Friday, October 24, 2008

DiLorenzo Skewers Gordon

Thomas DiLorenzo (TD) skewers John Steele Gordon (JSG) for writing what TD calls, "A Fake Banking History of the United States". JSG's article, "A Short Banking History of the United States", was published by the WSJ, 10 October 2008. I read the article and thought of skewering it myself. No need. TD is an Economics professor at Loyola College in Maryland. Here's a link to TD's post:

1 comment:

Anonymous said...

"Jefferson was not the only prominent opponent of Hamilton’s scheme to establish a bank operated by politicians out of the nation’s capital. James Madison also opposed the First Bank of the United States (BUS). The Virginia Senator John Taylor was as learned on the subject of political economy as Jefferson was, and immediately recognized the danger of imitating the Bank of England as a financier of mercantilist subsidies.

The money quote...

"What was it that drove our forefathers to this country?" he asked. "Was it not the ecclesiastical corps and perpetual monopolies of England and Scotland? Shall we suffer the same evils in this country?"

Hamilton’s answer would have been "why yes, we shall, for it is the surest route to accumulate power and wealth for myself and my fellow Federalists." As Gordon wrote, "Hamilton wanted to establish a central bank modeled on the Bank of England."