[nsmit]

Today is the 90th anniversary of the Fed. It's appropriate to think about what it's brought us and where we might be without it.

[explodingspleen]

"Once we admit the principle that a small portion of the community can be penned off for taxation without the rest, a portion that must necessarily be, if not unpopular, at least the subjects of envy on the part of the many, their sacrifice must follow. What Jew, what Catholic, what protestant, would not recognize that his religion was on the edge of the precipice if he were marked off for taxation, however slight, because he belonged to one of these denominations? Being already separated into a class apart, the well-to-do will be so easy to reach, when the time comes to augment their burdens, that it will be impossible not to increase their burdens."
(That is from the North American Review, 1895)

[KC Burke]

fyi