Interest Rates Quotes
This frequent Jefferson quotation almost certainly was never written or uttered by him but was probably created by later opponents of private banks. It has never been verified from any studies of Jefferson’s prolific writings. Further the word ‘inflation” came into use in the 1860s and ‘deflation’ seems to have first been used in the 1920s. However, some ascribe it to a letter Jefferson wrote to Treasury Secretary, Albert Gallatin in 1802.
The very act of printing money created a debt—at the time and until the Nixon Administration which went off the gold standard—the government owed the gold or silver and the spicie—the printed money—was a promissory note.
The Congressman was notorious for his extreme and unusual views of things. See {606976} for another of his extreme statements which turned out to be untrue. McFadden quotations are sometimes used to show that there is almost no limit to how absurd a view a politician in general, or a member of Congress in particular, might take and make public.
The popularly elected president Salvador Allende was a left leaning socialist and Nixon wanted a right wing Government in place who would deal more firmly with the communists. General Augusto Pinochet thus came to power, murdered Allende, and instituted a reign of terror with death squads, torture and disappearances, that eventually led him to be indicted for crimes against humanity.
Reference to the British Economist John Maynard Keynes who advocated government action to manage the economy.
