"Banking establishments are more dangerous than standing armies" Thomas Jefferson In the 19th century, the 3rd president of the United States, Thomas Jefferson said “Banking establishments are more da

Diane

Professional Teacher

"Banking establishments are more dangerous than standing armies" Thomas Jefferson In the 19th century, the 3rd president of the United States, Thomas Jefferson said “Banking establishments are more dangerous than standing armies.” But, what does this quotation exactly means?To put it simply, we could summarise it by saying that banks are the establishments that have the power to reduce to chaos our society and cause greater damage that any other “traditionnal” war. Sadly, history prooved us that Jefferson’s quotation was more than correct. Indeed, nowadays, all our world is based on economy and this globalised economy is supported by banks. As a result, the close down of the planet’s biggest banks such as HSBC would jeopardize the entire world stability. For example, in 2008, with the subprime crisis, many banks almost had to shut down. People were not able to pay they debts anymore and banking establishments found themselves with thousands of houses or other types of private properties that had been given as guarantee for their clients’ loans. Government have felt forced to save the banks by injecting millions of dollars to avoid bankruptcy. This event is actually the origin of a global crisis, especially devastatrice in the United States. Until now, many countries still face great difficulties due to the banks’ management errors. To put it in a nutshell, banking establishment have nowadays an incredible power over our society that they are maybe not able to manage it correctly. They then become a bigger threat than any other army. Thanks for any corrections ;) !

Nov 20, 2014 4:57 AM

Corrections · 4

"Banking establishments are more dangerous than standing armies" Thomas Jefferson

In the 19th century, the 3rd president of the United States, Thomas Jefferson said “Banking establishments are more dangerous than standing armies.”

But, what does this quotation quote exactly means? To put it simply, we could summarise it by saying that banks are the establishments that have the power to reduce to chaos our society to chaos and cause greater damage that than any other “traditionnal” war.

Sadly, history prooved us that Jefferson’s quotation quote was more than correct. Indeed, nowadays, all our world is based on economy and this globalised economy is supported by banks. As a result, the close shutdown of the planet’s biggest banks such as HSBC would jeopardize the entire world stability.

For example, in 2008, with the subprime crisis, many banks almost had to shut down. People were not able to pay they their debts anymore and banking establishments found themselves with thousands of houses or other types of private properties that had been given as a guarantee for their clients’ loans. Governments have [Government has or Governments have] felt forced to save the banks by injecting millions of dollars to avoid bankruptcy. This event is actually the origin of a global crisis, especially devastatrice devastating in the United States. Until now, many countries still face great difficulties due to the banks’ management errors.

To put it in a nutshell, the banking establishment have has nowadays an incredible power over our society such that [or "so much so that"] they are maybe not be able to manage it correctly. They would then become a bigger threat than any other army.

Thanks for any corrections ;) !

[Thank you! I enjoyed reading it! And it was very clear. Your use of the word "quotation" is actually correct but makes it feel very formal. We usually just say quote. Perhaps I'm wrong :) ]

November 20, 2014

I would just instead of "to put it simply" say "to put it simple".

November 23, 2014

I think if you dig deeper into the subject, you may discover that to a large extent American banks were pressured into making dangerous sub-prime loans to borrowers who were not creditworthy. The government actively pursued a public policy of making home ownership available to those people who were poor. The government used both law and moral pressure to persuade banks to make risky loans to the poor -- loans which the banks would have never made of their own volition if they had followed traditional banking practices.

November 23, 2014

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