posted on Jun, 6 2010 @ 11:39 PM
Jefferson and Hamilton had quite a few tumultuous debates about the First Bank of the US, which was the first central bank in US history. Hamilton had
ties to the bank, which was largely funded and owned by financial interests abroad, and Jefferson despised it, and finally got rid of it.
Of course, the financial interests abroad (mainly in England) were not happy with this turn of events, and fomented the war of 1812 to put the US
deeply in debt--so that it would reinstitute the bank. The result was the Second Bank of the US, another central bank, which was largely owned by
Andrew Jackson was the one who finally got rid of this one, in 1836, calling the bankers a den of vipers and thieves. In fact, at the end of his life
Jackson felt that "killing the bank" was the most important accomplishment of his life. Nevertheless, he compared the central bank to a many headed
medusa, and warned that the money interests would be back and try to institute another central bank at some point in the future.
That did not happen until 1913, when the Federal Reserve Act was passed, and now, some two hundred years after Jefferson gave his prescient warning,
his words are coming true. If the economy collapses, due to an overburden of debt, (private, corporate, municipal, state, and federal), who wins?
The question is: who wins in the case of a general debt default? The answer is simple: the Federal Reserve and its supporting institutions (the Wall
Street banks), who will then take possession of all the real property put up as collateral for those debts--which were created by the credit that they
miraculously fabricated from thin air. In other words, all of their funny money will then be transformed into real assets--and the American public
will wake up homeless on the land that their forefathers fought for, exactly as Jefferson predicted.