Jefferson’s “Den of Vipers and Thieves”
Thomas Jefferson, the third president of the US, saw the central bank as an unnecessary consolidation of power. He argued that it benefited investors, banks and businesses above the wider population. President Andrew Jackson, who opposed renewing the charter of the second US central bank, famously referred to it as “a den of vipers and thieves.”
Flash forward almost a century from the Fed’s founding. According to Allan Meltzer, author of The History of the Federal Reserve, “… the Fed’s decision to bail out the banks in 2008 has shaped many Americans’ current distrust of the central banking system more than the prolonged period of low interest rates. ” The public doesn’t think the government should be in the business of bailing out banks,” he says. Mike Collins, writing in Forbes.com in 2015, says: Continue reading “Is the US Democracy on the Critical List?–3/3”
- If Lincoln Could Raise His Head Today…
Multi-Billionaire Brothers Change the Rules of the Election Game
The twisting of U.S. elections is enough to make a grown man cry unless that man is a lobbyist or an incumbent candidate in a national election. Election finance rules were radically changed with the 2009 Citizens United Supreme Court decision. This case was complicated and controversial, partly because it was brought before the court by an ad hoc Political Action Committee (PAC) financed by the extreme-right-wing Koch Brothers, multi-billionaires with a penchant for dabbling in politics.
The Brookings Institution’s Darrell West devised a ranking to sort out which of the larger-than-life politicized American billionaires are the most powerful, factoring in “campaign expenditures, activism through nonprofit organizations and foundations, holding public office, media ownership, policy thought leadership and behind-the-scenes influence.” At the top of his list were the Koch Brothers. Continue reading “Is American Democracy on the Critical List? 2/3”