Once you establish a bank run by these politicians or heavily influenced by these politicians, that would be a permanent engine of corruption. And so that is what Jefferson said was the purpose of a central bank - a permanent engine of corruption that would fuel the growth of the state by buying off the political support, not just members of congress but also the wealthier people of the country who are always amongst the first to benefit from monetary expansion. Today it is the Wall Street crowd primarily. …

They [the Hamiltonians] understood fully well the criticisms and they knew the criticisms were correct - that the central bank would would be an engine of corruption. But their take has always been “But it’s good to be the King!”. After all, when we have corruption it’s because someone benefits from corruption. And so the people who benefit from corruption always want an engine of corruption, of course they do.

Notes
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