Will Rogers Quotes
I guess there is no two races of people in worse repute with everybody than the international bankers, and the folks that put all those pins in new shirts.
Rogers, Will. Will Rogers' Daily Telegrams. Edited by James M. Smallwood, vol. 2, Oklahoma State University Press, 1978.
He was against paper money. At the time, any bank could issue its own paper money or “banknotes”. However other banks would not redeem the banknotes for the full amount; they would “discount” the note. Usually, the further away the bank was from the original bank, the more discount they took. Interstate commerce was almost impossible. Alexander Hamilton, Jefferson’s nemesis, had a much more modern point of view and fortunately his view prevailed. Paper money could only work if it was issued by a central bank with no discounting by other banks. The paper money had to be “legal tender”.
North was none-the-less in favor of allowing interest rates be much higher, but was stating the best argument, believed at the time by most English experts, and many American economists today.
This was in the midst of the debate over The Recharter Of The Bank bill
This quotation is particularly interesting in it shows how far partisanship and ideology can go into deluding political perception. Wallinson is a man of integrity who we must assumed believed what he said. Yet in the 30 years he referred to, most had Republican Presidents and there were a number of Republican controlled Congresses. During all that time the Republican Party platform called for continuous deregulation. Every Republican President and even Democrat William Clinton has bragged about their success at deregulating the business and financial environment in America. During that period, left wingers paraded to testify to Congress that the deregulation policies and practices was in their view injuring the country, While there was great debate over the desirability of deregulation, virtually no elected politician of the left or right denied that deregulation was happening. The Chamber of Commerce during that time always complained that the deregulation was not occurring fast enough and consumer groups claimed the rate was too fast. Yet Wallinson instead of taking the position of most conservatives that the deregulation had little or nothing to do with the Financial Crisis of 2008, actually convinced himself that there had been no deregulation. Human perception of political reality can be easily altered by ideology. Similar delusions have also occurred for left wingers. It is the ideology who is vulnerable regardless of what the ideology is.
She warned of some of the structural weaknesses of American Banks three decades before the 2008 Great Recession and the Banking Meltdown showed the flaws.
Essentially, the Council voted to close all the banks of the day and get rid of all the bankers. Without banking economic development of Christian (Catholic) Europe stagnated and did not thrive until the Borgia’s used their banking prowess to actually attain the Papacy. Ironically, Christians, Jews and Muslims all had banned banking—usury—the charging of interest for borrowed money—as a serious sin. To this day there are orthodox fundamentalists of all three religions who decry modern banking, but the majority of Christians and Jews no longer have any problem with banking, and while the Muslims generally still decry it as a sin, the wealthy Muslims have come up with various fig leaves where they pretend that banking us not usury, and in the modern world, although they are castigated by a mullah or two, the essence of capitalism goes on even in Muslim countries.
Germany, as one of the wealthier and solvent countries in the Eurozone, as a de facto matter, had to help bail out Ireland when they bailed out the Anglo Irish Bank. See {635440}. This bank was one of many throughout the Common Market and the United States that obtained taxpayer bailouts based on information that was not correct. Merkel observed similarities of banks in the different nations in terms of their honesty, greed, and lack of ethics.
After the Great Recession the Mexican bankers, like their American counterparts, tightened their credit standards so much that the only people who could get loans were the ones who didn’t need it. If banks do not make loans, it matters not that they are solid institutions that are well capitalized.
Jefferson was of the opinion that a central bank was unconstitutional and that it was a great economic danger to the nation, a view also held later by President Andrew Jackson.
William Penn Adair Rogers was an American stage and film actor, vaudeville performer, cowboy, humorist, newspaper columnist, and social commentator from Oklahoma. He was a Cherokee citizen born in the Cherokee Nation, Indian Territory.
