If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.

Summary

This quote, often attributed to Thomas Jefferson, warns about the potential consequences of handing over the control of a nation's currency to private banks. It suggests that if the people allow this to happen, the banks and corporations that emerge will gradually manipulate the currency's value. Initially, inflation may erode wealth, and eventually, deflation would lead to economic contractions. These circumstances would allegedly result in the concentration of wealth within these powerful institutions, leading to a dispossessed generation devoid of inherited prosperity. The quote serves as a cautionary message about the dangers associated with losing control over a nation's monetary system.