Source: Tenth Amendment Center
by Mike Maharrey
“Thomas Jefferson’s chilling warnings about unchecked fiat, paper money proved prophetic as the U.S. plunged into its first boom-bust economic crisis in the early 19th century. In an 1814 letter to Thomas Cooper, Jefferson wrote, ‘Every thing predicted by the enemies of banks, in the beginning, is now coming to pass. we are to be ruined now by the deluge of bank paper as we were formerly by the old Continental paper.’ Just one year later, a depression gripped the United States kicked off by financial panic. This economic downturn lasted until 1821 and is widely viewed as the first boom-bust period in U.S. history. And it was exactly what Jefferson predicted. The depression was rooted in an all-too-familiar problem – excessive money printing.” (04/18/24)