swindling futurity on a large scale.
“The system of banking [is] a blot left in all our Constitutions, which, if not covered, will end in their destruction…
I sincerely believe that banking institutions are more dangerous than standing armies; and that the principle of spending money to be paid by posterity… is but swindling futurity on a large scale.”
Thomas Jefferson, it should be noted, died deeply in debt. He contracted to sell landholdings before the Revolutionary War – but the payments he received were given in paper money after the war, which due to hyperinflation (itself caused by massive issuance of debt by the Continental Congress), were worth nothing. Any similarity to events past or present is purely coincidental.
