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1836: The Death Of Our 2nd Central Bank – Real Clear Markets

Posted by
February 10, 2011
in Blog

“When debating the merits of having a central bank, it is important to go beyond the mere dollars and cents of this issue and keep in mind the words of Professor H.W. Brands on the second central bank. “The Bank wasn’t only a bank. It was the arbiter of the nation’s money supply, the bestower or withholder of prosperity.” (Emphasis his.) Andrew Jackson also was kind enough to provide a relevant warning about granting political protection to a bank. “It is easy to conceive that great evil to our country and its institutions might flow from such a concentration of power”.

This alone – argued Andrew Jackson and his many allies then and argues Ron Paul and his few allies now – is reason enough against having any central bank whatsoever. Taking into consideration human nature, it’s hard to argue their point. The demise of America’s second central bank (and Biddle’s actions in its defense) warns that concentrated power is a dangerous thing and, even worse, incredibly addictive to those who hold it.” Read more

1836: The Death Of Our 2nd Central Bank 
CJ Maloney 
Real Clear Markets, January 31, 2011. 

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