PTM WEEKLY UPDATE -- MARCH 16, 2009

And in conclusion . . .
Did Thomas Jefferson predict the failure of the banking system -- 207 years ago?

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. -- Thomas Jefferson, 1802  Actually -- Thomas Jefferson did not say this at all even though it is attributed to him in a number of quotation databases and resources. Although he may have expressed mistrust in banking institutions, he never predicted that the banks would eventually ruin our economy. This false quote first appeared in print in 1937, and has recently been circulated on the internet because of the recent financial crisis. Our thanks to reader Thomas Bailey for pointing this out. For more details, click here.

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