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About this quote

What does it mean?
Banks concentrate influence and replace money with paper; avoid meddles.
In plain terms
Banks are bad and use paper money; stay away.
What can you take from it?
Limit involvement with banking monopolies.

Where it applies

  • investing
  • policy making
  • finance

Putting it to work

  • avoid monopolies
  • use hard currency
  • monitor banks

Questions to consider

  • Is banking inherently dangerous?
  • How to manage money safely?

Another view

Modern economies rely heavily on banking systems.

More from Thomas Jefferson

  1. [The] Bank of the United States... is one of the most deadly hostility existing, against the principles and form of our Constitution... An institution like thi…

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  2. In order to be able to meet a general combination of the banks against us in a critical emergency, could we not make a beginning towards an independent use of …

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  3. The idea of creating a national bank I do not concur in, because it seems now decided that Congress has not that power (although I sincerely wish they had it e…

    Permalink to quote #174

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