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Bernanke on the $10 Bill Controversy

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Tags Big GovernmentBooms and BustsThe FedMoney and Banks

06/22/2015

Ben Bernanke reveals more about his own views when he comments on the $10 bill controversy to replace Alexander Hamilton. Bernanke attacked Secretary Jack Lew's idea to replace Hamilton with a women:

I must admit I was appalled to hear of Treasury Secretary Jack Lew's decision last week to demote Alexander Hamilton from his featured position on the ten dollar bill. Hamilton, the first Secretary of the Treasury, would qualify as among the greatest of our founders for his contributions to achieving American independence and creating the Constitution alone. In addition to those accomplishments, however, Hamilton was without doubt the best and most foresighted economic policymaker in U.S. history.

Hamilton should get some credit for the Constitution and for being a policy maker. But the Constitution was an inferior form of government compared to the Articles of Confederation and his economic policy making was all geared toward bigger government and monetary nationalism, the two problems that are arguably the greatest threats to the American people, their prosperity, and their liberty. Bernanke then goes on to present a convoluted history of National Banks and bank panics during the 19th century. However, he does provide a suggestion for resolving the $10 bill controversy. Leave good old Hamilton on the $10 and take President Andrew Jackson off the $20 bill and replace him with a women. He notes:

Replace Andrew Jackson, a man of many unattractive qualities and a poor president, on the twenty dollar bill. Given his views on central banking, Jackson would probably be fine with having his image dropped from a Federal Reserve note. 

 

This is probably the only idea of Ben Bernanke (removing the anti-central banking Jackson from the $20 bill) that I can agree with. And while you are at it take the image of Thomas Jefferson off the $2 bill and replace him with Paul Krugman or Ben Bernanke.

 

 

 

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Contact Mark Thornton

Mark Thornton is a Senior Fellow at the Mises Institute and the book review editor of the Quarterly Journal of Austrian Economics. He has authored seven books and is a frequent guest on national radio shows.

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