In the history of American politics, the statists have always been advocates of a central bank, whereas the defenders of liberty — libertarians — have opposed it. Legalized governmental counterfeiting has always been every totalitarian’s dream and every right-minded libertarian’s nightmare.
A Federal Reserve publication entitled “A History of Central Banking in America” correctly calls Alexander Hamilton “the founding father of central banking in America.” His nemesis, Thomas Jefferson, strongly opposed Hamilton’s Bank of the United States as a mortal threat to liberty and economic stability.
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