Bank Quote by Murray Rothbard
“The most famous and one of the most thoroughgoing opponents of bank credit was Thomas Jefferson. Jefferson reacted to the panic of 1819 as a confirmation of his pessimistic views on banks.”
About This Quote
Jefferson viewed the 1819 panic as proof that banks are inherently risky and align with his pessimistic stance.
In simple terms: Banks seem risky, confirming Jefferson’s doubts.
Question banking stability.
Themes
Mood
Type
When to use this quote
- investment decisions
- policy debates
- educational curricula
Key Concepts
Questions to Reflect On
- Do banks always harm economies?
- What alternatives exist to banking?
Banks can also fund growth and innovation.