Andrew Jackson and His Veto of the Central Bank

Andrew Jackson after vetoing a bill to renew the National Bank:

"Is there no danger to our liberty and independence in a bank that in its nature has so little to bind it to our country?...(Is there not) cause to tremble for the purity of our elections in peace and for the independence of our country in war?...Of the course which would be pursued by a bank almost wholly owned by the subjects of a foreign power, and managed by those whose interests, if not affections, would run in the same direction there can be no doubt…Controlling our currency, receiving our public monies, and holding thousands of our citizens in dependence, it would be more formidable and dangerous than a naval and military power of the enemy.

It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes. Distinctions in society will always exist under every just government. Equality of talents, of education, or of wealth cannot be produced by human institutions. In the full enjoyment of the gifts of Heaven and the fruits of superior industry, economy, and virtue, every man is equally entitled to protection by law; but when the laws undertake to add to these natural and just advantages artificial distinctions, to grant titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society—the farmers, mechanics, and laborers—who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice of their Government. There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does it rains, shower its favor alike on the high and the low, the rich and the poor, it would be an unqualified blessing. In the act before me there seems to be a wide and unnecessary departure from these just principles.”


Now as then, the problem with bankers in general and centralized banking specifically is that a few control the many. All in the name of money. It seems to be forgotten that government, and work for that matter, and especially banking, should be of a nature “of service”. What the Federal Reserve Bank is doing now is not service. The institution and those that run it could not be more selfish and self-centered. Sovereign debt, which is the debt owed by this country through its ridiculous and out of control spending has come to the tipping point. China is no longer buying our bonds. The Federal Reserve Bank is buying even though, now, QE2 has ended. Yes, they’re still buying; and in doing so cutting a check to the Treasury of which Congress goes out and spends. But when one understands where that money comes from that the Federal Reserve Bank is paying, then the horror really begins. You see that money is fiat money. In other words there is no backing to it. It is not backed by gold, or silver or any commodity. That money isn’t even backed by services or products. There is nothing but the faith (fiat) of the American people that upholds it. And one day, I think in the not too distant future, that money will collapse because of the lack of backing. What to do? Use your common sense