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By Mason Hackmann, University of Chicago 

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The Founding Fathers were more than skeptical of central banking and paper money. Alexander Hamilton, the first Treasury secretary for the United States, warned that fiat currency—by its very nature—is subject to abuse. Thomas Jefferson, the author of the Declaration of Independence, went so far as to write to John Taylor, a political theorist at the time of the American Revolution, that “banking establishments are more dangerous than standing armies.”

Monetary Policy Making: A C... by Hoover Institution

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