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Banks
A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities.
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“
Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burden all the interchanges of property with their swindling profits, profits which are the price of no useful industr
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― Letters of Thomas Jefferson
― Letters of Thomas Jefferson
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Banks do not create money for the public good. They are businesses owned by private shareholders. Their purpose is to make a profit.
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― Local Money: What Difference Does It Make?
― Local Money: What Difference Does It Make?
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