And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.
Letter from Thomas Jefferson to John Taylor, May 28, 1816.
H/T to Robert Gore of the Straight Line Logic blog
Of course, Thomas Jefferson wasn’t an economist with a Nobel prize; so what did he know? He knew the risks of deficit financing, that’s what!
Well, that’s what I’m thinking. What are your thoughts?