Thomas Jefferson wrote a dire warning about banks and debt:
‘If the American people ever allow the 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 property until their children will wake up homeless. I sincerely believe the banking institutions (having the issuing power of money) are more dangerous to liberty than standing armies. My zeal against these institutions was so warm and open at the establishment of the Bank of the United States (Hamilton’s foreign system), that I was derided as a maniac by the tribe of bank mongers who were seeking to filch from the public.’
Some problems are intractable and somewhere in between what we think they will be. Seems like we are still hashing this out to some degree.
Update: The opinion was deleted to let Thomas Jefferson talk for himself.