Speculators Quotes



One of the great clashes of early America was between Alexander Hamilton and Thomas Jefferson over the Federal assumption of State debt. Jefferson’s opposition was based in large part on his class distrust of moneyed people, banks, and finance professions whom he saw almost as an enemy army. His description of Hamilton’s scheme which historically proved to be critical to the new nation’s development was:


Vladimir Lenin. Terrorism has been an instrument of dictatorial states in general and most revolutions. Speculators as used by Lenin at this time were not just businessmen or capitalists. They were people who bought up and hoarded scarce resources and food, waiting for worse shortage, and then selling their food or other goods at very high prices. Or they would take advantage of the fact that farmers did not have enough to eat and only give them food if why would sign over their land rights. Soon honest businessmen were treated like speculators because they made people less dependent on the party and the government. Stalin, who followed Lenin was even more extreme and had speculators, businessmen and landowners executed.


The Union government had resorted to printing Greenbacks {619940} to finance the war. However, that left two different U. S. currencies in circulation, and speculators soon began buying one and selling the other as the Greenback ‘market’ flourished or sank with the results of each battle. This caused substantial economic dislocation in the Northern Economy and was thought to be of great help to General Lee’s war effort. Lincoln had little charity toward the speculators.


Note the candor with which the Congress provided the truth to Americans about the financial situation of the nation. Despite the national crises and emergency of the war, the Congress told the truth and did not treat the citizens as children from whom bad news must be withheld. At the time, each state and many individual banks had their own paper currency, these could be easily counterfeited and were done so by the British to collapse the American economy. Because of this early traumatic experience with paper money, the United States did not use it for another 70 years.


In 1964, after the newly elected Labour Government announced its new policies and budget, the financiers and speculators who control the international money markets thought the new budget and policies ill-advised. The made their concerns known to the Governor of the Bank of England who in turn recommended to the new Prime Minister that he cut the budget drastically and adopt a new more conservative set of economic policies. The Prime Minister was shocked that a non-elected small group of men—mostly not even British, were trying to reverse a set of policies that the voters in a democracy had elected. However, he was more shocked when he discovered that if he didn’t “obey” the financiers could act in concert, attack the British Pound, dramatically increase the interest rates the government would have to pay to borrow short term money, and ruin the British economy. Wilson had to comply. In America we refer to this situation more delicately by saying that “the markets will not react well to one proposal or another”. Our politicians intimidate themselves. The only way a democracy can really have control over its own policies and budgets, is to not be in debt to anyone.