Is the US Democracy on the Critical List?–3/3

SchooloftheAmericas

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”