mjcouvi
Hi
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- Aug 13, 2006
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i hear that, and normally i would be right there - we talked about that a bit in the Hamilton/Jefferson thread - normally i would be 100% jefferson but there are aspects to both of their personalities that make easy fandom hard
the landed gentry being for the common man
the penniless immigrant being for central banking control*
or at least central bank AT THAT TIME - i still get the feeling that if we'd followed jefferson out of the blocks we might have been disorganized and bankrupt and become a colony again in short order
Yeah, the whole idolization of the founders, whether Hamilton or Jefferson or anyone else, I don't think that's a good thing to make these folks into some kinda heroes. They all had plenty of flaws and did some really rotten stuff. They can be praised, yeah, there's lots of stuff to praise them for, but there's soooo much to criticize too.
No one's done a better job of analyzing US institutional financial history than Murray Rothbard. He makes a pretty good argument, based in business cycle theory, that the times the US has had a central bank has led to much more disorganization, many more induced economic bubbles, than during the times that the country enjoyed a more free and open banking system. Check this out: https://www.amazon.com/History-Money-Banking-United-States/dp/0945466331