James Madison: Controlling Money
on Wednesday, December 1, 2010James Madison Money Quote saying bankers and financiers only seek control, by any means at their disposal, over governments and economies. Madison said:
“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it’s issuance.” ― James Madison
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In this quote, James Madison is warning about the dangers of allowing private interests to dominate control over a nation’s monetary system and money supply. Some key points in interpreting his perspective:
- He referred to “money changers” using abusive, deceptive and even violent tactics to maintain influence over governments through their power over currency issuance and financial systems.
- Madison portrayed this as an ongoing threat according to historical records, implying future generations also need protections against such manipulation.
- He advocated for democratic oversight of monetary policy to prevent narrow special interests from wielding disproportionate control over a core public function.
- Most economists agree lack of transparency or accountability in monetary affairs could undermine economic stability if exploited for private gain over public welfare.
Overall, Madison’s quote reflects his view that a just republic requires safeguarding against private monopolization of currency for political ends. A balanced interpretation acknowledges both this perspective as well as the importance of ongoing debate around optimally governing financial systems for broad-based prosperity.
Birthday: March 16, 1751 – Death: June 28, 1836