OT quote of the century

Whilst I agree with the spirit of the quote... I would like to see a definitive reference to its source?

Mike Harding

On the subject of 'Quotes', a Rep. from the oil industry recently said,"the trouble is,the general public don't understand how the oil industry works. " Never a truer word was spoken. Cheers All.

Roger B...

"Economic forecasting was invented to make astrology look good" J.K. Galbraith

Bit of a dispute as to how much of that statement Jefferson actually said.
From Disputed Jefferson Quote

I believe that banking institutions are more dangerous to our liberties than standing armies. 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 [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.

This is cited as from a letter to Secretary of the Treasury Albert Gallatin (1802) in Flight to Financial Freedom - Fasten Your Finances (2007) by Nathan A. Martin, and earlier appears in How to Take Advantage of the People Who Are Trying to Take Advantage of You (2006) by Joseph Stephen Breese Morse, p. 51. It appears to be a concoction of some actual statements by Jefferson, and others that may not be. It has not yet been found to appear earlier in precisely this form.

Variant: I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the Government at defiance. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.

This is an earlier variant which contains a portion of the above statement and appears in Life Work of Thomas L. Nugent (1896) compiled by Catharine Nugent. Both of these expressions appear to mix a well documented statement that is to be found in Jefferson's published letters, and poorly documented ones which do not. The only portions of them thus far definitely sourced to Jefferson occur in a letter to John Taylor (28 May 1816) [ME 15:23]: "I sincerely believe, with you, that banking establishments are more dangerous than standing armies." This is quoted more extensively in the sourced section.


Still even the apportioned section of the quote is timeless

"I believe that banking institutions are more dangerous to our liberties than standing armies"

The writing's of Thomas Jefferson make for very good reading and certainly reflect a deeply understanding man perhaps well beyond his years.

On similar lines I find it amusing that GW Bush was elected on a platform of fear from terrorists that seek to destroy the american way of life.

Ironically what has destroyed it is Bush himself.