16 May 2016

Gold Daily and Silver Weekly Charts - Plus C'est la Même Chose - Restless

"That we are overdone with banking institutions which have banished the precious metals and substituted a more fluctuating and unsafe medium, that these have withdrawn capital from useful improvements and employments to nourish idleness, that the wars of the world have swollen our commerce beyond the wholesome limits of exchanging our own productions for our own wants, and that, for the emolument of a small proportion of our society who prefer these demoralizing pursuits to labors useful to the whole, the peace of the whole is endangered and all our present difficulties produced, are evils more easily to be deplored than remedied."

Thomas Jefferson, 14 March 1810

And the remedy was not found for this corruption of the banking system cited by Jefferson until the coming of 'Old Hickory,' who although with Jefferson is sometimes reviled by the oligarchs and statists of today, nevertheless brought reform and relief to the general public, for whom they never broke their faith or betrayed their confidence, despite all the failings and shortcomings of their times.

The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustainable recovery.

There was intraday commentary here.

"In the full enjoyment of the gifts of Heaven and the fruits of superior industry, economy, and virtue, every man is equally entitled to protection by law; but when the laws undertake to add to these natural and just advantages artificial distinctions, to grant titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society — the farmers, mechanics, and laborers — who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice of their government.

There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing."

Andrew Jackson, Veto of the Second Bank of the United States

Have a pleasant evening.

Related: Franklin Roosevelt on Andrew Jackson

"You have made us for Yourself, O Lord, and our hearts are restless until they rest in You." - St. Augustine of Hippo