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Thomas Jefferson, Goldman Sachs

Below is a quote from Thomas Jefferson.

” 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.” — Thomas Jefferson — The Debate Over The Re Charter Of The Bank Bill, (1809)

Now read Matt Taibbi’s latest skewering of Goldman Sachs here, to see that Jefferson was right on the money.  The bottom line, these clever finance guys created an instrument called a credit default swap that creates incentives to see debt issuers, whether they be corporations, municipalities, states, or even sovereign nations, fail.  So not only is there an absurd amount of debt that has been built up – encouraged by these banks – but knowing that inevitably there would be massive amounts of defaulting on these debts, the banks created an instrument to profit from this – while causing chaos and hardship for the general public.

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