Aristocracy Quote by John Adams
“Our whole system of banks is a violation of every honest principle of banks. There is no honest bank but a bank of deposit. A bank that issues paper at interest is a pickpocket or a robber. But the delusion will have its course. ... An aristocracy is growing out of them that will be as fatal as the feudal barons if unchecked in time.”
About This Quote
Source Speech: Address to the Massachusetts Legislature, 1790
Banks that create money through interest are fundamentally dishonest, likened to theft, and unchecked financial aristocracy can become oppressive.
In simple terms: Banks that lend at interest are dishonest and can become oppressive.
Key Takeaway
Question banking practices and guard against financial elite power.
Themes
finance
ethics
politics
economics
power
Mood
critical
concerned
thoughtful
Type
political
economic
ethical
When to use this quote
- policy reform
- regulatory oversight
- public awareness
- financial education
- economic justice
Key Concepts
interest
inflation
monetary policy
elite formation
Questions to Reflect On
- How can we ensure banks serve the public good?
- What safeguards prevent financial aristocracy?
A Different Perspective
Banks may still be essential for economic stability despite criticisms.
![“This is a unique deposit not just in terms of reserves, but also in terms of extraction techniques. Therefore there're grounds to talk about [applying] the Product Sharing Agreement.” quote by Viktor Khristenko](https://sms4smile.com/quotes/img-quotes/a39/viktor-khristenko-91335_agreement_this-is-a-unique-deposit-not-just-in-ter_207398.jpg)
![“I will insist the Hebrews have [contributed] more to civilize men than any other nation. If I was an atheist and believed in blind eternal fate, I should still believe that fate had ordained the Jews to be the most essential instrument for civilizing the nations. They are the most glorious nation…” quote by John Adams](https://sms4smile.com/quotes/img-quotes/e34/john-adams-529_affair_i-will-insist-the-hebrews-have-contribut_104004.jpg)
