"All the perplexities, confusion and distress in America
arise not from defects in their Constitution or Confederation,
nor from want of honor or virtue, so much as downright ignorance
of the nature of coin, credit, and circulation."
by:
John Adams
(1735-1826) Founding Father, 2nd US President
Source:
in a letter to Thomas Jefferson in 1787
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Reader comments about this quote:
Whoever pulls the purse-strings, makes the marionette dance.
 -- E Archer, NYC     
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     -- Anonymous, Reston, VA US      
     -- Logan, Memphis, TN      
    It is my sincerest wish for all the Peoples of the world to heed this quote. A little more research on the subject will reveal the true source of society's ills.
     -- Chicago     
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     -- David L. Rosenthal , Hollywood      
    The downright ignorance of the basic principles of econiomics, particularly free enterprise, is astounding. Of course, if Adams were to write today, he might well be forced to say that "want of virtue and honor" are also a major problem. And yes, E Archer, while that might be true, that is not what this quote is about. (You know, I am always intrigued when someone will take any opportunity to run down America or the system that has done more for mankind that all the rest put together. Says more about them than about the USA.)
     -- MK, Houston, TX     
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    Kudos, MK for pointing out the general lack of awareness of economic principles. I suggest to all they read a bit about the age of 'laissez-faire' or 'Golden Age' in our country.
     -- Terry Berg, Occidental, CA     
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    Er, ... That would be the 'Gilded Age' - sorry - There's a BIG difference.
     -- Terry Berg, Occidental, CA     
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    Gilded means golden. Anyways, the quote nails it.
     -- Anonymous     
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    Ron Paul has the answer..
     -- Vexari, Indian Shores     
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    There are only two possible economic systems: barter and slavery. God commanded a barter system with: "Thou shalt not steal." Money does not exist in a barter system. The sole function of legal tender is to take labor or property without payment which is slavery.
     -- Dave Wilbur     
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    The best book I have ever read that clears the smokescreen of ignorance about coin, credit, and circulation is Tupper Sausseys `Miracle on Main Street`.
     -- Dan     
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     -- Anonymous      
    The demise of America will come through the people's ignorance of coinage. The Federal Reserve is not Federal and it has no Reserves. It merely prints up paper out of thin air. It has no real value. "Government is the only agency that can take a useful commodity like paper, slap ink on it, and make it completely worthless." ~ Von Mises ~ Or better yet "Give me control of a nation's money and I care not who makes her laws" ~ Mayer Rothschild ~ Guess who owns the Federal Reserve?
     -- J Carlton, Calgary     
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    BINGO! Wake up America.
     -- Anon     
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    Right on Dan, 'Miracle On Mainstreet' is simplicity in action that the average intellect can understand if all the one reading it possesses is common sense. I second, third and fourth your assessment and give that book five stars along with the quote. Get it America, read it! -http://hiddenmysteries.com/xcart/product.php?productid=18144&cat=0&page=1
     -- Anon     
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    In the first coinage act of 1792 unanimously enacted by congress, signed by Washington, endorsed by Adams and Jefferson, it was a capital felony for anyone to debase US currency. This law was never rescinded, only modified. Yet since 1913 that is exactly what the US central bank does by creating fiat money. If this law were enforced today, who in Congress or the Fed would still be alive? We are a country of Laws? Yes, ignored ones.
     -- Anonymous, sonoma ca     
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     -- barbara dandridge, clarksville, md      
    Imagine ! 220-odd years ago, someone knew we'd be going on toward $20,000,000,000,000.00 IN DEBT all those years later. DUH !!
     -- Bob L., No. Ferrisburgh, VT     
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    Too bad our congress has failed us in not following our Constitution.

    And, when we add the "unfunded liabilities", our obligations cannot be repaid unless they are defaulted or inflated.

    Next chapter? My guess is massive deflation followed by hyperinflation.
     -- bruski, naples FL     
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    The more things change, the more they stay the same.
     -- Mike, Norwalk     
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    The next chapter ? For some it is not a question, and for others is scares the hell out of everybody ! Are you ready ?
     -- Ronw13, Yachats Or     
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     -- Jim K, Austin      
     
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