"The evils of this deluge of paper money are not to be removed until our citizens are generally and radically instructed in their cause & consequences.”
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95 sats \ 0 replies \ @Undisciplined 11 Sep
I've heard that Murray Rothbard once introduced himself as the foremost expert on the Panic of 1819, followed by the punchline that no one else had ever written about it.
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74 sats \ 0 replies \ @0xbitcoiner 11 Sep
It's a coincidence that I watched a video about Jefferson's thoughts on banking last week. There might be a connection to Bitcoin if we dig a little deeper. Jefferson was a staunch critic of centralized banking institutions. He believed that banks, particularly the Second Bank of the United States, had too much power and could lead to economic instability. He favored a more decentralized banking system, with state-chartered banks playing a more prominent role.
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64 sats \ 0 replies \ @justin_shocknet 11 Sep
The deeper down the rabbit hole you go you realize everything is a currency proxy-war we've been fighting for literally thousands of years
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64 sats \ 5 replies \ @jbschirtzinger 11 Sep
He did call it, but the Federal Reserve is a disaster and the gold standard was removed by Nixon entirely. I doubt Jefferson would recognize the current financial system.
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31 sats \ 4 replies \ @justin_shocknet 11 Sep
Nixon might have saved the country in doing so, that's why they had to get rid of him. He threw himself in front of the train carrying out American resources.
The problem is the US dollar was (and still is) world reserve, he slowed the bleeding, problem is we haven't yet stopped it. Gold is terrible money and is directly responsible for creating banks and world reserve currencies because of its shit transportability/verifibility.
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0 sats \ 3 replies \ @jbschirtzinger 11 Sep
I don't think he saved the country by pegging the dollar to a barrel of crude oil. He might have created a delaying tactic.
I disagree. Gold is inherently worth something. That takes the prime consideration above everything else.
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0 sats \ 2 replies \ @justin_shocknet 11 Sep
Doubt there would have been a direct-to-fiat path back at that time, that being the case pegging to oil was brilliant because it incentivizes energy production when its inevitably inflated, makes it the closest thing to an energy-currency.
That's a terrible bar, lots of things are inherently worth something, that doesn't make them good money. Equity in productive assets and real estate are now and will always be the real value we attempt to store.
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0 sats \ 1 reply \ @jbschirtzinger 11 Sep
If you like giving away your freedom to Saudi Arabia, sure.
Real estate has a relative price compared to gold. Anyway, we probably aren't going to agree beyond this point.
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21 sats \ 0 replies \ @justin_shocknet 11 Sep
Thats the CIA for you, working around what Nixon did. Tariffs on imported oil while incentivizing our own production via peg could have been a boon.
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43 sats \ 0 replies \ @bature_ 12 Sep
There is a huge incentive in keeping the citizens ignorant of the financial system. The fiat system is a scam, a pyramid scheme, in which most citizens will rather prefer to be part of, with the hope that someday they'll get to cash out. When you fully, truly, understand Bicoin, you get to see clearly how ugly the world is right now. Truly, bitcoin fixes almost everything.
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43 sats \ 0 replies \ @Satosora 12 Sep
Thomas Jefferson was before his time on some things, and not so much about others.
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