Economics/Class Relations

The FDIC: Another Dark Legacy of FDR

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THURSDAY, MAY 4, 2023
The [Anglo-Saxon] king, then, who crowns the fabric of the state, is neither a mere ornamental appendage nor a ruler after the imperial model. He is not the supreme landowner, for he cannot without consent of the witan add a portion of the public land to his own demesne. He requires their consent for legislation or taxation, for the exercise of jurisdiction, for the determination of war and peace. He is elected by them, and liable to be deposed by them. He cannot settle the succession to the throne without their sanction. He is not the fountain of justice, which has always been administered in the local courts; he is the defender of the public peace, not the autocratic maintainer of the rights of subjects who derive all their rights from him.
– William Stubbs, The Constitutional History of England [1874-1878]

HORNBERGER’S BLOG
May 4, 2023

The FDIC: Another Dark Legacy of FDR
In 1933, the Franklin Roosevelt Administration brought into existence the Federal Deposit Insurance Corporation. Along with FDR’s nationalization of gold, his adoption of a paper-money system, his enactment of Social Security, and his conversion of America to a welfare state and a regulated economy, the FDIC stands as another dark legacy of the socialist and interventionist program that FDR foisted on our nation …
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