Was Henry Ford right when he said that there would be a revolution if people understood our monetary system?

Question

“It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” - Henry Ford

Few people understand the true nature of money and finance, and for that very reason, few people are able to gain or maintain wealth today. Instead, the average American lives in a state of servitude to a mortgage, taxes, and a job. At any moment, everything can be taken away if a constant cash flow is not paid. The middle class’ current situation is not very different from historical serfs or indentured servants. How did this happen and who is the beneficiary?

The creation of controlled inflation has proven immeasurably valuable to the banking industry and Federal Government at the expense of the American people. The Federal Reserve grants interest-free (all interest is returned to US Treasury) loans to the government while the citizens have to pay interest due to inflation. What to do?

Why are bankers so rich and building skyscrappers when they are not working hard or producing any real product?

Answer 1

I happen to understand it, and feel no inclination towards violent revolution. Though a lot of people are kinda stunned when you explain even something as simple as fractional reserve banking to them.

Inflation was actually quite a boon to certain generations of Americans. They bought homes when the housing market was low, paid off the mortgages with 'cheaper' inflated, money, and watched the value of those homes just keep going up. Inflation actually devestated S&Ls in the 70's, they kept failing right through the 80s, and the government was barely able to keep the whole house of cards from collapsing right there.

'Controlled' inflation is nice for a number of reasons - but, that control is never gauranteed.

Answer 2

So, do you think we should not control inflation, let it skyrocket like it did in the "70s, wreak havoc on the economy and then blame Bush? Ford also said Americans were lazy and had to be greatly motivated to perform. It is why he paid the wages that he did. If people did understand that they are not victims and can earn money if they work hard and make good decisions there would still be little change according to him because people do not want to work.

Answer 3

Henry Ford also hated the Jews and thought they owned all the banks, so you can't take what he says on the economy too seriously. Although I do think you raise legitimate points, I just really hate Ford.

Answer 4

Federal Reserve Act of 1913- JFK tried to change it