its people's character.
What can you take from it?
Avoid central banking systems to protect morals and wealth.

Where it applies

  • debating banking reform
  • critiquing finance
  • advocating economic simplicity

Putting it to work

  • support credit union alternatives
  • oppose central banks
  • promote local currency

Questions to consider

  • Can finance exist without corruption?
  • Is there a middle ground?

Another view

Modern economies rely heavily on banking systems for stability.

More from Thomas Jefferson

  1. To the existence of banks of discount for cash... there can be no objection, because there can be no danger of abuse, and they are a convenience both to mercha…

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  2. Nearly all of it is now called in by the banks, who have the regulation of the safety-valves of our fortunes, and who condense and explode them at their will.

    Permalink to quote #172
  3. It is said that our paper is as good as silver, because we may have silver for it at the bank where it issues. This is not true. One, two, or three persons mig…

    Permalink to quote #169

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